6 Best Free Checking Accounts of April 2024
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The best free checking accounts do more than keep money in people’s wallets by having no monthly fees. They also typically offer other free services or pay interest.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
Here’s a list of our favorites based on research into dozens of institutions. We scoped out accounts based on interest rate, ATM network, rewards and other factors.
» Looking for a place to stash your savings? See NerdWallet's picks for best savings accounts
The best free checking accounts do more than keep money in people’s wallets by having no monthly fees. They also typically offer other free services or pay interest.
Why trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
Here’s a list of our favorites based on research into dozens of institutions. We scoped out accounts based on interest rate, ATM network, rewards and other factors.
» Looking for a place to stash your savings? See NerdWallet's picks for best savings accounts
Best Free Checking Accounts
Bank/institution | NerdWallet rating | APY | Bonus | Monthly fee | Overdraft star rating | Learn more |
---|---|---|---|---|---|---|
⏰ LTO SoFi Checking and Savings Learn more at SoFi Bank, N.A., Member FDIC | Best for Free Checking Account | 0.50% With $0 min. balance for APY | $400 Limited-time offer Up to $300 cash and $100 in rewards points. Terms apply. | $0 | 5.0/5 | Learn more at SoFi Bank, N.A., Member FDIC |
Chime Checking Account Learn more at Chime®, Deposits are FDIC Insured | Best for Free Checking Account | N/A | N/A | $0 | 5.0/5 | Learn more at Chime®, Deposits are FDIC Insured |
Ally Bank Spending Account Learn more at Ally Bank, Member FDIC | Best for Free Checking Account | 0.10% With $0 min. balance for APY | N/A | $0 | 5.0/5 | Learn more at Ally Bank, Member FDIC |
Alliant Credit Union High-Rate Checking | Best for Free Checking Account | 0.25% With $0 min. balance for APY | N/A | $0 | 5.0/5 | Read review |
One Debit Rewards | Best for Free Checking Account | N/A | N/A | $0 | 5.0/5 | Read review |
Navy Federal Credit Union Free EveryDay Checking | Best for Free Checking Account | 0.01% With $0 min. balance for APY | N/A | $0 | 5.0/5 | Read review |
Our pick for
Free Checking Account
⏰ Limited-time offer
Limited-time offer
Why We Like It
SoFi’s online Checking and Savings account offers competitive interest rates on both checking and savings, and customers have access to a large, free ATM network.
Interest rate: Checking balances earn 0.50% APY (variable and subject to change).
Savings balances earn up to 4.60% APY, as long as direct deposit is set up. Without direct deposit, that goes down to 1.20% APY.
Minimum deposit to open: None.
Other pros: SoFi customers can receive their paychecks up to two days early, and SoFi is part of the Allpoint network, which means customers have access to more than 55,000 no-fee ATMs.
What you should know: While there’s no minimum direct deposit to earn interest, customers need to direct deposit at least $1,000 per month to qualify for overdraft coverage and protection.
Don’t miss out on a bigger bonus
Get a NerdWallet-exclusive bonus of up to $400 when you open an account and hit $5,000 in direct deposits within 25 days after your first one. That’s $100 more than SoFi’s normal $300 bonus! Select "Learn More" to get started. Expires 4/22/24. Terms apply.
N/A
N/A
$0
5.0/5
Why We Like It
Chime’s customers have access to a broad no-fee ATM network as well as a strong overdraft program. They can also receive their paychecks up to two days early with direct deposit.
Interest rate: None.
Minimum deposit to open: None.
Other pros: Chime’s SpotMe® overdraft program allows customers to overdraft up to $200 with no fees, as long as they have activated their debit card and have received at least $200 in direct deposit in the previous 34 days. Customers must continue to receive $200 in direct deposits every 34 days to use the SpotMe® program.
What you should know: If you wish to deposit cash into your Chime checking account, you can deposit for free at any Walgreens location. You can also go to other third-party retailers such as Walmart, CVS or 7-Eleven, but these retailers charge their own fees.
Another thing to consider is that Chime was the subject of a large number of complaints on the Consumer Financial Protection Bureau database, which were highly publicized in 2021. The complaints were about how Chime had closed accounts involuntarily.
Chime says: "SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card.
Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions: https://www.chime.com/policies."
Chime also says: "Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade."
0.10%
With $0 min. balance for APY
N/A
$0
5.0/5
Why We Like It
Ally offers interest on its free checking account as well as nationwide ATM fee reimbursements of up to $10 a month.
Interest rate: 0.10% or 0.25% APY, depending on balance.
