Best free checking accounts of November 2023
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BLUEPRINT
Updated 10:01 a.m. UTC Nov. 3, 2023
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Nothing goes down quite as well as “free”. No-fee checking accounts let you manage your money without taking a monthly bite out of your cash. Many carry the no-fee rule further, zeroing out common bank fees like overdraft charges.
However, no bank account is entirely “free”. You’ll often have to pay for something; the key is to limit how much of those somethings you owe. If you can earn a little bit of yield for your troubles, so much the better.
To find the best no-fee checking options, we looked at hundreds of checking accounts from all types of financial institutions—big and small, national and regional, bank and credit union—to pick the best ones for you.
Annual percentage yields (APYs) and account details are accurate as of November 3, 2023.
Why trust our banking experts
Our team of experts evaluates hundreds of banking products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 300+ accounts from 120 financial institutions reviewed.
- 4 levels of fact checking.
- Nearly 60 data points analyzed.
Best no-fee checking account winners
- Axos Bank Essential Checking
- EverBank Yield Pledge® Checking
- Quontic Bank High Interest Checking
- PenFed Free Checking
Best no-fee checking accounts
Axos Bank Essential Checking
EverBank (formerly TIAA Bank) Yield Pledge Checking
Quontic Bank High Interest Checking
PenFed Free Checking
Compare the best no-fee checking accounts
Methodology
When grading the best no-fee checking accounts we, unsurprisingly, heavily weighted checking products that charged few fees. That means the best products have little in the way of monthly maintenance fees, non-sufficient fund fees, overdraft fees and the like.
Just as important, we believe, is the availability to access your money easily and, well, without fees. It makes little sense to select a fee-free account that charges an arm-and-a-leg at the ATM. Rounding out our research was customer service and digital experience scores, as well as the minimum banks require to open an account, or keep it going.
You’ll notice that interest didn’t factor into our methodology. That’s because you’re better off using your checking account as a waystation for your cash; money comes in from your work, and goes out to pay bills. If you want to earn yield, consider one of the best savings accounts.
We looked at more than 300 checking accounts offered by 119 financial institutions, and dozens of data points for each of those accounts. We evaluated them to create a star rating for each. A perfect score of 100 would get five stars; a score of 80 would get four stars and so on. Here are the categories we analyzed and how we weighted each.
- Fees: 45%
- Access: 45%
- Customer experience: 5%
- Digital experience: 3%
- Minimum deposit requirement: 1%
- Minimum balance requirement: 1%
The financial institutions we monitor include Bank of America, Capital One, Chase, Citi Bank, Discover, TD Bank, Marcus by Goldman Sachs and USAA.
Why some banks didn’t make the cut
Every financial institution and each account has different pros and cons. Only the best made the cut. Many of the largest banks and credit unions didn’t make our list because they charge fees. They’re able to have fees largely because they are so well known and trusted, that consumers are willing to pay or don’t think to look for a no-fee checking account.
National average for free checking accounts
Here’s data from the Federal Deposit Insurance Corporation (FDIC) on the national average rates for deposit accounts as of October 16, 2023.
The best high-yield checking accounts however can have interest rates up to 5.00% APY.
Common checking account fees
Most common checking account fees cost less than $50 each, but they can add up.
“A checking account needs to be liquid,” said certified financial planner Timothy McGrath, a managing partner at Chicago-based Riverpoint Wealth Management. “The key is to forecast upcoming inflows and outflows so you don’t run into problems with fees.”
Monthly maintenance fee. Think of this as a rent or mortgage payment. Some banks will charge this fee for as long as the account is open. For most types of accounts, the maintenance fee is typically nominal, less than $10. The same is often true for savings accounts.
Non-sufficient fund fee (NSF). If a check bounces, a debit card swipe is too big or there’s an electronic transfer that asks for more cash than your account has, not only will the transaction not go through, but the bank will charge you an NSF. In 2020, the average NSF fee was a little more than $24.
Overdraft fees. In the event that you overdraw your account—spend more money than you have—the bank or credit union may allow the transaction to go through and then charge you an overdraft fee, plus the amount you went over. Overdraft fees normally cost $35 each time. These expenses can rack up quickly.
Debit card fees. When you first open an account, you may have to pay a small fee to get a debit card for it. This fee covers the cost of making the card, having the card tied to your account and mailing it to you. It can apply to your first card and any replacements.
Expedited mail fee. If you need something in a hurry (like a replacement debit card), you may have to pay an expedited mailing fee for overnight delivery.
