10 Best Free Checking Accounts In February 2024

We understand how important it is to have a reliable and convenient checking account to manage your daily finances. That's why we've researched and analyzed dozens of options to bring you the top free checking accounts available today.

Depending on where you bank, what you do, or what you're comfortable with, there is likely a free checking account that will work for you. 

Too many people fall for the myth that banking is expensive and that the only options for a checking account involve fees, or maintaining outrageously high balances to keep the fees waived. But today, we're fighting this myth!

We're going to show you our favorite options depending on your situation, as well as a full round-up of free checking account options that might work for you.

Note: Most of these banks require a credit score of 600 or higher to open a free checking account online. If you don't have a great score, or don't have a solid banking history, check out this list of second-chance checking accounts.

Best No-Fee Checking Accounts

Want to skip right to the answer of where you're going to find the best no-monthly fee checking accounts? Here you go:

• Best Overall: Discover® Cashback Debit
• Best For High Interest: Varo
• Best Sign-Up Bonus For Checking: U.S. Bank Smartly® Checking (Up To $800)
• Best Mobile App: Current

Our Selections Of The Checking Account Options

We break down the best free bank account and checking account options below. This list includes mostly online checking options, but you may also find banks near you with free checking (or even credit unions). However, we find that most people prefer the convenience of solid online banking.

Note: The checking offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all banking companies or all checking offers available in the marketplace.

1. Discover® Cashback Debit

Discover offers the Cashback Debit Checking Account. This checking account allows you to earn up to 1% cash back on up to $3,000 in debit card purchases every month. See website for details.

Plus, this account has no fees or minimum balance requirements - including free-free overdraft protection! And, you can get your paycheck up to two days early with no charge!

They are very mobile friendly, have access to over 60,000 free ATMs, and even have no-fee check ordering. Read our full Discover bank review here.

Why I Like It: Cashback debit on a free checking account.

Learn more about Discover Cashback Debit here.

2. Current

Current is a leading mobile banking app that has been endorsed by a huge range of personalities, including YouTuber Mr. Beast. It makes banking convenient and easy - it's that simple.

Current offers a free solid checking account that you should consider. It has no minimum balance requirements, no overdraft fees, fee-free ATM withdrawals at over 40,000 ATMs, and you can earn up to 15x points for cash back!

Plus, you can get up to 4.00% APY on balances up to $6,000 by adding money to your Savings Pods and enabling the Interest feature.

Check out our Current Review here. 

Why I Like It: Free mobile banking.

Learn more about Current Free Checking here. 

3. Chime^® Checking

Chime^® was one of the original free mobile banking apps that revolutionized mobile banking. They started with a mobile-first mindset, and also wanted to keep fees as low as possible.

As such, they have a top notching free checking account if you're okay with a mobile only platform. Chime has no physical locations, and all of their banking is done online - in the app. 

Check out our Chime Review here. 

Why I Like It: Free mobile banking.

Learn more about Chime Checking here. 

5. U.S. Bank Smartly® Checking 

The U.S. Bank Smartly® Checking account is a solid basic checking account with all the features you need in a bank.

This account includes a U.S. Bank Visa® Debit Card, mobile and online banking, mobile check deposit, online bill pay, and more! You also get access to send money with Zelle®, and access to U.S. Bank Smart Rewards® to reap additional benefits.

U.S. Bank Smartly® Checking has a $6.95 per month maintenance fee that's easily waived if you simply do ONE of the following:

• Are age 24 and under, 65 and over, or a member of the military (must self-disclose), OR
• Have combined monthly direct deposits totaling $1,000 or more, OR
• Average account balance of $1,500 or more, OR
• Hold an eligible U.S. Bank credit card, OR
• Qualify for one of the four Smart Rewards® tiers (Primary, Plus, Premium, or Pinnacle).

