By Contributing Author5 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited August 28, 2017.
One day the stock market is down 300 points, the next it’s up 300; it’s a hard time to invest in the stock market isn’t?
It’s like seeing a swarm of sharks in the water and trying to convince yourself it’s OK to jump in.
I totally understand because I feel the exact same way. When you have the government threatening to change the rules of the game, it’s difficult to remain confident in the time tested approach of wealth accumulation through investing. That’s why, outside of my retirement investments, I haven’t invested a single dollar in the stock market. I’m not equipped to fight off sharks. 🙂
So what have I done with our savings? Well, our emergency fund is laddered into twelve year-long CDs. Outside of our emergency fund, we’ve been in lockdown mode, much to the chagrin of the economy, and have been putting into ultra-safe, principal-protected “investments.” If you’re looking for something that’s 100% safe, defined as being backed by the full faith and credit of the United States Government, here are a few options:
High Yield Savings Accounts
I’m sure you’re all familiar with online banks and their savings account offerings. The yields aren’t as good as they once were, most are in the 2-3% APY range, but they are all FDIC insured. Some may be in a more perilous financial situation than others but when you are FDIC insured, your assets are protected up to $250,000 or more, depending on your account type. 2-3% may not seem like a lot, but it’s greater than zero and you have no risk of losing your principal! How can these banks offer yields that are much higher than their brick and mortar counter parts? A leaner operation. They don’t run branches, they don’t hire tellers or branch managers, they don’t mail out statements, and they can outsource their call centers. All these cost cutting measures mean you get a higher interest rate.
Reward Checking Accounts
Reward checking accounts are a special type of checking account that give high yields as long as you satisfy certain conditions. Today, the best reward checking rates are around 5% if you satisfy the conditions, less than 1% if you fail to meet them. The conditions are usually not difficult to achieve. The first common requirement is to have 10+ debit transactions a month. The second requirement is to have at least one direct deposit, such as a paycheck. A third, less common, requirement is that the customer must log into their online account a specified number of times a month. They are able to pay such high yields because they earn transaction fees off the debit transactions.
Certificates of Deposit
If you want to do better, you’ll have to take a look at a certificates of deposit. They are less flexible than a savings account but require less work than a reward checking account. The best CD rates for 12- or 18- month CDs is just under 4% and the highest short-term CD rate is under 2.50% APY. They’re not incredible rates but they are guaranteed, unlike checking and savings accounts. When the CD matures, you get your funds back. The funds are locked in but if you need your money before maturity, you can get it after paying a small penalty.
Treasury Securities & Bonds
This is often called “public debt,” because the government borrows money through the sale of Treasury Securities and Bonds. The Treasury products come in two types, securities which you can buy and sell on the secondary market; and bonds, which you can only buy and sell to the Treasury through Treasury Direct. You’ll have to do some research yourself on the current rates, because they change from week to week, but this debt is backed by the full faith and Credit of the United States Government. In addition to that high level of safety, many have special tax considerations that may make them more appealing than a CD, depending on what your tax bracket is.
If you’re looking for safety, I think you cannot go wrong with one of these four options. They may not have the most attractive of yields but you’ll be hard pressed to find an alternative that is as safe and so easy to get in and out of.
This is an article from Jim over at WalletHacks.com. Jim runs a tight ship over there and if you’re looking for some good sound financial advice, his site is a great place to go.
In the world of personal finance, a checking account has often been viewed as the cornerstone of financial management. These accounts are the hub from which we pay bills, make debit card purchases, and handle the routine transactions of our everyday lives.
Yet, with technological advancements and a diversification of financial institutions, many individuals are seeking alternatives to traditional banks and their checking accounts.
This demand for diversity is fueled by various factors, from the inconvenience of monthly fees associated with some checking accounts to the desire for better interest rates or improved money management tools.
Understanding the Basics of Checking Accounts
Checking accounts offered by traditional banks have been around for many years, providing banking services that have become integral to our daily lives. Yet, despite their popularity, it’s essential to understand their limitations and consider why an alternative might be more suitable for your needs.
These accounts often serve as the primary tool for individuals to manage their money. You can use them to direct deposit your paycheck, withdraw cash from ATMs, and transfer funds to pay your bills. However, many traditional banking services, like checking accounts, come with a host of challenges.
For instance, many bank accounts from national banks may have minimum opening deposit requirements, monthly fees, and limitations on the number of transactions you can make within a certain period.
10 Best Alternatives to Checking Accounts
1. Cash Management Accounts
Cash management accounts, an increasingly popular alternative to traditional checking accounts, are offered by financial technology companies and brokerages. They function as a hybrid of checking and savings accounts, offering the versatility of both under a single roof.
Not being banks themselves, these companies partner with FDIC insured banks, often multiple ones, to provide these services. This partnership ensures that your money is safe and insured, a critical element to consider in personal finance.
Cash management accounts offer checking-like features, including debit cards, direct deposit capabilities, and the ability to pay bills online. They also boast savings-like features, typically offering higher interest rates compared to checking accounts at traditional banks. This dual functionality makes them an attractive option for people who want to streamline their finances and get more out of their everyday banking product.
2. Money Market Accounts
Money market accounts are offered by a wide array of financial institutions and are a kind of savings account with some checking account features. They usually come with a debit card and check-writing capabilities, allowing more accessibility to your funds compared to a regular savings account.
Although they may require a higher minimum balance compared to a checking account, they generally offer interest rates that are more competitive than those on regular savings accounts. This unique blend of features makes them a versatile option for those who can afford to maintain a higher balance.
Check out the most competitive money market accounts of 2023.
3. Savings Accounts
Savings accounts, offered by local banks, national banks, and online-only banks, are a secure alternative to checking accounts. Though they have been around for a long time, their importance in financial planning and wealth accumulation cannot be overstated.
While savings accounts do not typically offer as many transaction options as checking accounts, they often provide higher interest rates, helping your money grow over time. Some online banks offer high-yield savings accounts that offer even higher interest rates, much higher than the national average. The primary purpose of a savings account is to help you save money while earning a modest amount of interest.
Discover the best high-yield savings accounts of 2023.
5. Online-Only and Mobile Banks
In an increasingly digital world, online-only and mobile banks offer a fully digital banking experience, making them an attractive alternative to traditional banks. Without the overhead costs associated with maintaining physical branches, many online banks offer competitive interest rates on their checking and savings accounts, often significantly higher than the national average.
These banks also shine in their online and mobile banking offerings. They typically provide comprehensive app experiences, allowing you to deposit checks, transfer money, pay bills, and manage your accounts directly from your smartphone. Despite operating exclusively online, many also offer excellent customer service through various digital channels.
Find the best online-only banks and neobanks of 2023 here.
5. Credit Unions
Credit unions provide a community-oriented alternative to traditional banks. Unlike big banks, which are profit-driven, credit unions are not-for-profit organizations owned by their members. This business model allows credit unions to often offer better interest rates on savings and checking accounts.
In addition to potentially lower costs, credit unions also offer a sense of community that big banks can’t match. The services are similar to those offered by traditional banks, including savings and checking accounts, loans, and even mobile banking in many cases. Despite having fewer branches, many credit unions are part of nationwide ATM networks, providing their members with broad access to their money.
Learn about the highest-rated credit unions that anyone can join.
6. Peer-to-Peer Payment Platforms
Peer-to-peer payment platforms are not banks but offer a unique way to manage money digitally. These platforms, provided by financial technology companies, allow you to send and receive money instantly, often for free. Some even offer “bank-like” features, such as direct deposit and debit cards.
While peer-to-peer platforms might not replace a bank account for all your financial needs, they provide a convenient way to split bills, pay friends, and manage casual financial transactions.
Below are a few examples of popular peer-to-peer payment platforms:
Venmo: Owned by PayPal, Venmo is one of the most widely used P2P platforms. It’s well-known for its social media-like feed where users can share (or make private) their transaction descriptions. With Venmo, users can send money to anyone with a Venmo account using just their phone number or email.
PayPal: As one of the oldest digital payment platforms, PayPal is a widely accepted form of payment online and offers its own P2P service. PayPal users can send and receive money from other users, and the platform offers protection for many types of purchases.
Cash App: Developed by Square, Cash App allows users to send and receive money. It also includes unique features like the ability to invest in stocks or bitcoin and a free debit card that provides discounts at certain retailers.
Zelle: Zelle differs slightly in that it’s not just an app, but a service integrated into many existing bank apps. Money sent via Zelle can often be transferred directly into the recipient’s bank account instantly or within minutes.
7. Digital Wallets and Cryptocurrencies
With the rise of blockchain technology and cryptocurrencies, digital wallets are becoming a more prominent player in the financial landscape. They offer a new way to store and manage money beyond the traditional bank account.
Digital wallets can store digital currencies, such as Bitcoin and Ethereum, and also manage traditional currencies in some cases. They enable users to make online purchases, transfer funds, and even invest in various cryptocurrencies. These wallets can be accessed through a smartphone or computer, providing high convenience for the user.
However, cryptocurrencies can be volatile and come with their own set of risks, including security threats and regulatory uncertainties. Therefore, while digital wallets and cryptocurrencies offer an exciting alternative, they should be used with caution and understanding.
8. Prepaid Debit Cards
Prepaid debit cards are another practical alternative to a traditional bank account. They work similarly to a regular debit card, but instead of drawing funds from a bank account, they use the money that has been pre-loaded onto the card.
These cards can be used for purchases anywhere debit cards are accepted, and they are often reloadable. Some even allow for direct deposits from an employer or government benefits. While they may come with various fees, they offer the advantage of not requiring a bank account and providing a way to manage money with built-in spending limits.
Take a look at the top prepaid debit cards of 2023.
9. Investment Accounts
Some brokerages and financial companies now offer banking services along with investment accounts. These firms, traditionally centered around investing, have begun to venture into the personal banking space, offering services such as debit cards, check writing, and bill pay.
While not suitable for everyone, an investment account can be a viable alternative for those comfortable with a slightly more complex financial product. Moreover, some of these accounts may offer cash management features or other benefits like interest or cashback on uninvested balances, potentially giving more value than a traditional checking account.
10. Check-Cashing Services
Check-cashing services offer another alternative to a checking account, especially for those who deal primarily in cash and have fewer banking needs. These services are often provided by financial businesses that operate outside the traditional banking system.
