Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top banks and credit unions
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Institutions MonitoredOur team reviewed more than 100 of the country’s largest and most prominent financial institutions, from big banks like Chase and Bank of America to credit unions like Navy Federal Credit Union and PenFed Credit Union.
688
Products StudiedTotal number of checking, saving, CDs, and money-market accounts that inform our review ratings.
719
Rates TrackedThe accounts with an annual percentage yield (APY) several times the national average rate receive the highest scores. Accounts with the lowest APY offering (under 1%) earn the least points.
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Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
Featured Providers
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Top Free Checking Accounts
The MarketWatch Guides research team compared free checking account options from 65 banks and credit unions to create our list of the best checking accounts. We reviewed over a dozen features for each account, including these:
- Rewards and cash-back programs
- The ability to earn interest
- Access to Zelle
- Access to a free ATM network
- Early direct deposit
Our five picks for the best free checking accounts are from online banks. While many traditional financial institutions offer checking accounts with low monthly maintenance fees or steps depositors can take to avoid maintenance fees, the accounts on our list waive monthly fees altogether.
Below, we’ll go into detail about any fees these accounts do charge and highlight why you might consider each option. We’ve also included the score each company earned in the Checking category of our bank reviews. Read more about our methodology
Discover
Best for Large ATM Network
4.8
APYNot OfferedBonusNo current sign-up bonus**Minimum Deposit$0
Discover Overview
Discover gained points for its amount of total banking products, excellent app ratings and strong customer service but lost points for not offering an interest-earning checking option.
Discover Free Checking Accounts
Discover Bank offers the Discover Cashback Debit account without monthly maintenance, insufficient funds, overdraft fees or returned item fees. You can request official checks, re-order personal checks and get a replacement debit card expedited at no cost. Also, you can use more than 60,000 free Allpoint® and MoneyPass® ATMs to withdraw your money.
Discover doesn’t reimburse account holders for out-of-network ATM surcharges, so check for nearby ATMs to avoid these costs. And if you need to send a wire transfer, you’ll pay a $30 fee.
The features of the Discover Cashback Debit account include:
- No minimum opening deposit or minimum balance requirements
- Debit card with 1% cash back (on up to $3,000 in monthly purchases)**
- Optional overdraft protection
- No-cost Zelle digital payments
- Early Pay service of up to two days for qualifying direct deposits
- Cash deposits at Walmart stores
One drawback is that the money in your Discover checking account won’t earn interest, but you can link the account to a Discover high-yield Online Savings Account that offers a rate of 4.30%**. The bank also doesn’t currently offer a sign-up bonus.
You can fill out a brief application on Discover’s website to open this account. There are options to deposit money during or after the application process.
Pros and Cons
Pros 1% cash back on debit card purchases (on up to $3,000 per month) No minimum balance requirements Over 60,000 in-network ATMs, the second-most of any bank on our list Optional no-cost overdraft protection for ACH and check purchases Cons No reimbursem*nt for out-of-network ATM fees, a perk several banks on our list provide No interest paid on online checking account, an incentive offered by many online banks
Varo
Best for Mobile App Experience
4.7
APYNot OfferedBonus$25 referral bonusMinimum Deposit$0
Varo Bank Overview
Varo Bank earned points for low fees and perks but lost points for limited product offerings.
Varo Bank Free Checking Accounts
The online bank account from Varo Bank doesn’t have common checking account fees, including charges for foreign transactions, overdrafts and monthly maintenance. It doesn’t charge any overdraft fees and offers free cash withdrawals via more than 40,000 Allpoint ATMs. However, the account does have limitations: there’s a $3.50 fee for using out-of-network ATMs, no physical checkbook offered and no interest earned on your checking account.
