7 Best Free Checking Accounts for December 2024

A checking account makes it easy and convenient to pay bills, make deposits, and cover purchases with your debit card. If you're hoping to avoid steep banking fees, you might be searching for a free checking account option.

Some of the best free checking accounts can be found at online banks, which typically charge fewer fees than traditional banks. We've rounded up some of the best free checking accounts to help you find the one that's right for you.

Best free checking accounts compared

Our recommendations

Valley Bank All Access Rewards Checking

Valley Bank All Access Rewards Checking

APY*

N/A

Monthly fee

$0 for 12 months from account opening; then no monthly fee for balances above $99

Min. deposit

$100

Bonus

$20/month for the first 12 months with qualifying direct deposits

Paper checks available

Yes

Overdraft

$36 per paid item

Who it might be best for:

A Valley Bank All Access Rewards Checking account might appeal to someone interested in having both online and branch banking access. Valley Bank has more than 200 branches 230+ ATMs, as well as a robust mobile banking app. Paper checks are also available with this account. Just keep in mind that you'll need to meet the minimum balance requirement to avoid a monthly maintenance fee after the first 12 months.

Why we like it:

Valley Bank's All Access Rewards Checking account is a free checking account that pays you back with a $20 monthly bonus for the first 12 months. To earn the rewards bonus, you'll just need to set up a minimum of $750 in qualifying direct deposits per month.

There's no monthly maintenance fee for the first 12 months either. After the first year, you can continue to avoid a monthly fee by maintaining a minimum balance of $99 or higher. You'll need at least $100 to open this account.

Pros & cons:

Pros:

• No monthly maintenance fee for the first 12 months.
• Earn up to $240 in cash rewards the first year.
• Relatively low opening deposit requirement.

Cons:

• A minimum balance is required to avoid a fee after the first year.
• Overdraft fees apply.

Ally Spending Account

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Ally Spending Account

APY*

Up to 0.25%

Monthly fee

$0

Min. deposit

$0

Bonus

N/A

Paper checks available

Yes

Overdraft

$0

Who it might be best for:

Ally Spending Account could be a good fit if you're comfortable with online-only banking and you want a free checking account with no opening deposit requirement. You may also consider this account if you already have an Ally High-Yield Savings Account or Ally CD and want to keep all of your money in the same place. Paper checks are available to order when opening your account.

Why we like it:

The Ally Spending Account is a free checking option with no monthly maintenance fees, overdraft fees, incoming wire transfer fees, or official check fees. There's no minimum deposit required to open the account and you can earn interest on your balance.

You have the option to get paid up to two days sooner with direct deposit and you can access 43,000+ Allpoint ATMs fee-free. Ally also offers up to $10 per month in foreign ATM fee reimbursements. The spending-buckets feature makes it easy to keep track of where your money is going each month, which can help you manage your budget.

Pros & cons:

Pros:

• No monthly maintenance fees or overdraft fees.
• $0 minimum opening deposit requirement.
• Fee-free ATM access.

Cons:

And here are the cons:

• No branch banking access.
• APY is low compared to other interest checking accounts.

Chime® Banking App

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Chime® Banking App

APY*

0.00%

Monthly fee

$0

Min. deposit

$0

Bonus

$100 with referral program and direct deposit

Paper checks available

No, but you can pay bills by sending a paper check through the Chime Checkbook feature

Overdraft

$0

Who it might be best for:

Chime's free checking option may be best for people who want or need to be able to deposit cash into their accounts. This account doesn't earn interest but you could get a competitive annual percentage yield (APY) by opening a Chime High-Yield Savings account to go with your free checking account. You won't get paper checks with this account, but you can request bill payment via paper check through the Checkbook feature.

Why we like it:

Chime's Online Checking account has no monthly fees, no overdraft fees, and no minimum balance fees. You can overdraft up to $200 on your debit card fee-free with the SpotMe feature and get paid up to two days early when you enroll in direct deposit.

You'll be able to withdraw cash fee-free at more than 60,000 ATMs and you can deposit cash to your Chime account at over 75,000 partner retailers. That's an attractive benefit as many online banks don't allow you to make cash deposits. There's no fee to deposit cash at Walgreens or Duane Reade locations and you can add up to $10,000 per month.

Pros & cons:

Pros:

• No monthly fees, service fees, or overdraft fees.
• Deposit cash at more than 75,000 retail partners.
• Withdraw cash at more than 60,000 ATMs fee-free.

Cons:

• Doesn't earn interest.
• No new account opening bonus.

CIT eChecking

CIT eChecking

APY*

0.25% with a balance of $25,000 or more; 0.10% with a balance of under $25,000

Monthly fee

$0

Min. deposit

$100

Bonus

N/A

Paper checks available

No

Overdraft

$100

Who it might be best for:

You might consider an eChecking account if you already have savings, money market, or CD accounts with CIT Bank. This account could also appeal to anyone who's interested in getting ATM fee rebates when withdrawing cash on the go. Paper checks are not included with this account.

