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The best checking accounts will always be free checking accounts if you ask us. A checking account’s primary purpose is to keep your money safe until you’re ready to use it, and this should be one of the easiest bank accounts you have to use. But not every institution has gotten the memo about the fact that consumers don’t want monthly fees on checking, and there are plenty out there – including some otherwise solid ones – with maintenance fees and hoops to jump through to avoid them.
Not here. We’ve analyzed the top checking accounts available today to find the best-of-the-best in the free checking account category. We chose options from SoFi®, Chime®, Axos, Discover, and KeyBank because these accounts stood out not only for having no monthly service fees but also for offering more perks and convenience than the average bank account. Learn more about why we chose each account and which one might be right for you.
The best free checking accounts have no monthly maintenance fees while giving you easy access to your cash. Accounts that have no monthly maintenance fees include SoFi® Checking1 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> for its membership benefits, Chime® Checking2 <p class="">Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. <br></p> for its early paycheck access with direct deposit3 <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p> and cash deposit options4 <p>Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.</p> , Axos Rewards Checking for its high yields, and more.
To create our list of the best free checking accounts, we first compiled a list of popular banks that offer checking accounts without monthly maintenance fees. We then looked at factors such as APYs, minimum deposit and balance requirements, accessibility, and various fees such as ATM and overdraft fees for each checking product we analyzed. No accounts with monthly service fees were included in our research or are featured on our list.
Next, we evaluated each account based on the factors above and selected ones that offer useful features and benefits for customers. We chose not to feature some accounts that performed well in our research if they were not unique compared to the others on this list, and we tried to feature different options for customers with varying needs.
This list is not ranked in a particular order, and we did not research all available fee-free checking accounts.
How we evaluate products
Editor’s note
No checking account is truly fee-free, although you might see bank accounts with no monthly maintenance fees referred to as “free.” No matter what checking account you choose, you may be charged fees for certain activities, such as making wire transfers or stopping payment on a check.Key takeaways
- Free checking accounts are typically offered by online-only banks that have no physical branches. Having no branches reduces overhead costs that brick-and-mortar banks pay. This can be passed down to you in the form of no monthly maintenance fees for these online checking accounts.
5 best free checking accounts
- SoFi Checking and Savings
- Chime® Checking
- Discover Cashback Debit account
- KeyBank Key Smart Checking® Account
- Axos Rewards Checking
Compare the best free checking accounts
| Account name | Best for | Minimum deposit |
| SoFi Checking | Growing your money | None |
| Chime® Checking | Fee-free overdrafts5 <p>SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.</p> | None |
| Discover Cashback Debit | Frequent debit card spending | None |
| KeyBank Key Smart Checking | In-person and full-service banking | $10 |
| Axos Rewards Checking | Earning interest |
SoFi Checking and Savings
Minimum opening deposit: $0
APY: Up to 0.50% (as of 01/24/25) with direct deposit6 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> on checking balances
FDIC Insurance: SoFi Bank is a Member, FDIC (Cert. #26881)7 <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>
ATMs: 55,000+ fee-free ATMs within the Allpoint® Network8 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
Online personal finance company SoFi’s one and only bank account, SoFi Checking and Savings, has a $0 monthly maintenance fee1 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> and stands out from the other picks here because it’s a two-in-one checking and saving situation. We chose it for anyone who wants to see their bank account balance grow because it earns up to 3.80% APY on savings with direct deposit and 0.50% (as of 01/24/25) APY on checking with direct deposit. Without direct deposit linked, the account earns 1.00% (as of 01/24/25) APY on savings balances, which is not especially competitive when some of the best savings accounts offer 4.00% APY or more.
However, that checking APY stays the same regardless of your activity. And while 0.50% (as of 01/24/25) APY isn't earth-shattering, it's certainly better than the national average rate of 0.07% (as of 12/16/24) APY on interest checking, according to the FDIC. Plus, any monthly direct deposit activity counts — you don’t have to meet a certain minimum.
We wouldn’t pick this no-monthly-fee checking account for you if you couldn’t link direct deposit or needed to make cash deposits, but it’s a solid option for growing your wealth and keeping your everyday spending money and savings stash together.
