Best No-Fee Checking Accounts
We’ve compared 157 checking accounts at 66 nationally available banks and credit unions to find some of the best accounts available. Read on to learn more about why we picked each account, the pros and cons, and to access individual bank reviews.
Annual percentage yields (APYs) and account details are accurate as of April 2, 2024.
Best for Earning Interest
Axos Bank Rewards Checking
4.8
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
Up to 3.30%
on balances up to $50,000
Minimum Deposit Requirement
$50
Monthly Maintenance Fee
$0
On Axos Bank's Website. Use Promo Code "AXOS300" by 06/30/2024 for an up to $300 bonus. Terms apply.
Up to 3.30%
on balances up to $50,000
$50
$0
Editor's Take
The Axos Bank Rewards Checking account offers a winning combination of features: Not only can you expect no monthly maintenance fee and no minimum balance requirement, but the bank also provides unlimited reimbursem*nts for domestic out-of-network ATM charges and does not charge a non-sufficient funds fee for overdrafts.
However, if you do not link a savings or money market account to your Rewards Checking account to cover overdrafts, they will be covered by an overdraft line of credit, which is not exactly free (see Details).
The Rewards Checking account pays up to 3.30% APY total. Balances above $50,000 do not earn interest, which outstrips many interest-bearing checking accounts. Note that Axos has several rewards tiers, each requiring certain transaction or direct deposit qualifications within a statement cycle.
You can open an account with $50, and there is no minimum balance requirement for either earning interest or maintaining a fee-free account.
Read our full Axos Bank Review.
Pros & Cons
- Competitive tiered interest rate structure
- No monthly, overdraft or NSF fees
- Unlimited domestic ATM reimbursem*nts
- No interest on balances over $50,000
- Stringent monthly requirements to earn higher interest
- No physical branches
- No live chat
Details
The Axos Rewards Checking account has interest tiers that allow an account holder to up to 3.30% APY total. Balances above $50,000 do not earn interest. These are the steps required to build the highest APY:
- 0.40% APY: Receive monthly direct deposits totaling $1,500 or more. This must be met to be eligible to earn any interest during the statement cycle.
- 0.30% APY: Sign up for personal finance manager (PFM) “account aggregation” (an online banking tool to track all of your accounts in one spot), or use your Axos debit card for a total of 10 transactions per month (minimum $3 per transaction).
- 1.00% APY: Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account.
- 1.00% APY: Maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account.
- 0.60% APY: Use your Rewards Checking account to make your full monthly Axos consumer loan payment, which might include a mortgage, personal and auto loans.
Axos compounds interest daily and credits it monthly.
You can open an account with $50, and there is no minimum balance requirement for either earning interest or maintaining a fee-free account.
Best for Surcharge-Free ATMs
PenFed Credit Union Access America Checking
4.8
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
0.15% to 0.35%
0.35% on balances of $20,000 and up to $50,000
Minimum Deposit Requirement
$25
Monthly Maintenance Fee
$10
waivable with monthly direct deposits of $500 or more or daily balance of $500 or more
Learn More
Read Our Full Review
0.15% to 0.35%
0.35% on balances of $20,000 and up to $50,000
$25
$10
waivable with monthly direct deposits of $500 or more or daily balance of $500 or more
Editor's Take
Though PenFed’s Access America Checking account has a monthly maintenance fee of $10, the credit union makes this fee easy to avoid. If you either set up at least $500 in monthly direct deposits or maintain a daily balance of at least $500, then your account is maintenance-fee free.
Additionally, account holders have access to more than 85,000 surcharge-free Allpoint and CO-OP ATMs, many of them within several common retailers, such as Target, CVS Pharmacy and Safeway, among others. PenFed also charges no fees for U.S. out-of-network ATM usage, although you will still be subject to any third-party fees those ATMs charge, and PenFed does not offer reimbursem*nts. You will receive your first 50 checks for no charge from PenFed, and additional checks cost $5 for 50.
The credit union offers a fee-free overdraft line of credit to Access America Checking account holders. This line of credit provides $300 or more in overdraft protection with a fixed 17.99% APR. There is no fee for the line of credit or for individual overdrafts. When an incoming payment bounces, PenFed charges a $30 non-sufficient funds fee or a $10 uncollected funds fee if the money is in the payer’s account but is on hold.
PenFed also offers a decent APY 0.15% APY when you maintain a monthly recurring direct deposit of $500 or more and maintain a daily balance of up to $19,999.99 and 0.35% APY on daily balances between $20,000 and $50,000. You can open an account with a $10 minimum opening deposit.
Read our full PenFed Credit Union Review.
