Best No-Fee Checking Accounts of April 2024
Updated April 8, 2024 at 6:55 pm
A checking account is the foundation of your household finances—it’s the primary account for depositing income and paying monthly bills. However, banks often charge monthly fees for the value these accounts offer.
Fortunately for consumers, some checking accounts provide numerous features and benefits without charging a fee. Learn more about our picks for the best checking accounts with no fees, which features they offer and how to choose one that aligns with your goals.
Our Methodology Newsweek Vault’s banking experts have done hundreds of hours of research to present you with all the latest information about your banking options. Whether you’re interested in opening a new checking account or savings account, our research spans all the top online banks, credit unions and brick-and-mortar branches.
We assessed the following five key factors to help you choose the best account for your personal finance needs.
- Associated fees
- ATM access
- Balance requirements
- Customer service
- Interest-earning potential
Our Picks - Best Overall: Ally Bank Spending Account
- Best for the Highest Interest Rate: NBKC Everything Account
- Best for Cash Back Rewards: Discover Bank Cashback Debit Account
- Best for Cash Bonus: SoFi High-Yield Checking Account
- Best for No Overdraft Fees: FNBO Direct Online Checking Account
- Best for Avoiding ATM Fees: Schwab Bank Investor Checking
- Best Credit Union Checking Account: Consumers Credit Union Free Rewards Checking
- Best Second Chance Checking Account: Chime Checking Account
8 Best Checking Accounts With No Fees of 2024
Best Overall
Ally Bank Spending Account
Vault Verified
Why We Chose It
Ally Bank is our choice for the best overall checking account because it waives many fees that most other banks charge. Customers do not pay for overdrafts, incoming wires or cashier’s checks, and the bank reimburses up to $10 per month in ATM fees. While it does earn interest on checking account balances, the APY is quite small. One interesting feature is the ability to add spending buckets within your account to better manage spending.
Pros
- Reimburses up to $10 per month for ATM fees
- Does not charge for incoming wires or cashier’s checks
- Get paid up to two days early with direct deposit
Cons
- Paltry interest rate on checking account balances
- No physical branch locations
- Doesn’t have its own ATMs
Best for the Highest Interest Rate
NBKC Everything Account
Vault Verified
Why We Chose It
Earning interest on your checking balance is an excellent way to grow your cash in between paying bills. The NBKC Everything Account offers a high interest rate with just a $0.01 minimum balance and without capping your earnings. While many of its customers are online-only, NBKC has branches in Kansas City, Missouri, if you’d like to visit a local office. If you’re not local, you have access to more than 37,000 fee-free ATMs throughout the U.S.
Pros
- Earn the top interest rate on all balances
- Reimburses up to $12 in ATM fees per month
- Physical branches available
Cons
- Branches only available in the Kansas City area
- Does not offer an account opening bonus
- Customer service is not 24/7
Best for Cash Back Rewards
Discover Bank Cashback Debit Account
Vault Verified
Why We Chose It
Many consumers use debit cards to stay in control of their finances and avoid debt. Unfortunately, this usually means these consumers miss out on valuable credit card rewards. The Discover Cashback Debit account solves that problem by earning 1% cash back on the first $3,000 in debit card purchases each month. This account from Discover Bank has no fees, and customers have access to their direct deposits up to two days early.
Pros
- Earn 1% cash back on debit card purchases (up to $3,000 in purchases per month)
- No ATM fees at over 60,000 ATMs in the U.S.
- No fees for monthly service charges, overdrafts, official checks and more
Cons
- Does not earn interest
- No welcome bonus
- No local branches
Best for Cash Bonus
SoFi High-Yield Checking Account
Vault Verified
Why We Chose It
Not only will you earn interest on your checking account balances, but the SoFi Checking and Savings account also offers a new account bonus. Depending on the total direct deposits within the promotion period, new customers can earn up to a $300 cash bonus. Additionally, customers can earn up to 15% cash back on debit card purchases at participating local businesses.
Pros
- Earn up to a $300 cash bonus when opening an account
- Balances earn 0.50% APY
- Includes a free savings account that earns up to 4.60% APY with no fees
Cons
- Must direct deposit at least $5,000 to earn the full welcome bonus
- Overdraft coverage requires direct deposits of $1,000 or more
- Cannot open a checking account without also opening a savings account
Best for No Overdraft Fees
FNBO Direct Online Checking Account
Vault Verified
Why We Chose It
When you’re struggling to pay your bills, overdraft fees can sink your finances. That’s why it’s important to have an account like the FNBO Direct Online Checking Account. It does not charge overdraft fees when making automated payments from ACH withdrawals, recurring payments and other transactions using your account number. The bank also does not charge for incoming wires or if you need to stop a payment.
Pros
- No overdraft fees on recurring transactions
- Access to more than two million ATM locations (charges may apply)
- Free incoming wires and stop payments
Cons
- Does not allow international wire transfers
- No paper checks allowed
- Earns an APY of 0.15%
Best for Avoiding ATM Fees
Schwab Bank Investor Checking
Vault Verified
Why We Chose It
Finding an ATM that won’t charge a fee is a hassle whether you’re in town or traveling to a new location. Luckily, Schwab Bank Investor Checking offers unlimited rebates for ATM fees charged by other banks. If you travel internationally, there are no foreign transaction fees when making purchases outside the U.S. The only downside is that you must also open a Schwab One brokerage account (which has no minimums or monthly fees) in order to open this checking account.
