The 10 best free checking accounts of August 2024
Abigail Rueger is a deputy editor on the banking team at Fortune Recommends. She is passionate about personal finance and offering consumers actionable steps for making positive life changes. Prior to joining Fortune, Abigail spent four years as an editor for Choosing Therapy, a startup dedicated to providing the best mental health information on the web.
Cassie is the business and banking editor at Fortune Recommends. She obtained her degree from Northern Kentucky University and is a certified SCRUM master. Prior to joining the team at Fortune Recommends, Cassie was a deputy editor at Forbes Advisor and a Central Operations Project Manager at Fit Small Business.
If you have money in a checking account, it should do more than just sit there–and it definitely shouldn’t be costing you anything. The best checking accounts today offer high yields on balances and don’t charge any monthly fees. If your account doesn’t meet these criteria, it may be time to upgrade.
Not sure where to start? The Fortune RecommendsTM editorial team ranked more than 35 free checking accounts and curated a list of our top 10 picks. We weighed minimum balance requirements, annual percentage yields (APYs) for interest-earning checking accounts, branch and free ATM access, mobile and online banking platforms, overdraft fees, and customer service options.
The best free checking accounts of August 2024: our picks
| Financial Institution | APY | Best for | See details |
|---|---|---|---|
| Featured partner SoFi®: Checking & Savings | Up to 0.50% | A generous welcome bonus | View offer at SoFi® |
| Bank5 Connect: High Interest Checking | 2.70% | APY plus cash back rewards | View offer at Fiona |
| Primis: Premium Checking | 5.07% | No minimums or maximums to earn high APY | View offer at Fiona |
| Current: Current Checking | 0% | Building credit | View offer at Current |
| American Express: Rewards Checking | 1.00% | Debit card rewards | View offer at Fiona |
| Hope Credit Union: HOPE Rewards Checking | 5.12% | Those who prefer a credit union to a typical bank | View offer at Fiona |
| NBKC Bank: Everything account | 1.75% | ATM access | View offer at Fiona |
| Upgrade: Rewards Checking | 0% | Combined checking and savings accounts | View offer at Upgrade |
| Quontic: Cash Rewards Checking | 0% | Cash back on debit card purchases | View offer at Quontic |
| Dream First Bank: Cash Back Checking | 0% | Best if you can maintain a balance of at least $1,500 | Learn more |
| Featured partner SoFi®: Checking & Savings | View offer at SoFi® |
|---|---|
| APY | Up to 0.50% |
| Best for | A generous welcome bonus |
| Bank5 Connect: High Interest Checking | View offer at Fiona |
| APY | 2.70% |
| Best for | APY plus cash back rewards |
| Primis: Premium Checking | View offer at Fiona |
| APY | 5.07% |
| Best for | No minimums or maximums to earn high APY |
| Current: Current Checking | View offer at Current |
| APY | 0% |
| Best for | Building credit |
| American Express: Rewards Checking | View offer at Fiona |
| APY | 1.00% |
| Best for | Debit card rewards |
| Hope Credit Union: HOPE Rewards Checking | View offer at Fiona |
| APY | 5.12% |
| Best for | Those who prefer a credit union to a typical bank |
| NBKC Bank: Everything account | View offer at Fiona |
| APY | 1.75% |
| Best for | ATM access |
| Upgrade: Rewards Checking | View offer at Upgrade |
| APY | 0% |
| Best for | Combined checking and savings accounts |
| Quontic: Cash Rewards Checking | View offer at Quontic |
| APY | 0% |
| Best for | Cash back on debit card purchases |
| Dream First Bank: Cash Back Checking | Learn more |
| APY | 0% |
| Best for | Best if you can maintain a balance of at least $1,500 |
Rates last updated August 1, 2024. Read our full methodology here.
The top 10 free checking accounts
Here’s our rundown of the top 10 free checking accounts, including the key figures you should know before you open an account.
Note: APYs are up to date as of August 1, 2024 but are subject to change.
