Best Free Checking Accounts of 2022

With Discover Cashback Debit, you can get 1% cash back on up to $3,000 in debit card purchases monthly.

Interest rate: None.

Minimum deposit to open: $0.

Other pros: Customers have access to more than 60,000 fee-free ATMs.

What you should know: The only place to deposit cash is at Discover's one branch in Delaware.

Cashback Debit details from Discover: “ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, peer-to-peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal™, which also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries."

With a strong online presence and easy membership requirements, Alliant has a wider reach than most credit unions. Support for an Alliant-affiliated nonprofit is all it takes to apply for membership if you don’t fulfill other requirements.

Interest rate: 0.25%.

Minimum deposit to open: $0.

Other pros: Alliant members can access more than 80,000 surcharge-free ATMs and have up to $20 reimbursed in out-of-network ATM fees a month.

Axos Bank’s Rewards Checking has an exceptional rate and unlimited domestic ATM fee reimbursements.

Interest rate: Up to 1.25%.

Minimum deposit to open: $50.

Other pros: The account has no overdraft fees.

Consumers Credit Union’s Free Rewards Checking account offers strong interest rates for customers who meet certain monthly requirements.

Interest rate: Customers can earn 2.09% on balances up to $10,000 if you make at least 12 monthly debit card purchases, have at least $500 of monthly electronic transactions and receive e-statements. If you do all of the above, you can earn 3.09% if you also make $500 in credit card purchases, and 4.09% if you make at least $1,000 in credit card purchases. These rates are only on balances up to $10,000.

Minimum deposit to open: $5.

Other pros: Consumers Credit Union offers strong customer service options such as 24/7 live chat, more than 30,000 ATMs and more than 5,000 shared branches.

Quontic’s free Cash Rewards Checking account offers a strong cash back rate and access to a large network of ATMs.

Interest rate: None, but Quontic offers 1.5% cash back on debit card purchases.

Minimum deposit to open: $100.

Other pros: Quontic customers have access to more than 90,000 fee-free ATMs.

Monifi, an online-only division of MidFirst Bank, offers a strong interest rate on its Spend Balance account along with an incentive bonus for setting up and receiving direct deposits. It also belongs to a large worldwide ATM network that customers can use fee-free.

Interest rate: None, but customers can receive a $250 bonus for setting up a payroll direct deposit and receiving two direct deposits of at least $1,000 each.

Minimum deposit to open: None.

Other pros: Monifi customers have access to more than 55,000 fee-free Allpoint ATMs worldwide.

In addition to no monthly fee, Connexus Credit Union offers a strong interest rate on its Xtraordinary Checking account, good free ATM access and rebates on domestic out-of-network ATM fees.

Interest rate: Connexus Credit Union’s Xtraordinary Checking account gives customers 1.75% APY on balances up to $25,000 as long as they opt-in to e-statements and either spend at least $400 per month or make a minimum of 15 debit card purchases.

Minimum deposit to open: None.

Other pros: Connexus Credit Union gives up to $25 in ATM fee reimbursements for customers who use a domestic out-of-network ATM and meet the monthly account requirements.

Lake Michigan Credit Union’s Max Checking has a very strong interest rate when monthly requirements are met, and the account doesn’t have a minimum balance requirement or monthly fees.

Interest rate: 3.00% on balances up to $15,000 when monthly requirements are met. To earn the interest rate, customers must opt into receiving e-statements, have at least one direct deposit into their account, make at least 10 debit or credit card purchases, and log into their account at least four times throughout the month.

Minimum deposit to open: None, although there’s a $5 minimum to open a membership with the credit union.

Other pros: Lake Michigan Credit Union reimburses out-of-network ATM fees of up to $10 per month.

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%, depending on balance.

Minimum deposit to open: $0.

Other pros: Ally customers have free access to thousands of Allpoint ATMs nationally.

LendingClub offers a strong unlimited 1% cash back on purchases for customers who meet certain balance requirements, and customers also receive unlimited worldwide ATM fee reimbursements.

Interest rate: 0.10% APY on balances of $2,500 to $99,999.99 and 0.15% APY on balances of $100,000 or more. Customers can also earn an unlimited 1% cash back on purchases.

Minimum deposit to open: $100.

Other pros: LendingClub offers unlimited ATM fee rebates worldwide.