Varo’s mobile app got high scores, with Google Play reviewers giving it an average of 4.7 out of 5 stars and the Apple App Store reviewers rating it an average of 4.9. Features include:
- Digital payments sent to anyone via Zelle
- In-app customer support chat
- Account alerts
- Early delivery of qualifying direct deposits by up to two days
- Mobile check deposits
Varo’s Visa debit card gives you as much as 6% back (up to $50 per month)** on qualifying purchases. The account doesn’t have a minimum deposit or minimum balance requirement. Varo also offers a cash-advance option of up to $500 based on your account history with fees from $1.60 to $40.
To open a bank account, you can use Varo’s app or website. You can add funds after this process is done.
Referral Bonus
Earn a $25 bonus with the Varo Bank Referral Bonus program. Invite friends to sign-up for a Varo account via a unique customer link within bank’s mobile app. You’ll earn a bonus once your friend spend $20 within 30 days of opening an account.
Pros & Cons
Pros User-friendly mobile app, with 4.7 and 4.9 out of 5 star ratings at the Google Play and Apple App Stores and in-app features like chat support Cash advance of up to $500, the only bank on our list with this perk Money transfer at no cost through Zelle or Varo’s in-app transfers Cons $3.50 fee for out-of-network ATM withdrawal, the only bank on our list who charges you for out-of-network withdrawals Other fees including $2.50 for cash withdrawals at other banks, $25 for express shipping of a replacement debit card, and up to $5.95 for cash deposits (charged by the merchant) No checkbook when you open an account
SoFi
Best for Cash-Back Incentives
4.7
APY0.50%Bonus$50 to $300 through June 30, 2024**Minimum Deposit$0
SoFi Overview
SoFi earned points for its checking interest rate and bonuses but lost points for its limited product offerings.
SoFi Free Checking Accounts
Rather than offering a standalone checking product, SoFi has a high-yield checking and savings account with free paper checks andno standard account fees including overdraft or returned-item fees, stop payment fees or rush-delivery fees for debit card replacements.
Account features include:
- Up to 15% cash back from local businesses with debit card transactions
- No-fee overdraft coverage of up to $50 on debit card purchases
- Up to 4.6% APY in your high-yield savings account (which SoFi opens in conjunction with your checking account) with direct deposit
- New account holders with direct deposit can get $50 cash bonus for direct deposits between $1,000 and $4,999.99 and $300 for deposits of $5,000 or more
SoFi covers a 0.90% convenience fee for foreign transactions, but it doesn’t pay the 0.20% foreign exchange fee that Mastercard charges. If you deposit cash at a local retailer, you may pay a fee of up to $4.95. And you’ll pay for any out-of-network ATM withdrawals since there’s no reimbursem*nt.
You can visit SoFi’s website to apply for a combined checking andsavings accountand make deposits once you’re approved.
Pros and Cons
Pros Up to $300 in cash bonus when you direct-deposit funds into your account, the highest bonus on our list highest bonus on our list Up to 0.50% on your checking account, the best rate offered on our list. 40,000 Global Allpoint no-fee ATMs Cons No Zelle payments directly in SoFi app (but you can link your SoFi debit card in the Zelle app) The SoFi checking account must be opened in conjunction with its high-yield savings account
Ally
Best for Customer Experience
4.7
APY0.10% to 0.25%BonusNot currently offered for checking**Minimum Deposit$0
Ally Overview
Ally earned points for features like no fees, Zelle and mobile deposit but lost points for limited product offerings and no bonuses.
Ally Free Checking Accounts
Ally Bank’s Spending Account doesn’t charge a monthly account fee or fees for overdrafts, checks or most bank transfers. It’s also an interest-bearing account, paying 0.10% APY on balances under $15,000 and 0.25% APY on balances of $15,000 or more**.
The company offers 24/7 phone support for help with banking, credit cards and investments, and account holders get access to live chat. You can use a network of over 43,000 Allpoint ATMs at no charge. If you use out-of-network ATMs, Ally will reimburse up to $10 in fees during each statement cycle. The bank does charge for some services, including $20 for outgoing domestic wire transfers and $15 for expedited check delivery. And if you need Ally to do a good deal of research on your account, it may charge you $25 per hour.
