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YinYang / Getty Images Most people need a checking account and don’t want to pay fees or have a minimum deposit. GOBankingRates identified banks with free checking and no minimum-deposit requirements so you can find the best checking account for your needs. What’s more, all these accounts have no minimum balance requirements. If you want a free checking account with no minimum deposit, here are some of the best banks to consider. Best Free Checking Accounts of 2022As you might guess, many banks with free checking are online banks, which have lower costs than traditional brick-and-mortar banks. Totally free checking accounts are fairly standard in terms of the amenities offered, but a few offer some surprising features. Ally Bank Interest CheckingAlly Bank's Interest Checking is one of the few on this list that also pays interest, and while the annual percentage yield is 0.25%, it's better than many savings accounts pay. The account also includes complimentary standard checks, a debit Mastercard and online bill pay. Customers can use Allpoint ATMs free of charge. What's more, Ally no longer charges overdraft fees. Why Consumers Like It: Accounts are easy to set up and use, plus customer service earns high marks. Benefits:
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Minimum Deposit: $0 APY: 0.25% READ OUR FULL BANK REVIEW Axos Bank Essential CheckingAxos Bank offers a free checking account with great perks. Direct Deposit Express means customers receive their paychecks up to two days early. This account also comes with unlimited domestic ATM fee reimbursements, no overdraft or non-sufficient funds fees and a suite of personal finance tools that can help you manage all your accounts. You can also make peer-to-peer payments from your Axos Essential account using just the recipient's email address or mobile number. If your family or friends open an account and meet Axos' welcome bonus requirements, you'll each get $20. Why Consumers Like It: Direct deposits are available up to two days early. Benefits:
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Minimum Deposit: $0 APY: None READ OUR FULL BANK REVIEW Capital One 360 CheckingThe Capital One 360 Checking account charges no fees, has no minimum balance requirement and pays interest -- the trifecta of bargain checking accounts. It also offers a free debit card, and you can avoid ATM fees by using one of more than 70,000 fee-free ATMs. This account also offers online and mobile banking, including mobile check deposit, and you can deposit cash into your account at CVS stores. Granted, the annual percentage yield for account balances is just 0.10%, but it's better than nothing -- and more than basic savings accounts typically offer. Why Consumers Like It: Capital One's award-winning mobile app makes it easy to track balances and pay bills. Benefits:
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Minimum Deposit: $0 APY: 0.10% READ OUR FULL BANK REVIEW Charles Schwab High Yield Investor CheckingThe High Yield Investor Checking account from Charles Schwab comes with something that none of the others offer: a brokerage investment account. You won't pay a fee or need to deposit a minimum amount to open the accounts. You get 0.25% APY on your balance, and you can transfer money from your checking account to your brokerage account and vice versa. What's more, Schwab doesn't charge overdraft or insufficient funds fees, you get a free debit card and access to online and mobile banking and bill pay. Why Consumers Like It: A single login makes it easier to manage multiple accounts, and there is no charge to transfer money between accounts. Benefits:
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Minimum Deposit: $0 APY: 0.25% READ OUR FULL BANK REVIEW Discover CheckingDiscover Checking has an interesting twist. It pays you up to $3,000 a month to do the things you do with your checking account anyway. You get 1% cash back for purchases you make with your debit card. The mobile app gives you control over your account with the ability to freeze your debit card and deposit checks without going to the bank. Why Consumers Like It: Earn cash back just for using a debit card for everyday purchases. Benefits:
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Minimum Deposit: $0 APY: None READ OUR FULL BANK REVIEW Chase College CheckingChase College Checking is available to college students ages 17 to 24, offering free checking for five years or until after your expected graduation date. In addition to benefits like free access to 16,000 ATMs and 4,700 bank branches, the account comes with free help finding affordable online courses, identifying scholarship opportunities and completing and filing your Free Application for Federal Student Aid. Why Consumers Like It: Chase College Checking offers access to online banking and local branches plus a good selection of financial products. Benefits:
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Minimum Deposit: $0 APY: None READ OUR FULL BANK REVIEW nbkc Everything AccountThe Everything Account from nbkc Bank combines the checking and savings features you use most into a no-fee account that pays 1.01% APY on all balances. You get 24/7 mobile banking with free bill pay and free transactions at over 37,000 MoneyPass ATMs plus $12 in non-network ATM reimbursements each month. The Everything Account also lets your create savings goals and transfer money in and out of savings whenever you want. Why Consumers Like It: The Everything Account has features similar to a basic savings account without the six-transaction limit. Benefits:
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Minimum Deposit: $0 APY: 1.01% READ OUR FULL BANK REVIEW Huntington Bank Asterisk-Free CheckingAsterisk-Free Checking from Huntington Bank is free of maintenance fees, has no minimum balance requirement and comes with features like the $50 Safety Zone and 24-Hour Grace to help you avoid overdraft fees. Eligible customers can qualify for a credit line of up to $1,000 in credit. Asterisk-Free Checking customers who open a Premier Savings account have the $4 monthly savings account fee and $300 minimum balance requirement waived as long as they maintain their Asterisk-Free account. Why Consumers Like It: The bank gives a 24-hour grace period for customers to deposit money if they overdraw the account, and it credits deposits made at ATMs and through the mobile app before midnight the same day. Benefits:
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Minimum Deposit: $0 APY: None READ OUR FULL BANK REVIEW Tips for Choosing the Best Checking AccountThe best checking account is the one that suits your lifestyle and helps you meet your financial goals. The following tips can help you narrow your choices and guide you toward the best checking account for you.
There’s no reason to pay a bank to hold your money between payday and the due dates for your bills. By choosing the right free checking account for your needs, you could save money and even receive some extra perks. Daria Uhlig and Cynthia Measom contributed to the reporting for this article. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 13, 2022. GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack
Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some
interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account. GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances. Karen Doyle is a personal finance writer with over 20 years’ experience writing about investments, money management and financial planning. Her work has appeared on numerous news and finance websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com, and more. Learn More What bank account can I open without depositing money?Banks that Don't Require an Opening Deposit. Ally Bank. Ally Bank is a high-interest option with unique online integrations such as mobile check deposits, money transfers by voice, and automated savings programs. ... . Axos Bank. ... . Capital One. ... . Discover. ... . Monorail. ... . State Farm. ... . What bank gives you money just for opening an account?A closer look at the top consumer checking account bonuses. Citibank: Up to $2,000 bonus.. Fifth Third Bank: $375 bonus.. BMO Harris: $300 or $500 bonus.. SoFi Bank: up to $300.. TD Bank: up to $300.. M&T Bank: up to $200 bonus.. Chase Bank: $200 or $100 bonus.. Huntington National Bank: Up to $300 bonus.. What's the easiest bank to open an account with?The 8 Easiest Banks To Join. Chime. Chime1 is probably the easiest to join. ... . TD Bank. To sign up with TD, users can go online and enter their basic information, including a driver's license number or state ID. ... . United Bank. United Bank has the same requirements as TD. ... . Synchrony. ... . Chase Bank. ... . Axos Bank. ... . Ally. ... . Wells Fargo.. Can you open a checking account without a credit check?Banks don't look at your credit score when you open a checking and/or savings account, but they may screen your banking history.
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