Minimum deposit to open: $0.
Other pros: Ally customers have free access to more than 43,000 Allpoint ATMs nationally.
What you should know: The minimum daily balance to earn the higher rate is $15,000. Ally doesn’t let you add cash to your account, so you’d have to buy a money order and use mobile check deposit, transfer money from another account, or use direct deposit.
0.25%
With $0 min. balance for APY
N/A
$0
5.0/5
Why We Like It
Alliant High-Rate Checking customers earn interest and have access to more than 80,000 fee-free ATMs in addition to a $20 monthly fee rebate for out-of-network ATMs.
Interest rate: 0.25% as long as you sign up for e-statements and make at least one electronic deposit — such as a direct deposit, an ATM deposit or a mobile check deposit — into your account per month.
Minimum deposit to open: $25.
Other pros: Alliant offers optional free overdraft protection transfers from your linked Alliant savings account. There is also a service called Courtesy Pay, where Alliant will cover your transaction even if you have insufficient funds, as long as you pay the overdraft back immediately. To qualify for Courtesy Pay, customers must be an Alliant member for at least six months and transfer at least $600 into their account each month.
What you should know: There are several ways to become a member of Alliant Credit Union based on where you work and live, but you can also become eligible by joining an Alliant-backed nonprofit. Alliant will pay the $5 membership contribution for you.
N/A
N/A
$0
5.0/5
Why We Like It
Customers who are over 18 and make at least $500 in monthly direct deposits can qualify for One’s generous overdraft protection policy, which can cover up to $200 in overdrafts. The overdrafted balance will be due as soon as possible and will be paid back the next time a customer deposits funds into their checking account.
Interest rate: None on the Debit Rewards account, but customers can earn 3% cash back at Walmart, up to $50 per year, with direct deposits of $500 or more per month or a daily account balance of $5,000 or more.
Minimum deposit to open: $0.
Other pros: One’s companion Savings account earns a high 5.00% APY on up to $250,000 for customers who have at least $500 in direct deposits each month or who have a total daily account balance of $5,000 or more.
What you should know: Overdraft protection, cash back and savings interest all require customers to meet either a minimum deposit amount or a minimum daily balance.
0.01%
With $0 min. balance for APY
N/A
$0
5.0/5
Why We Like It
Customers at Navy Federal Credit Union have access to more than 30,000 shared Co-op Network ATMs and 350 branches worldwide. They also have multiple options when it comes to overdraft coverage.
Interest rate: 0.01% APY.
Minimum deposit to open: $0.
Other pros: Navy Federal charges a $20 overdraft fee, but it can only charge that fee once per day. Customers are charged no overdraft fee on transactions of $5 or less, or if your total overdrawn balance is less than $15. Customers can also make free overdraft protection transfers from a linked savings account or open an overdraft line of credit.
What you should know: Higher interest rates can be found elsewhere.
Last updated on April 15, 2024
Methodology
We took a close look at over 90 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Amalgamated Bank, America First Credit Union, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, BrioDirect, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens, Citizens Bank, City First Bank, Climate First Bank, Commerce Bank, Community First Credit Union of Florida, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Delta Community Credit Union, Discover® Bank, E*TRADE, EverBank (formerly TIAA Bank), Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, Global Credit Union, GO2bank, Golden 1 Credit Union, Greenwood, Hope Credit Union, Huntington Bank, Industrial Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Liberty Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, Navy Federal Credit Union, NBKC, One, OneUnited Bank, Pentagon Federal Credit Union, PNC, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Suncoast Credit Union, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best Free Checking Accounts of April 2024
- SoFi Checking and Savings: Best for Free Checking Account
- Chime Checking Account: Best for Free Checking Account
- Ally Bank Spending Account: Best for Free Checking Account
- Alliant Credit Union High-Rate Checking: Best for Free Checking Account
- One Debit Rewards: Best for Free Checking Account
- Navy Federal Credit Union Free EveryDay Checking: Best for Free Checking Account
Frequently asked questions
Checking accounts help you manage the transactions you need to make on a regular basis, such as paying bills, receiving your paycheck and depositing or withdrawing cash. They usually come with a debit card and the ability to write checks.
The fee on your checking account can add up quickly over time. Free checking accounts give customers access to all the perks of a checking account without the burden of paying a monthly maintenance fee.
The best checking accounts have no fees and ideally earn interest, give cash back or offer a bonus. You should also make sure that the bank offers good customer service and is convenient for your lifestyle. Some accounts also offer early access to direct deposits.