10 Banks With Completely Free Checking Accounts and No Minimum Balance

Keeping cash on hand never goes out of style, and a checking account is the best place to keep it instantly accessible for bills and day-to-day expenses. But some checking accounts have minimum balance requirements that keep your cash tied up, and you also might encounter monthly fees that make those minimums even harder to maintain.

GOBankingRates has put together a list of some of the best free checking accounts that don’t have minimum balance requirements or monthly fees. Not only do the accounts let you bank the way you want to, but they also let you hold on to more of your cash.

10 Best Free Checking Accounts With No Minimums

Here’s a look at the nine best free checking accounts with no minimum balance requirements. As a bonus, you can open most of these accounts with no minimum deposits.

• Ally Bank
• Axos Bank
• Capital One
• Chime®*
• Discover Bank, Member FDIC
• E-Trade
• FNBO Direct
• One
• Varo
• Cash App*

1. Ally Bank

Ally Bank’s interest-bearing Spending account is a free online checking account with lots of perks to help you manage your money. Deposit checks from your smartphone, or transfer money using Zelle. Open an online savings account and Ally Round Ups will round up your spending transactions and deposit the extra amounts into your savings account.

ATM access

• No fee at over 43,000 Allpoint ATMs in the U.S.
• Automatic reimbursement for up to $10 in other domestic ATM fees

Interest

Fees

• Outgoing domestic wire transfer: $20 per transfer
• Expedited delivery: $15
• Account research fee: $25 per hour

Physical locations: No

Customer service

• Phone: 877-247-2559, available 24/7
• Email and live chat for account holders

Additional features

• No maintenance fees
• Expedited paychecks — get paid up to two days early
• Overdraft protection up to $250 and no overdraft fees
• Debit card controls available

Why we like it

Ally includes lots of freebies with its Spending account. There’s no charge for incoming wire transfers or cashier’s checks, and there also are no overdraft fees. Plus, accounts earn APY to APY, depending on the balance.

2. Axos Bank

Axos Bank’s no-fee, no-minimum checking account is called Essential Checking, and it has the features you need most. Axos also prioritizes security by offering biometric authentication, account monitoring and other security measures.

ATM access

• Free withdrawals at approximately 91,000 locations
• Unlimited ATM fee reimbursements

Interest: Non-interest-bearing account

Fees

• Paper statements: $5
• Wire transfers: $35 for outgoing domestic and $45 for outgoing international

Physical locations: No

Customer service

• Evo virtual assistant
• Phone: 888-502-2967

Additional features

• Get access to funds up to two days early via Direct Deposit Express
• Referral bonus for inviting friends
• Peer-to-peer payments directly from your account with just the recipient’s email or phone number

Why we like it

Axos has a high-yield checking option for customers who maintain higher balances, receive monthly direct deposits and/or have an Axos loan. You can start with Essential Checking for basic day-to-day checking needs, and then trade up to Rewards Checking if your situation changes.

3. Capital One

Capital One offers a free 360 Checking account that includes integration with Zelle for easy peer-to-peer payments, plus additional features to make banking easy.

ATM access

• Over 70,000 fee-free ATMs
• No fee for out-of-network ATM use

Interest:  APY for all balances

Fees

• Cashier’s check: $10 from Capital One location or $20 for expedited delivery
• Wire transfer: $30 for outgoing domestic

Physical locations: Yes

Customer service

• Phone: 877-383-4802
• Automated service available 24/7
• Online chat with digital assistant Eno

Additional features

• Real-time alerts about account activity
• Debit card with $0 fraud liability, plus lock and unlock features
• Receive paycheck up to two days early
• Deposit money on the mobile app or at an ATM, physical location or CVS or Walgreens store

Why we like it

Unlike many of the banks on this list, Capital One has physical branches as well as Capital One Cafés where you can bank face-to-face with a representative.

4. Chime

Chime* is a financial technology company that has partnered with The Bancorp Bank and Stride Bank, which provide banking services for Chime members. Here’s what you can expect when you open a checking account with Chime.