- Debit card roundups for automatic saving
- Paycheck available up to two days early9 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
- Joint accounts available
- Overdraft coverage up to $50 (with direct deposit)10 <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p>
- Higher APY requires direct deposits
- No standalone checking or savings accounts
- Cash deposits cost $4.95
Visit SoFi Checking and Savings | Read our SoFi Checking and Savings review
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Earn up to 3.80% APY11 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.6 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a></p> FDIC Insured.7 <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>
Chime® Checking
Minimum opening deposit: $0
APY: None
FDIC Insurance: Chime is partnered with The Bancorp Bank, N.A. (Cert. #35444) and Stride Bank, N.A. (Cert. #4091)
ATMs: 50,000+ fee-free ATMs12 <p>Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.</p>
Chime® is a popular fintech company that offers online bank accounts that regularly stand out for having more features and benefits — with fewer annoying restrictions — than most. The Chime® Checking account is one of the best checking accounts for avoiding monthly fees as well as overdraft fees, even if you overdraw your balance.13 <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p> The account has a noteworthy feature called SpotMe® that lets you access up to $200 in fee-free overdrafts, depending on your eligibility.
What’s more, MyPay is a cash advance feature you may be able to use if you need to access part of your paycheck early. It isn’t available in every state, but you may be able to access between $20 and $500 each pay period, depending on your financial profile. However, as is the case with SoFi, the catch is that you’ll need qualifying direct deposits coming into this account every month to be eligible for either of these perks to help you make it to your next payday.
Cash deposits
Chime® also lets you deposit cash fee-free at any Walgreens or Duane Reade location.4 <p>Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.</p> Cash deposits are somewhat rare for an online bank.
- Fee-free overdraft up to $200 for eligible members via SpotMe®
- Paycheck available up to two days early with direct deposit3 <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p>
- Free cash deposits accepted at Walgreens
- Doesn’t earn interest
- ATM withdrawals limited to $515 per day
- $2.50 out-of-network ATM fee
Visit Chime Checking | Read our Chime review
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Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.
Discover Cashback Debit account
Minimum opening deposit: $0
APY: None
FDIC Insurance: Discover Bank is a Member FDIC (Cert. #5649)
ATMs: 60,000+ fee-free ATMs
If your favorite way to spend is with a debit card, we can’t recommend the Discover Cashback Debit account enough. Every checking account under the sun offers a debit card, but few emphasize this spending tool quite as much as Discover. With this online account, you’ll earn 1.00% cash back on all of your debit card spending until you reach the monthly limit of $3,000 in purchases. This isn’t quite as good as what you’d get with a cash back credit card, but earning any cash back on debit card spending is very unusual. And we like that Discover makes it easy to earn by not restricting you to certain purchase categories, which some rewards checking accounts do.
You should think of this account like a true spending account and avoid keeping much extra cash in here. The checking account itself doesn’t earn interest, so it’s not our favorite for especially large balances or funds you’re not going to tap into on a regular basis.
- Paycheck available up to two days early
- Fee-free cash deposits accepted at any Walmart
- Earn cash back on all debit card purchases
- Does not earn interest
- Earning cap on monthly cash back rewards
- Limited overdraft coverage
Visit Discover Cashback Debit | Read our Discover checking review
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Earn 1% cash back on up to $3,000 in debit card purchases each month.14 <p>See website for details.</p> No minimum deposit or balance. FDIC Insured.
Editor’s note
There was a time in the not-so-distant past when Discover stopped accepting new applications for this account. We don’t have reason to believe this will happen again. And when the account came back, it was better and safer than ever.KeyBank Key Smart Checking® Account
Minimum opening deposit: $10
APY: None
FDIC Insurance: KeyBank National Association is a Member FDIC (Cert. #17534)
ATMs: 40,000 KeyBank and Allpoint ATMs
If you haven’t liked any of the options on this list so far because you’re not into fully digital banking, you might prefer this free checking account from KeyBank. You’ll be able to get help with your account in person if you live near a branch.
- Alaska
- Colorado
- Connecticut
- Florida
- Idaho
- Indiana
- Maine
- Massachusetts
- Michigan
- New York
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
The Key Smart Checking Account is one of the only bank accounts like it from a traditional brick-and-mortar bank because it doesn’t have a monthly service fee you have to avoid. A lot of big banks, including those from Chase, Bank of America, Citi, and Wells Fargo, only offer everyday banking options that come with monthly maintenance fees. These are almost always waivable, but you usually have to meet deposit or balance requirements to waive them, and that’s a whole hassle compared to an account that’s just free to begin with.