Pros & Cons
- Competitive rate structure
- Highly rated mobile app
- Large ATM network
- Waivable monthly fee
- Low minimum deposit requirement
- Recurring direct deposit required to earn dividends (interest)
- Monthly fee if you don’t meet requirements
- $30 non-sufficient funds fee
Details
The yields earned on credit union accounts are referred to as dividends rather than interest. PenFed’s dividends are compounded daily and credited to your account monthly. To receive dividends, you must have recurring direct deposits of $500 or more on a daily balance of up to $50,000. Amounts over $50,000 don’t earn dividends.
To join PenFed, you must open a savings account and deposit at least $5. You can’t access the checking account without a PenFed savings account.
Though PenFed’s Access America Checking account has a monthly maintenance fee of $10, the credit union makes this fee easy to avoid. You can set up at least $500 in monthly direct deposits or maintain a daily balance of at least $500 to waive the fee.
You will receive your first 50 checks for free from PenFed, and additional checks cost $5 for 50.
The credit union offers a fee-free overdraft line of credit to Access America Checking account holders. This line of credit provides $300 or more in overdraft protection with a fixed 17.99% APR. There is no fee for the line of credit or individual overdrafts. When an incoming payment bounces, PenFed charges a $30 nonsufficient funds fee or a $10 uncollected funds fee if the money is in the payer’s account but is on hold.
Best for Cash-Back Rewards
Discover® Cashback Debit Checking
4.7
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
On Discover's Website
N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.
$0
$0
Editor's Take
Discover Cashback Debit Checking has no monthly maintenance fee—and no minimum balance or activity requirement to maintain a fee-free account. Additionally, customers can access more than 60,000 surcharge-free ATMs across the country. Standard checks, official bank checks and a replacement debit card are provided at no charge. There’s also no charge for expedited delivery of a replacement debit card or standard or official bank checks. Stop payment orders are free as well.
There is no non-sufficient funds fee for overdrafts even if you sign up for the option overdraft protection (see Details). There is no deposited item return fee if a payment you receive from a third party bounces.
In addition to largely lacking fees, Discover also offers a flexible rewards structure: Account holders receive 1% cash back on up to $3,000 in debit card purchases each month. See website for details.
Read our full Discover Bank Review.
Pros & Cons
- Earn cash-back rewards for debit card purchases. See website for details.
- No monthly maintenance, non-sufficient funds or ATM fees
- No minimum deposit requirement to open
- Does not earn interest
- $3,000 threshold on cash-back qualifying purchases per month. See website for details.
Details
As with its other banking products, Discover keeps fees with this account to a minimum. There’s also no non-sufficient funds fee or fee from Discover for using an out-of-network ATM. Official bank checks, outbound ACH transfers and online bill pay are complimentary as well.
Opening and maintaining an account is relatively easy—there’s no minimum deposit or minimum balance requirement.
Also, as an account holder, you’ll have access to your cash at more than 60,000 surcharge-free ATMs throughout the nation. Discover also offers a well-rated mobile app for iOS and Android—useful for managing your money on the go.
Keep in mind that some types of withdrawals and transactions are not eligible for cash-back rewards, including ATM transactions, money order purchases and peer-to-peer payments. There’s a $30 service charge per outgoing wire transfer from your account.
Best for Earning Interest Without Requirements
NBKC Bank Everything Account
4.6
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
1.75%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
1.75%
$0
$0
Editor's Take
This bank based in the Kansas City area (where the “kc” part of the name comes from) offers customers a low-fee checking experience with its Everything Account. There is no monthly maintenance fee and no minimum monthly balance or activity requirement. Everything Account holders also get access to more than 37,000 fee-free ATMs in the MoneyPass network, and nbkc will reimburse up to $12 of U.S. out-of-network ATM fees per month.
Nbkc bank charges no fees for overdrafts, returned items, cashier’s checks, money orders, stop payments or foreign transactions. The account comes with optional overdraft protection, which requires you to link a money market savings account to your Everything Account. If you overdraw your checking account, the bank will automatically transfer funds from your money market savings account to cover the overdraft at no charge to you.
Another benefit is nbkc’s low outgoing domestic wire fee of $5—although the fee for outgoing or incoming international wires is $45.
As a nice added bonus, you earn 1.75% APY without having to meet any qualifications and with no minimum balance.
Read our full nbkc bank Review.
