Stop With the Bank Fees: Our 6 Favorite Free Checking Accounts of 2022 (2024)

Too many of us are settling for less-than-satisfactorychecking accounts.

We’re still forking over so many bank fees. Frequent overdrafters hand over $380 a year in overdraft fees alone, according to the Consumer Financial Protection Bureau. That doesn’t even account for ATM network fees, monthly maintenance fees and minimum balance fees.

In reality, there are a ton of free checking account options out there; you just might not be looking in the right places (ahem,online banks!). No need to spend hours researching, though. We did that for you.

5 Best Free Checking Accounts of 2023

You might not have heard of some of the financial institutions on our list, but give them a chance. It’s likely they all offer what a traditional bank account does, including online bill pay, mobile check deposit, ATM withdrawals and deposits and Visa or Mastercard debit card transactions. Plus, they’re all FDIC-insured accounts. (Safety first!)

Unlike many traditional bank accounts, these are all free: no monthly fees, no minimum balance requirements or fees, almost no ATM fees and no overdraft fees. And none come with minimum opening deposit requirements — so you can get started right away.

Even better? Each bank offers a unique perk, including interest, cash-back rewards checking and early paydays.

Here are our picks for the best free checking accounts.

Which Banks Offer Free Checking Accounts?

Most banks offer a free checking account option now that challenger banks have shoved the market in that direction. In some cases, the account is only free if you maintain a minimum balance or deposit requirement, so read the fine print before opening an account.

In many cases, especially with online banking platforms like we listed above, you can get a checking account with no monthly fees, limited ATM fees, no overdraft fees and few miscellaneous fees without balance or deposit requirements — so compare your options before going all in with a traditional bank. The best free checking accounts cut nearly all fees.

Are Free Checking Accounts Really Free?

Most customers consider a checking account “free” as long as it doesn’t come with a monthly maintenance fee. That’s the baseline we applied to choose the checking accounts listed above.

The fees you typically can’t get away from are for less common services like card replacement, foreign transactions, stop payment and wire transfers.

Lots of banks, especially traditional institutions, charge for other things, like overdraft protection, ATM transactions, minimum balance requirements, paper statements and more. We sought checking accounts that minimize or eliminate these fees, so you can count on a fee-free banking service.

Nearly all banks charge fees for these services, but if you know you’ll use them often, shop around and seek out an account that caters to your needs by eliminating or reducing fees for the types of services you use.

How to Avoid Common Checking Account Fees

The most common checking account fee is a monthly maintenance fee. Most financial institutions waive this fee if you keep a minimum monthly balance. Avoid the fee by paying attention to that minimum balance requirement when you sign up and keeping your account in the no-fee zone.

Many banks also charge for paper statements, so sign up for electronic statements right away. You’ll be able to see your bank statements, balance and transactions online no matter what; opting out of paper statements just saves a bunch of trees and saves you money.

Common Free Checking Account Benefits

The best benefit of a free checking account is the elimination of a monthly service fee, and balance and direct deposit requirements.

To stay competitive, many free checking accounts also include perks like well-designed mobile apps (especially the online-only platforms), free ATMs, early direct deposit, budgeting features, automatic savings options, cash back, creative fee-free overdraft protection options and high APYs.*

Frequently Asked Questions (FAQs) About Free Checking Accounts

We’ve answered the most common questions about free checking accounts to steer you toward the one that works for you.

Contributor Dana Miranda is a Certified Educator in Personal Finance®. She’s written about work and money for publications including Forbes, The New York Times, CNBC, Insider, NextAdvisor and a column for Inc. Magazine. She foundedHealthy Richto publish stories that illuminate the diversity of our relationships with work and money. Contributor Tim Moore contributed to this psot.

*Chime: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. Credit Builder card issued by Stride Bank, N.A.

The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest. The average national savings account interest rate of 0.21% is determined by FDIC as of November 17, 2022 based on a simple average of rates paid (uses annual percentage yield) by all insured depository institutions and branches for which data are available. Visit National Rates and Rate Caps to learn more.

Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

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 f which may be up to 2 days earlier than the scheduled payment date.

Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.