ATM access: Over 60,000 free in-network ATMs¹

Interest: Non-interest-bearing account

Fees

• ATM and over-the-counter withdrawals: $2.50 at non-network machines

Physical locations: No

Customer service

• Phone: 844-244-6363, 24/7
• Via Chime mobile app

Additional features

• Get your paycheck up to two days early²
• Debit card settings available online³
• Deposit cash at Walgreens stores⁴

Why we like it

Chime is especially well suited for consumers banking for the first time. A highly rated app and opportunities to open a savings account and secured credit card make it easier to get your finances off to a strong start.⁵ You’ll need to have a Chime checking account in order to be eligible for a savings account.

5. Discover

The Discover® Cashback Debit account is a robust option for fee-weary consumers. You can earn cash back on purchases and benefit from additional online security measures.

ATM access

• Over 60,000 domestic ATMs
• Free withdrawals

Interest: Non-interest-bearing account

Fees

• Outbound wire transfer: $30

Physical locations: No

Customer service

• Phone: 800-347-7000
• 24/7, including evenings, weekends and holidays

Additional features

• 1% cash back on up to $3,000 in debit card purchases each month; see website for details
• Integrate with digital wallets and Apple Pay
• Helps remove personal information from online searches

Why we like it

Discover, Member FDIC is a full-service financial institution that can handle all your banking needs. In addition to a full range of deposit accounts, Discover offers individual retirement account products, credit cards and personal, student and home loans.

6. E-Trade From Morgan Stanley

This checking account is serviced by Morgan Stanley Private Bank, National Association, Member FDIC, with these features:

ATM access

• Use any ATM, with unlimited fee refunds
• No fees are charged by Morgan Stanley Private Bank, National Association

Interest: APY

Fees

• Wire transfer: $25 per outgoing made by phone; $0 if placed online

Physical locations: No

Customer service

Additional features

• Unlimited ATM fee refunds nationwide
• No transaction fees for online wire transfers, stop payments and more
• Money transfers via the E-Trade platform
• Free Coverdraft Protection, when enrolled
• Same-day wire transfers

Why we like it

A generous APY, ATM refunds and more makes this checking account a solid option for E-Trade investors looking for a free and easy way to manage their uninvested cash.

7. FNBO Direct

The FNBO Direct Online Checking account features standard online and mobile checking services with just a nominal $1 deposit to open, as well as the following:

ATM access

• No fee at any Allpoint ATM

Interest:  APY

Fees

• Wire transfers: $15 for domestic outgoing; $10 for next-day transfers

Physical locations: Yes, in select states

Customer service

• Phone: 877-370-3707
• Secure email via FNBO Direct website

Additional features

• No stop-payment fees
• No overdraft fees
• Digital payments via Apple Pay, Visa SRC and Samsung Pay
• Account alerts

Why we like it

FNBO Direct provides plenty of access to your money with over 2 million FNBO-fee-free ATMs worldwide, a free debit card and digital payments.

8. One

One offers envelope budgeters an easy way to organize their expenses into categories called Pockets along with other features, such as cash back on some purchases. The fintech company has partnered with Coastal Community Bank, which provides banking services for One customers.

ATM access

• Access over 55,000 ATMs in the Allpoint network
• Fee-free access for eligible direct deposit customers — or $3 for noneligible customers

Interest

Fees: $3 for barcode withdrawals for customers without $500 per month in eligible direct deposits

Physical locations: No

Customer service

• Phone: 855-830-6200, 6 a.m. to 6 p.m. PT, seven days a week 
• Email
• Chat: Available 24/7 in app
• Submit a request for assistance via One website

Additional features

Why we like it

One allows users to set aside part of each paycheck as savings, which earns APY.

9. Varo

Varo is a full-service online bank with no hidden account fees, and you can open an account online or via the app in just a few minutes.