Pros & Cons
- Serves as a single account for both checking and savings
- No overdraft fees, monthly maintenance or returned item fees
- Reimburses $12 per month for out-of-network ATM fees
- No monthly qualifications needed to earn APY
- Incoming and outgoing international wire transfers are $45 per transaction
- Other banks and credit unions offer a higher yield on checking accounts
Details
Interest is compounded daily and credited monthly. The Everything Account does well in the category of fees—there are no overdraft fees, minimum balance fees, monthly maintenance fees or returned item fees. You also get a box of checks with your account.
Customers and noncustomers can quickly get in touch with customer service by using the bank’s live chat feature on its website. You can also contact the bank by phone or email.
NBKC includes a financial snapshot tool, allowing you to link all of your external accounts and get an overview of where your money goes each month.
Best for Unlimited ATM Fee Reimbursem*nts
EverBank Yield Pledge Checking
4.6
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
0.40%
Minimum Deposit Requirement
$100
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
0.40%
$100
$0
Editor's Take
EverBank offers its checking account holders a Yield Pledge, which guarantees that the interest rate you earn will be among the top 5% of competitive accounts (see Details). At this time, that means you can expect an APY of 0.40%, compounded daily and credited monthly.
The Yield Pledge Checking account comes with no monthly maintenance fees, carries no minimum balance or monthly activity requirements, and replacement debit cards are complimentary. But there are fees for wire transfers, stop payments and official checks.
Customers can access a network of more than 55,000 surcharge-free Allpoint ATMs or a network of more than 37,000 surcharge-free MoneyPass ATMs using their free EverBankdebit card. The bank will also reimburse up to $15 worth of U.S. out-of-network ATM fees monthly for all Yield Pledge Checking account holders, and will reimburse an unlimited number of those fees for account holders who maintain a minimum average daily balance of $5,000.
Expect zero non-sufficient funds (NSF) fees with this account, no matter how you choose to handle overdraft protection. If you don’t opt for protection, the bank will simply decline transactions that would overdraw your account. With the optional overdraft protection, you can link another EverBank account that will transfer sufficient funds to your Yield Pledge Checking account to cover any overdrafts. There is no fee for this service.
Read our full EverBank Review.
Pros & Cons
- No minimum balance, monthly maintenance or NSF fees
- 80,000+ surcharge-free ATMs
- Out-of-network ATM fees reimbursed up to $15 per for all accounts
- Earn 0.40%0.45% APY
- Some bank branches
- Balance of $5,000 required for unlimited ATM fee reimbursem*nt
- Lower yield than the best interest checking accounts
Details
Fees applicable to the Yield Pledge Checking account include: stop payment ($25), official check ($10), outgoing domestic wire transfer ($25), outgoing international wire transfer ($30 to $65, depending on whether in U.S. dollars or requiring foreign currency, with or without currency exchange).
The account also comes with EverBank’s yield pledge, which promises that the account’s interest will always stay within the top 5% among competitive accounts. If you tend to make purchases with your debit card, EverBank’s card comes with a few buyer benefits, including longer extended warranties on products and price and return protection. Interest on this account is compounded daily and credited monthly.
Summary: Best No-Fee Checking Accounts
| Account | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Monthly Maintenance Fee | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| Axos Bank Rewards Checking |  | 4.8 |  | Up to 3.30% on balances up to $50,000 | $50 | $0 | Learn More | On Axos Bank's Website | |
| PenFed Credit Union Access America Checking |  | 4.8 | | 0.15% to 0.35% on balances up to $50,000 | $25 | $10 or $0 | Learn More | Read Our Full Review | |
| Discover® Cashback Debit Checking |  | 4.7 |  | N/A, Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details. | $0 | $0 | Learn More | On Discover's Website | |
| NBKC Bank Everything Account |  | 4.6 |  | 1.75% | $0 | $0 | Learn More | Read Our Full Review | |
| EverBank Yield Pledge Checking |  | 4.6 | | 0.45% | $100 | $0 | Learn More | Read Our Full Review |
Methodology
The accounts on this list keep fees to a minimum overall. These accounts don’t charge a monthly maintenance fee or they provide the ability to waive the monthly fee easily. They also keep non-sufficient funds, overdraft and third-party ATM fees to a minimum, if they charge them at all.
To create a list of the best no-fee checking accounts, Forbes Advisor analyzed 157 checking accounts at 66 financial institutions, including a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 17 data points within the categories of customer experience, digital experience, fees, access and minimum requirements.
The following is the weighting assigned to each category for no-fee checking accounts:
- Fees: 60%
- Customer experience: 10%
- Digital experience: 10%
- Branch and ATM access: 10%
- Minimums: 10%
Specific characteristics taken into consideration within each category included monthly fee, ability to waive the monthly fee, overdraft fee, non-sufficient funds fee, ATM fees, minimum deposit requirements and minimum balance requirements. We also considered customer service ratings, mobile access, online access, mobile app ratings and the national availability of the account.