SoFi Checking & Savings
| APY | Up to 4.60%* |
| Minimum Balance Required to Earn APY | $0 |
| Minimum Opening Deposit | $0 |
| Monthly Maintenance Fee | None |
Member FDIC
Why we picked it
SoFi offers a 0.50% APY on its checking accounts regardless of the amount balance. Plus, if you meet certain criteria, you can get a checking account bonus of up to $300*. You get the best rate on products if you combine the checking account with its high-yield savings account. SoFi offers the ability to get your paycheck up to two days early as well as automatic roundups on debit card purchases that go straight into your savings.
*New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Bank5 Connect High-Interest Checking
| APY | 2.70% |
| Monthly Maintenance Fee | None |
| Minimum Opening Deposit | $10 |
at Fiona
| ATM Fee Reimbursement | Access to thousands of ATMs through the SUM network, plus up to $15 ATM reimbursement up to $15 per statement cycle |
| Overdraft Fee | None |
at Fiona
If you want to maximize your returns, Bank5 Connect offers 2.70% APY on its checking account as long as the minimum balance is above $100. Plus, its Purchase Rewards program lets customers get cash back on a variety of everyday purchases when activated online or through the app.
The first order of checks is free and customer support can be reached through chat, phone, or video call.
Primis Premium Checking
| APY | 5.07% |
| Monthly Maintenance Fee | None |
| Minimum Opening Deposit | $1 |
at Fiona
| ATM Fee Reimbursement | All ATM transaction fees refunded to your account |
| Overdraft Fee | None |
at Fiona
Why we picked it
The Premium checking account from Primis lets customers earn 5.07% APY regardless of their minimum or maximum balance—that’s pretty unheard of in the checking biz. Plus, with no overdraft fees, free checks, no wire fees or stop payment fees, and even free in-person notary services, this account really is the epitome of “free” checking.
Current Spend Account
| APY | 0% |
| Monthly Maintenance Fee | None |
| Minimum Opening Deposit | $0 |
| ATM Fee Reimbursement | 40,000 fee-free ATMS through the Allpoint network |
| Overdraft Fee | None |
Why we picked it
If you set up direct deposit and pay your balance on time, Current can help you build your credit score so you can be ready for larger purchases when they come up. The Current Spend account also allows you to get your paycheck up to two days faster and earn points on debit card purchases at thousands of participating businesses.
One unique facet of Current is its Teen Banking account, which can easily link to the Spend account. Using this method, families can transfer money instantly, assign chores, set up spending notifications, and block specific merchants.
American Express Rewards Checking
| APY | 1.00% |
| Monthly Maintenance Fee | None |
| Minimum Opening Deposit | $0 |
at Fiona
| ATM Fee Reimbursement | Unlimited fee-free ATM withdrawals at more than 70,000 Allpoint and MoneyPass locations across the US |
| Overdraft Fee | None |
at Fiona
Why we picked it
Want a earn a solid interest rate without worring about monthly fees or minimum balance requirements? The American Express Rewards Checking account could be a solid option. With this account, you can earn a whopping 1% APY and even earn rewards on your debit card purchases.
You can score one Membership Rewards point for every $2 worth of eligible purchases with the Amex Rewards debit card. While this isn’t a substantial amount of rewards, existing Amex cardholders can still use the debit card to boost their total rewards.
Learn more: read our America Express review
Hope Credit Union HOPE Rewards Checking
| APY | 5.12% on balances up to $10,000 |
| Monthly Maintenance Fee | None |
| Minimum Opening Deposit | $0 |
at Fiona
| ATM Fee Reimbursement | Over 30,000 fee-free ATMS through the Co-op network, plus up to $20 ATM reimbursements per statement cycle |
| Overdraft Fee | $25 |
at Fiona
Why we picked it
The HOPE Rewards Checking account has the highest APY on our list, at a whopping 5.12% on balances up to $10,000. To get that rate, you’ll have to jump through a few hoops, though: In addition to signing up for e-statements and having at least one direct deposit clear your account per statement cycle, you also must have 12 debit card transactions post and clear the account as well as log on to its online banking platform or mobile app at least once in that time frame. If you’re a regular debit card user, this could work well for you. Otherwise, your account will earn 0.10% APY.
