6 Best Free Checking Accounts of 2023
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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
APYs shown are current as of Nov. 27, 2023. All other information is current as of Aug. 7, 2023.
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
APYs shown are current as of Nov. 27, 2023. All other information is current as of Aug. 7, 2023.
Best Free Checking Accounts
| Bank/institution | NerdWallet rating | APY | Bonus | Monthly fee | Overdraft star rating | Learn more |
|---|---|---|---|---|---|---|
 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 | $250 Earn up to $250 with direct deposit. Terms apply. | $0 | 5.0/5 | Learn more at SoFi Bank, N.A., Member FDIC |
 Axos Bank® Rewards Checking Learn more at Axos Bank®, Member FDIC | Best for Free Checking Account | 3.30% With $0 min. balance for APY | $300 Earn $300 with direct deposit. Terms apply. | $0 | 4.5/5 | Learn more at Axos Bank®, 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 |
 Current Account Learn more at Current, Deposits are FDIC Insured | Best for Free Checking Account | N/A | N/A | $0 | 5.0/5 | Learn more at Current, Deposits are FDIC Insured |
 Varo Bank Account Learn more at Varo Bank, Member FDIC | Best for Free Checking Account | N/A | N/A | $0 | 5.0/5 | Learn more at Varo Bank, Member FDIC |
 Ally Bank Spending Account | Best for Free Checking Account | 0.10% With $0 min. balance for APY | N/A | $0 | 5.0/5 | Read review |
Our pick for
Free Checking Account
0.50%
$250
$0
5.0/5
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.
3.30%
$300
$0
4.5/5
Why We Like It
Axos Bank’s Rewards Checking has a solid rate if you fulfill the bank's requirements, plus unlimited domestic ATM fee reimbursements.
Interest rate: Up to 3.30% APY.
Minimum deposit to open: $50.
Other pros: The account has no overdraft fees.
What you should know: The maximum balance that earns interest is $50,000. To earn Rewards Checking's highest rate (3.30%), you will need to meet five requirements. To begin earning interest, you have to receive at least $1,500 in monthly direct deposits. That earns 0.40%. Once you meet that requirement, you can earn additional interest in the following ways: Make 10 debit card purchases (minimum of $3 per transaction) or sign up for the Account Aggregation/Personal Finance Manager tool (earns 0.30%), have an average daily balance of $2,500 in an Axos managed investment portfolio (earns 1%), have an average daily balance of $2,500 in an Axos self-directed portfolio (earns 1%) and make a monthly Axos consumer loan payment from Rewards Checking (earns 0.60%).
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: "Chime SpotMe is an optional service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions."
Chime also says: “Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade."
N/A
N/A
$0
5.0/5
Why We Like It
Current Account customers can receive their paychecks up to two days early with direct deposit and can budget with different spending categories. Customers can also use more than 40,000 nationwide Allpoint ATMs for free.
Interest rate: None, but rewards program offers cash back.
Minimum deposit to open: None.
Other pros: The Current Account has a rewards program for spending with your debit card at participating merchants. The points can be redeemed for cash or other items.
What you should know: To deposit cash into your Current Account, you need to visit a participating third-party retailer such as CVS or Walmart. There’s a $3.50 fee to deposit cash.
N/A
N/A
$0
5.0/5
Why We Like It
Varo charges no overdraft fees, and customers have access to more than 55,000 fee-free nationwide Allpoint ATMs. Varo also charges no foreign transaction fees, and customers can receive their paychecks up to two days early with direct deposit.
Interest rate: None
Minimum deposit to open: None.
Other pros: Varo’s mobile app has notably high ratings in both the Google and Apple app stores, and customers can reach out seven days a week for online chat support. If a customer overdrafts, Varo can spot them with a cash advance of up to $20 with no fee or up to $250 with incremental fees for the overdrafted amount.
What you should know: If you wish to deposit cash, you’ll need to go through the Green Dot network, which will be available at a third-party retailer such as Walgreens, CVS or Walmart, and the merchant can charge a fee of up to $4.95.
0.10%
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.
Last updated on November 27, 2023
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, Alaska USA Federal Credit Union, 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, Bank of the West, Bank5 Connect, Bank7, Barclays, Bask Bank, Bethpage Federal Credit Union, BMO, BMO Alto, Boeing Employees Credit Union, Bread Savings, 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, Fifth Third Bank, First Foundation, First National Bank, First Tech Federal Credit Union, Flagstar Bank, FNBO Direct, 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, Nationwide (by Axos), 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, TIAA Bank, Truist Bank, U.S. Bank, UFB Direct, Union Bank, Upgrade, USAA Bank, Varo, Vio Bank, Wells Fargo and Zynlo Bank.
To recap our selections...
NerdWallet's Best Free Checking Accounts of 2023
- SoFi Checking and Savings: Best for Free Checking Account
- Axos Bank® Rewards Checking: Best for Free Checking Account
- Chime Checking Account: Best for Free Checking Account
- Current Account: Best for Free Checking Account
- Varo Bank Account: Best for Free Checking Account
- Ally Bank Spending Account: 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.