Features of an Ally Spending Account include:
- No minimum opening deposit or minimum daily balance
- Early direct depositsof up to two days
- Zelle digital payments
- Standard overdraft protection with a linked Ally account
- Extra overdraft coverage through CoverDraft(requires $100 in direct deposits in a 30-day period)
- Spending buckets for easier budgeting
One drawback of an Ally checking account is that there’s no way to make cash deposits. You won’t earn rewards for using your debit card, either.
You can visit Ally’s website to open the account. The application lets you make an initial deposit from a bank account, but it isn’t required. You can also open an account over the phone.
Pros and Cons
Pros 24/7 customer service via phone and live chat, top scores in customer service $10 in reimbursem*nts each statement cycle for using out-of-network ATMs Set up spending buckets for easier budgeting, the only bank on the list with this feature Cons No way to make cash deposits into your checking account, the only bank on our list who doesn’t have a cash deposit option No debit card rewards, the recommended bank with no rewards $15,000 minimum balance required for 0.25% interest rate
Axos
Best Sign-Up Bonus
4.6
APY0.10% to 3.30%Bonus$300 through June 30, 2024**Minimum Deposit$50
Axos Overview
Axos rated highly for the number of products it offers, interest rate and bonus, but lost points for its minimum balance requirement.
APY: 0.10% to 3.30%
Bonus: $300 through June 30, 2024**
Axos Free Checking Accounts
Axos is known for letting you use any ATM in the U.S. and get unlimited reimbursem*nts for fees. Some ATMs support cash deposits, and you can purchase paper checks if needed. There are several personal checking account options that all have no monthly fees and feature different perks. These include:
Essential Checking
Ideal for basic checking needs, this option lets you receive early direct deposits and send peer-to-peer payments. It doesn’t offer any interest or cash back rewards with your debit card. There are no overdraft fees.
Rewards Checking
This interest-bearing account requires at least $1,500 in direct deposits each month to get the base 0.40% APY. You can take extra steps, such as meeting spending requirements or keeping a minimum investment balance, to increase your APY, which tops out at 3.30%. There aren’t any overdraft fees but there is a $50 minimum balance to open.
CashBack Checking
Good for those who write a lot of checks and use their debit cards often, this account offers a 1% cash–back rate on all signature purchases and free ATM fees. Unlike with the other options, Axos doesn’t advertise free overdrafts. You won’t earn any interest, and you’ll need a $50 minimum deposit to open the account.
First Checking
A joint checking account designed for teens aged 13 to 17, First Checking pays a small 0.10% APY on your balance but has no overdraft or monthly maintenance fees. It offers up to $12 in domestic ATM reimbursem*nts per month.
Golden Checking
Offering free personal checks and 0.10% APY on your balance, this account, designed for check writers, has no maintenance fees and up to $8 in ATM reimbursem*nts per month but does require a $250 minimum balance to open.
You can apply on the Axos website and transfer any required deposit to open an account. There’s currently a $300 welcome bonus for the Rewards Checking account if you can meet $7,000 monthly direct deposit and minimum balance requirements over seven months. The welcome bonus promotion ends June 30, 2024.
