The 10 Best Free Checking Accounts of 2024: Some banks provide free checking accounts without any fees. Fortunately, many banks now offer completely fee-free checking accounts. You can enjoy various services without incurring any interest charges. Who said banking had to be costly?
Numerous banks don’t impose fees, offering extensive ATM networks, robust mobile apps, and rewards programs. Below is a compilation of the top free checking accounts available.
U.S. Bank Smartly® Checking
The U.S. Bank Smartly® Checking stands as the primary checking account offering from U.S. Bank, a nationally FDIC insured bank (#6548) with over 2,300 locations across 28 states. It requires a minimum initial deposit of $25 and encompasses all the typical features expected from a checking account, including mobile check deposit, automated bill pay, Zelle, as well as overdraft protection and fee forgiveness.
Occasionally, they provide new account bonuses – refer to U.S. Bank’s new account bonuses for further information.
While there’s a $6.95 monthly maintenance fee, you can have it waived if you meet any of these criteria:
- Maintain an average account balance of $1,500 or more.
- Possess an eligible open U.S. Bank consumer credit card.
- Accumulate combined monthly direct deposits totaling $1,000 or more.
(Member FDIC)
click here –U.S. Bank Promotions of 2024: $800 Checking, Business Bonuses
Bank of America – Cash Bonus Offer
Bank of America serves as my primary checking account due to its extensive branch and ATM network, making it convenient for me. When selecting a checking account, factors such as ease of use, fee waiver options, and geographic coverage are crucial to me.
Additionally, Bank of America offers a $200 Bonus Offer for new customers. To qualify, you must open a new checking account online through a Bank of America promotional page and fulfill specific requirements.
Three Bank of America Banking accounts are eligible for this bonus:
- Bank of America Advantage SafeBalance Banking®: Requires a $25 minimum opening deposit and incurs a $4.95 monthly maintenance fee. Refer to the offer page for methods to waive the fee.
- Bank of America Advantage Plus Banking®: Requires a $100 minimum opening deposit and entails a $12 monthly maintenance fee. Check the offer page for ways to waive this fee.
- Bank of America Advantage Relationship Banking®: Requires a $100 minimum opening deposit and has a $25 monthly maintenance fee. Explore the offer page for fee waiver options.
To claim the bonus, open the account and set up qualifying direct deposits totaling $2,000 or more within 90 days of opening.
Remember, the Bank of America promotional offer code is TWT200CIS. Clicking through the links on this site will automatically apply the code for you.
(Member FDIC – Bank of America, N.A.)
KeyBank Checking Account — $200
Here’s their public offer: Earn $200 by opening either a Key Smart Checking® or a Key Select CheckingSM account with a minimum opening deposit of $10 or $50, respectively, plus a qualified direct deposit of at least $500 within the first 60 days of opening.
Offer Code: ONAF1223
Your $200 cash bonus will be deposited into your account within 90 days upon meeting requirements. The account must remain open and unrestricted during the promotional period.
(Available only in AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, and WA.)
Why it’s appealing: The $200 bonus is enticing. With Key Smart Checking®, there’s no monthly maintenance fee or minimum balance required. While it doesn’t earn interest, you gain access to over 40,000 Key and Allpoint ATMs. Key Select CheckingSM offers an interest-bearing account with a waivable $25 monthly fee and a $100 annual cash bonus if specific criteria are met.
Chase Total Checking® – $300
Here’s the information about Chase Total Checking: Open a new account and set up direct deposits totaling $500 or more within 90 days to receive a $300 bonus. Upon completion of these requirements, you’ll receive the $300 bonus within 15 business days.
There’s a $12 monthly service fee, but it can be waived if you have a monthly direct deposit of at least $500, maintain a minimum daily balance of $1,500, or hold a total of $5,000 or more across any combination of Chase savings, checking, and other accounts.
Why it’s appealing: The $300 bonus is a significant incentive. While the account doesn’t offer interest, it does provide the $300 bonus, and Chase has a widespread geographic presence.
Available for online sign-up nationwide. For branch locations, please visit locator.chase.com.
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Discover® Cashback Debit – up to $360
Discover® Bank offers an excellent checking account featuring cashback debit rewards – you can earn 1% cash back on up to $3,000 in purchases every month (details available on the website). This equates to $360 in cash back annually simply for using your debit card, a benefit seldom found with this account type.
Moreover, Discover® Bank has a reputation for being a highly affordable, low-fee bank. Their checking account entails no monthly maintenance fee, grants access to over 60,000 fee-free ATMs, imposes no charges for ATM usage at other ATMs (although other banks may still levy fees), provides free standard checks, free online bill pay, and complimentary debit card replacement.
Why it’s noteworthy: The debit card rewards you with 1% cash back, a rarity in debit cards. This account offers 1% cash back on purchases up to $3,000 each month, totaling $360 annually, automatically deposited into your Discover® savings account.
(Member FDIC)
Consumers Credit Union – up to 5.00% APY
Are you in search of a rewards checking account with a high interest rate?
Consumers Credit Union offers a complimentary Rewards Checking Account with the potential to earn up to 5.00% APY, one of the highest rates nationwide. Unlike some other banks, there’s no opening bonus, and there’s a limit on the portion of your balance eligible for this elevated rate.
The interest rate you receive, typical of many rewards checking accounts, hinges on meeting specific criteria:
- Earn 3.00% APY on balances up to $10,000 by fulfilling the following conditions: opting for eDocuments, making 12 or more debit card purchases monthly, and receiving direct deposits, Mobile Check Deposits, or ACH Credits totaling $500 or more per month.
- Earn 3.00% APY on balances up to $10,000 by meeting the criteria to attain 3.00% APY PLUS spending $500 or more on CCU Visa Credit Card purchases each month; with no minimum number of transactions required.