Why we like it:

CIT Bank's eChecking account is exceptionally fee-friendly, with no monthly fees, no overdraft fees, and no incoming wire transfer fees. CIT doesn't charge ATM fees and it reimburses up to $30 in foreign ATM surcharges each month.

Balances earn interest and the highest APY applies if you have $25,000 or more in your account. You'll need $100 to open an eChecking account and it takes just a few minutes to get set up online.

Pros & cons:

Pros:

• No monthly fees or overdraft fees.
• Balances earn interest.
• Up to $30 in ATM fee refunds per month.

Cons:

• Other fees may apply.
• APY is lower than other interest checking accounts.

Chase Total Checking®

Chase Total Checking®

APY*

N/A

Monthly fee

$12 ($0 with qualifying activities); $34 NSF Fee

Min. deposit

$0

Bonus

$300*

Paper checks available

Yes

Overdraft

$0

Who it might be best for:

Chase Total Checking might appeal to people who prefer big banks over smaller, regional banks, credit unions, or online banks. This account is also best suited to people who can meet one or all three of the requirements mentioned above to avoid a monthly maintenance fee. Paper checks are available with this account.

Why we like it:

Chase Total Checking charges no monthly maintenance fee when you do one of three things:

• Make $500 or more in qualifying direct deposits per month.
• Maintain a $1,500 minimum daily balance.
• Maintain a $5,000 minimum daily balance across linked Chase accounts.

We included Chase as a free checking option for people who want the option to visit a branch. There are more than 4,700 Chase branches to choose from and 15,000+ ATM locations where you can withdraw cash.

In terms of features, this is more of a basic checking account, though you do have an opportunity to earn a cash welcome bonus. If you're looking for even more benefits with multiple ways to avoid a monthly maintenance fee, you might consider the Chase Premier Plus Checking account instead.

Pros & cons:

Pros:

• Extensive ATM network.
• Numerous branch locations.
• No minimum deposit required.

Cons:

• Requirements must be met to waive monthly fees.
• Doesn't earn interest.

Quontic High Interest Checking

Quontic High Interest Checking

APY*

1.10%

Monthly fee

$0

Min. deposit

$100

Bonus

Free pay ring (otherwise $29) upon account opening

Paper checks available

Yes

Overdraft

$100

Who it might be best for:

A Quontic Bank Interest Checking account may work best for people who regularly spend with their debit card and have at least $100 to open an account. You might also consider keeping your checking account with Quontic if you're already taking advantage of the higher rates the bank offers on savings and CD accounts.

Why we like it:

Quontic Bank Interest Checking account offers a competitive rate when you open your account with $100 or more and make at least 10 qualifying debit card purchases of $10 or more each statement cycle. There's no monthly maintenance fee and no ATM fees when you withdraw cash at more than 90,000 participating ATMs.

Quontic doesn't charge overdraft fees and the account comes with some unique tools to help you manage your money. The Quontic Pay Ring, for example, lets you pay on the go even when you don't have your debit card handy. You can also order paper checks if you prefer.

Pros & cons:

Pros:

• Earn a competitive APY.
• No monthly fees or overdraft fees.
• 100% U.S.-based support, including a live chat option.

Cons:

• No branches.
• Lower APY applies when debit card requirements are not met.

Axos Rewards Checking

Axos Rewards Checking

APY*

Up to 3.30%

Monthly fee

$0

Min. deposit

$0

Bonus

N/A

Paper checks available

Yes

Overdraft

$50

Who it might be best for:

You might give the Axos Bank Rewards Checking account a closer look if you already invest with Axos or you simply want a checking account with enhanced benefits. Apart from the new account bonus offer and the APY, this account is highly appealing thanks to the lack of fees alone. You may also appreciate an online checking account that allows you to order paper checks.

Why we like it:

Axos Bank is a superb free checking option for people who want to earn a higher APY on balances and get a sizable cash welcome bonus. There are no monthly maintenance fees or overdraft fees and Axos reimburses all foreign ATM surcharges.

There are multiple ways to earn interest, including:

• Enrolling in direct deposit.
• Spending with your debit card.
• Investing with Axos.
• Making payments to an Axos Bank loan.

Axos routinely offers new account bonuses to qualifying customers. You just have to apply the promo code listed on the Axos website at account opening to cash in.

Pros & cons:

Pros:

• Multiple ways to earn interest.
• No monthly fees and unlimited ATM fee reimbursements.
• Generous welcome bonus offer.

Cons:

• Limited branch locations.
• Not everyone will be able to max out the APY.

First Citizens Free Checking

First Citizens Free Checking

APY*

N/A

Monthly fee

$0 when you enroll in paperless statements

Min. deposit

$50

Bonus

N/A

Paper checks available

Yes

Overdraft

$50

Who it might be best for:

You might lean towards First Citizens Bank for free checking if you live in an area that the bank serves and want to be able to bank in person from time to time. In addition to checking accounts, you'll also find a full range of banking products and services, including savings accounts, CDs, mortgages, and auto loans.

Why we like it:

First Citizens Bank is one of a handful of brick-and-mortar banks that offers free checking accounts. All you have to do to avoid a monthly maintenance fee is enroll in paperless statements.