Wire fees. Transferring funds to or from your account via wire almost always involves a fee but it varies by institution and account type. In 2022, for domestic transfers, the median cost to receive a wire was $5 and the cost to send one was $25. International wires cost more. For example, U.S. Bank charges $25 for incoming international wires and $50 for outgoing international wires.
Out-of-network ATM fees. Taking care of an ATM — stocking it with cash, paying for it to be in a certain spot, maintaining its programming, paying for insurance on it — is expensive, plus, ATM machines themselves aren’t cheap. When someone who’s not even your customer uses one of your ATMs, you’d probably charge them a fee. The average fee for an out-of-network ATM was a bit more than $1.75 in 2021, but many banks offer ATM fee reimbursements.
What is a free checking account?
More descriptive than technical, a no-fee checking account is simply a checking account that doesn’t charge you to open or maintain the account. That doesn’t mean the account will never charge any fees. There may still be fees for extra services like wire transfers and penalty fees like overdraft fees. The best checking accounts have little to no penalty fees.
Choosing the best free checking account
Once you’ve gathered up a list of the best no-fee accounts as your top contenders, to choose the best one for you, look at the other things the accounts and the providers offer. What matters to you may vary, but here are four things to consider.
Access. Do you prefer old-school, in-person banking? If so, look for no-fee checking accounts from an institution that has physical branches near you. Do you hate to tap in your user name and password every time you want to look in your banking app? If so, look for a bank or credit union with an app that allows biometric sign-in. Use ATMs often? Pick a bank with a huge ATM network or unlimited ATM fee reimbursement.
Other financial services. Will you be looking for loans, retirement accounts or financial advice in the future? Maybe you want to open a Roth IRA now? Maybe you want a car loan in a couple years? It could be convenient to use the same financial institution for different financial services.
Lastly, you might consider two things:
Yields. Besides having no fees, does the account offer a competitive APY? Or does the same bank offer a high-yield savings account that you can easily open and tie to your no-fee checking?
Rewards. If you’re more of a spender than a saver (no shame), look at reward programs. Many debit cards offer rewards for swiping. Some have a flat 1% cash back program that applies to every purchase, while others offer higher percentage rewards for spending at select businesses.
How to open a free checking account
1. Determine what you want. Besides “no fees”, what else are you looking for in a free checking account? Do you want to be able to go into a physical branch or are you OK with an online bank? Would you like to earn interest or cash back?
2. Research. Having an idea of what you want, look at what’s available. See which banks and credit unions offer what you’re after and make a list of contenders.
3. Pick an account (or two). If you’re torn between a couple of free checking accounts, sleep on it and then go for it. You could always replace one if it’s not all that’s promised. You could even open multiple accounts and then close the ones that don’t work out.
4. Apply. You’ll need to provide some personal information, including your Social Security number (SSN), address, date of birth and such, as well as agree to the terms and conditions for the account.
5. Fund the account and enjoy. You should know rather quickly whether you’re approved. If you are, you’ll be able to fund the account and start using it almost immediately. Any debit card or checks typically come in the mail within ten days.
Pros and cons of free checking accounts
Pros
- Free. Did we say “free” enough? No one likes paying for services when you can otherwise receive them free of charge. While you’ll likely still have to pay for special services and products, you won’t get dinged with monthly fees.
- Provider options. There’s a glut of free checking accounts available; you don’t have to look very hard to find one.
Cons
- Not all banks offer free accounts. Even though there are plenty of free checking accounts, there may be one bank that you want, which doesn’t offer checking for free. You may have to pony up for a monthly maintenance fee to stick with that bank.
- Other services may cost more. Because the checking account is free of maintenance fees and other such costs, the services that do have a price tag attached may cost more, such as wiring fees, stop check orders and expedited delivery.
Many banks don’t charge monthly fees for their checking and savings accounts, including all of the banks and credit unions we list above.
Plenty of banks and credit unions have free checking with no minimum balance, including Axos Bank.
It’s rarer for checking accounts to earn interest. For deposits to earn yields, they’re typically used as backing for loans that can last years. As checking accounts are meant to be a very temporary place to hold money, they typically don’t earn interest. Some checking accounts however, are interest bearing, though you’ll find savings accounts almost always provide greater APY.
Yes, you can open a free checking account online at a credit union, bank or online-only bank.
In most cases, it’s better to get something for free rather than pay for it. There could be an important reason you might want to pay for a checking account, however. Paying a monthly service fee could be worth it if you’re after a specific feature or reward that you can get only from that account.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