And right now, they have an amazing bonus offer! Earn up to $800 when you open a new U.S. Bank Smartly^® Checking account and a Standard Savings account online, and complete qualifying activities. Subject to certain terms and limitations. Offer valid through March 12, 2024. Member FDIC. 

Earn up to $500 with a new U.S. Bank Smartly® Checking account. Complete the following within 90 days of account opening:

• Enroll in online banking or the U.S. Bank Mobile App
• Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999 to earn $300, or $10,000 or more to earn $500.

Earn up to $300 with a new Standard Savings account:

• Make new money deposit(s) totaling $25,000 or more by March 31, 2024
• Maintain $25,000 or more until June 30, 2024

Offer may not be available if you live outside the U.S. Bank footprint or are not an existing client of U.S Bank or State Farm.

Read our full U.S. Bank Review here.

Why I Like It: A solid basic checking account at a great major bank.

Learn more about U.S. Bank Smartly® Checking account here.

Earn up to an $800 bonus! At U.S. Bank National Association Member FDIC.

6. Varo

Varo is a modern app and online bank that is delivering awesome free checking with interest.

Varo has no minimum balance requirements, no monthly fees, and earns interest!

It includes a debit card and a solid mobile app experience!

Read our full Varo review here. 

Why I Like It: A free checking account that can be combined that earns interest.

Learn more about Varo.

7. Axos Rewards Checking

Axos Bank calls themselves America's most experienced digital bank. And their Rewards checking account hits every feature you'd expect from a top notch online bank.

Rewards Checking has no minimum balance requirements, no monthly fees, and no overdraft or insufficient fund fees. Plus, they offer unlimited domestic ATM reimbursements! 

Axos Bank does require that you have good banking history to get approved.

What's great about this account is that it's monthly fee-free, but also pays interest. You can earn up to 3.30% APY right now! However, it's tiered, so here's what you need to know:

• Baseline: 0.40% APY when you receive monthly direct deposits totaling $1,500 or more. This is required to unlock the remaining tiers.
• Debit Card Spending or Personal Finance Manager: 0.30% APY when you use your Axos Visa Debit Card for a total of 10 transactions per month (min $3 transactions) or sign up for Personal Finance Manager in Online Banking.
• Managed Portfolios: 1.00% APY when you maintain an average daily balance of $2,500 in an Axos Invest Managed Portfolios Account.
• Self Directed Trading: 1.00% APY when you maintain an average daily balance of $2,500 in an Axos Invest Self Directed Trading Account.
• Loan Payment: 0.60% APY when you used your Rewards Checking account to make your full monthly Axos Bank consumer loan payment (mortgage, auto, and personal loans are eligible).

And right now, use the promo code AXOS300 when you apply for a Rewards Checking account by 6/30/2024. Then have qualifying direct deposit(s) to earn up a $300 welcome bonus!

Read our full Axos Bank review here. 

Why I Like It: A great free checking account with the ability to earn a high APY. 

Learn more about Axos Rewards Checking here.

Get a $300 bonus!

9. First Tech Federal Credit Union

First Tech Federal Credit Union Rewards Checking is a solid option for high-interest checking. The account has no minimum balance requirements, no monthly maintenance fees, and a network of 30,000 CO-OP fee-free ATMs.

First Tech Federal Credit Union also has a unique rewards program where you can earn upwards of $60 per month based on account activity. You can earn these rewards through additional cash back on credit card purchases, cash back on minimum loan payments, and more.

Plus, you can earn 5.00% APY on balances up to $15,000 (then 0.10% APY after that). To earn the high APY, you must do the following:

• 20 transactions with a minimum monthly spend of $500
• Monthly direct deposit of at least $1,000
• Be enrolled in eStatements

Why I Like It: One of the highest limits to earn APY on high-yield checking.

Learn more about First Tech Rewards Checking here. 

10. Ally Bank Spending Account

Ally Bank is one of the most well-known internet only banks around, and they have a great free checking account that matches their brand. 