- Earn 3.00% APY on balances up to $10,000 by meeting the criteria to obtain 4.00% APY PLUS spending $1,000 or more on CCU Visa Credit Card purchases each month; again, no minimum transaction requirement applies.
Axos Bank
Axos Bank presents a rewards checking account boasting an interest rate potentially reaching 3.30% APY if you fulfill specific requirements typical of reward checking accounts.
Periodically, Axos Bank extends new account bonuses, so it’s advisable to check before opening an account.
Currently, the promotion entails a $300 cash bonus upon opening an Axos Bank Rewards Checking account using the promo code AXOS300. Subsequently, fund your account within 30 days of opening, and then receive qualifying direct deposits totaling at least $5,000 each calendar month during the initial seven calendar months your account is active, while maintaining a minimum average daily balance of $7,000. The bonus is disbursed at $50 per month for each month in which you fulfill the direct deposit and average daily balance conditions.
The rewards program, aimed at higher interest rates, is tiered, meaning you earn a higher rate when meeting specific criteria:
To secure the full interest rate of 3.30% APY (as of 3/1/2023), you must fulfill all of the following:
- Direct deposits (excluding intra-bank transfers from another account) totaling $1,500 or more each month will earn 0.40%. A qualifying direct deposit is necessary for the remaining interest rate qualifications to apply (and to unlock subsequent tiers, direct deposit setup is required first).
- Debit card spending or Personal Finance Manager – Ten (10) point-of-sale transactions per month using your Rewards Checking Visa® Debit Card for everyday purchases with a minimum of $3 per transaction, or enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30%.
- Managed Portfolios – Maintaining an average daily balance of at least $2,500 a month in an Axos Managed Portfolio Invest account will earn 1.00%.
- Self-directed trading – Maintaining an average daily balance of at least $2,500 per month in an Axos Self Directed Trading Invest account will earn 1.00%.
- Loan Payments – Making a monthly payment to an open Axos Bank consumer loan (excluding commercial and business loans) via transfer from your Rewards Checking account will earn a maximum of 0.60%.
The account features no minimum balance requirements, no maintenance or service fees, and unlimited ATM reimbursements when using another bank’s ATM. Additionally, a comprehensive mobile app with features such as mobile deposit and bill pay is available.
Why it’s recommended: Rewards checking accounts, like those facilitated by Kasasa banking, offer higher interest rates often for activities you’re already engaged in. If you’re conducting 15 transactions a month and receiving $1,500+ in direct deposits, why not capitalize on the higher interest? (Plus, unlimited ATM fee reimbursement is a bonus!)
click here – Chase Private Client Bonus: $3,000 Cash Offer Promotion
Ally Bank Checking
I’m a loyal customer of Ally Bank, and I’ve stuck with them for years because they’re one of the premier online banks available. Ally Bank offers a comprehensive range of deposit products that stand out in the industry, featuring competitive interest rates and minimal fees.
Their checking account imposes no maintenance fees and has no minimum balance requirement. You enjoy complimentary ATM access through the Allpoint ATM network, and if you happen to use another bank’s ATM, Ally reimburses you up to $10 in ATM fees per statement cycle (this covers the fee charged by the other banks; Ally doesn’t levy such fees). Moreover, Ally provides a feature-rich mobile app with mobile check deposit capability. If you prefer depositing via mail, that option is also available.
Why it’s preferred: It embodies everything you desire in a checking account, plus it earns you interest. The interest rate surpasses that of traditional brick-and-mortar banks by a wide margin and outperforms nearly every other online bank as well. Additionally, it integrates seamlessly with Ally Bank’s other deposit products, such as certificates of deposit and savings accounts, which are also top-tier offerings.
LendingClub Bank
LendingClub Bank, formerly known as Radius Bank, is a Boston-based bank established in 1987, renowned for its exceptional rewards program on their checking account. The Radius Bank Rewards Checking account offers unlimited 1% cashback on signature-based “credit” transactions made with their debit card, alongside a competitive interest rate. The interest rate stands at 0.75% APY on balances ranging from $2,500 to $99,999.99 and 1.00% APY on balances exceeding $100,000.
You can complement this with their savings account, which yields 1.15% APY on balances of $25,000 and above, and 0.75% APY on balances ranging from $2,500 to $24,999.99. This creates a robust combination, especially considering the absence of limits on rewards earned through debit card transactions.
Moreover, you enjoy free ATMs worldwide, and the account requires only a $100 initial deposit, with no minimum balance requirements or monthly maintenance fees.
For a comprehensive overview, feel free to explore our Radius Bank review.
Why it stands out: The combination of unlimited 1% cash back rewards on an account that can earn interest (provided your balance exceeds $2,500) makes for an appealing proposition.
NBKC Bank
While perhaps not as widely recognized as other banking institutions, NBKC Bank is swiftly gaining recognition for its personal account, which offers a competitive interest rate on all balances. As an online-only bank, NBKC’s interest rate ranks among the best on this list, without any attached conditions, and without imposing minimum balance requirements or maintenance fees. Moreover, they provide a comprehensive mobile app with mobile deposit functionality, a crucial feature in today’s banking landscape.
NBKC Bank harnesses the extensive network of 32,000+ MoneyPass ATMs, enabling customers to access these ATMs free of charge. Additionally, they reimburse up to $12 in ATM fees charged by other banks, further enhancing accessibility.
Overall, NBKC Bank presents itself as a reliable online banking option with an attractive interest rate.
Why it’s favored: With its competitive interest rate and accompanying perks, NBKC Bank stands out as a solid choice. As of the latest update, Ally Bank’s checking account offers only 0.25% APY in interest, making NBKC’s offering even more appealing.
click here –Citi Regular Checking (Formerly Citi Basic Banking Package) Review