Pros and Cons
Pros Generous sign-up bonus of up to $300 for new customers with qualifying direct deposits Over 90,000 in-network ATMs, the most of any bank on our list, plus unlimited reimbursem*nts for out-of-network ATMs Multiple checking options, all maintenance-fee free Cons $50 minimum opening deposit requirement for Cashback Checking account, the only bank on our list with a minimum requirement Complex structure for earning the maximum interest rate offered in the Rewards Checking account
Summary: The Best Free Checking Accounts of 2024
4.8 Best ForBest for Large ATM Network APY*0% In-Network ATMs60,000 Sign Up BonusNone Debit Card Rewards1% cash-back rewards up to $3K |
4.7 Best ForBest for Mobile App Experience APY*0% In-Network ATMs40,000 Sign Up Bonus$30 referral bonus Debit Card Rewards6% cash back up to $50 per month |
4.7 Best ForBest for Cash-Back Incentives APY*0.50% In-Network ATMs55,000 Sign Up Bonus$50-$300 direct deposit bonus Debit Card RewardsUp to 15% cash back rewards from local retailers |
4.7 Best ForBest for Customer Experience APY*0.10% or 0.25%** In-Network ATMs43,000 Sign Up BonusNone Debit Card RewardsNone |
4.6 Best ForBest Sign-Up Bonus APY*0.10% to 3.30% with qualifying investment accounts In-Network ATMs91,000 Sign Up BonusUp to $300 with qualifying direct deposits Debit Card RewardsUp to 1.00% cash back on all transactions that require a signature. |
Best Free Checking Account | Best For | APY* | In-Network ATMs | Sign Up Bonus | Debit Card Rewards | See More |
---|---|---|---|---|---|---|
Best for Large ATM Network | 0% | 60,000 | None | 1% cash-back rewards up to $3K | Learn More | |
Best for Mobile App Experience | 0% | 40,000 | $30 referral bonus | 6% cash back up to $50 per month | Learn More | |
Best for Cash-Back Incentives | 0.50% | 55,000 | $50-$300 direct deposit bonus | Up to 15% cash back rewards from local retailers | Learn More | |
Best for Customer Experience | 0.10% or 0.25%** | 43,000 | None | None | Learn More | |
Best Sign-Up Bonus | 0.10% to 3.30% with qualifying investment accounts | 91,000 | Up to $300 with qualifying direct deposits | Up to 1.00% cash back on all transactions that require a signature. | Learn More |
Best Free Checking Account | Best For | APY* | In-Network ATMs | Sign Up Bonus | Debit Card Rewards | See More |
---|---|---|---|---|---|---|
Best for Large ATM Network | 0% | 60,000 | None | 1% cash-back rewards up to $3K | Learn More | |
Best for Mobile App Experience | 0% | 40,000 | $30 referral bonus | 6% cash back up to $50 per month | Learn More | |
Best for Cash-Back Incentives | 0.50% | 55,000 | $50-$300 direct deposit bonus | Up to 15% cash back rewards from local retailers | Learn More | |
Best for Customer Experience | 0.10% or 0.25%** | 43,000 | None | None | Learn More | |
Best Sign-Up Bonus | 0.10% to 3.30% with qualifying investment accounts | 91,000 | Up to $300 with qualifying direct deposits | Up to 1.00% cash back on all transactions that require a signature. | Learn More |
No results were found.
*Annual Percentage Yield (APY) accurate as of April 24, 2024.
**0.10% for balances below $15,000 or 0.25% for balances of $15,000 or more
Common Checking Account Fees
Along with having no monthly service fee to maintain the account, which in normal checking accounts can range from $10 for basic accounts to $25 for premium checking, a free checking account shouldn’t restrict everyday transactions or charge money for them. However, your account may not be completely free due to these potential charges:
- Dormant-account fees: Some banks charge between $5 and $20 if you don’t use your account within a certain amount of time.
- Stop-payment fees: These charges are typically around $30.
- Overdraft and non-sufficient funds fees: While federal regulations are potentially changing regarding overdraft fees, currently, banks charge between $30 and $35.
- Check-printing fees: Checks have a cost to print, so many banks charge you for them. Costs vary depending on what type of checks you order.
- Foreign-transaction fees: If you’re outside of the country, some banks charge up to 3% of the transaction if you use your debit card.
- Out-of-network ATM fees: Many banks charge around $2 if you use an out-of-network ATM, in addition to what the ATM owner charges.