These providers cash checks for a fee, usually a percentage of the check’s total value. While this fee can be high compared to depositing a check into a bank account, these services offer immediate access to funds, which can be beneficial for those living paycheck to paycheck.
Some check-cashing providers also offer additional financial services, such as money orders, bill payment services, and prepaid debit cards. It’s essential to understand the fee structure associated with these services, as they can be more expensive than traditional or online banking alternatives.
Key Considerations When Choosing an Alternative to a Checking Account
When looking for alternatives to traditional banks, several factors should be considered.
Fees
One of the most significant considerations is the costs associated with the account. While many online banks offer fewer fees than traditional banks, other alternatives such as cash management accounts and peer-to-peer platforms might have different fee structures. It’s essential to understand these before committing to a new financial service.
Accessibility
Consider how easy it is to access your money. If ATM access is crucial for you, make sure to understand whether your alternative choice offers this, and if there might be associated fees.
Security
Security is a crucial factor, especially with online banking services. Ensure the financial institution is FDIC insured or has equivalent protections in place. For digital wallets and cryptocurrencies, consider how to secure your digital assets properly.
Customer Service
With many online banks operating exclusively online, you might not be able to visit a branch for help. Therefore, it’s essential to consider the level of customer service provided by these alternatives.
Additional Services and Benefits
Some banking alternatives may offer additional benefits, such as high yield savings, cash back on debit card purchases, or other rewards. Assess these benefits in light of your personal finance goals and habits.
Bottom Line
The financial landscape is continually changing, with an increasing number of alternatives to traditional banks emerging. Whether you’re looking for a new place to manage your money, pay bills, or save for the future, there’s likely an alternative that suits your needs better than a checking account.
Connecticut is a great place to live and work. It’s in a prime location that makes it easy to get to large cities like New York and Boston. Plus, there are plenty of outdoor recreation opportunities thanks to all the mountains, lakes, and beaches as well as top-notch schools.
Whether you’re new to the Constitution State or have lived there for years, you might be in search of a bank to manage and store your hard-earned money. Fortunately, you’ve come to the right place as we’ve researched the various regional banks and national banks available.
12 Best Banks in Connecticut
Below is our carefully curated list of the best banks in Connecticut. This list is compiled based on a variety of factors such as customer feedback, range of services, accessibility, and financial strength.
1. Liberty Bank
Based in Middletown, Liberty Bank has more than 50 branches in Connecticut. It’s been around for more than 200 years and provides a plethora of financial products and services. These include personal banking, business banking, mortgages, personal and business loans, insurance, and wealth management.
No matter which one of its four checking accounts you can choose, you can expect digital wallet access and online bill pay with no minimum balance requirement.
In addition, Liberty Bank offers three savings accounts with tiered interest rates. While you can visit a local branch, another option is to take advantage of online and mobile banking. With online and mobile banking, you’ll be able to pay bills, set up account alerts for if your account dips below a certain amount, and more.
2. Bank of America
Bank of America is one of the largest banks in the country. It has many branches with local people in more than 60 cities and towns throughout Connecticut, like Hartford, Bridgeport, New Haven, and Danbury.
With Bank of America, you can also manage your cash on the go with its highly rated mobile banking app. When it comes to checking accounts, you have three options, including the Advantage Plus Checking, which is the most popular option.
You can also save your money in the Advantage Savings account, which requires a $100 initial deposit and $8 monthly maintenance fee that you can avoid if you maintain a daily balance of $500 or more or join the Preferred Rewards program.
As a Preferred Rewards member, you’ll lock in perks, such as higher interest rates, waived or discounted fees with a special promo code, and cash back rewards for qualifying transactions.
3. CIT Bank
CIT Bank is an online bank with a focus on savings. If you’d like a checking and savings account, you might consider the CIT Money Market account. You’ll be able to earn interest and access your funds at any time.
CIT also offers the Premium High Yield Savings and Savings Builder accounts. Even though there are no physical branches in Connecticut, you can bank online or via a mobile app. CIT Bank also offers CDs and home loans.
4. Webster Bank
Headquartered in Stamford, Webster Bank has hundreds of branches and ATMs throughout the state. Its checking accounts come with low minimum balance requirements and free online bill pay. If you sign up for the Webster Bank Visa and use it to make everyday purchases, you’ll earn one point for every dollar you spend and won’t have to pay an annual fee.
Webster Bank also offers a wide variety of other products and services, such as savings accounts, Certificates of Deposit (CDs), Health Savings Accounts (HSAs), loans, wealth management services, and commercial banking.
5. Citizens Bank
Citizens Bank is a national bank with more than 30 branches in Connecticut. Its One Deposit checking account is a solid choice because you won’t have to pay monthly maintenance fees as long as you make one deposit per month. Plus you can open the account without a minimum balance requirement. Other popular products include savings accounts, money market accounts, CDs, and IRAs.
With the Citizens Peace of Mind overdraft protection program, you’ll receive an alert if you overdraft your account. In addition, the bank will provide a grace period so you can avoid overdraft fees. Also, if you set up direct deposit with Citizens, you can get paid two days early during every statement cycle.
6. M&T Bank
M&T Bank’s branches and ATMs can be found in many Connecticut cities, such as Stratford, Fairfield, Westport, Monroe, and Trumbull. Its personal banking products include checking accounts, savings accounts, CDs, credit cards, loans, mortgages, and insurance.
If you download its mobile app, you’ll be able to send and receive money via Zelle, deposit checks on the go, and keep tabs on your spending habits. The bank also offers mortgage assistance programs to help you cover your mortgage costs as you deal with financial hardship.
In addition, its lineup of small business banking products for small businesses, like business checking accounts, business credit cards, and merchant services can help you meet your business goals.
7. Union Savings Bank
Union Savings Bank is a local bank in Connecticut with a focus on customer relationships and customizable banking solutions. It has branch locations in Bethel, Brookfield, Danbury, Canton, Goshen, Litchfield, and many other cities throughout the Constitution State.
Union’s lineup of personal banking products is vast and features checking accounts, savings accounts, credit cards, mortgages, and HELOCs. This hometown bank has robust digital services including digital wallets, Spending Insights, online banking, mobile banking, and Zelle. As a Union customer, you can work with a certified FutureTrack coach, design a customized plan, and meet your financial goals.
8. Bankwell Bank
Bankwell Bank was established in 2002 and serves individuals and small business owners in Fairfield and New Haven County. You can choose from its personal banking products, such as the Smart Checking, Smart Savings, Smart Money Market, and Smart IRA accounts.
The bank also offers a Switch Kit so you can easily transition to it. Additionally, you may opt for its treasury management services to manage your business finances. Treasury management services include business banking online, account analysis, account reconciliation, wire transfers, ACH origination, commercial credit cards, mobile check deposit, and zero balance accounts.
9. First County Bank
First County Bank is an independent bank in Fairfield. It strives to make money management easy through checking accounts, savings accounts, credit cards, loans, insurance, and online banking.
If you’re in the market for a home, you’ll appreciate First County’s mortgage center, which offers mortgages with attractive rates and terms, home equity products, and a plethora of mortgage resources.
Its wealth management services are specifically tailored to individuals and families, women, family businesses, and nonprofit organizations. In addition, the First County Foundation awards grants to support a variety of causes.
10. Dime Bank
Dime Bank serves southeastern Connecticut and Rhode Island. As a Dime customer, you can choose from five checking accounts that come with perks like free ATM withdrawals, a cell phone protection plan, digital banking tools, and roadside assistance.
If you’re in need of a savings account, you may opt for a traditional savings account, Club accounts for holidays and special trips, and a money market account with higher returns. Dime also offers a plethora of consumer loans, such as mortgages, home equity loans, home equity lines of credit, construction loans, vehicle loans, and personal loans.
11. Capital One
Capital One is a national bank with a variety of banking products like accounts for adults, children, and teens, credit cards, loans, and CDs. Even though there are no branches in Connecticut, we still believe it qualifies as a best bank in Connecticut because you can enjoy online banking via an online portal or banking app.
Additionally, you’ll have access to over a hundred fee-free ATMs in the state. The Capital One 360 Checking is a free checking account with no monthly service fee or minimum balance requirements. There’s also the 360 Performance Savings, which is a high-yield savings account with a competitive APY. Additionally, Capital One does not charge overdraft fees.
12. Chase Bank
Chase Bank has a large presence in the U.S. and over 50 branches in Connecticut to help you meet various banking needs. Its full suite of products includes checking accounts, credit cards, loans, and wealth management services. The bank also provides banking solutions for children, teens, and young adults.
The most popular account at Chase is the Total Checking account, which comes with perks like online bill pay, mobile check deposit, account alerts, free credit reports, and Zelle transfers. If you open a new checking account, you may qualify for a generous sign-on bonus.
Bottom Line
Connecticut is home to a variety of banks. The best bank for you depends on the products you’re seeking, whether you prefer in-person or online banking, and your particular financial goals. Best of luck in your search for a bank in the Constitution State.
Frequently Asked Questions
What are the largest banks in Connecticut?
The largest banks in Connecticut are M&T Bank, Webster Bank, and Bank of America. While a large bank has many advantages, like a vast selection of banking products, it might not be the best choice if your goal is personalized banking service.
How do I open a bank account in Connecticut?
It’s easy to open a bank account in the Constitution State. All you need is a government-issued ID like a driver’s license or passport, your Social Security, and some money to fund the account. Some online banks will also require you to set up direct deposit.
Should I choose a bank or credit union in Connecticut?
A bank is typically a solid option if you’re looking for diverse products and services. However, credit unions might make more sense if you want to become a member in exchange for personal advice and service.
What is the oldest bank in Connecticut?
Liberty Bank is the oldest bank in Connecticut. It was founded in 1825 and offers a plethora of personal and business banking products.
What are some regional banks in Connecticut?
There are many regional banks in Connecticut. Several examples include Bankwell Bank, Dime Bank, Jewett City Savings Bank, Newtown Savings Bank, Eastern Connecticut Savings Bank, Northwest Community Bank, Ion Bank, Chelsea Groton Bank, and Milford Bank.
Are online banks safe?
Absolutely! Even though online banks use mobile apps and online portals, most of them are member FDIC, which means your money will be covered by the federal government if the bank shuts down for any reason. As an added bonus, online banks have lower fees than brick-and-mortar banks.