As far as the features go, this account is pretty basic. You won't earn interest and there's no account opening bonus. But you get all of the standard online and mobile banking tools you'll need to manage your money, plus you always have the option to visit a First Citizens Bank branch or ATM near you. Paper checks are available, though you'll pay a fee to order them.

Pros & cons:

Pros:

• No monthly fee when you enroll in paperless statements.
• Open an account online or at a branch.
• Low opening deposit requirement.

Cons:

• No interest.
• No new account bonus.

Methodology

To determine the best free checking accounts, we considered several factors. We started by comparing monthly maintenance fees across a number of highly-rated checking accounts, giving priority to those with a $0 fee or a smaller fee that's easily waived. We also evaluated other factors, such as the APY, introductory account bonus, and overdraft fees, as well as access to online, mobile, and branch banking access, and whether the bank permits account holders to write paper checks.

Alternatives to free checking accounts

Checking accounts are designed to help you spend, pay bills, and make deposits. If you're more interested in saving or you don't necessarily want to open a bank account, you might consider these options instead.

High-yield savings accounts

High-yield savings accounts allow you to earn above-average interest rates on balances. You can find these accounts at traditional banks and online banks but between the two, you're more likely to find the best rates online.

Live Oak Bank, for example, offers a high-yield savings account with no minimum balance requirement and no monthly fees. The APY is well above the national average. If you want to earn even higher rates, you could open a CD at the bank if you have $2,500 or more to deposit. 

There is one catch, however. Savings accounts generally don't allow you to make unlimited withdrawals the way a checking account would. And most of them don't include a debit card either. So whether it makes sense to use a high-yield savings account as an alternative to a free checking account depends largely on how often you think you'll need to access funds.

Money market accounts

Money market accounts combine features of savings accounts and checking accounts. Balances can earn interest but you may be able to make purchases using a debit card or write paper checks from your account.

Most money market accounts pay interest though again, you're more likely to get a higher APY at an online bank. Online money market accounts may have lower or no monthly fee requirements either.

Just keep in mind that while you can spend from a money market account, the number of free transactions may be limited. For instance, you might be capped at six withdrawals per month before a fee kicks in.

Prepaid debit cards

Prepaid debit cards put you in control of what you spend since you have to load the card before you can use it. A prepaid card might be a good alternative to free checking if you're unable to open a bank account or would prefer not to have one.

However, prepaid cards can carry fees of their own. You might pay an initial fee to purchase the card, then an additional fee each time that you reload it with cash. Some cards can also charge monthly fees or inactivity fees if you don't use them.

More on free checking accounts

Free checking accounts can save you money if you're not paying a monthly maintenance fee. However, it's important to understand what you're getting before choosing an account to open.

What is a free checking account?

A free checking account is generally one that doesn't charge fees. How banks interpret this, however, can vary from one financial institution to the next.

Some banks, for instance, consider a checking account to be "free" if there's no monthly maintenance fee. But they might still charge fees for other services so in a sense, they're not 100% free.

Other banks may offer completely free checking, which means there are no fees at all, ever. This type of checking account may be more appealing if you don't want to get nickel-and-dimed by your bank. However, finding a truly free checking account can be challenging, since fees represent a major revenue stream for many banks.

Common checking account fees

Whether you're looking for the best free checking accounts or another type of checking account, it helps to know which fees may apply. Here's a quick list of some of the most common checking account fees:

• Monthly maintenance fees.
• Overdraft fees.
• Insufficient funds fees.
• Paper statement fees.
• Out-of-network ATM fees.
• Incoming and outgoing wire transfer fees.
• Stop payment fees.
• Official check fees.
• Account closing fees.
• Inactivity fees.
• Account research fees.

Reviewing the schedule of fees for a checking account before you move ahead with opening it can give you a better idea of what you might pay. You can usually find the schedule of fees listed or linked somewhere on the bank's website, but if you can't find it, you can contact the bank directly to ask.

TIME Stamp: Compare the best free checking options

Free checking accounts haven't disappeared yet; plenty of banks still offer them. Comparing the fees associated with a checking account, along with all of the other features and benefits, can help you narrow the field to find the best option for your needs.

Frequently asked questions (FAQs)

Which bank doesn't charge a monthly fee?

Numerous banks do not charge monthly maintenance fees for checking accounts, savings accounts, money market accounts, and CD accounts. If you're looking for the most fee-friendly banking options, online banks tend to beat out traditional banks and even credit unions. Ally Bank and Axos Bank are two examples of online banks that let you skip the monthly fee.

Which banks have no account-keeping fees?

Online banks are usually a better fit when looking for bank accounts with no monthly maintenance fees or service fees. Traditional banks, meanwhile, may charge $5, $10, or more just to keep your account open. If you're interested in opening a checking account at a traditional bank like Chase, for instance, check to see if a monthly fee applies and if so, what options you might have to avoid it.

How can I open a checking account with no money?

Plenty of online banks offer checking accounts with a $0 initial deposit requirement. For example, you can open an Ally Spending Account with no minimum deposit. That's something to consider if you want to open a checking account with no money but just remember that you may be required to deposit something eventually to avoid having the account closed.