They are known for solid customer service and great banking products. They have no monthly fee free checking, and a great mobile app that allows mobile check deposit.

Plus, their Spending Account earns interest as well - up to 0.25% APY. They have two tiers:

• Balance less than $15,000 earns 0.10% APY
• Balance $15,000 or more earns 0.25% APY

Read out full Ally Bank review here.

Why I Like It: Well known free checking brand.

Learn more about Ally Bank Checking here.

Other Great Banks That Offer Free Checking

These accounts are solid free checking account options that you may want to consider in your search!

Wealthfront Cash Account

Wealthfront (the popular robo-advisor) recently launched a high-interest checking account, the Wealthfront Cash Account. This account is a great way to earn interest on all of your money and get your paycheck up to two days early.

What's great about the account is that it provides no account fee banking for all of your spending needs and also earns interest.  It currently pays 5.00% APY and you can get started with just $1.

They are very mobile friendly, with 19,000 fee-free ATMs, mobile check deposits, and BillPay. 

Read our full Wealthfront review here.

Why I Like It: Interest-bearing checking connected to a solid robo-advisor.

Open a Wealthfront Cash Account here.

Upgrade Rewards Checking Plus

Upgrade Rewards Checking Plus is a newer checking account that is delivering some solid options with no monthly fees.

You can earn up to 2% cash back on common everyday expenses like gas stations and restaurants, and 1% cash back on everything else*. You can also pair it with their online savings account and earn a solid interest rate!

This account has no monthly maintenance fees, no ATM fees for active accounts**, and no transfer fees.

Read our Upgrade Review here.

Why I Like It: Cashback rewards on a no-monthly fee checking account!

Learn more about Upgrade Rewards Checking Plus here.

Quontic High Interest Checking

Quontic Bank recently launched a High Interest Checking Account. This account is a great way to earn interest on your money, especially with the balance limits they offer. And even if you don't meet the criteria, this is still a great free checking account!

This account currently has three tiers of interest:

• $0 to $150,000: 1.10% APY
• $150,001 to $1,000,000: 1.10% APY
• $1,000,001+: 1.10% APY

You do have to have a minimum balance of $100, and you must make 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle. If you fail to meet these minimums, you'll get just 0.01% APY.

Read our full Quontic bank review here.

Why I Like It: You can earn the highest rate on a lot of your balance.

Open a Quontic Bank High Interest Checking Account here.

USAA Classic Checking

USAA Classic Checking is a great choice for free checking if you qualify to have a USAA Account. USAA limits membership to servicemembers and DOD employees and their families, so that could be a bar to entry for some.

If you do qualify for USAA, then their USAA Classic Checking is a great product, with no fee checking, free checks, online BillPay, and ATM free reimbursements.

Read our full USAA Bank review here. Also check out these great options for military checking accounts.

Why I Like It: Free checking, free checks, great mobile app for those that qualify for USAA.

Learn more about USAA Classic Checking here.

nbkc Bank Everything Account

nbkc Bank Everything Account is a great free checking account if you're looking for a checking account that earns interest, has no minimum, and an easy to use mobile app.

They offer truly free checking, and even offer free checks and a network of free ATMs. They also have mobile check deposit, which they offer for free.

Check out our nbkc Bank review here.

Why I Like It: Free checking, free checks, and free mobile check deposit.

Open an nbkc Bank Everything Account here.

Fighting The Myth Of Free Checking

We talked about it slightly above, but there is a long standing myth in America that checking accounts are expensive. As a result, too many people go without this tool, and end up using expensive tools like check cashing, money orders, and more.

According to a CFPB report, the average checking account charge $10-12 in monthly maintenance fees. That's crazy! There is no reason than anyone should pay these fees when opening a checking account.

Furthermore, to waive these fees, many "big banks" require you to open other products with them (such as a savings account), or maintain a monthly minimum (say $5,000 at all times, or pay the fee), or they require you to have direct deposit setup.

