A jumbo certificate of deposit, or jumbo CD, is a CD with a balance of at least $100,000. This CD usually earns more interest than one with a lower deposit. 10 Best Free Checking Accounts
A CD, or certificate of deposit, is a safe location to save funds. It’s safe, and the interest rates on CDs are usually higher than those on savings or money market accounts. You can only get the rate if you agree to the period of the CD. If not, you may have to pay a surrender fee, losing some or all interest.
In this context of rising interest rates, it’s crucial to remember that it might only make sense to put your money in a short-term CD instead of a long-term CD. 10 Best Free Checking Accounts
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. 10 Best Free Checking Accounts
- Key Smart Checking®
- BMO Smart Advantage Checking
- Navy Federal Free EveryDay Checking
- Current
- Chime®
- Wealthfront
- Chase Total Checking®
- Varo
- Axos Rewards Checking
- GO2bank
1. Key Smart Checking®
KeyBank offers the Key Smart Checking® Account. This checking account is a free, non-interest-bearing account that has no minimum balance requirement, offers automatic overdraft protection from a linked KeyBank savings account, paper checks, and more!
They are very mobile friendly, have access to over 40,000+ KeyBank and Allpoint® ATMs nationwide.
Plus, right now they are offering a great bonus offer! You can earn a $300 cash bonus when you open a Key Smart Checking® account online by May 22, 2026 and complete qualified activities. 10 Best Free Checking Accounts
To qualify, you must do the following:
- Open a Key Smart Checking® account online by May 22, 2026.
- Make the minimum opening deposit of $10, and a total of $2,000 or more in eligible direct deposits within the first 90 days of account opening.
Your $300 cash bonus will be deposited into your account within 60 days of meeting requirements. Accounts must not be closed at the time of gift payment.
2. BMO Smart Advantage Checking
The Smart Advantage Checking Account is a great basic checking account with $0 monthly fees and paperless statements.
This account also gives you access to 40,000 fee-free ATMs nationwide! And, if you enroll in paperless statements, the $3 monthly fee for check images are waived.
3. Free EveryDay Checking Account
Navy Federal Credit Union (NFCU) is another extremely well known credit union for military members – and with good reason. They offer great accounts, low fees, and more. They also make our list of the best business checking accounts, as they support service members and their families who want to start a business as well. 10 Best Free Checking Accounts
There are no monthly service fees or minimum balance to open. You get up to $20 per statement period in ATM reimbursements. The ability to access military pay via direct deposit one business day earlier is available. This product does require military direct deposits. Free personalized checks for the life of the account are included.
Other products include student loans, auto loans, CDs, and credit cards. Read our full Navy Federal Credit Union review here.
4. 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. 10 Best Free Checking Accounts
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.
5. 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.
6. 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 3.30% APY and you can get started with just $1. 10 Best Free Checking Accounts
They are very mobile friendly, with 19,000 fee-free ATMs, mobile check deposits, and BillPay.
7. Chase Total Checking®
The Chase Total Checking® is one of our favorite checking accounts because it’s available nationwide online, has branches nearly everywhere, and is one of the most robust banking products out there currently. Chase Mobile® app makes banking simple. You can manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
And right now, you can get up to a $400 bonus when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment. That’s awesome! 10 Best Free Checking Accounts
Chase Total Checking® has a $15 per month fee that’s easily waived if you simply do ONE of the following:
- Keep a minimum daily balance of $1,500 or more in your account each day
- Have monthly qualifying electronic deposits totaling $500 or more into your account
- Keep an average daily balance of $5,000 across qualifying linked Chase accounts
8. Varo
Varo is a modern app and online bank that is delivering awesome account with no monthly maintenance fes.
Varo has no minimum balance requirements, no monthly fees, and earns a solid rate on their savings account!
It includes a debit card and a solid mobile app experience!
9. 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. 10 Best Free Checking Accounts
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). 10 Best Free Checking Accounts
10. GO2bank
GO2bank is a mobile bank that is working to take mobile banking to the next level. What we love about GO2bank is that they are really helping people access banking who may have never had a bank account before. GO2bank was created by Green Dot Corp, which many people may already be familiar with.
This account has a $5 monthly fee, but it’s easily waived if you receive an eligible direct deposit payment during the previous monthly statement period. 10 Best Free Checking Accounts
Plus, the perks are amazing. You can currently earn 2.50% APY (Annual Percentage Yield) on up to $5,000 in your savings account, paid quarterly¹. You can also earn up to 7% cash back when you purchase eGift Cards from the nearly 100 popular merchants in the GO2bank mobile app as well as 3% cash back on Amazon eGift Cards bought in the app².
Plus, they offer up to $200 in overdraft protection with opt-in and eligible direct deposit³.
Other Great Banks That Offer Free Checking
These accounts are solid free checking account options that you may want to consider in your search!
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. 10 Best Free Checking Accounts
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
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: 10 Best Free Checking Accounts
- $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.
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! 10 Best Free Checking Accounts
This account has no monthly maintenance fees, no ATM fees for active accounts**, and no transfer fees.
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).
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. 10 Best Free Checking Accounts
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. 10 Best Free Checking Accounts
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:
- No Monthly Maintenance Fees: This is a big one. All of the accounts we consider must not charge a monthly maintenance fee, today, or ever. We hate gimmicks, and some banks waive the fee for a certain amount of time, and that’s still not okay with us. 10 Best Free Checking Accounts
- No Or Low Monthly Balance Required: You shouldn’t have to have huge amounts of money to waive fees or qualify for a free checking account. We only look for banks that don’t have a monthly minimum balance requirement or if they do, it’s incredibly low.
- No Direct Deposit Requirement: Many students don’t have jobs yet, so it can be hard or impossible to get direct deposit. As such, we don’t want banks to require direct deposit for free checking.
- Overdraft Options: Make sure your account offers overdraft options so that you don’t pay excess fees you don’t need to be. Some accounts will loan you the money, others simply won’t allow overdrafts. Make sure you know what your options are.
- Awesome Online Access: The best free checking accounts will also have awesome online access, a great app or mobile site, and be accessible anywhere.
- No ATM Fees: Most of us are on the move. You should be able to access your money for free, where ever you are.
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. 10 Best Free Checking Accounts
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. 10 Best Free Checking Accounts
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 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. 10 Best Free Checking Accounts
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. 10 Best Free Checking Accounts
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. 10 Best Free Checking Accounts
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. 10 Best Free Checking Accounts
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. 10 Best Free Checking Accounts