If you got started early, your parents might have helped you open a kids’ checking or savings account at their bank’s branch. Or maybe you went with the credit union down the street from your work after getting your first W2 job.
The best free checking account will vary based on your wants and needs in a banking account. You’ll want to look for an account that has no or a low monthly fee, a free debit card and easy access to your money — whether that is an ATM, a physical branch, an app or all of the above. Bonus: look for a free checking account that also offers a new-user bonus. Right now, Chime, Varo and Axos are overall solid free options for checking. Shop around and look for a checking account that’s best for you.
3.5 out of 5 Overall
Fees
More Information About Schwab Bank High Yield Investor Checking
Do you remember why you chose your current checking account?
Do you remember why you chose your current checking account?
More Information About Montgomery Bank New Start Checking Account
No hidden fees
Early access to your paycheck
Tool to project your cash flow
More Information About Montgomery Bank New Start Checking Account
A hefty sign-on bonus for new customers
Offers online, mobile and text banking
Lots of branch locations in the U.S.
More Information About Montgomery Bank New Start Checking Account
New applicants can qualify for a bonus
Lots of branches and ATMs in the U.S.
No monthly service fee
More Information About Montgomery Bank New Start Checking Account
Free online and mobile banking
No maintenance fee for students 17-23 years old
Monthly fee that can be waived easily
More Information About Montgomery Bank New Start Checking Account
Up to 1.00% APY on certain accounts
Requires balance of only $1
Unlimited ATM-fee reimbursement in the U.S.
More Information About Montgomery Bank New Start Checking Account
Use any Allpoint ATM in the U.S. free of charge
No overdraft fees
Up to 0.25% APY
More Information About Montgomery Bank New Start Checking Account
Earn 2.09% interest
All ATM fees in the U.S. are reimbursed
Branches in IL; anyone in U.S. can bank online
More Information About Montgomery Bank New Start Checking Account
Easy-to-use app
ATM-fee reimbursements around the world
No fees or minimum deposit required
More Information About Montgomery Bank New Start Checking Account
Low minimum deposit to open an account
No service fees or required monthly balance
Free debit card
Regardless of the checking account or savings account you choose, it’s a good move to keep your money in a secure place
ATM access
ATM access
Varo Bank Account
Fees
Schwab Bank High Yield Investor Checking
None
Pro Tip
Yes
What Is a Checking Account?
Yes
Checking Account vs. Savings Account
Cons
Checking Account Pros and Cons
Promotions
Solid interest offers
Relatively easy and quick to open
Low- or no-fee account options
Typically offer a free checkbook and debit card
Solid interest offers
Relatively easy and quick to open
Offers interest
Easy to access your money in times of need (versus a CD, for example)
Chime Checking Account
Interest rates can vary over time
Certain accounts have fees or requirements (like a particular monthly balance to earn a higher interest rate)
Key Features
None
No monthly fees
Choosing a Bank vs. a Credit Union vs. a FinTech Company for Your Checking Account
Cons
Fees
Best for No Fee Perks
Methodology
APY
A checking account is a place to store money at a bank, credit union or other financial institution. The money in a checking account is typically reserved for regular, everyday expenses, as opposed to a savings account. Checking accounts usually distribute paper checks and a debit card to members as well.
More than 55,000 Allpoint ATMs
Recapping the 10 Best Checking Accounts of February 2023
Chime Checking Account: Best for Digital Features
Varo Bank Account: Best for cash back
Chase Total Checking Account: Best for Promotional Offers
TD Bank Convenience Checking Account: Best for Free Mobile Banking
Axos Bank Essential Checking Account: Best for Online Customers
Ally Interest Checking Account: Best for No Fee Perks
Consumers Credit Union Free Rewards Checking: Best for High Balance Benefits
Schwab Bank High Yield Investor Checking: Best for International Travelers
Chase College Checking Account: Best for Responsible Students
Montgomery Bank New Start Checking Account: Best for No-Frills Banking
Frequently Asked Questions (FAQ) About Checking Accounts
Best for International Travelers
Best for No-Frills Banking
4 out of 5 Overall
Overdraft fees
None
If an account has a monthly fee or out-of-network ATM charges, we highlighted some more positive qualities (think: a low minimum balance requirement, interest checking account offering or a free debit card). With that said, we prioritized those checking accounts that nixed monthly maintenance fees, featured savings accounts and had no-charge or reimbursed out-of-network network ATM fees.
Pros
None
Axos offers a lot if you’re in the market for an online-only checking account. On top of no fees, Axos will also reimburse you by the end of the next business day for unlimited ATM fees within the U.S. Regarding spending abroad — per a rep via live chat, you’ll pay a 1% service transaction charge on purchases made in other countries. So, even though this online bank account is flexible, it isn’t ideal for international travelers.
Lots of freebies
What Bank is Good for a Checking Account?
The following pros and cons of savings accounts can help you decide how to use them.
How is Interest Taxed on a Checking Account?
The Montgomery Bank New Start Checking account is what you want in a second chance banking account. No frills, but no unnecessary fees, either. All it takes is a minimum deposit to open the account. While this is a no-frills account, it offers a lot of benefits for those who are looking to get back on their financial feet again.
The interest earned on checking accounts is considered taxable income. So, your bank, credit union or financial institution willsend you a 1099-INT form each year your account earns interest over . You file this paperwork along with your yearly taxes. And don’t let this income being taxed deter you from saving money; a traditional or high-yield savings account is still a worthwhile tool for your money.
For a full run down of fees and services, check out our complete .
More than 55,000 Allpoint ATMs
More Information About Ally Interest Checking
0.45%
Over 30,000 ATMs
Key Features
With Ally’s online Interest Checking account, you can take advantage of no minimum required deposit and use any Allpoint ATMs in the U.S. for free. Plus, Ally will reimburse you up to per statement cycle for other ATM fees within the U.S. As for no fees, there’s more good news: Last year, Ally permanently suspended overdraft fees for checking accounts and all others.
None
Keep your own habits and preferences in mind, especially when it comes to choosing between a brick-and-mortar (bank or credit union) and online-only setup. Consider fees, from initial to ongoing, as well to make sure the account doesn’t end up costing you. The downside? Schwab’s online-only High Yield Investor Checking account must be linked to a Schwab One brokerage account. Luckily, there are no fees or minimum deposits to open either account, as long as you open them together. Neither account comes with monthly fees or a minimum balance, but “other account fees, fund expenses and brokerage commissions may apply” to the brokerage account once you begin investing, according to the Schwab site. The checking account offers a variable interest rate. If you want to grow your savings through Schwab, you’ll want to invest through the brokerage account.