Some banks even have a transaction requirement to waive the fee - for example, you must have 25 debit cards transactions per month, or you get charged a fee. All of these fees and requirements are wrong.

What You Need In A Checking Account

Students (and other people) typically maintain lower balances than older Americans. They also might not have a job yet (for direct deposit), or have other accounts at the bank.

As such, they have unique requirements that we wanted to share, so that you can see how we based our criteria for the best free checking account options.

In order to be one of the best free checking accounts, we put the following criteria in place:

How Do You Open A New Checking Account?

When you're ready, it's extremely easy to open a new checking account. While the process will vary, if you're opening an account online, you simply click the link above and follow the directions. You simply need to fill out the personal information, including Name, Address, and SSN, and you're set.

Some banks may need you to upload copies of your identification or other items. You can typically do this online.

When it comes time to fund your account, you can simply setup a transfer into the account.

If you're opening an account at a brick and mortar bank, the same steps will apply, except you will need cash or a check to fund the account.

Why Should You Trust Us?

The College Investor has been testing and reviewing checking accounts for over 10 years. I personally have been actively writing about banking products and the need for free checking since 2009. 

In creating this guide, we've looked at our extensive list of bank reviews, our knowledge of the banking industry, and compared at least 50 of the top banks in the United States to see which free checking accounts are the best for consumers.

Furthermore, our compliance team checks the accuracy of any rates on this list every weekday, to ensure that you're getting the most accurate information we can create.

Common Checking Account Questions

Still on the fence about what type of checking account to open? We break down the most common checking account questions below:

Is Free Checking Real?

Yes! When we refer to free checking accounts, we are talking about accounts that don’t charge any type of monthly fee to use their service. In some rare cases, we might include a checking account that does have a monthly fee, but it can be easily waived.

What are common checking account fees?

Beyond the monthly fees, you may find checking accounts that charge for ATM withdrawals, ACH transfers, and more.

Do checking accounts pay interest?

Some do! There are interest-bearing checking accounts and non-interest bearing checking accounts. Some pay interest, but only if you maintain a certain balance level in the account. While this can be very helpful, you typically will earn a higher yield in a high yield savings account versus a checking account.

Do you have to pay for ATM withdrawals?

Most banks that advertise free checking don’t make you pay for ATM withdrawals. However, that doesn’t mean there aren’t restrictions. For example, many banks either make you utilize their network of ATMs to remain free, or some banks even offer ATM fee reimbursement – where they will refund you a fee charged by an ATM. Banks that offer ATM fee reimbursement typically don’t operate their own network of ATMs.

Are there limits to how much you can have in a checking account?

While there are no limits to how much you can have in a checking account, your money is only insured up to the FDIC insurance deposit limits. As such, you should be mindful of holding more in the account than the insurance limits allow for your account type.

What’s the difference between a fee and service charge?

While many checking accounts are fee-free, most still have service charges. What’s the difference? A service charge is something you pay when you use a service beyond the basics of the account (such as a wire transfer). These services typically cost the bank a lot of money, and they are passing on the cost to you.

Do any banks offer a bonus for opening a checking account?

Yes! Some banks do offer opening account bonus offers if you meet the criteria. While you shouldn’t necessarily make your pick of a bank on a bonus offer, it can be a helpful motivating factor.

Methodology

The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best checking account. We do this by providing unbiased reviews of the top banks and checking accounts for our readers, and then we aggregate those choices into this list.

We have picked checking accounts based on our opinions of how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best free checking accounts in the marketplace for consumers.

Final Thoughts

Hopefully you can see that there are good options for free checking. 

Here's a recap of our picks for the top checking accounts:

1. Discover
2. Current
3. Chime
4. Chase Total Checking
5. U.S. Bank Smartly® Checking
6. Varo
7. Axos Rewards Checking
8. GO2bank
   
9. First Tech Federal Credit Union
10. Ally Bank

You don't have to pay fees to have a checking account - you just need to open your account at a good bank.