In today’s highly competitive financial climate, with thousands of banks and neobanks nationwide, rewards checking accounts are growing more common.
If you have to keep your money someplace, you may as well earn cash back rewards on debit card purchases or a high interest rate.
Best of all, most rewards checking accounts have no overdraft or monthly service fees. After all, if you have to pay any monthly fees or maintenance fees, it will reduce the overall amount you can earn in cash back.
Rewards checking accounts come in two forms: Those that offer cash back rewards and those that let you earn interest on your money, even if it’s in your checking rather than savings.
Regardless of what you’re looking for in a financial institution, you can find it in one of these rewards checking accounts.
11 Best Rewards Checking Accounts
We’ve read consumer reviews, evaluated bonus offers, and read all the fine print to find 11 of the best rewards checking accounts available online or at local branches today.
1. LendingClub Rewards Checking: Best for High Balances
LendingClub offers an online Rewards Checking account with a straightforward 1% cash back on all signature-based debit card purchases. Ranked on Newsweek’s America’s Best Banks list in 2022, the checking account has many desirable features.
First, earn an unlimited 1% cash back on all signature-based debit card purchases and on transactions processed online as a credit purchase once you meet requirements.
You also earn 0.10% interest on your checking account balance of $2,500 to $99,999.99 and 0.15% annual percentage yield APY on balances of $100,000 or more.
LendingClub provides account holders with access to fee-free ATMs within the MoneyPass or SUM networks and unlimited reimbursement for out-of-network ATMs fees. LendingClub says that account holders save more than $180 annually thanks to ATM fee reimbursement.
Like many of the best rewards checking accounts on this list, LendingClub has no monthly fees, no overdraft fees, and no fees for incoming wire transfers.
You will need a $25 minimum deposit to open an account. There are no minimum balance requirements after that. However, to earn interest, you need to deposit cash to maintain at least $2,500 in your account.
To qualify for cash rewards, you must keep your account open for at least 30 days and receive at least $2,500 in recurring monthly direct deposits or maintain a $2,500 or more average monthly balance.
You may also receive direct deposits from your employer as soon as two days earlier than with many other banks.
2. Axos Bank Rewards Checking: Best for High APY and Cash Back Rewards
Axos Bank is a nationally chartered online bank in business since 2000. The bank offers three checking accounts, all with no monthly maintenance fees, unlimited ATM fee reimbursements domestically, and no overdraft fees.
Axos Bank Rewards Checking is the financial institution’s most popular checking account. It pays up to 3.30% APY when you meet certain requirements.
If you receive monthly direct deposits of $1,500 or more, you’ll earn 0.40% APY to start.
You can increase that interest rate with other activities, such as:
Using your Axos Bank debit card 10X a month or sign up for Axos Bank’s free Personal Finance Manager “Account Aggregation” in online banking
Maintaining minimum average daily balances of $2,500 or more in an Axos Invest Managed Portfolios account or an Axos Invest Self Directed Trading Account
Making Axos Bank loan payments (such as mortgage, auto loans, or personal loans)
Plus, you can earn a $100 cash bonus when you open your Axos Bank Rewards checking before June 30, 2023, and have qualifying direct deposits of at least $1,500 each month in the first three months of opening your account.
If you’re willing to sacrifice the $100 cash bonus – or you don’t meet the requirements to earn the maximum APY with an Axos Bank Rewards checking account– you might consider the Axos Bank Cashback Checking account.
This cash back account gives you a straight 1% cash back on all signature-based eligible debit card purchases up to $2,000 per month.
You’ll need to maintain a $1,500 average daily balance to earn this amount. Otherwise, you’ll earn 0.50% of the average daily balance for that month.
You will need a $50 minimum opening deposit to open your Axos Bank Rewards Checking or Axos Bank Cashback checking account.
3. Consumers Credit Union: Best High Interest Checking Account
Consumers Credit Union is one of two excellent credit unions on our list offering checking accounts with rewards or high yield interest rates.
Of the two, Consumers Credit Union is free for virtually anyone to join. As such, it also earned a place on our list of best free checking accounts.
New members will need to pay a one-time $5 membership fee to the Consumers Cooperative Association. But you’ll get that cash back when you fund your account.
The main attraction to a Consumers Credit Union checking account is the 5% annual percentage yield APY on balances up to $10,000 when you meet minimum deposit requirements and make a minimum number of debit card purchases.
To earn the maximum 5% APY, you must have qualifying direct deposits, mobile check deposits or ACH deposits of at least $500 monthly and make $1000 or more in purchases with your Consumers Credit Union Visa credit card each month.
In addition to the high annual percentage yield APY, CCU also offers early direct deposit up to two days before many other banks, and out-of-network ATM fee reimbursement with no limits each month.
CCU works with a network of 30,000 ATMs and more than 5,000 shared branches that are part of the CU Service Center Network co-op.
Convenient, affordable, and profitable with checking account interest rates ranging from 3% to 5% APY, Consumers Credit Union could be an excellent choice.
If you are considering banking with a credit union instead of a traditional or online bank, this may be the best rewards checking account for you.
4. Discover Cashback Checking Account: Best for No Fee Checking
Discover Bank has a cashback debit account with no monthly fees and a host of other benefits. The program is straightforward and there are no minimum deposit requirements or other qualification requirements to earn cash back.
Simply earn 1% cash back on up to $3,000 in debit card purchases each month for up to $360 in extra cash back each year.
Your Discover Cashback Debit account has no fees of any kind, except $30 for an outgoing wire transfer. You will receive free overdraft protection with automatic transfers from your linked Discover Savings. You will not pay a fee at any of 60,000+ ATMs in the network.
You don’t even have to pay fees for bank checks, check reorders, or expedited shipping of a replacement debit card if you lose yours. If you do lose your card, you can easily “lock” it in the app to prevent unauthorized charges.
Like many online checking accounts, Discover offers early direct deposit, mobile check deposit, and an intuitive and user-friendly mobile app.
5. Schwab Bank Investor Checking: Best for Investors
It’s not always easy to find a rewards checking account with no fees and a high yield on your checking account balance. The Schwab Bank Investor Checking account was rated highest in customer satisfaction from J.D. Power and Associates for four years running.
This account is ideal for those who already have a brokerage account with Charles Schwab or who are thinking of opening one. When you open your High Yield Investor Checking account, you will also receive a brokerage account if you don’t already have one.
You can access both accounts online or in the mobile app with a single log in, and transfer money between both accounts with no fees. There is also no monthly maintenance fee.
Schwab pays interest at the rate of 0.45% APY. You must have a minimum deposit of just one penny in your account to earn interest.
When you fund your account with an opening deposit of $100 within 7 to 10 business days, you will receive free checks, deposit slips, mailing labels, and pre-addressed, postage-paid envelopes for depositing checks through the mail into your Investor checking account. You can also use the app for mobile check deposits or deposit money at an ATM.
When you open your high yield checking account, you will receive a Schwab Bank Visa Platinum Debit Card. The debit card provides unlimited ATM fee reimbursements, even in foreign countries, and no fees when you use a Schwab Bank ATM.
There are also no foreign transaction fees when you use your debit card for purchases outside the U.S.
6. Quontic Bank: Best for Fee Free ATM Access
Quontic offers three choices of the best rewards checking accounts, all with no monthly maintenance fees:
High Interest checking with an interest rate of 1.10% APY
Cash Rewards checking
Bitcoin Rewards checking
Plus, you can earn a 4.25% APY with linked Quontic savings accounts. You won’t pay any ATM fees when you use your Quontic debit card at any of 90,000+ ATMs in the AllPoint, MoneyPass, SUM Program, or Citibank networks nationwide.
Quontic’s High Interest checking delivers up to 1.10% APY when you make at least 10 qualifying debit card purchases of $10 or more per statement cycle. Otherwise, you’ll earn 0.01% APY for that month.
The High Interest checking account has no monthly maintenance fees and no overdraft fees. You will need a $100 minimum deposit to open your account.
Quontic’s Cash Rewards Checking has the same features, including no monthly maintenance fees and no overdraft charges. It is a cash back checking account that delivers 1% on all debit card purchases.
Quontic’s Bitcoin Rewards checking offers 1.5% back in Bitcoin on all qualifying debit card purchases. Like the other Quontic rewards checking accounts, the Bitcoin Rewards checking account has no monthly service fees or maintenance fees and no overdraft fees.
You will need a minimum opening deposit of $500 to open your account. This account is not available to residents of North Carolina or Hawaii.
7. SoFi Plus: Best for Perks
SoFi is an online only bank offering cash management accounts providing you with easy access to your money and generous rewards.
One area where SoFi stands out is the additional perks and the variety of services it offers to account holders. It is also one of the few banks offering both cash back and high yield checking and savings.
Your basic SoFi bank account is a free account with no monthly fee, no minimum balance requirements, no ATMs fees when you bank through any of the 55,000+ ATMs in the Allpoint Network nationwide.
Through a partnership with SoFi Stadium in Los Angeles, California, members also get 25% cash back on stadium purchases with their SoFi debit card, express entry and VIP access to concerts, Rams, and Chargers games.
SoFi also gives members access to savings “Vaults,” where you can set aside money for specific purposes – from emergency savings to a family vacation.
Your deposit account is insured for up to $2 million through SoFi’s partner banks. Each bank offers FDIC coverage up to the $250,000 federal limit, but deposits may be split between financial institutions to increase coverage limits.
If you want to upgrade to SoFi Plus, you’ll unlock a host of other benefits. SoFi Plus is the online bank’s premium offering, but there’s no monthly fee when you establish direct deposit of any amount, with no other minimum balance requirement or deposit requirements.
Your SoFi Plus rewards checking account offers 15% cash back when you use your SoFi debit card at select local retailers. Plus, earn 1.20% on checking and 4.20% on savings and Vault balances.
You’ll also get a personal loan rate discount of 0.25%. SoFi Plus members also get 2X rewards points, which you can redeem for cash, special member events, and experiences within the SoFi mobile app.
SoFi has a referral program, allowing you to earn cash or Rewards points when friends and family sign up for SoFi cash management accounts using your link.