Checking accounts offering no or very low fees and low minimum requirements scored the highest, as did those with high ratings from the Better Business Bureau and Trustpilot. To appear on this list, the checking account must be nationally available.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
What Is a No-Fee Checking Account?
“No-fee checking” often refers to a checking account that doesn’t have monthly maintenance fees. However, the Consumer Financial Protection Bureau says an account promoted as “free” or “no cost” cannot charge maintenance fees or two other types:
- Fees for exceeding a certain number of transactions
- Fees to deposit, withdraw or transfer money
Still, the bureau points out that a “no-fee checking account” might charge other fees, including:
- ATM fees
- Overdraft fees
- Fees for bounced checks
- Balance inquiry fees
- Fees to stop payment on a check
- Fees for account inactivity
- Fees for check printing
Common Checking Account Fees
Depending on which institution you bank with, your checking account fees may include monthly maintenance fees, minimum balance fees, overdraft fees and ATM fees. On top of those typical fees, banks and credit unions may also charge customers for debit cards, additional checks, wire transfers, returned deposits and stopped payments. Since fees can take a big bite out of your finances, banking customers seek an account whose fee schedule fits with their banking needs and habits.
How To Choose a No-Fee Checking Account
A number of factors go into choosing a no-fee checking account. Here are some of the questions you should ask before opening an account.
| Pro Tip |
|---|
Your average daily balance can be an important factor when determining how much interest you’ll earn and how much you’ll pay in fees. Try to accurately estimate how much you plan to keep in your account, but if you’re unsure, it’s wise to opt for a free account with no minimum balance requirement—even if that means sacrificing some perks. |
What Is the Financial Institution’s Definition of a “No-Fee Checking Account”?
A bank or credit union must disclose any fees for a checking account when you open it. Go over the bank’s or credit union’s fee schedule to see whether, for instance, monthly maintenance fees are not charged but ATM fees are charged.
How Much Are the Other Fees?
If a bank or credit union skips fees that allow a checking account to be considered no-fee, how much are the other fees (such as ATM fees)? Account fees can quickly add up, so you should aim for a no-fee checking account with the fewest fees possible.
A financial institution can’t charge a fee that’s higher than you’ve been told, but it can raise fees as long as it informs you that its fees are changing. This notification must be sent to you in writing at least 30 days before the fee hike takes effect. Federal law doesn’t dictate the dollar amounts for checking account fees.
What Are the Requirements for Getting a No-Fee Account?
In some cases, a bank will not charge monthly maintenance fees or other fees, but only if you meet certain requirements. These may include:
- Making a minimum deposit, such as $50, to open the account
- Maintaining a minimum daily balance, such as $100
- Making a certain number of deposits each month
- Being in a group, such as students 17 to 23 years old
Does the Checking Account Pay Interest?
A no-fee checking account that pays interest might be more appealing than a no-fee checking account that doesn’t pay interest. As of March 2024, the average interest rate for an interest-earning checking account is 0.07%, according to the Federal Deposit Insurance Corporation (FDIC). However, some high-yield checking accounts offer rates of 1% or more.
How Is the Bank’s Customer Service?
Sure, a no-fee checking account could save you some money, but those savings may mean nothing if the bank or credit union has poor customer service. Before opening an account, check Trustpilot or the Better Business Bureau’s website to find out about the institution’s reputation.
How To Open a No-Fee Checking Account
Here are the steps you typically need to take to open a no-fee checking account:
- Shop for a financial institution that offers no-fee checking. Be sure to consider benefits other than a lack of fees, including whether the account has features you want, such as a large ATM network, free debit card or the ability to earn interest.
- Find out where you need to apply. Many banks and credit unions allow online applications.
- Provide personal information. When applying for a checking account, you’ll normally need to supply information like your name, address and Social Security number, as well as a copy of a government-issued photo ID.
- Come up with an opening deposit. Once your application for a no-fee checking account is approved, you may be asked to make a minimum opening deposit (such as $25) to activate the account. Some banks and credit unions don’t require a minimum opening deposit, though.
| Pro Tip |
|---|
While you can earn interest on some no-fee checking accounts, you may be better served by opening a high-yield savings account for any cash you don’t need immediately. High-yield savings accounts offer flexibility and much higher interest rates than most interest-bearing checking accounts. |
Bottom Line
No-fee checking accounts don’t charge certain fees, such as monthly maintenance fees. But the best no-fee checking accounts do away with other charges, such as ATM fees and overdraft fees, and they provide attractive features like the ability to earn interest.
