Checking accounts are a vital service supplied by monetary establishments permitting customers to soundly retailer and handle their cash. Whereas having a checking account could also be a requirement for many individuals, paying to make use of one just isn’t.  Accounts marketed as “free checking” by a financial institution or credit score union don’t cost the next charges: 

  • Minimal steadiness charges
  • Common transaction or service charges
  • Month-to-month service charges
  • Withdrawal or switch charges

By legislation, free checking accounts can’t cost the charges listed above or restrict the variety of transactions out there per 30 days.

CNET acknowledges that maintaining extra of your hard-earned cash is important for constructing wealth and reaching your monetary targets. Given the plethora of choices out there nationwide, we have finished the work to find the most effective picks at no cost checking accounts. Let’s assessment the most effective free checking account choices out there.

CNET’s picks for the highest free checking accounts

The common month-to-month service payment charged for checking accounts nationwide is $16.19, based on a 2022 checking account and ATM fee study from CNET’s sister website Bankrate. That may put a dent in your assets over time. Some banks will waive service charges to realize the looks of free checking when sure standards are met corresponding to sustaining a minimal month-to-month steadiness or choosing eStatements. Solely accounts that supplied a purely no-fee checking account paid the best annual share yields (APY) and have been insured by both the Federal Deposit Insurance coverage Company (FDIC) or Nationwide Credit score Union Administration (NCUA) for as much as $250,000 made our checklist of prime free checking accounts.

Some banks additionally provide bonuses or rewards to open a free checking account. Phrases and situations fluctuate with every financial institution. 

High Free Checking Accounts

Title APY Minimal Preliminary Deposit Bonus Areas Overdraft Charges
Shoppers Credit score Union 3.00% $0 N/A Branches in IL, Digital banking providers $30
Conexus Credit score Union 1.75% $0 N/A Branches by way of the Midwest, Digital banking providers $45
Axos Financial institution 1.25% $50 N/A Digital solely $0
NBKC Financial institution 0.50% $0 N/A Branches in Metro Kansas Metropolis, Digital banking providers $0
Alliant Credit score Union 0.25% $25 $100 Digital solely $0
Ally 0.25% $0 N/A Digital solely $0
FNBO Direct 0.15% $1 N/A Digital solely $33
Capital One 0.10% $0 N/A Branches in 9 states, Digital banking providers $35
Uncover 0% $0 1% cashback Digital solely $0
Lake Michigan Credit score Union 0% $0 N/A Branches in MI and FL, Digital banking providers $30

Extra particulars on the highest free checking accounts

Shoppers Credit score Union

  • APY: 3.00%
  • Minimal preliminary deposit: $0
  • Variety of places: 11 branches
  • Cell banking availability: Cell and on-line banking providers can be found.

This Illinois-based financial institution has 11 branches situated in Chicago and the encompassing suburbs. Cell and on-line banking make this free checking account accessible nationwide. Membership eligibility is open to anybody. The credit score union is part of a nationwide community of 30,000 surcharge-free ATMs.

  • APY: 1.75%
  • Minimal preliminary deposit: $0
  • Variety of places: 5,600 shared branches
  • Cell banking availability: Cell and on-line banking providers can be found.

Conexus Credit score Union is a part of the CO-OP Shared Department community which permits members to go to any credit score union within the community to handle monetary transactions. There are 67,000 surcharge-free ATMs within the community. Sustaining a minimal of 15 debit card transactions or a internet spending complete of $450 per 30 days will qualify your free checking account for a 1.75% APY as much as balances of $25,000. Membership is open to anybody primarily based on standards listed on Connexus


  • APY: 1.25%
  • Minimal preliminary deposit: $50
  • Variety of places: N/A
  • Cell banking availability: Solely cellular and on-line banking providers are supplied.

Axos launched in 2000 as a digital financial institution. Headquartered in San Diego, its Rewards Checking is a very no-fee checking account that may provide a aggressive APY of as much as 1.25% primarily based on necessities corresponding to a qualifying, month-to-month direct deposit, 10 or extra debit card transactions per 30 days, and sustaining a minimal required steadiness in an Axos funding account. Rewards Checking clients additionally obtain limitless home ATM payment reimbursements.

NBKC brand

  • APY: 0.50%
  • Minimal preliminary deposit: $25
  • Variety of places: 4
  • Cell banking availability: Cell banking app out there.