Plus, right now, new SoFi customers receive up to $250 in cash when they open an account and set up a qualifying direct deposit. If your direct deposit is $1000 to $4,999.99, you’ll get $50 in cash. If you deposit $5,000 or more, you’ll earn $250.
Few banks offer so many perks or financial services under one umbrella, which is why SoFi consistently earns “Best Online Bank” accolades from top personal finance sites.
8. Connexus Credit Union: Best Credit Union
Connexus is one of two credit unions on our list of best rewards checking accounts. The Connexus Xtraordinary account offers a 1.75% APY when you meet certain requirements, which include signing up for e-statements and making 15 qualifying debit card purchases or spending $400 in debit card transactions monthly.
Connexus has a vast network of more than 67,000 fee free ATMs, partnered with co-op and MoneyPass networks.
You will also receive $25 in ATM fee rebates monthly. When you link your Connexus savings account to your Xtraordinary checking, you can also take advantage of free overdraft protection.
Connexus also has a similar rewards checking account for teens. With no direct deposit requirements or debit card purchase requirements, teens can earn 2% APY on the funds in their Connexus rewards checking account.
To qualify for membership in Connexus credit union, you must reside in certain cities in Illinois, Wisconsin, Ohio, or Minnesota.
You can also qualify if you work at one of dozens of Midwest companies, institutions, or organizations, or simply pay a $5 one-time donation to join the Connexus Association.
Connexus Teen and Connexus Xtraordinary checking accounts have no monthly service fees and no minimum account balances required to earn interest.
You must make a minimum opening deposit of $5 into your linked Connexus savings account to become a member.
9. TD Bank Beyond Checking: Best for Sign-up Bonus
If you are looking for the convenience of a traditional bank and the money-saving benefits of online banking, a TD Bank Beyond Checking account could be the best rewards checking account for you.
The TD Bank Beyond Checking account pays an interest rate of 0.01% APY on all balances. This is lower than the national average, but you’ll also get other perks with your account. First, let’s discuss the generous sign-on bonus of $300 and how you can earn it.
When you open your account and make $2,500 in qualifying direct deposits within 60 days, you’ll earn $300 cash back.
Keep in mind, there is a $25 monthly maintenance fee associated with the account, but it’s fairly easy to waive, especially if you have other TD deposit accounts.
You can waive the monthly maintenance fee by:
Receiving monthly direct deposits of $5,000 or more or
Maintaining a $2,500 minimum daily balance or
Having $25,000 or more in combined balances across eligible TD accounts, which includes deposit accounts, mortgages, home equity loans, and home equity lines of credit.
In addition to the sign-on bonus and interest on your checking balance, TD offers a free linked Simple Savings account, overdraft protection, easy mobile and online bill pay, and 24/7 fraud monitoring on your TD accounts.
The bank also reimburses numerous common fees, including fees for non-TD ATM transactions, outgoing wire transfer fees, rush bill payments, and up to two overdraft fees waived per year.
The TD Overdraft Relief service allows you more time to get your account out of the negative and also allows you to link your TD Savings account for overdraft protection through automatic transfers.
10. Aspiration Plus: Best for Helping the Planet
Crediful’s rating
Aspiration is a neobank with a straightforward cash management account called Aspiration Spend Save and a premium account called Aspiration Plus.
Aspiration Spend Save account holders can choose to pay monthly fees as low as zero. Each month, you can pay whatever amount you feel is fair for your bank account.
If you want to upgrade to Aspiration Plus, you will pay $7.99 per month. If you pay upfront, annually, you’ll save $2 each month for a total of $71.88 for the year.
Your Aspiration Spend Save account offers 3% to 5% in cash back rewards when you shop with a network of preferred, eco-friendly and socially conscious companies known as the Conscience Coalition.
Some of the retailers in the Conscience Coalition include Warby Parker, Blue Apron, Imperfect Foods, Toms, Brightly, Got Bag, and more.
Aspiration Plus members earn 10% back at Conscience Coalition retailers. Aspiration Plus members also receive one out-of-network ATM fee reimbursement each month and Purchase Assurance on items bought with their Aspiration debit card if they are lost or stolen within 90 days.
Aspiration Plus members also help to fund carbon offsets with each fuel purchase. For every gallon of fuel purchased with your card, Aspiration buys carbon offsets equal to the CO2 emissions generated by that gasoline.
Your Aspiration Plus account also pays 3% interest on money in the Save portion of your account. Regular Aspiration members only earn 1% interest on savings. In both cases, you’ll need at least $500 worth of qualifying debit card purchases in a month to earn interest.
There is a $10 minimum deposit to open an account. There are no ATM fees with Aspiration when you use one of the 55,000+ ATMs in the AllPoint network, plus you get one ATM fee reimbursement each month.
In addition to unlimited cash-back and high yield savings, your Aspiration account also has many other perks and benefits.
When you use the “Plant the Change” program, you can round up your debit card transactions to be deposited into your Save account and Aspiration plants a tree each time you do.
You can read our full Aspiration review here.
11. Truist Bank: Best for Younger Savers
Crediful’s rating
In May 2022, Truist Bank acquired Long Game, an award-winning gamification savings app. The partnership gives Truist bank account holders access to one of the most unique rewards programs in personal finance.
Long Game makes setting savings goals – and reaching them – fun by allowing you to play phone games similar to Fruit Ninja and Candy Crush based on cash deposits you make into your Truist Savings Account.
You can earn extra cash each time you play, as well as earning interest of 0.01% APY on your savings balance. You can also earn coins to play games by answering trivia questions.
Your Truist One checking account delivers rewards of its own when you open select Truist credit cards. Your bonus rewards, which can be 10% to 50% more cash back or miles than you’d normally receive, depend on your Truist One checking account monthly average balance.
Your Truist One checking account comes with a debit card, but you can upgrade to a Delta SkyMiles Debit Card if you pay the $95 annual fee. Truist One checking accounts also include linked Truist One savings accounts with no monthly maintenance fee and a $100 negative balance buffer.
To qualify for overdraft forgiveness, you’ll need to have your account open for at least 35 days with a positive balance, and have a qualifying direct deposit of at least $100 for two consecutive months. Truist Bank never charges overdraft fees, but without negative balance protection, transactions may be declined.
Your Truist One checking account has a $12 monthly service fee, but there are five easy ways to waive that monthly service fee.
To waive the monthly fee, you must meet one of the following requirements:
Make $500 or more in qualifying direct deposits monthly
Maintain a combined balance of at least $500 in Truist deposit accounts
Have a Truist credit card, mortgage or consumer loan
Have a linked Small Business checking account
Be a student under the age of 25
Methodology: How We Select the Best Rewards Checking Accounts
When we evaluated the best rewards checking accounts, we took many features, benefits, and costs into consideration. We also recognized that people’s needs vary. Some may want an online only bank, while others prefer a credit union or even a traditional, brick-and-mortar financial institution.
Rewards on Debit Card Purchases
When most people think of a rewards checking account, they imagine receiving cash back on debit card purchases. Banks that offer cash back on everyday purchases gained favor and a spot on our list.
Account Yield
Some rewards come in the form of a high interest rate on money held in a checking account. Several interest bearing checking accounts with an interest rate of 1% or higher made our list. It is even better if you don’t have to maintain a minimum account balance to receive the highest interest rate.
Fees
On our list of the best rewards checking accounts, we gave preference to accounts with no monthly fees. We also considered other fees, such as overdraft fees, transfer fees, and ATM fees. Banks that offer unlimited ATM fee rebates or even some ATM fee reimbursements each statement cycle were considered favorably.
Minimum Requirements
You should be rewarded by your bank whether you have a large balance or small. For that reason, we gave preference to banks with no minimum deposit requirements and no minimum balance requirements to earn rewards. In some cases, you may need to receive a direct deposit each statement cycle to earn rewards or to receive the highest annual percentage yield APY.
Account Opening Bonus
Some banks offer a generous account opening bonus or even referral rewards when you share your referral link with friends who open an account. It’s nice to start your new bank account with a cash back from a sign-up bonus.
Overdraft Protection
Bank accounts that offer overdraft protection, either through linked savings accounts or by providing a grace period to bring your account back into the positive, earned points on our list.
ATM Network
One way to avoid fees is to find a bank with a large ATM network. Many of the banks on this list use the Allpoint or MoneyPass ATM network with more than 60,000 machines nationwide. We also looked for banks that provide ATM fee reimbursements for using teller machines out of the bank’s ATM network.
Nationwide Availability
We made sure that consumers nationwide could open an account online or in person. We didn’t choose regional banks or credit unions with limited availability, although a small, local bank might meet your needs.
One credit union that made our list, Consumers Credit Union, is available to anyone over the age of 18 willing to pay a $5 membership fee to join the Consumers Cooperative Association. The other credit union we chose also has similarly broad membership requirements. Anyone can join if they make a $5 donation to the Connexus Association or meet certain membership requirements based on city of residence or occupation.
Customer Service
Whether you choose an online only bank or one of the traditional financial institutions on this list, you want to make sure you have access to the best customer service. We chose banks that generally received high marks for customer service on consumer review websites and offered multiple ways to reach customer service reps by phone, email, or online chat.
Tips for Finding the Best Rewards Checking Account
Before you open a rewards account, ask about minimum deposit requirements. Also find out if you need to maintain a minimum balance or set up direct deposits to avoid fees. Look for a bank with a large ATM network and ATM fee reimbursements for using machines outside the network.
Rewards Checking FAQs
Find out what people are asking about the best rewards checking accounts.
How does a rewards checking account work?
Rewards checking accounts pay you money for banking with them. In some cases, you will receive cash back on debit card purchases. Other rewards checking accounts pay interest on your balance. Some also offer additional perks, such as loan rate discounts, access to special events, ATM fee reimbursements and money management tools.
Should you apply for a rewards checking account?
If you are looking to put extra cash in your pocket, a rewards bank account is one way to do so. Most rewards checking accounts do not require a credit check or an application fee to apply. If you are opening a new bank account or considering switching banks, it’s worth considering how you can earn checking account rewards for things you do daily, such as using your debit card or depositing money.
How much does rewards checking cost?
Most of the top rewards checking accounts have no monthly fee, fee-free ATMs, and at least some ATM fee refunds each statement cycle.
Digital nomads enjoy the freedom and flexibility of being able to work from anywhere with an internet connection, allowing them to balance work and leisure in a way that suits their lifestyle. They travel frequently, often staying in one place for a few weeks or months before moving on to the next destination.
