Best Free Checking Accounts Of April 2024

With no monthly maintenance fee, no minimum monthly balance requirement and a low $50 minimum initial deposit requirement, Axos Bank Rewards Checking offers a truly free checking account. Add in the (up to) up to 3.30% APY total. Balances above $50,000 do not earn interest, and this is a solid checking account that offers more than just no fees. The stated yield is part of a tiered system, however, so remember that you have to meet requirements to earn the full 3.30% APY (see Details).

Axos helps keep the account free for account holders by reimbursing an unlimited number of domestic out-of-network ATM charges and charging no non-sufficient fund (NSF) fees for overdrafts. You can expect some fees, however, like a $35 outgoing domestic wire fee and a $45 outgoing international wire fee, although all incoming wires are received free of charge.

Rewards Checking also comes with a complimentary debit card and a number of digital tools to help you manage your money. Axos does not impose a minimum balance requirement to earn interest.

Read our full Axos Bank Review.

The Axos Rewards Checking account has interest tiers that allow an account holder to up to 3.30% APY total. Balances above $50,000 do not earn interest. These are the steps required to build the highest APY:

• 0.40% APY: Receive monthly direct deposits totaling $1,500 or more. This must be met to be eligible to earn any interest during the statement cycle.
• 0.30% APY: Sign up for personal finance manager (PFM) “account aggregation” (an online banking tool to track all of your accounts in one spot), or use your Axos debit card for a total of 10 transactions per month (minimum $3 per transaction).
• 1.00% APY: Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account.
• 1.00% APY: Maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account.
• 0.60% APY: Use your Rewards Checking account to make your full monthly Axos consumer loan payment, which might include a mortgage, personal and auto loans.

Axos compounds interest daily and credits it monthly.

You can open an account with $50, and there is no minimum balance requirement for either earning interest or maintaining a fee-free account.

Quontic Bank’s High Interest Checking will let you open an account with a minimum deposit of $100. After that point, you can expect no minimum balance requirement and no monthly maintenance fee.

While the free account does not include reimbursement of any out-of-network ATM fees, your Quontic debit card can access cash surcharge-free from a network of more than 90,000 ATMs, including ones in retail locations like Target and Walgreens.

As of Jan. 1, 2022, Quontic Bank has eliminated its former $35 overdraft fee: Whether caused by check, in-person or ATM withdrawal or other electronic means, you’ll no longer be charged an overdraft/return non-sufficient funds (NSF) fee. Also, money orders and cashier’s checks are now free. A few standard banking fees still apply, such as for outgoing wire transfers and stop payment (see Details).

In addition to being a free checking account, this account will also earn you a notable up to 1.10% on all balances up to $150,000, and additional interest on balances up to $1 million—although there are several monthly activity requirements you will need to meet to earn this rate (see Details). There is no minimum balance required to earn interest.

Read our full Quontic Bank Review.

Interest is compounded daily and credited monthly. Keep in mind that Quontic may change the rules that apply to this account at any time without notice.

Checking customers get access to more than 90,000 surcharge-free ATMs. Quontic also offers robust online banking and gets solid mobile app ratings. In January 2022, Quontic eliminated overdraft and non-sufficient funds fees.

EverBank’s Yield Pledge Checking account has no monthly maintenance fees, no minimum balance or monthly activity requirements. Each month, EverBank offers up to $15 in out-of-network ATM fee reimbursement to all customers, and an unlimited number of out-of-network ATM fee reimbursements to customers who maintain a minimum average daily balance of $5,000.

Customers can also rest easy that they will not be charged any non-sufficient funds (NSF) fees for overdrafts. If you don’t have a linked EverBank account to cover overdrafts as part of the bank’s free overdraft protection, then expect any transactions that would overdraw your account to simply be declined—at no charge. You can expect a few fees for less common services, such as stop payments, wire transfers, and official checks (see Details).

The account earns 0.40% APY. EverBank offers a Yield Pledge promise that guarantees the interest rates on its accounts stay within the top 5% of “competitive accounts” based on accounts from the 10 largest banks and thrifts in 10 large U.S. markets.

Read our full EverBank Review.

Fees applicable to the Yield Pledge Checking account include: stop payment ($25), official check ($10), outgoing domestic wire transfer ($25), outgoing international wire transfer ($30 to $65, depending on whether in U.S. dollars or requiring foreign currency, with or without currency exchange).

The account also comes with EverBank’s yield pledge, which promises that the account’s interest will always stay within the top 5% among competitive accounts. If you tend to make purchases with your debit card, EverBank’s card comes with a few buyer benefits, including longer extended warranties on products and price and return protection. Interest on this account is compounded daily and credited monthly.

With no monthly maintenance fee and no minimum balance or activity requirement to meet, Discover Cashback Debit Checking is a solid free account. Account holders enjoy access to more than 60,000 surcharge-free ATMs, in addition to free standard checks and official bank checks, free debit card replacement, free stop payment service and free expedited delivery of standard or official checks or replacement debit cards.

Customers who sign up for the optional overdraft protection (see Details) will not face a non-sufficient funds (NSF) fee if they overdraw their account. If a payment you receive from a third party bounces, Discover will not charge you a deposited item return fee.

Though this free account does not come with an APY, customers are eligible for 1% cash back on up to $3,000 in debit card purchases each month. See website for details made with the Discover Bank debit card that comes with the account.

Read our full Discover Bank review.

As with its other banking products, Discover keeps fees with this account to a minimum. There’s also no non-sufficient funds fee or fee from Discover for using an out-of-network ATM. Official bank checks, outbound ACH transfers and online bill pay are complimentary as well.

Opening and maintaining an account is relatively easy—there’s no minimum deposit or minimum balance requirement.

Also, as an account holder, you’ll have access to your cash at more than 60,000 surcharge-free ATMs throughout the nation. Discover also offers a well-rated mobile app for iOS and Android—useful for managing your money on the go.

Keep in mind that some types of withdrawals and transactions are not eligible for cash-back rewards, including ATM transactions, money order purchases and peer-to-peer payments. There’s a $30 service charge per outgoing wire transfer from your account.

Alliant Credit Union High-Rate Checking gives customers a decent APY with no monthly maintenance fees or minimum balance requirements. You are also automatically signed up for this checking account when you qualify for membership with the credit union, meaning there is no minimum initial deposit required.

A big selling point is the lack of overdraft fees. Additionally, members have access to a network of more than 80,000 surcharge-free ATMs. If you’re stuck using an out-of-network ATM, this checking account also provides $20 per month in ATM fee reimbursement.

To become a member of the credit union, you need to either meet one of the listed criteria, or make a $5 donation to Foster Care to Success (FC2S), Alliant’s partner nonprofit organization.

Read our full Alliant Credit Union Review.

The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded monthly and credited monthly. You can join Alliant Credit Union by becoming a member of Foster Care to Success (FC2S) for a $5 fee that is credited back to your account once it’s set up.

It’s relatively easy to qualify for membership (see Details). Members get a contactless Visa debit card and a complimentary box of standard checks with this account.