Pros
- Unlimited ATM fee rebates
- No foreign transaction fees
- Customer service is available 24/7
Cons
- Does not earn interest
- No welcome bonus
- Only available as a linked account to a Schwab One brokerage account
Best Credit Union Checking Account
Consumers Credit Union Free Rewards Checking
Vault Verified
Why We Chose It
Many consumers prefer to bank with a credit union instead of a traditional bank. Credit unions offer traditional banking services without the same profit motive of other banks. The Consumer Credit Union Free Rewards Checking earns up to 5% APY, features unlimited reimbursement of ATM fees and provides access to your paycheck up to two days early. While it does earn interest, you must perform several monthly activities in order to qualify.
Pros
- Access to more than 5,000 shared branches
- Unlimited reimbursement for all ATM fees
- Earn up to 5% APY on balances
Cons
- Certain activities required to earn interest
- Interest rate drops significantly for balances over $10,000
- Must join the Consumers Cooperative Association to open an account
Best Second Chance Checking Account
Chime Checking Account
Vault Verified
Why We Chose It
If you’ve had problems with credit or ChexSystems, you may have trouble opening a new checking account. Chime understands that people make mistakes, so it doesn’t require a credit inquiry or ChexSystems review. To prevent future problems, the Chime Checking Account offers an optional SpotMe feature to cover overdrafts up to your personal limit (which can be up to $200).
Pros
- Overdrafts up to $200 with no fees
- Deposit cash at any Walgreens location
- Does not require credit check or ChexSystems inquiry
Cons
- Fees for using out-of-network ATMs
- Maximum cash deposits per day and per month
- Must enroll and qualify for overdraft items to be paid
Should I Get a No-Fee Checking Account?
For many years, opening a checking account with no fees meant sacrificing many of the features included in standard bank accounts. With the best no-fee checking accounts, customers can choose from accounts that earn interest, reimburse ATM fees, refund overdraft fees and more.
With so many no-monthly-fee checking accounts to choose from, there’s no reason why you should have a bank account with monthly charges. Unlike many bank accounts, our choices for the best checking accounts don’t require a minimum monthly balance to waive monthly fees.
While many of our choices come from online banks, others are offered by traditional brick and mortar banks with local branches. At these banks, you can still visit a local branch to speak with a banker, deposit money, get cash and service your account.
Typical Bank Fees
According to the CFPB, frequently charged bank fees include overdraft or non-sufficient funds (NSF) fees for spending more than your available account balance. Around one-quarter of consumer households were charged an overdraft or an NSF fee in the prior year, according to a December 2023 Consumer Financial Protection Bureau Report.
Other common fees include those for printing and mailing paper statements to customers and fees for unprocessed, returned checks that a customer tried depositing into an account.
“With so many banks offering no-fee checking accounts, there’s no reason to pay monthly service charges. Mobile deposit and ATM refunds make almost every one of these banks accessible to consumers, even if they don’t have a branch nearby.”
— Lee Huffman
What Is the Best Checking Account With No Fees for Me?
Which bank has the best no-monthly-fee checking account depends on what your goals are and the services you need access to. To compare these accounts, consider these four factors to narrow down your choices and find the best account for your money goals.
Minimum Balance Requirements
Although the checking accounts we’ve highlighted do not have monthly fees, you may be required to make a minimum opening deposit or keep a certain amount in your account each month. Think about how much you’ll deposit in your account and how long your account balance may go. Setting realistic expectations for your deposit balance also helps you decide if an interest-bearing account is worthwhile.
Does the Checking Account Earn Interest?
Checking accounts that earn interest provide additional income for customers. While the interest rates may be low, this is a no-risk opportunity to boost your account balance. Interest rates vary by bank, and the bank may have different interest tiers based on your average balance. Some banks may put restrictions on the interest earned to reduce their expenses. Customers may need to maintain a minimum balance to earn interest, or the bank may limit the balance that earns interest. For example, balances over $5,000 may have a lower interest rate or earn no interest at all.
Does the Bank Have Physical Branches?
Some customers prefer physical branches, while others are fine with handling all of their banking needs online. A physical branch gives customers the chance to speak with bankers in person to service their accounts or solve problems. Additionally, they can deposit cash and coins at a branch, which is not easy to do with an online-only bank.
Will the Bank Reimburse ATM Fees?
Banks typically have their own ATMs or participate in a network, like Allpoint or MoneyPass. When using another bank’s ATM, you’ll typically have to pay fees to your bank and the operator of the ATM. If the bank doesn’t have a robust ATM network available, it’s important that no-fee checking accounts reimburse those fees. Some banks reimburse up to a monthly dollar amount, while the best no-fee checking accounts have no limits.
Frequently Asked Questions
What Banks Have Free Accounts?
Many banks offer free checking accounts. However, some require a minimum balance to waive the monthly fee. Typically, checking accounts with no monthly fees or minimum balance requirements come from online-only banks.
What Bank Is the Best for a Zero Balance Account?
Our choice for the best zero-balance checking account is Ally Bank. The Ally Bank Spending Account does not charge monthly maintenance or overdraft fees, and customers can get paid up to two days early with direct deposit. It has no fees when accessing 43,000 ATMs, and the bank reimburses up to $10 in ATM fees charged by other banks each month.
Which Bank Gives Money for Opening an Account?
Banks offer bonuses to encourage new customers to open an account. These bonuses are typically available for a limited time and often require certain balances or activities to earn the bonus. SoFi Checking is our choice for the best no-fee checking account that earns a bonus for new account holders.
Newsweek writer Lora Shinn contributed to this post.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