NBKC has 4 branches situated in Kansas and Missouri. The cellular and on-line banking providers make the free checking All the pieces Account accessible nationwide. Prospects can even withdraw cash at greater than 37,000 ATMs and qualify for $12 in ATM payment reimbursements per 30 days. It gives aggressive charges on deposit accounts which may be opened by way of its web site. 

Alliant Credit score Union

  • APY: 0.25%
  • Minimal preliminary deposit: $25
  • Variety of places: N/A
  • Cell banking availability: Cell banking app is offered (on-line banking just isn’t out there).

Membership is open to present or former staff of Alliant’s US associate companies. Go to Alliant for an entire checklist of companies. Excessive-Price Checking accounts opened by October 7, 2022, are eligible for a $100 financial institution bonus and $100 donated to a charitable group if a $100 minimal steadiness is maintained by way of the tip of February 2023. Excessive-Price Checking account clients even have entry to greater than 80,000 surcharge-free ATMs and as much as $20 per 30 days in ATM payment reimbursements.


  • APY: 0.25%
  • Minimal preliminary deposit: $0
  • Variety of places: N/A
  • Cell banking availability: Cell and on-line banking providers can be found.

Ally’s Curiosity Checking is offered nationwide. It gives a strong suite of digital providers with out charging any charges for minimal balances, overdrafts or official checks. Account holders can be happy with the surcharge payment community of greater than 43,000 ATMs and the $10 per 30 days in ATM payment reimbursement out there. 

  • APY: 0.15%
  • Minimal preliminary deposit: $1
  • Variety of places: 109
  • Cell banking availability: Cell and on-line banking providers can be found.

FNBO Direct is the digital arm of First Nationwide Financial institution of Nebraska. On-line checking is a no-fee checking account that gives entry to greater than 2 million ATMs. The $1 preliminary deposit required to open an account is affordable. Any balances over one cent are eligible to earn the APY. The account additionally comes with free fraud monitoring and would not cost for cease funds. FNBO Direct is a green-friendly firm that has eradicated paper checks. 

Capital One

  • APY: 0.10%
  • Minimal preliminary deposit: $0
  • Variety of places: 755
  • Cell banking availability: Cell and on-line banking providers can be found.

Capital One, the tenth largest bank within the US, is an internet financial institution with bodily places that you would be able to go to in 9 states throughout the jap and southern US. It has additionally expanded the financial institution department idea right into a espresso store styled Capital One Café. The Capital One 360 will value nothing to arrange. Balances beneath $50,000 earn a 0.10% APY.


  • APY: 0%
  • Minimal preliminary deposit: $0
  • Variety of places: 755
  • Cell banking availability: Cell and on-line banking providers can be found.

Uncover Financial institution is an internet monetary providers firm that provides merchandise corresponding to deposit accounts, bank cards, private loans and scholar loans. It eradicated charges on deposit accounts in June 2019. The Uncover Cashback Debit is a very free checking account that pays 1% money again on debit card purchases as much as $3,000 per 30 days. The ATM community of greater than 60,000 surcharge-free ATMs gives extra entry to money nationwide. 

  • APY: 0%
  • Minimal preliminary deposit: $0
  • Variety of places: Practically 50 branches
  • Cell banking availability: Cell and on-line banking providers can be found.

Membership eligibility is open to anybody. Lake Michigan Credit score Union has quite a few branches all through Michigan and greater than 10 throughout Florida. It gives a full suite of sturdy banking providers in-person and just about. Members can even entry monetary wellness providers. The credit score union is part of the Allpoint community with 55,000 surcharge-free ATMs.

What elements must you take into account when opening a checking account?

By legislation, banks and credit score unions can’t cost month-to-month charges, transaction charges, switch charges or minimal steadiness charges on accounts marketed as free checking. Extra expenses primarily based on providers supplied, corresponding to assertion copies or overdraft protection, could exist for some banks. Evaluate the account’s phrases and situations absolutely to make sure you perceive any relevant charges.

Professionals and cons of a free checking account


  • Free checking accounts don’t cost month-to-month charges, transaction charges or cost a payment in case your steadiness drops beneath a minimal threshold.
  • Free checking accounts are supplied by conventional brick-and-mortar banks or credit score unions, online-only monetary establishments, or hybrid firms.
  • Some free checking accounts pay aggressive APYs and provide rewards or different bonuses.
  • Many free checking accounts don’t have any or low preliminary deposit necessities to open an account.