Even without the APY, this free checking account could be a convenient option for many—with no minimum balance requirements and up to $20 in ATM fee reimbursements per month, customers looking to bank with a credit union may want to consider Hope.
NBKC Bank Everything Account
| APY | 1.75% |
| Monthly Maintenance Fee | None |
| Minimum Opening Deposit | $0 |
at Fiona
| ATM Fee Reimbursement | More than 37,000 free MoneyPass® ATMs and up to $12/month in reimbursement for any fees you may be charged for out-of-network ATM use. |
| Overdraft Fee | $0 |
at Fiona
Why we picked it
NBKC has a large fee-free ATM network of more than 37,000 ATMs. Plus, you’ll get reimbursed for up to $12 a month for out-of-network ATM fees. NBKC’s free checking account boasts a 1.75% APY, which is 25 times the national average. The bank also offers mobile and online banking for Apple and Android users.
Upgrade: Rewards Checking
| APY | 0% |
| Monthly Maintenance Fee | None |
| Minimum Opening Deposit | $0 |
at Upgrade
| ATM Fee Reimbursement | Up to five ATM reimbursements per month |
| Overdraft Fee | $0 |
at Upgrade
Why we picked it
Upgrade’s Rewards Checking Plus users can enjoy no overdraft fees and 1% cash back on all purchases. Customers who set up direct deposit can get paid up to two days early and increase that cash back to 2% if the deposits total $1,000 or more. For those wanting to open both checking and savings accounts, Upgrade offers up to 5.21% APY with qualifying activities.
With multiple options to reach them in their help center, plus a 4.8 Apple Store app rating and 4.7 rating on Google Play, Upgrade is simple to use and easy to get ahold of if you need support.
Quontic Bank High Interest Checking
| APY | 1.10% |
| Monthly Maintenance Fee | None |
| Minimum Opening Deposit | $100 |
| ATM Fee Reimbursement | Fee-free ATM usage at any participating AllPoint® Network ATMs, MoneyPass® Network ATMs, SUM® program ATMs, or Citibank® ATMs |
| Overdraft Fee | $0 |
Why we picked it
Quontic’s high-interest checking account offers 1.10% APY on all balance tiers when you make at least 10 qualifying debit card transactions of $10 or more per statement. Customers also have access to a network of over 90,000 fee-free ATMs across the nation.
As far as customer support goes, customers can contact a customer service representative via live chat, email, and telephone Monday through Friday between 9:00 a.m. and 6:00 p.m. EST.
Dream First Bank Platinum Interest Checking
| APY | 1.15% |
| Monthly Maintenance Fee | $7.95 (for balances less than $1,500) |
| Minimum Opening Deposit | $50 |
| ATM Fee Reimbursement | up to $25 per month |
| Overdraft Fee | $25 |
Why we picked it
With the Platinum Interest Checking Account through Dream First Bank, you can score a solid 1.15% APY for balances of $1,500 or more. If you maintain a balance below that amount, you’ll just earn 0.15% and also be on the hook for a $7.95 monthly charge.
If checks are important to you, this account could be a solid option: when you sign up, you’ll receive a free pack of checks.
What is a free checking account?
Free checking accounts are just that: free to use, with no monthly maintenance fees or requirements in order to have the fee waived. Free checking accounts can be found at banks, credit unions, and online-only financial institutions.
Even though free checking accounts don’t charge monthly maintenance fees, there may be certain fees associated with specific activities or services. The Office of the Comptroller of the Currency (OCC) explains that banks “can offer a free account and still charge for certain services,” including using out-of-network ATMs or overdrafting, for example. The fee schedule for each account will vary by financial institution.
Free checking account pros and cons
There are many upsides to free checking accounts, the most notable of which is keeping more money in your pocket. But you’ll also want to consider the trade-offs that come with this type of account, as they may be bare bones accounts that offer little in the way of services or they may implement additional fees for services. Here’s a closer look at some of the potential benefits and drawbacks to consider.