However, expats and digital nomads face unique challenges when it comes to managing their finances. They need a bank that understands their lifestyle and offers services that cater to their needs.
For example, digital nomads require a bank that offers low fees and transaction charges since they frequently move money across borders. They also need a bank that provides easy access to their accounts from anywhere in the world, with mobile banking features that allow them to make transactions on the go.
10 Best Banks for Digital Nomads
Without further ado, here’s our lineup of the best bank accounts for digital nomads.
1. Revolut
Revolut is a digital bank that’s headquartered in London. While it doesn’t offer a traditional bank account, its money management app can be a great option. Once you download it, you can make global exchanges with more than 30 currencies and transfer money abroad instantly. Revolut will give you 10 free international transfers per month plus a debit card with cash back rewards.
Also, if you invest in a Premium or Metal plan, you can enjoy additional perks, like travel insurance and access to airport lounges while you wait for your flights. In addition, you’ll get to use 55,000 fee-free ATMs and be able to withdraw up to $1,200 from out-of-network ATMs each month. If you’re interested in a Revolut account, you’ll need to provide a name, address, and ID. The bank does not require a credit check or proof of address.
2. Chime
When most people think of international financial accounts, Chime doesn’t typically come to mind first as it’s a financial technology or fintech company in the U.S. Even though it doesn’t provide a multi-currency account, its cards don’t charge foreign transaction fees and offers free cash withdrawals at ATMs across the globe.
This is great news if you’re looking for an affordable way to cover your international purchases. Chime’s main offerings you might want to consider include the Chime Checking Account, the Chime High Yield Savings Account, and the Secured Chime Credit Builder Visa® Credit Card.
It’s important to note that Chime is designed to be used as a mobile app so it could be a solid pick if you like the idea of mobile banking. The app will send you daily notifications on your account balance and international transactions. Rest assured you can disable them at any time.
3. Capital One
Capital One is one of the largest banks in the U.S. but we had to include it in this list because of its primary checking account, the Capital One 360 Checking. If you consider yourself an expat, often make online purchases from different countries, and would like to avoid a monthly fee or foreign transaction fee, this account can make sense.
You won’t have to pay any transaction fees if you use your card overseas, plus you may open the account without a minimum opening deposit requirement or monthly fees. To reap the benefits of the Capital One 360 Checking, you must be a U.S. resident with a U.S. mailing address and Social Security number.
4. Wise
Wise, which was formerly known as Transferwise, should be on your radar if you do business abroad. The UK-based fintech company will let you create a local bank account that accepts multiple currencies, making it a breeze to meet your digital nomad banking needs. Wise also integrates with popular payment platforms, such as Amazon Payments and Stripe for easy direct deposits.
We can’t forget to mention the Wise borderless account that may be worthwhile whether you’re studying abroad, an expat, or a freelancer with international clients. It comes with low fees and can be accessed by just about anyone. However, Wise is not an actual bank account so you may have trouble receiving direct deposit payments. For this reason, it might be a good supplement to an existing bank account.
To take advantage of Wise, you’ll need a bank or credit card statement, tax bill, proof of address, driver’s license, or government document.
5. Chase
Chase is an excellent choice for digital nomads and expats living abroad due to its global presence and user-friendly digital banking platform. Chase’s online banking system is user-friendly and provides a range of features, including bill pay, mobile check deposit, and international money transfers.
For those living abroad, Chase’s credit and debit cards also offer no foreign transaction fees, making it an affordable option for international travelers. In particular, the Chase Sapphire Preferred and Chase Sapphire Reserve are widely considered to be among the best credit cards available.
Furthermore, Chase Bank provides 24/7 customer service support, ensuring that its customers can get assistance with any issues they may encounter, regardless of their time zone.
6. HSBC
HSBC serves about 40 million customers across 63 countries in Europe, Asia, the Middle East and Africa, North America and Latin America. If you’re an international traveler, you can’t go wrong with the HSBC Everyday Global Account, which makes it easy to make purchases in 10 different foreign currencies with no transaction fees or monthly service fees. It truly offers a fee-free banking experience.
In addition, there are no ATM fees so you can enjoy fee free ATM withdrawals and many promotions throughout the year. HSBC also offers Visa Zero Liability, which can protect you from fraud and give you some much-needed peace of mind. We can’t forget that HSBC offers over 55,000 ATMs, many of which are in the Allpoint network, as well as 24/7 customer support via phone and Twitter.
7. Citibank
There’s a good chance you’ve heard of Citibank as it’s a well-known bank in the U.S. It has a presence in 97 markets and supports clients in more than 160 countries. With the Citibank Plus account, you can manage your money in up to 21 different currencies.
Citibank will waive your maintenance fee as long as you maintain a certain balance and reimburse you for foreign ATM withdrawals when you use ATMs outside its network. Additionally, you may send money abroad quickly and won’t have to pay a penny if you’re sending the funds to another Citibank account. Another great perk is the handy mobile app that offers convenient banking while on the go.
8. Monzo
Monzo is a challenger bank in the UK that’s recently increased in popularity. You can open an account for free, divide it into “pots” to better manage and save your money, and get a free debit card, which can be sent to any address in the UK. You can use it for a variety of debit card transactions and ATM withdrawals abroad.
You won’t pay any fees when you make purchases on your card and can receive a limited amount of free ATM withdrawals every month. Monzo is also compatible with Apple Pay and Google Pay. Plus, there’s a convenient mobile app with useful budgeting tools that may help you take control of your spending. Note that Monzo is fully digital so you can’t count on it for in-person support or local branches.
9. Charles Schwab Bank
You can open a U.S. bank account through Charles Schwab and won’t have to worry about foreign transaction fees or opening fees. Plus, you can enjoy unlimited rebates on international withdrawals.
In the event you move to a different country, you can open another Charles Schwab account but you may have to meet a high minimum deposit threshold. If you need assistance while you’re traveling, you’ll be thrilled to know you can receive it via phone or email.
10. Bank of America
Despite the word America in its name, Bank of America can be a smart option if you’re looking for a digital nomad bank account. In fact, it attracts many frequent travelers.
It serves more than 35 countries and has locations throughout Europe, Asia, and the Middle Each so you shouldn’t have an issue finding a branch near you. Bank of America offers a variety of bank accounts you may find appealing as well as a well-designed mobile app.
Features to Consider When Choosing the Best Bank for Digital Nomads
When exploring different digital nomad banks, consider these features.
Banking Experience
Every financial institution provides its own unique experience. First, think about whether you’d like an online-only bank or one with branches you can visit. Then, think about the size of the bank that would be best for you.
A smaller bank might be a better fit if you prefer personal service as well as better rates and lower fees. A larger bank, however, might make more sense if you’d like access to a wider range of products and resources.
Account Types
Some banks offer a few accounts and banking services while others pride themselves on a long list of offerings, like checking accounts, savings accounts, investment accounts, and many others. To determine the account types you need, think about your goals.
Are you looking for someone to park your cash so you can access it while you’re abroad? If so, you might be in the market for a basic checking account or high yield investor checking account with no foreign transaction fees and ATM fee reimbursement.
If you’re a business owner, you may require additional services like international wire transfers between accounts and countries without paying costly fees.
ATMs and Debit Cards
Chances are you can benefit from a digital nomad bank account with ATM access. If you need to make purchases abroad frequently or every once in a while, you should opt for an account with debit cards that are compatible everywhere. This usually means you’re in the market for a Visa, Mastercard, Discover, or American Express debit card.
Keep in mind that many countries don’t accept cards with magnetic strips so you will need a card with an EMV chip. Ideally, it would also allow for contactless payments, which are quite popular abroad.
Note that while debit card purchases may make sense in some situations, credit cards come with greater protections, which can be helpful if your card gets lost or stolen. If possible, use your debit card at ATMs and credit card every time you make a purchase.
Fees
At the end of the day, you don’t want to be stuck with sky-high fees that deter you from your financial goals. Here are some fees to be aware of as you search for the best banks for digital nomads.
Foreign transaction fees: These fees can kick in whenever you make a withdrawal or purchase in a foreign currency. Your bank might charge them all the time, in certain situations, or not at all.
ATM fees: If you need to withdraw money from an ATM, you may be on the hook for ATM fees. The chances of this are higher if you opt for an out-of-network ATM. The good news is some banks offer free withdrawals or will reimburse you for ATM fees while you’re abroad.
Monthly maintenance fees: You may face a monthly maintenance fee or service fee to keep your account open. Typically, the more features your account has, the more expensive this fee will be. Fortunately, some banks pride themselves on low banking costs and zero monthly fees.
Interest Rates
Depending on what you plan to do with the bank account you open, interest rates may or may not be important. If your sole purpose is to get easy access to cash while you’re traveling to a different country, interest rates probably aren’t a big deal. But if you’d like to use your account for saving or investment purposes, a higher rate is ideal. The higher the rate, the easier it will be for you to meet your goals.
Security
Security should be a top priority when you explore digital nomad bank accounts. Reputable banks have certain account holders protections in place for if your debit or credit card gets lost or stolen, for example. They also make it a breeze to report fraudulent activity from anywhere.
Some banks also have a security feature known as two-factor authentication. This requires you to use your password and a special code you receive via call or text every time you log in. It provides extra security in the event your device gets lost or stolen.
Customer Service
In a perfect world, you’d never have any questions or issues with your bank account. Since this is unlikely, you shouldn’t overlook the importance of customer service. The bank you choose will determine how easy or difficult it is to receive assistance.
If you can, opt for a digital bank with 24/7 customer service. Otherwise, you may get stuck if you have an urgent need and customer service is only available during select business hours.
Reviews
If you visit a bank’s website, you’ll find no shortage of information on its benefits and why you should become a customer. However, one of the best ways to determine whether a bank account is worth it is through customer reviews. Do your due diligence and read real reviews on reputable, third-party websites.
Also, look at ratings on websites like the Better Business Bureau (BBB) to get a better idea of a bank’s reputation. If you notice a lot of negative reviews and poor ratings, you may want to look elsewhere.
Online Banking Features
As a digital nomad, you’ll likely be doing a lot of your banking online. Look for a bank that offers robust online banking features, such as the ability to view account balances and transaction histories, transfer funds, and pay bills online.