  • Free checking accounts could require a number of further duties to earn the best APY.
  • Aggressive APYs are sometimes capped at a most steadiness quantity.

How are you going to earn a aggressive yield?

Usually, aggressive APYs supplied by free checking accounts are linked to certified actions. For instance, Axos Financial institution gives as much as 1.25% APY if the shoppers set up direct deposits of $1,500 or extra per 30 days, add a mortgage fee and preserve minimal balances in funding accounts. Axos Financial institution clients already doing enterprise with the financial institution ought to make the most of the aggressive charges.


What do it is advisable open a checking account?

To open a checking account with a US-based financial institution, you want:

  1. A Social Safety quantity.
  2. Authorities-issued proof of identification and authorized residency or citizenship corresponding to a driver’s license, passport or state ID.
  3. The place relevant, a minimal preliminary deposit. 

What are the minimal deposit and steadiness necessities?

Free checking accounts fluctuate within the minimal preliminary deposit required. In our checklist above, that ranges from $0 to $50. Every financial institution’s necessities can fluctuate primarily based on its enterprise mannequin and advertising and marketing efforts. A checking account that requires a minimal steadiness to keep away from service charges just isn’t a free checking account.

Are there choices for overdraft safety?

Overdraft safety is a service supplied by banks to cowl the price of transactions that exceed an account’s out there steadiness. Banks can cost a month-to-month or per transaction payment for this service. Some banks that provide no-fee checking accounts will embody overdraft safety at no further value. Others waive the one overdraft fee per yr as an overdraft forgiveness service. 

An overdraft safety service may be priceless as the typical overdraft payment of $30 per transaction can add up shortly.

How are you going to keep away from hidden charges?

When opening any account, assessment the account disclosures fully to know the phrases and situations related to the brand new account. Sticking with accounts marketed as free checking accounts will allow you to keep away from taking up unknown charges. 

Free checking accounts could cost charges for providers corresponding to official test writing. This can all be listed within the account disclosures. Should you’re unsure, schedule a name together with your customer support consultant or private banker to assessment all potential charges clients could incur.


CNET reviewed checking accounts primarily based on the most recent APY info, charges charged and providers supplied from issuer web sites. We evaluated checking accounts from amongst greater than 50 banks, credit score unions and monetary firms. We chosen the accounts that have been no-fee checking with the best APY and have been insured as much as $250,000 from among the many organizations we surveyed.

Banks surveyed embody: Alliant Credit score Union, Ally Financial institution, America First Credit score Union, American Categorical Nationwide Financial institution, Axos Financial institution, Financial institution of America, Financial institution of the West, Bank5 Join, Barclays, BMO Harris, Bread Financial savings, BrioDirect, Capital One, CFG Group Financial institution, Residents Entry, Colorado Federal Financial savings Financial institution, Connexus Credit score Union, Shoppers Credit score Union, Credit score One Financial institution, Uncover Financial institution, First Web Financial institution of Indiana, First Tech Federal Credit score Union, FNBO Direct, GO2bank, Golden 1 Credit score Union, HSBC Financial institution, Huntington Financial institution, Lake Michigan Credit score Union, LendingClub Financial institution, Dwell Oak Financial institution, M&T Financial institution, Marcus by Goldman Sachs, Merrick Financial institution, Nationwide (by Axos), Navy Federal Credit score Union, NBKC, OneUnited Financial institution, Pentagon Federal Credit score Union, PNC, In style Direct, PurePoint Monetary, Quontic Financial institution, Rising Financial institution, Salem 5 Direct, Sallie Mae Financial institution, Santander Financial institution, SchoolsFirst Federal Credit score Union, Synchrony Financial institution, TAB Financial institution, TD Financial institution, TIAA Financial institution, Truist Financial institution, U.S. Financial institution, UFB Direct, Union Financial institution, USAA Financial institution, Vio Financial institution, and Wells Fargo.

The editorial content material on this web page is predicated solely on goal, unbiased assessments by our writers and isn’t influenced by promoting or partnerships. It has not been supplied or commissioned by any third celebration. Nevertheless, we could obtain compensation once you click on on hyperlinks to services or products supplied by our companions.

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