- Outgoing wire transfer fees: Can range from $0 to $50, depending on where you’re wiring money
- Expedited delivery: If you lose your debit card or need checks fast, banks can charge between $5 and $25 for rush delivery.
- Paper-statement fees: Some banks charge you to receive a paper statement each month, instead of an online one. These fees can range from $1 to $5.
Consumer Insights: Our Checking Survey
In December 2023, we surveyed 1,000 American consumers to learn about their banking habits and preferences. We found that when selecting checking accounts, customers care the most about monthly fees (74%), access to free ATMs (58%) and overdraft fees (45%).
Since consumers’ biggest concerns when choosing checking accounts were monthly fees, it tracks that 46% of them pay no monthly maintenance fees and 27% meet account requirements for having these charges waived. Only 15% of survey respondents pay $5 or more per month for their checking accounts.
Our survey methodology: MarketWatch Guides surveyed 1,000 American adults via Pollfish. Results were weighted to generate nationally representative data based on age, gender, marital status and household income. Pollfish employs organic random device engagement sampling. The margin of error is +/- 3 points with 95% confidence.
How To Choose the Best Free Checking Account
To find the best free checking account option for you, assess your personal situation.
“If you’re in need of a checking account, don’t be too quick to open the first one you find,” said Anand Talwar, head of deposits and president of Ally Invest Group at Ally Financial. “Think about what’s most important to you, like how you deposit and spend money, ATM access, and no fees.”
Talwar also recommended looking for accounts with no minimum opening deposits and no monthly maintenance fees, as well as FDIC insurance protection.
Also consider costs, requirements and banking accessibility, features and security.
Costs
Look for free checking accounts that charge the fewest fees possible for the types of transactions you expect to do. For example, if you travel internationally, look for an account that doesn’t charge foreign transaction fees. And if you expect to use out-of-network ATMs, try to find a checking account that provides reimbursem*nt for ATM operators’ fees.
Another thing to keep in mind is that with online checking accounts from an online bank, you’ll likely have limited options for depositing cash for free. The cost for this service can vary depending on which third-party company (such as a retailer) is providing it.
Account Requirements
Make sure you’re eligible for the free checking account you want. This includes meeting any age, residency and identification requirements. And if you have limited funds to initially deposit, find an account without a minimum opening deposit.
You should also check for minimum balance or direct deposit requirements. Not meeting these can affect whether the bank keeps the account open or whether you can access certain account features, including higher interest rates and higher rates for cash back on your debit card. Some banks even restrict mobile check deposits if you don’t meet thresholds for monthly direct deposits.
Banking Accessibility
Both the type of checking account and financial institution matter for accessibility. With a brick-and-mortar bank, you’ll have ATMs plus the flexibility for in-branch transactions during operating hours. If you choose an online bank, convenient ATM access is even more crucial, along with nearby options for making cash deposits.
Checking Account Features
Since there are many free checking options, think about whether you need certain services or rewards options to narrow your choices down. For example, you might prefer a solid mobile banking experience with budgeting tools, Zelle and mobile check deposits.
If you prefer incentives, look for a checking account with a competitive interest rate, a sign-up bonus and a cash-back debit card. Also consider basic features such as overdraft protection, online bill pay and a physical checkbook.
You can also look to bundle your checking and savings accounts. If you’re interested, read our picks for the best savings accounts.
Safety and Online Security
Finding accounts through insured financial institutions is important for safeguarding your money in case your institution fails. Check for Federal Deposit Insurance Corp. (FDIC) coverage for banks and National Credit Union Administration (NCUA) coverage for credit unions.
Find out if the financial institutions you’re considering take steps to protect accounts online. This means they encrypt your information, require multiple steps to log in and alert you to any suspicious transactions or login attempts.
Benefits of a Free Checking Account
The main benefit of a free checking account is saving money on common account fees. You shouldn’t pay anything to simply have an account or perform everyday transactions, and you often won’t have to pay for overdrafts or in-network ATM withdrawals. You can also usually avoid charges for things such as sending wire transfers and using out-of-network ATMs.