Bottom Line
Choosing a good bank is essential for digital nomads who need access to their money while traveling the world. With the right bank, you can manage your finances easily and efficiently while enjoying the freedom of a location-independent lifestyle.
Frequently Asked Questions
What is a digital nomad?
A digital nomad is someone who works remotely and has the ability to work from anywhere in the world as long as they have an internet connection. They often travel frequently and have a location-independent lifestyle.
Why do digital nomads need a specific bank?
As a digital nomad, you’ll need to find a bank that caters to your specific financial needs; one that offers easy online access, enables low-fee transactions, and facilitates international transfers without hefty costs. Traditional banks may not be able to provide you with these services, which is why it’s important to investigate other options.
What is the best bank for digital nomads and expats?
There is not one bank that checks off everyone’s boxes. The right option for you depends on your goals. You may choose an account that allows for easy money transfer abroad. Or you may prefer one that eliminates foreign transaction fees. It’s up to you and what you hope to accomplish.
How can I avoid transaction fees when banking as a digital nomad?
To avoid transaction fees when banking as a digital nomad, you should look for a bank that offers fee-free ATM withdrawals and has low foreign transaction fees. You may also want to consider using a debit or credit card that doesn’t charge foreign transaction fees.
Do I need to have a permanent address to open a bank account as a digital nomad?
You do not necessarily need a permanent address to open a bank account as a digital nomad. Some banks allow you to use a post office box or a friend’s address as your mailing address. You may also be able to use a virtual mailbox service.
Can I open a bank account in a foreign country as a digital nomad?
Most countries prohibit non-residents from opening bank accounts. You’ll find that you’ll likely need a local mailing address. Unfortunately, financial institutions don’t typically accept hotel or short-term rental addresses.
Can I use my digital nomad bank account for personal transactions?
Yes, you can use your digital nomad bank account for personal transactions. However, it’s best to keep your business and personal finances separate to make accounting and tax reporting easier.
Will my digital nomad bank account have all the features of a traditional bank account?
Your digital nomad bank account may not have all the features of a traditional bank account, but it should have the features that are most important for your lifestyle, such as online banking and low transaction fees. Be sure to research the banks you’re considering to ensure they offer the services you need.
What should I do if I lose my debit card while traveling?
If you lose your debit card while traveling, you should contact your bank immediately to report the loss and request a replacement card. You should also carry a backup debit card or credit card in case of emergencies.
What are the best banks for international wire transfers?
If you’d like to make many international wire transfers, there are certain banks with solid bank transfer rules you should explore. Several examples are Bank of America, Chase, Citibank, Wells Fargo, Citibank, PNC, and U.S. Bank.
By Peter Anderson24 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 8, 2012.
I signed up for Lending Club a few months back on a whim to try and see how it would perform. I’d been hearing about it quite a bit on personal finance blogs, and the returns that people were claiming to receive seemed like they were almost unrealistically good. There had to be a catch, it piqued my interest.
I started my investor account out slow. I took the $25 bonus Lending Club gave me for signing up (which you can get too) and added about $75 to that for about $100 in loans. I went into my account and hand picked 4 $25 loans to send out.
Purchasing investments in Lending Club is pretty easy. First, you link your bank account to your Lending Club account, and transfer any funds you wish to invest to your Lending Club account. Next you click on the “invest” tab in LC. On the invest page you can get as involved as you want with choosing your loans, or you can let the system choose loans for you. If you choose to allow the system to pick for you, you can just choose what type of investor you are (conservative, moderate or aggressive), and it will then give you a mix of loans to fit your personality and level of risk you’re willing to take on. The higher the risk, the greater the rewards, but also the greater the risk of choosing a loan that will default.
My Lending Club Strategy
Personally I chose to hand pick the loans that I gave out to help minimize my risk. I went in, searched only for loans with an A or B rating (good to decent credit/employment), and only chose loans that were ones that I could agree with (for example, people who were consolidating debt to get out of debt or paying off high rate credit cards). I also chose loans for smaller dollar amounts, below $10,000 because in my opinion those loans are probably going to have a lower rate of default (because of the lower monthly payments). So again, my strategy for Lending Club was to purchase loans that were:
Less than $10,000: Lower loan amounts means a lower monthly payment and a lower risk of defaulting on their loan.
A & B credit rating: I’ve only invested in loans that have either an A or B credit rating (good credit). That means I’ll have a lower return on my investment than someone with lesser credit, but it’s trade off I’m willing to take. I may sprinkle in a few C class loans soon, but not more than a few.
Zero delinquencies: When you view borrower’s profiles you can see from their credit report if they’ve had any reported delinquencies on their account. If they have, I skip their loan. If they’ve been late in the past or missed a payment – they’re likely to do it again.
Debt to income ratio below 25%: I like to invest in loans where the borrowers have a lower DTI ratio. Because of that I know they’re better able to afford the loan.
Loans over 60% funded: When other people have invested in the loan, a lot of the times that means that they’re a better risk because others have done their due diligence and agreed to invest.
Borrower answers to investor questions: Sometimes you’re on the fence about lending to someone, it can make the difference how the person answers questions on their loan request page. As an investor you can ask the borrower questions about their employment, debts, delinquencies and so on. Their answers can help sway me one way or the other.
Because I’m a conservative investor, my rates of return aren’t as high as some people’s, but I also feel like I have a lower risk of default on my loans. So far I haven’t had a single default, and my rate of return is hovering around the 11% range – that’s much better than my old high yield savings account! Since I’ve been happy with my returns so far, I’ve increased my loan total to $500 over the months I’ve been investing. I plan to keep on increasing that slowly over time as long as my success continues.
Lending Club By The Numbers
I was interested in just what the numbers were for Lending club as a whole, as far as amounts invested, number of defaults, how many people are declined, etc. I found these numbers on the Lending Club site:
82.80% of investors have earned between 6% and 18% net annualized returns since inception
Funded Loans (10,097) $96,195,875
Average Interest Rate 12.70%
Declined Loan Requests (96,063) $961,010,942
Annualized Default Rate 2.39%
Interest Paid to Investors $6,645,705.02
Average Net Annualized Return 9.65%
To be completely honest I was surprised by how many loan requests are actually declined by Lending Club for various reasons. In fact, the minimum FICO score to get a loan is 660. That makes me think that they’re actually pretty serious about making sure that those with a high probability of defaulting on their loans are weeded out before they are even able to get a loan. The default rate was also lower than I thought it would be – again tribute to the fact that they’re cutting out undesirable borrowers before they even begin the process of getting a loan.
One of the most important numbers that I see above is that average net annualized return of 9.65%. That means you’re getting a return that’s a lot higher than you’d be getting at your local bank, in a CD or in most investments. Yes there’s always the risks that are involved with something like social lending, but I believe the risks are manageable. If you choose good borrowers to help out that have verified incomes and credit, and you diversify your loan holdings, in the long run you’ll come out ahead.
So why not give it a shot?
Ready to sign Up For Lending Club And Start Investing?
Have you had any experience with Lending Club? Tell us about how you’re doing with your account, and how you manage the risk of peer to peer lending in the comments!
Since its debut in 2013, Chime has become quite popular. This financial technology company partners with Bancorp Bank, N.A. and Stride Bank, N.A. to provide a number of FDIC-insured bank accounts. Just like most online banks, Chime offers higher annual percentage yields than brick-and-mortar banks.
Chime offers a credit builder account7, which acts like a secured credit card to help customers establish credit. However, its flagship products are the Chime® Savings Account and Chime® Checking Account8.
Chime has one of the most robust apps in the world of mobile banking. It also has a phenomenal rating in both the Apple App Store and Google Play Store.
Despite the fact that Chime comes with many benefits, it’s not right for everyone. After all, there are no physical branch locations and its customer service could be improved. Plus, you might be able to find higher APYs elsewhere.
18 Best Chime Alternatives
If you’re looking for alternatives to Chime, you’ve come to the right place. We’ve done the heavy lifting for you to create this comprehensive list of the best Chime alternatives.
1. GO2bank
GO2bank is the digital banking platform backed by Green Dot Corporation, a financial technology company known for its prepaid debit cards. GO2bank is designed to help people better manage their money through its user-friendly mobile app and competitive features.
The mobile banking app allows you to open an FDIC-insured account with no monthly maintenance fees if you have qualifying direct deposits. You also have access to a network of over 19,000 fee-free ATMs across the nation. With the ability to receive direct deposits up to four days early and a high-yield savings account that pays up to 4.50% APY on savings up to $5,000, GO2bank offers a complete banking solution.
GO2bank also provides a secured credit card that can help you build credit over time. With this card, you can establish or improve your credit score by making on-time payments and keeping your balance low. There are no annual fees, no credit checks, and no interest charges if you pay your balance in full every month.
In addition to these features, GO2bank offers various ways to deposit cash, including the option to deposit cash at participating retailers. You can also use the app to pay bills, send money to friends or family, and set up custom savings goals.
Read our full GO2bank review.
2. Current
Current is a neobank that partners with Choice Financial Group and Metropolitan Commercial Bank to offer banking services. It only offers one bank account that serves as an online checking and online savings account.
Current doesn’t charge monthly maintenance fees, monthly account fees, or overdraft fees. In addition, you can reap the benefits of automated savings pods and early direct deposit. Unlimited domestic ATM access is also free as Current is part of the Allpoint ATM network. You also get access to early direct deposits.
If you have kids, you can open a linked Teen Banking Account and help them build healthy financial habits. We can’t forget the Current Visa debit card, which lets you earn cash back on debit card purchases at more than 14,000 participating retailers.
Read our full Current review.
See also: Chime vs. Current: Which Is Better?
3. Axos Bank
Axos Bank is an online only bank that first opened in 2000. Its checking account options include the Essential checking account, Rewards checking account, and Cashback checking account. While Essential is a basic checking account with no fees or minimums, the Rewards checking account earns up to 1.00% interest if you meet certain requirements.
With the Cashback checking account, you can earn up to 1.00% cash back on qualifying debit card purchases. Rest assured there’s also a high yield savings account and money market account with a competitive APY. Like Chime, Axos also offers a highly rated mobile app.
Read our full Axos Bank review.
4. Quontic Bank
Headquartered in New York, Quontic Bank has been around since 2008. It has one brick-and-mortar branch in Astoria, New York but serves customers online in all 50 states.