Even if you don’t live near a branch, we think this is one of the best free checking options for anyone looking for or full-service banking. KeyBank offers a host of bank accounts, with five different checking products alone, plus savings accounts, loans, insurance, and more.
- Branches in 16 states
- Paycheck available up to two days early
- Low opening deposit requirement
- Debit card roundups for automatic saving
- Branches not in every state
- Limited overdraft coverage
- $3 domestic out-of-network ATM transaction fee
Visit Key Smart Checking
Axos Rewards Checking
Minimum opening deposit: $0
APY: Up to 3.30%
FDIC Insurance: Axos Bank is a Member FDIC (Cert. #35546)
ATMs: 91,000+ fee-free ATMs
The online Axos Rewards Checking account has a $0 monthly maintenance fee and enables you to earn an APY of up to 3.30% with qualifying activities. As far as interest checking accounts go, this is about as impressive as they come. We like SoFi Checking and Savings for earning a high yield on any money in your bank account, but if you want to maximize the yield on your checking balance specifically, choose Axos.
That said, we want to stress that the requirements to unlock the highest rate possible are significant. For one, there’s a monthly direct deposit requirement of at least $1,500 just to begin earning interest. From there, you can earn additional interest by having at least $2,500 in an Axos self-directed investing account, at least $2,500 in a managed investing account, making at least 10 monthly debit card purchases, and more. Because of this, we’d really only recommend this account if you could meet that direct deposit minimum easily and plan to open many accounts with Axos.
Editor’s note
We were torn between calling this the best account for earning interest and the best account for ATM access. Really, it’s both. With unlimited reimbursements on out-of-network ATM transactions, this would also be our pick for anyone who needs to keep cash on hand.
- Up to 3.30% APY with qualifying activities
- Unlimited U.S. ATM fee refunds
- Many requirements to earn the highest APY
- Limited overdraft coverage
Read our Axos Bank review
How to choose the best free checking accounts
Each of these checking accounts offers different benefits and perks. That makes each one better suited for some people but not for others. As you shop around for the best checking accounts, here are a few factors to consider.
- Do you use cash a lot? Look for an account with cash deposit options.
- Are you banking with a partner? If so, choose a joint checking account option.
- Do you get FDIC insurance? Banks that are member-FDIC provide protection for your money balance.
- Will you need to borrow money in the future? Some banks and fintech companies offer personal loans and may give you discounts on your loan if you’re already a client.
- Do you work for an employer or receive benefits? Many free checking accounts have perks and features that are only available with direct deposits.
- What other fees does the bank charge? Free checking accounts typically mean that these accounts don’t charge monthly maintenance fees. However, no account is completely free. Work with the best banks and make sure to review their fees.
- Is the process pain-free? If the process to open an account is easy and smooth, that's typically a good sign. That can often signal that the experience of using that bank's other products will be a painless process.
FAQs
What’s the downside of free checking accounts?
Free checking accounts may have certain limitations, such as having no physical branches, offering lower interest rates, or providing fewer fee-free ATM withdrawals compared to premium accounts. Credit unions may offer free checking accounts that don’t have some of these downsides, for example, by having physical branches.
Are free checking accounts really free?
Free accounts, whether checking or savings, are typically offered by online banks that don’t charge monthly service fees, but they may not be entirely without costs. However, free checking account fees may still include certain services such as paper statements, wire transfers, out-of-network ATM usage, overdrafts, and paper checks.
What’s the difference between a checking account and a savings account?
Both checking and savings are deposit accounts. However, a checking account holds cash for everyday spending, while a savings account is meant to help you with your budgeting goals by storing your money long-term. Checking accounts typically offer zero or little interest. Savings accounts, on the other hand, typically earn more interest but may have limitations on the number of withdrawals allowed per month.
Bottom line
If you’re looking for a free checking account that takes things one step further than just not having a monthly maintenance fee, check out the accounts we’ve featured here. SoFi, Chime, Discover, KeyBank, and Axos all have fee-free checking accounts worth opening, but one might be better for you depending on the key feature you need in an everyday bank account. For instance, if you want to grow your money, including your savings, SoFi is a good place to do that. But for some of the best overdraft coverage, Chime is our pick.
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