Pros
- No monthly fees: By definition, free checking accounts don’t charge maintenance fees.
- Low or no minimum balance: You aren’t required to maintain a large minimum balance to earn interest or avoid fees.
- No ATM fees: Most free checking accounts offer access to a network of free ATMs and/or reimburse ATM fees.
Cons
- Minimum debit card usage: You might have to use your debit card a minimum number of times per month.
- Opening deposit requirements: Some financial institutions require a minimum deposit to open an account.
- Direct deposit required: Some accounts require a minimum number of direct deposits each month to earn the highest rate.
Paid checking account pros and cons
You might be wondering: If you can get a free checking account, why bother with one that charges a monthly fee? Although free checking accounts are a cost-effective option, there are some advantages—and disadvantages—to paid checking accounts, too.
Pros
- Premium features: Paid checking accounts often come with perks such as higher interest rates, free checks, or rewards programs
- Opportunities to waive fees: Many banks offer ways to waive the monthly fee, such as maintaining a minimum balance, which can make the fee avoidable for some customers.
- Relationship benefits: Even if it means paying a monthly fee, holding multiple accounts with one bank can lead to relationship benefits, such as better loan rates or waived fees for other services.
Cons
- Cost: Monthly fees can add up over time, eating into your return if the benefits don’t outweigh the costs
- More requirements or restrictions: If it is possible to waive the fee, you often have to meet certain criteria like maintaining a high minimum balance or setting up direct deposit for a certain amount.
- Opportunity cost: The money spent on fees could potentially be saved or invested elsewhere.
Are free checking accounts truly free?
Generally, yes. But it’s important to understand that “free” doesn’t necessarily mean there will be no fees whatsoever associated with the account. Sometimes, banks may offer accounts without a monthly fee but charge for a variety of activities, such as falling below a certain balance, receiving paper statements, or using ATMs outside of a specified network.
Financial institutions are required to disclose all fees and charges associated with an account. But it’s up to you to review the account disclosures and agreement when you establish an account.
Depending on which institution you open a free checking account with, there still could be hidden fees. So make sure to do your research prior to opening a free checking account and understand what fees are associated with your account.
Checking account fees to watch for
As a checking account holder, you may incur certain fees depending on your account type, spending habits, and financial institution. A few common fees to look out for include:
- Overdraft fees: This is a fee most banks or credit unions will charge you when you spend more than what you have in your account. Some overdraft fees can be as high as $40 per transaction.
- ATM fees: Each bank has its own network of ATMs and won’t charge you an extra fee for withdrawing your money. However, if you venture outside of that network and use an ATM owned by a different bank or a third-party provider, you’ll likely be charged a fee.
- Paper statement fees: Your bank may charge you a fee for printing and sending you a physical copy of your bank statement each billing cycle. An easy way to avoid this one is to sign up for e-statements.
Are free checking accounts safe?
Free checking accounts can be just as safe as those that charge fees, provided they are offered by reputable financial institutions. You should always ensure your account is held by an FDIC- or NCUA-insured institution, which protects your deposits up to $250,000 per depositor, per institution, in the event it fails.
Banks and credit unions, regardless of whether they charge fees for checking accounts, also employ a range of security measures to protect your account. However, it’s a good idea to double-check that your financial institution uses industry best practices, including web encryption, fraud monitoring, secure online and mobile banking platforms, and two-factor authentication.
In other words, the absence of a monthly maintenance fee doesn’t mean a checking account is less secure. It simply means the bank has chosen a different business model to attract and retain customers.
Interest rates on free checking accounts
The following are free checking accounts that also offer interest on balances. Some accounts may require you to meet certain requirements in order to earn the specified rate, which is noted in the far right column.
How to choose the best free checking account
As you search for the right free checking account for your needs, consider a number of variables and questions before making a final decision:
1. Check the requirements
The requirements to open a free checking account may vary depending on the type of financial institution you’re considering. You’ll also be required to provide a variety of documentation to establish the account, including a Social Security number, driver’s license, or other official government identification. A birth certificate or passport may also be required. You will also be asked for information documenting your address, which could be a mortgage, a utility bill, or a rental lease. Some banks may also have age minimums to open accounts, such as being at least 18 years old. In addition, some financial institutions require a minimum deposit to open an account.