Quontic’s lineup of products includes checking accounts, savings accounts, money market accounts, and certificate of deposit (CD) accounts. It also offers real estate products.
You can choose from three checking accounts: Cash Rewards Checking, High Interest Checking and Bitcoin Rewards Checking. There’s also a high-yield savings account, which pays an impressive APY.
No matter which accounts you decide on, you’ll be pleased to learn there are is no monthly service fee. Plus, you’ll benefit from an extensive ATM network and mobile app.
Check out our full review of Quontic Bank.
5. Cash App
Created by Square and based in San Francisco, Cash App is a peer-to-peer payment app. Cash App lets you send and receive money, do your banking, and open investment accounts, such as retirement accounts. The banking feature requires you to order a Cash App card and accept that FDIC coverage is not available.
Keep in mind that there is no way to build your credit or save money with Cash App. But you can use it to buy stock and Bitcoin for as little as $1. Plus, Cash App lets you prepare and file your federal and state taxes for free.
Learn more about how Cash App works.
6. Brigit
Brigit is a personal finance app that offers paycheck advances to help you out when you need fast cash. It might be a great option if you can’t wait until payday but want to avoid insufficient fund fees and overdraft fees. Brigit also allows you to keep track of your credit score and protect yourself from identity theft.
Additionally, you can use Brigit to find side gigs or borrow money with a credit builder loan. You will have to pay $9.99 per month to unlock all of these features. The good news, however, is you won’t be charged any interest or tips.
7. Dave
Launched in 2017, the Dave App can give you the chance to advance your paycheck to cover small emergencies. It also offers a spending account, which is essentially a checking account with no low balance or overdraft fees. To take advantage of the Dave app, you’ll be on the hook for a $1 monthly subscription fee as well as an optional express fee and tip.
There’s also a budget feature that tracks your income and spending so you can pay your bill. It will notify you any time you’re at risk of overdrafting. In addition, Dave can help you find a side hustle and earn extra income.
8. Revolut
When it initially launched in 2015, Revolut was a challenger bank with a travel card and cheap exchange rates. Now, it describes itself as a digital banking platform and uses Barclays and Lloyds to store your money. Just keep in mind that since it’s not a bank, it doesn’t offer any deposit protection.
Revolut’s long list of perks include surcharge-free ATMs, travel perks, and spending alerts. Plus you can earn cash back on Revolut card purchases and even open an investment account to invest in popular cryptocurrencies. If you travel abroad often and are looking for benefits you may not be able to find from most banks, Revolut should be on your radar.
Read our full Revolut review.
9. Varo
Varo is a digital bank with impressive technology as well as a lineup of checking and savings accounts with unique features like Chime. Since it prides itself on minimal fees, you won’t have to worry about monthly maintenance fees, transfer fees, or foreign transaction fees.
Furthermore, since it’s part of the Allpoint ATM network, you can enjoy free domestic ATM withdrawals at more than 55,000 ATMs. In addition to a competitive APY for its savings accounts, you can enjoy the Save Your Pay and Save Your Change features.
While Save Your Pay automatically transfers a percentage of your paycheck to your savings. Save Your Change rounds up online checking account transactions and lets you transfer money to your savings. These features are different from what you’d find with other online checking accounts.
Read our full Varo review.
10. Capital One
Capital One is one of the largest banks in the U.S. Its online checking and savings accounts come with no minimum balance fees.
Capital One’s 360 Performance Savings account offers an impressive APY on all account balances. This makes it worth considering regardless of what your savings goals entail. It lets you set savings goals and automatic savings plans so you can transfer funds from your Capital One 360 bank account.
With a Capital One bank account, you may access over 70,000 fee free ATMs. If you prefer in-person banking, you’re in luck because there are more than 300 branch locations in select states. You can also enjoy free overdraft protection and download the Capital One app to send and receive funds through Zelle.
Read our full Capital One review.
11. Discover Bank
When most people think of Discover Bank, credit cards come to mind first. But like Chime, Discover also offers checking accounts, savings accounts, money market accounts, CDs, and even personal loans.
It doesn’t impose minimum monthly balance requirements or charge any monthly fees or overdraft fees. Discover’s savings accounts and CDs are known for impressive APYs and its highly rated mobile app with a Quick View feature makes it a breeze to bank while you’re on the go.
Additionally, Discover offers more than 60,000 fee-free ATMs and you can earn 1% cash back on up to $3,000 in debit card purchases each month. If you need assistance, you can always reach out to its 24/7 U.S. customer service representatives.
12. Ally Bank
Headquartered in Utah and a division of Ally Financial, Inc. Ally is a full service online bank with an extensive product line up. Its deposit accounts, like checking accounts and savings accounts as well as CDs, come with competitive interest rates.
In addition to 24/7 customer service, Ally offers a robust mobile app you can use to check balances, transfer funds, deposit checks, pay bills, and send money via Zelle.
With Ally, there are no minimum balance requirements or fees for account maintenance, overdrafts, ACH payments, incoming wire transfers, or cashier’s checks. Aside from bank accounts, Ally also services customers with a wide range of mortgages, loans, and investing products. The main drawback is that you can’t deposit cash. Despite this, Ally is considered one of the best online banks.
Read our full Ally Bank review.
13. One Finance
One Finance is an online bank that lets you do all your banking from one bank account. With One, you can open one account that acts as a savings and interest checking account with no fees and the chances to earn a high APY. Your account will feature pockets that let you manage your money in numerous ways so you can budget and set savings goals.
You can think of a spend pocket as a checking account that doesn’t pay interest but helps you visualize the money you can spend each month. If you budget for various categories, like rent, groceries, and entertainment, it makes sense to have multiple spend pockets to keep track of your spending money. If you prefer, however, you can stick to one and have all your spending come from the same place.
14. Aspiration
Aspiration offers a Spend and Save account that offers checking and savings features. You can choose a basic account with a “pay what is fair” monthly fee, which can be $0 or an Aspiration Plus account, with a monthly fee but additional benefits like a higher APY on savings. If you pay annually, you can enjoy a lower fee.
Aspiration supports the environment through features like cash back if you spend at socially conscious businesses. You also have the chance to plant a tree every time you use your debit card. Additionally, your personal impact score tells you the environmental and social effects of your shopping habits. It also promises that your cash deposits won’t pay for the exploration or production of fossil fuels.
Read our full Aspiration review.
15. Bank5 Connect
Based in Massachusetts, BankFive has been around since 1855. With Bank5 Connect, the online division of BankFive, you can open a checking account, a savings account, or a CD with a low minimum balance requirements. Its accounts are available to everyone in the U.S., except those in Massachusetts and Rhode Island.
As a Bank5 Connect customer, you can enjoy access to thousands of surcharge free ATMs. You may get reimbursed up to $15 per statement cycle for any fees that are charged by out-of-network ATMs. There’s also a mobile app with features like mobile deposit, bill pay, money transfer, and an ATM locator.
16. MoneyLion
Founded in 2013, MoneyLion is a financial services company that works to help customers improve their finances. RoarMoney is its FDIC-insured checking account that comes with no account fees and several unique perks.
As long as you enroll in automatic monthly direct deposits, you can receive each paycheck up to two days early. Price Match will also refund you the difference if you find something you purchased at a lower price. Plus you may use RoarMoney to design a budget and track your spending. In addition to RoarMoney, MoneyLion offers Instcash in which you can get cash advances of up to $250 through the app.
17. Juno
Formerly OnJuno, Juno is an FDIC-backed online banking platform known for its high-yield checking account with zero monthly maintenance fees or minimum opening deposit. You can also earn cash back if you make crypto purchases or cash purchases at certain companies.
It’s ideal if you’re an immigrant or international professional because all you need to open an account is a passport and Social Security number. With Juno, you get free atm withdrawals at more than 85,000 Allpoint or MoneyPoint ATMs.
18. Wise
Headquartered in London, Wise is a financial technology company that prides itself on innovation. You can open a Wise personal account for free and won’t have to meet a minimum balance requirement or pay a monthly fee. Wise is unique in that you can hold 54 currencies and send international transfers to over 80 countries.
There are also international business accounts, which can be helpful if you send, spend, or withdraw money while you travel abroad for business purposes. While you can sign up for a Wise debit card, it does come with fees and may only be used in select countries.
What to Look for When Choosing a Bank
When you shop around Chime alternatives, you’ll notice there are no shortage of options. Here are some things to consider as you look for the ideal solution.
Fees
Fees can add up quickly. Ideally, you’d go with a bank that charges low fees or basically no fees. Fortunately, most online banks are known for their fee-free bank accounts.
With many of these checking accounts, you won’t be charged monthly maintenance fees, ATM fees, wire transfer fees, and early account closing fees. Just be on the lookout for hidden fees.
High Interest and Rewards
The higher the interest rate, the more money you’ll be able to save with minimal effort. Sometimes, you can even earn rewards like cash-back and travel points for making transactions on your debit cards.
Large ATM Network
If you’re an avid cash user, you don’t want to pay an arm and a leg every time you use an ATM. For this reason, it’s important to choose a bank with a fee-free ATM network or one that reimburses you when you use an out-of-network ATM.
Customer Service
You want to ensure that you can easily receive answers to your questions or address your concerns. For this reason, choose a bank or company that has positive customer service reviews.
Bottom Line
While Chime offers many perks, it’s not perfect. If you’re willing to do some research and compare your options, you can find several online banks like Chime. Before you make a decision, look at the banking services provided. Then, weigh the pros and cons. Don’t be afraid to test a Chime alternative for a few months or so to make sure it’s a good fit.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
8. A Chime Checking Account is required to be eligible for a Savings Account.
Current is a digital banking app designed to simplify banking in the modern world. It also includes features for teens and young adults that can help them learn to manage money.
So, how does Current work and what does it cost? We’ll answer all of these questions and more in the Current review below.
What is Current?
Current is not a bank. It’s different from other financial institutions in that it’s a financial technology with a mission to help people make smart decisions about money.
It comes with several perks, like faster paycheck access, savings pods, spending insights, and cash back rewards. Best of all, there are no minimum balance requirements or overdraft fees.
Founded in June 2015 by Stuart Sopp, Current has raised over $400M and landed big name partners and investors, including Mr. Beast, the well-known YouTube star.