Free checking accounts can be highly accessible even if you don’t have a lot of cash. Many options don’t require a deposit to open the account or a minimum balance to keep it open. There may be a minimum balance requirement for certain benefits, such as earning interest rate.
While you might think of a free checking account as something basic, you can often benefit from perks that increase your balance. You might earn interest or be eligible for programs that reward you for debit card purchases. Sign-up bonuses may also be available. Note that traditional banks often offer fewer perks than online banks.
Finally, free checking accounts generally provide convenient access to your money. Both traditional and online banks typically let you deposit checks, transfer funds between accounts and receive direct deposits. Paper checks and money transfers through Zelle are also common. While an online-only bank doesn’t provide branch access, you can still use ATMs and often make cash deposits locally, sometimes for a fee.
Pros
No monthly fees
No minimum balance or high minimum deposit requirements
Potential interest and rewards
Convenient ways to access your money
Cons
No in-person support for online accounts
No paper checks or cash deposits for certain accounts
Other possible fees
Some perks may have eligibility restrictions
Managing Your Free Checking Account
After you open your free account, set up direct deposit to conveniently get your pay and access any features that require you to be enrolled in direct deposit. You can usually get a form from your employer or bank or set it up online. And if you’ve switched deposit accounts, give your updated banking details to those who pay you or receive money from you.
Monitoring your new free checking account is crucial. Check your transactions online and view your monthly statements for any fees you’re charged or purchases that could be fraudulent. It also helps to set up mobile alerts. That way, you can call or message your bank right when you’re notified that something could be wrong.
Use your account wisely to avoid overspending and paying fees. To prevent overdrafts, stay within your budget and use budgeting and savings tools your bank may offer. You should also limit possible fee-based transactions, including cash deposits (for online banks), out-of-network ATM withdrawals and wire transfers.
Lastly, protect your debit card and checking account. If you lose your card, get the bank to freeze or cancel it so you can get a replacement. Avoid sharing your debit card PIN and online banking details, and only give your checking account number for legitimate transactions. Choose the most secure option for logging into your account online, and be careful where and how you log in.
The Bottom Line: Is a Free Checking Account Right for You?
A free checking account can be a good choice when it saves you money and still offers the key features you need. Since the top choices are often online checking accounts, carefully consider features such as ATM access and cash deposit options, and make sure you’re comfortable with not having physical branches. By picking the right account, you’ll have several ways to conveniently manage your money.
Read our list of the best bank account bonuses of 2024.
FAQ: Free Checking Accounts
Discover, Varo, Ally, Axos and SoFi are some of the many banks that have totally free checking accounts, meaning they don’t charge a monthly fee or require a minimum balance.
Despite not having monthly service charges, free checking accounts often aren’t entirely free, so check the terms carefully. For example, you might have to pay for overdrafts and wire transfers, or you could get charged for using out-of-network ATMs or depositing cash through a third party, such as a convenience store.
Most banks let you apply to open a free checking account online. You can also visit a local bank or credit union branch (if available) and apply in person. You’ll give your personal information, such as your Social Security number and photo ID, and make any required opening deposit.
Our Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
For our list of the best free checking accounts, we chose financial institutions that not only earned our highest scores in the Checking category but also don’t charge monthly fees. The banks that received top ratings for checking accounts tend to have no minimum opening deposit and no or low overdraft fees, making them accessible to more customers. They often provide perks such as ATM fee reimbursem*nts and cash back on debit card purchases.
*Data accurate at time of publication
**Rates and promotions accurate as of April 24, 2024
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
Ashley DonohoeContributor
Ashley Donohoe is a personal finance writer based in Cincinnati. She has written for several personal finance websites such as GoBanking Rates, The Balance and PocketSense.
Rashawn MitchnerManaging Editor
Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics.