12 Best Free Checking Accounts at U.S. Banks

12 Best Free Checking Accounts at U.S. Banks

It’s becoming increasingly difficult to find truly free checking accounts. At many banks, you’re now required to pay a monthly maintenance fee for the privilege of keeping your checking account open. Such fees can range from a few dollars to $20 or more, depending on the bank and other associated perks. To avoid these fees, you may need to maintain a high minimum daily balance, make regular deposits of a certain size or frequency, or execute a minimum number of transactions in a statement period.


Fortunately, it’s still possible to find free checking accounts. You just have to know where to look. Many online banks offer legitimately free, FDIC-insured (up to $250,000 per account) accounts with few restrictions and plenty of sweeteners. Some even pay noticeable interest.

If you’re looking for a checking account that won’t eat away at your deposits, take a closer look at these options available to customers throughout the United States.

Best Free Checking Accounts

1. Bank5 Connect High-Interest Checking Account

Very Attractive Yields, Even on Low Balances

If you’re looking for an attractive yield with a reasonable minimum balance requirement, it’s hard to do better than the Bank5 Connect High-Interest Checking Account. Bank5 Connect also has reasonable overdraft fees and a generous reimbursement policy for third-party ATM fees. A sub-par mobile app counts against it, but the main website works okay on mobile devices.

  • Minimum Deposit and Balance Requirements: There’s a $10 minimum opening balance and no daily minimum balance requirement. However, to earn interest you need to keep a daily balance of at least $100.
  • Account Opening Bonus: None.
  • Yield: All Bank5 Connect High-Interest Checking Account balances greater than $100 yield 0.76% APY. This is significantly higher than many competitors.
  • Rewards and Incentives: Bank5 Connect never charges a fee for withdrawing money at U.S. ATMs. If you withdraw from other banks’ ATMs, Bank5 Connect reimburses those surcharges up to a total of $15 per month. Your first order of personal checks (five books), all wire transfers, and cashiers checks are also free. The UChoose Debit Rewards program earns 1 point per $2 spent on signed and PINless debit card transactions. Redeem your points for travel, gift cards, and merchandise at Bank5 Connect’s rewards portal.
  • Mobile Features:Check deposit and bill pay. The account is Android and iPhone compatible, though the mobile app is not as user-friendly as other options.
  • Overdraft Options: If you have a savings account with Bank5 Connect, you can opt in to an overdraft transfer program that automatically pulls money from it to cover a checking account overdraft at no charge. If you don’t have another account with Bank5 Connect, you can opt in to overdraft protection, which levies a flat fee of $15 per overdraft.
  • Possible Fees: Returned deposit ($7), stop payment ($15), paper statement ($1 per month), and levies and garnishments, which occur when a government entity pulls funds from your bank account to cover back taxes, judgments, or other legal obligations ($25 per item).

2. Discover Bank Cashback Checking

1% Cash Back on Up to $3,000 in Debit Card Purchases Each Month

Discover Bank is a full-service online bank with an unusually generous, totally free checking account. The headline here is the account’s 1% cash back yield on up to $3,000 in debit card purchases each month. That adds up to as much as $30 cash back per month, or $360 cash back per year.

Discover Bank has no minimum balance requirements and boasts a pretty forgiving fee schedule with no bill pay, check reorder, replacement debit card, bank check, or wire fees. Plus, customers have fee-free access to more than 60,000 ATMs around the U.S. – more than most competitors.

  • Minimum Deposit and Balance Requirements: None.
  • Account Opening Bonus: None.
  • Yield: No yield, but qualifying debit card purchases earn 1% cash back on up to $3,000 spent each month. P2P transfers, third-party money market purchases, ATM transactions, and point-of-sale cash back transactions don’t earn cash back or count toward the spending cap.
  • Rewards and Incentives: Discover Bank doesn’t charge ATM fees. Checks, replacement debit cards, and a slew of other services are free.
  • Mobile Features: The account is Android and iPhone compatible, with impressive functionality across the board.
  • Overdraft Options: Discover Bank doesn’t have a formal overdraft protection plan. Insufficient funds transactions cost $30 per item, limit one per day, and Discover Bank reserves the right to decline them at any time.
  • Possible Fees: Stop payment ($15), outgoing wire ($30), NSF transactions ($30).

3. Ally Bank Interest Checking

No Minimums; No ATM Fees, Ever

Ally Bank is one of the original online banks, and its Interest Checking account remains immensely popular. There are no minimums of any kind here. Ally also reimburses all third-party ATM fees, without exclusion. Low overdraft fees (just $9 per transaction) sweeten the deal further.

Drawbacks include low yields on modest balances and a surcharge on all international transactions.

  • Minimum Deposit and Balance Requirements: There’s no minimum deposit to open an account, and no minimum daily balance.
  • Account Opening Bonus: None.
  • Yield: This account yields 0.10% APY on balances less than $15,000, and 0.60% APY on balances greater than that amount.
  • Rewards and Incentives: Ally Bank never charges ATM fees and provides unlimited reimbursements for all third-party ATM fees or surcharges at the end of each month.
  • Mobile Features: Mobile check deposit (Ally eCheck Deposit), ATM finder, send money to a friend (Popmoney), bill pay, and internal and external transfers using the Zelle® money transfer app. The account is Android and iPhone compatible.
  • Overdraft Options: Ally lets you opt in to a free overdraft transfer service that pulls funds from your savings or money market account to cover negative balances. You can also opt in to an overdraft protection program that charges a one-time fee of $25 per overdraft transaction. If you don’t elect either program, you won’t be able to make transactions that would result in an overdraft.
  • Possible Fees: Stop payment ($15), outgoing wires ($20), and international transactions (1% of transaction total). Read More>>>




Source:- moneycrashers


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