2. Review fees
While the account may be presented as "free"—as in, there’s no monthly maintenance fee—it’s important to specifically ask about or read the fine print on the financial institution’s website regarding other fees associated with the account. You’ll want to find out whether there are ATM usage fees, wire fees, stop payment fees, and returned check fees, to name a few. Make sure you consider all of these costs to determine whether the account truly makes sense for your budget and lifestyle.
3. See what benefits come with the account
It’s not unusual for bank accounts to provide helpful financial management tools that can help you stay on top of your day-to-day spending. But bare-bones accounts may not offer such extra benefits.
Before you start looking for a new checking account, spend some time thinking about what features might be important to you now or in the future. For example, do you need tools that help you manage your cash flow? Some checking accounts offer helpful features in case things don’t go exactly as planned and help you make more informed spending choices.
4. Research the types of customer service options available
Having easy access to customer service is critical when it comes to managing your money or in the case of fraud or any other needs. Check the financial institution’s website to find out what type of customer service is available with your account, whether it’s phone, email, and/or chat support.
5. Double-check ATM access
Having a robust ATM network available to access your account is a particularly important convenience factor, especially if you make frequent cash withdrawals or regular deposits. In some cases, the bank offering the free checking account may partner with other providers to broaden the ATM network that its customers are able to access without a fee. But it’s important to specifically ask about this before selecting an account.
6. If everything checks out, open an account
Once you’ve sorted through all of these questions and any others that are important, it’s time to confirm your eligibility with the specific financial institution you’ve chosen and open the account. To complete this step, make sure to gather all required documents together. In many cases, you can open an account online. But for some traditional banks, you may need to visit the bank in person.
Our methodology
The Fortune RecommendsTM team compared over 35 no-fee checking accounts across major banks, credit unions, and online-only banks. Our top picks are available to customers across the U.S. no matter where you’re located, subject to the terms of each checking account.
For our best free checking accounts, we ranked the best accounts on the following categories and weighted each category as set forth in the percentages below:
- Minimum opening deposit requirement (25%): Some financial institutions require that account holders deposit a certain amount to open an account. We prioritized accounts with low and no minimums.
- Annual percentage yield (25%): APY represents the real rate of return on your balance; the higher the APY, the better.
- Branch and free ATM access (15%): Accounts belonging to financial institutions that have physical branches and fee-free ATMs ranked higher on our list than alternatives that were online-only or charged fees for ATM use.
- Cash back opportunities (10%): Many checking accounts give you the option to earn a percentage back on either specific purchases or all transaction made on the associated debit card. We favored accounts that offered cash back.
- Mobile and online banking platforms (10%): Accounts that can be accessed and managed via online or mobile banking platforms scored higher on our list than accounts that did not have digital banking services.
- Overdraft fees (10%): Overdraft fees are charged when there isn’t enough money in your account to cover your transactions. We favored accounts with lower overdraft fees.
- Customer service (5%): Top picks offer customers three ways to get in contact: chat support, phone, or email. Among the three options, we gave phone support the most weight.
We think that the best free checking accounts offer a low or zero monthly service fee, minimum opening deposit requirements, and a lucrative APY, among other perks. We also ranked accounts with physical branches and free ATM access higher on our list. The rates, fees, and minimum balance requirements on these checking accounts are available for limited time periods, and APYs are subject to fluctuation, which could impact how much interest you earn. All the banks and credit unions on this list are insured by the FDIC and NCUA, respectively.
Dig deeper: learn more about our banking methodology.
About the contributors
Abigail Rueger is a deputy editor on the banking team at Fortune Recommends. She is passionate about personal finance and offering consumers actionable steps for making positive life changes. Prior to joining Fortune, Abigail spent four years as an editor for Choosing Therapy, a startup dedicated to providing the best mental health information on the web.
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.