ATM access

• Over 40,000 fee-free Allpoint ATMs
• No foreign transaction fees

Interest: Non-interest-bearing account

Fees

• $3 per out-of-network ATM transaction
• Up to $5.95 retail service fee to deposit at checkout or use MoneyPaks

Physical locations: No

Customer service

• Phone: 877-377-8276, Monday-Friday, 7 a.m. to 3:30 p.m. PT, for help filing a dispute, logging in to your account or adding your Varo Debit or Believe card to your digital wallet
• Chat: Available seven days per week from 7 a.m. PT to 3:30 p.m. PT, except Thanksgiving, Christmas and New Year’s Day
• Email

Additional features

• Receive your paycheck up to two days early

Why we like it

You can start using your Varo bank account right away with the digital debit card you get free while you wait for the physical card to arrive by mail.

10. Cash App*

You probably already know Cash App for its mobile payment and money-transferring services. But this financial app also offers banking services that include a Cash Card — a customizable Visa debit card you can use both online and in store; ATM access; and rewards and discounts tailored toward brands you like. Cash App also offers up to two-day-early paycheck access. Prepaid debit cards issued by Sutton Bank.

Here’s what you can expect when you open an account with Cash App:

ATM access: With a direct deposit of at least $300 in paychecks each month, you can withdraw at any ATM and get ATM fees fully reimbursed at any in-network ATM. The app also features a map that will show you the nearest ATM.

Fees: ATM fees reimbursable at in-network ATMS with $300 per month direct deposit. No hidden fees, monthly fees or balance requirements. No overdraft charges.

Free overdraft coverage: Deposit at least $300 in paychecks each month to be eligible. You will be covered up to $50 for free when you spend with your Cash Card.

Physical locations: No

Customer service

• Phone: 1 (800) 969-1940, Monday through Friday, 9 a.m. to 7 p.m. EST
• Via Cash App mobile app

Additional features

• Get your paycheck up to two days early
• Free overdraft coverage on Cash Card transactions, up to $50 for primary banking customers
• Customize the look of your Cash Card for free with emojis, custom colors and even freehand drawing
• Referral bonus
• Instant discounts from merchants catered to your interests 
• Get exclusive or early access to experiences, like concert tickets, events and more
• Round up purchases to save your spare change

Why we like it

Cash App is a simple and easy-to-use app that makes it easy to instantly transfer money. Getting early paycheck access can be a game-changer when you have urgent bills due, and we like the ability to get discounts at stores we already shop at.

*A message from our sponsor.

Are Free Checking Accounts Really Free?

That depends. A free checking account might be free of monthly maintenance fees but have other, avoidable fees that can add up if you’re not careful. A couple of the most common fees to watch for include:

• ATM fee: Usually charged when you use an ATM that’s outside of your bank’s network. In some cases, you’ll be charged by your bank and by the machine operator. You can avoid ATM fees by sticking with your bank’s own ATMs or withdrawing some cash each time you make a purchase with your debit card so that you always have some on hand.
• Overdraft and non-sufficient funds fees: Charged when you spend more than you have in your account, whether by writing a check, withdrawing money from an ATM or using your debit card to pay for a purchase. It’s not uncommon for banks to charge $35 per occurrence — and charge you for several occurrences per day, in the event several charges come back before you’re able to make a deposit. Avoid these fees by keeping track of your balance.

What Is the Easiest Checking Account To Get?

As more banks are offering free bank accounts that don’t require a minimum balance, it’s becoming easier for anyone to get a bank account. Most of your decisions will be based on personal preferences surrounding online or physical banking. In most cases, you can fill out a simple form to open a free bank account online and then fund your account using a bank transfer.

It’s a straightforward process, but you should thoroughly research free checking accounts and compare your options before signing up.

Taylor DeJesus 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 Dec. 7, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article, unless labeled as sponsored.

*Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

¹Out-of-network ATM withdrawal and over-the-counter advance fees may apply. See here for details.

²Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally makes these funds available on the day the payment file is received, which may be up to two days earlier than the scheduled payment date.

³Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

⁴The retailer that receives your cash will be responsible for transferring the funds for deposit into your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens.

⁵The Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

GOBankingRates is a personal finance and consumer interest rate website and 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 GOBankingRates, 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.