Banks We Monitor
These financial institutions were included in our research: ableBanking, Acorns, Affinity Federal Credit Union, Affirm, Albert, Alliant Credit Union, Ally Bank, Amalgamated Bank, American Express, Aspiration, Axos Bank, Apple Federal Credit Union, BancorpSouth Bank, Bank of America, Bank5 Connect, BankDirect, BankPurely, BankUnitedDirect, Barclays, Bethpage Federal Credit Union, Betterment, Blue Federal Credit Union, Bread Savings (formerly Comenity Direct), BrioDirect Banking, Capital One, Charles Schwab Bank, Chase, Chevron Federal Credit Union, CIBC Bank, CIT Bank, Citibank, Citizens Access, Colorado Federal Savings Bank, Comerica, CommunityWide Federal Credit Union, Connexus Credit Union, Consumers Credit Union, Copper, Credit Union of Denver, Dave, Discover, Dollar Savings Direct, E*Trade Bank, EmigrantDirect, Fidelity, Financial Partners Credit Union, Financial Resources Federal Credit Union, First Internet Bank, First National Bank of America, FNBO Direct, Georgia’s Own Credit Union, Golden1 Credit Union, Greenwood Credit Union, Heritage Bank, HSBC Direct, Hughes Federal Credit Union, Ideal Credit Union, iGoBanking, Investors eAccess, Keybank, Kinecta Federal Credit Union, LendingClub, Limelight, Live Oak Bank, MAC Federal Credit Union, Marcus by Goldman Sachs, Michigan State University Federal Credit Union, My eBanc, MySavingsDirect, Navy Federal Credit Union, nbkc Bank, Northern Bank Direct, Northpointe Bank, Nuvision Federal Credit Union, Pacific National Bank, Paramount Bank, Pen Air Federal Credit Union, PenFed, PNC Bank, Popular Direct, Purepoint Financial, Quontic, Quorum Federal Credit Union, Radius Bank, Regions Bank, Rising Bank, SalemFiveDirect, Sallie Mae Bank, Santander, SFGI Direct, SmartyPig Bank, SoFi, Spectrum Federal Credit Union, State Bank of Texas, State Department Federal Credit Union, Step, Superior Choice Credit Union, Synchrony Bank, TAB Bank, TD Bank, EverBank (formerly TIAA), TotalDirect Bank, Truist, Union Bank & Trust, U.S. Bank, USAA, USAlliance Federal Credit Union, Varo Bank, Vio Bank, Virtual Bank, Wealthfront, and Wells Fargo.
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Frequently Asked Questions (FAQs)
Do banks require any minimums to avoid checking account fees?
This requirement varies. Some banks and credit unions will ask checking account holders to either maintain a minimum balance or meet certain activity requirements each statement period to have their monthly maintenance fee waived. Make sure you understand how the fee schedule works and the requirements to avoid the monthly maintenance fee.
What is the most frequently charged fee on checking accounts?
Although many banks now offer either free accounts or ways to waive monthly fees, monthly maintenance fees are still common on checking accounts. Most banks also charge overdraft fees and fees for withdrawing money from out-of-network ATMs.
When do checking account holders pay an overdraft fee?
You can be charged overdraft fees when you make a purchase that is larger than your available balance. Typically, overdraft fees are incurred when your balance dips into the negative. Some banks charge a new overdraft fee for every day that your account is in the negative.
What are non-sufficient funds, or NSF, fees?
Non-sufficient funds (NSF) fees are triggered when the amount of outgoing money from your checking account transactions exceeds the amount of money in your account. In that case, you don’t have sufficient funds to cover all of your transactions. Many financial institutions charge account holders an NSF fee when they overdraw their accounts. These fees cost an average of nearly $25 for each overdraft, and many banks will issue as many as three per day if there are multiple overdrafts. Even if you have overdraft protection from your bank, confirm whether using it will trigger an NSF fee since many institutions charge these fees even if they offer protection against overdrafts.
Which banks offer no-fee checking?
In many cases, banks that offer no-fee checking are online-only banks, small regional banks or credit unions. Axos Bank, Discover and PenFed Credit Union offer three of the best no-fee checking accounts.
What is FDIC insurance?
The Federal Deposit Insurance Corporation (FDIC) offers banking customers protection against bank failure. Specifically, the FDIC insured deposits of up to $250,000 per depositor for each account ownership category per insured bank. Should an insured bank fail and be unable to repay its customers’ deposits, your money will be protected. Similar protection is provided by the National Credit Union Administration (NCUA) for deposits in federally chartered and most state-chartered credit unions.
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