Its banking services are provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC. In addition, the Current Visa Debit Card is issued by Choice Financial Group and Metropolitan Commercial Bank.
To date, there are about 4 million Current users. Current accounts are currently mobile only as there is no desktop account access or in-person branch network. You can download the Current app on your Android or iOS advice.
Current Features
Current offers several account features that you might find useful, including:
Faster Paycheck Access
Sometimes, you can’t wait until payday and need your hard earned money sooner. That’s where Current’s paycheck access comes in. It will deposit the funds from your paycheck up to two days faster than the typical direct deposit.
Current is unique in that it disregards the date your employer intends to release your paycheck funds. Instead, it works like a prepaid debit card and credits your account immediately after receiving it.
Gas Hold Feature
There’s no denying that the price of gas has skyrocketed. As a result, many gas stations have begun placing holds on the cards of customers. For example, a gas station might place a $100 hold on your card, even if you only purchase $50 worth of gas.
This will ensure you’ll have enough funds to cover the total cost. It can take anywhere from a few hours to a few days for the gas station to release the hold. Current will remove the hold right away so that the funds are readily available to you and you don’t have to wait.
Teen Banking
Current offers a teen account that enables parental supervision and strives to educate teens about proper money management. Its parental features include cashless convenience, instant transfers to teen cards, purchase notifications, and the ability to block specific merchants.
Parents can also use Current’s teen account to set spending limits and chores as well as automate allowance payments. In addition, multiple family members may add funds as they wish.
Savings Pods
With Current’s savings pods, you can meet various saving goals. Here’s how it works: You name a savings pod and deposit money into it from your account or qualifying direct deposit.
You can also add money through the round up feature where you round up to the nearest dollar from any debit card purchases you make.
At the time this article was written, Current offers 4% APY on $6,000. To take advantage of the interest feature, transfer money from your spending balance to your savings pods.
Note that the type of membership you have will determine how many savings pods you can open. If you’re a basic customer, you’re limited to one pod whereas premium customers get up to three pods.
Cash Back Rewards
Current members can reap the benefits of a generous rewards program. As a member, you can earn up to 15x points on purchases you make at over 14,000 retailers. These retailers include Rite Aid, Cold Stone Creamery, Rite Aid, Subway, Forever 21, Burger King, and others that are listed in the Points tab in the Current app.
You may redeem these points for cash back in your Current account. You’ll receive the points right after you make a qualifying purchase and can redeem 100 points per dollar.
According to Current, its members have the potential to earn $165 cash back per year by simply using their card at participating gas stations. Keep in mind that Premium customers have the potential to earn more points and cash back than Basic customers.
Instant Cash Deposit
Current lets you easily deposit cash into your account. You may instantly add cash at over 60,000 at convenient places like local grocery and convenience stores, including Walmart and CVS. This is a huge selling point.
To deposit cash with Current, find a nearby cash deposit location, tap “view barcode” from the map, show the barcode to a cashier, and give them the funds. You can add up to $500 per transaction or up to $1,000 per day and $10,000 per month. The money will show up in your Current bank account immediately.
Overdraft Protection
The app does more than eliminate overdraft fees. If you overdraft your account by accident, you’ll get a free pass. The Overdrive feature offers a fee-free overdraft of up to $200 on in-store and online purchases.
To qualify for it, you must be 18 years or older and receive $500 or more in eligible direct deposits each 30-day period. A qualifying deposit can be an ACH transfer from your employer, payroll company, or Social Security. Unfortunately, mobile check deposits and peer-to-peer transfers don’t count.
Cryptocurrency
With Current, you can buy and sell cryptocurrency from the same app. Fortunately, you don’t have to worry about any trading fees or wait days for your trade to settle. You can purchase 27 popular coins, like Bitcoin, Dogecoin, Ethereum, and Shiba Inu. Once you sell a coin, you’ll notice the cash in your Current account immediately.
Money Management
Current’s money management tools can come in handy if you’re looking for a way to take control of your personal finance and make the most out of your money. The Spending Insights feature, for example, is available on your home screen.
It lists your recent purchases and assigns them a spending category so you can easily see where your cash is going. You may also sign up for real-time notifications that will appear any time you make a debit card purchase.
While the Spending Insights feature is designed to help you track your spending, the Budgets tool if your goal is to prevent overspending. You can create budgets for various categories. As you approach your budget or spending limit on an account ownership category, you can receive updates and make changes accordingly.
Current Pay
Current Pay works a lot like Apple Pay, Venmo, Zelle, and PayPal. If you know others that use the app, you can pay and request money from them instantly. Best of all, the process is easy and doesn’t involve any fees.
Does Current Have Transaction Limits?
Despite all of Current’s handy features, the app does impose transaction limits you should be aware of. These include a $500 daily maximum in ATM withdrawals, $2,000 daily maximum in card purchases, and $5,000 maximum transaction amount for peer-to-peer payments through Current Pay.
Are There Any Fees?
Now it’s time to discuss Current review fees. You may be surprised to learn that Current doesn’t charge monthly maintenance fees or have any minimum balance requirement requirements.
Additionally, there are no overdraft fees, or money transfer fees for money transfers from an internal bank account or external bank account or ATM fees at 40,000+ Allpoint ATMs. This is great news if you’d like to try it out with no strings attached.
But keep in mind that you may face out-of-network or third-party fees. For example, if you use Current at an out-of-network ATM, you’ll get charged $2.50. International withdrawals cost $3 each.
In addition, if you’d like, you can upgrade from the Basic membership plan to the Premium account or membership plan. While this will come with an additional monthly fee of $4.99, you’ll get access to more features, like additional savings pods and the chance to earn more cash back.
Who is Current best for?
Current might be worth exploring if you don’t mind mobile banking. It can help you meet smaller savings goals with a high interest rate. It’s also ideal if you use your credit card frequently and hope to earn generous cashback rewards.
In addition, you may benefit from Current if you’re a parent or guardian that wants an account for your teen and wishes to instill healthy money habits. We also recommend Current if you’re unable to qualify for a traditional banking account and are looking for a viable, cost-effective alternative.
Current Pros and Cons
Just like any digital banking app or online bank, Current comes with several benefits and drawbacks, including:
Pros
No monthly fees: You can use Current without committing to monthly usage fees.
Generous APY: Current offers 4% APY on up to $6,000 in savings to help you expedite your savings goals.
Cash back: Unlike most debit cards, Current rewards you with cash back every time you make a purchase at 14,000+ participating retailers.
Early paycheck access: You may access the money from your paycheck up to two days sooner.
Instant gas hold removals: If a gas station places a hold on your account, Current will remove it immediately.
Teen features: Current comes with plenty of features you can use to help your teen become responsible with money.
Cons
No online or in-person banking: You can only use Current on your iOS or Android device as Current’s mobile app currently doesn’t support online or in-person banking at a local branch.
No checks: The Current app doesn’t offer checks so you’ll have to find an alternative payment solution.
Email-based support: If you have a question or concern, Current will only be able to help you via email support is not available.
Mobile check deposit feature is slow: It can take up to 5 business days for a check deposit to clear.
How to Use Current
If you’d like to sign up for Current, follow these easy steps.
Download the app on the Google Play Store or Apple App Store. You can also enter your phone number on Current’s website and receive a download link.
Share basic personal information including your name, phone number, email address, residential address, and Social Security number.
If you’d like, connect Current to a debit card or bank account to fund your account.
Once you sign up, you’ll receive a Current debit card by mail. It should arrive via USPS within 7 to 10 business days but you can use Current before then. Current will give you a virtual card you can add to your digital phone wallet while you wait for your physical card.
Current Reviews
Before you go ahead and sign up for the Current app, you might be wondering what other Current account holders have to say about it. Here’s an overview of the various reviews we found online.
TrustPilot
On TrustPilot, Current earned 3.8 out of 5 stars. Most reviewers praise the app but there are several complaints about Current customer support and challenges with disputes.
Apple App Store
Current users gave it a 4.7 out of 5 stars on the Apple App Store. There are over 84K reviews and any of the negative ones relate to customer service.
Google Play
When it comes to the Google Play Store, Current ranked well as well with 4.8 out of 5 stars from over 89K reviews. Again, the negative reviews are about customer service and resolving disputes.
It’s no surprise that customer service is Current’s most noteworthy downfall as it’s only available via email and in-app chat that sometimes doesn’t work. If you have an urgent question while using the app, you won’t be able to make a phone call and receive a quick response. Depending on when you send the email, you may have to wait a few business days or even longer to hear back.
Speaking of customer service, you might want to know how to go about it. You can use the in-app chat feature or fill out an email form and wait for an email response. As stated, there’s no way to call the Current team for faster support.
The good news is the app is fairly intuitive and you shouldn’t come across too many issues while using it, especially if you consider yourself tech savvy. Plus you can check out Current’s frequently asked questions on its website for answers to simple, less urgent questions.
Current Alternatives
While Current is a solid online banking app for many adults, teens, and young adults, it’s not for everyone. If you find that Current isn’t right for you or are wondering about alternative options, here are a few to consider.
Chime®
Just like Current, Chime is a financial technology company or fintech company with modern features you may not find at a traditional bank, credit union, or brick-and-mortar financial services company. It offers early direct deposit2, savings roundups, and no-fee overdrafts5.
Compared to Current, it’s more like a high yield savings account8 in that it lets you earn a better APY on your savings on your entire balance, rather than just up to $6,000.
In addition, there’s a Credit Builder7 account you can use to boost your credit without a credit check. Just keep in mind that Chime doesn’t offer a teen account like the Current teen account.
Read our in-depth Chime review here.
See also: Chime vs. Current: Which Is Better?
Greenlight
While Current is intended for teens and their parents, Greenlight’s online banking services are geared toward younger children in elementary school. Both apps come with parental controls and features such as spending limits, chore rewards, transaction monitoring, and the chance to blacklist set retailers. Greenlight also lets you invest in the stock market.
Bottom Line
Current offers a long list of features that make it a smart choice if you want a digital banking platform with no monthly fees or hidden fees. You can enjoy early paycheck deposit, no overdraft fees, teen savings accounts, cash back rewards, savings pods, and more.
As long as you’re okay with limited customer service and don’t mind using the app on your mobile device, it’s certainly worth exploring.
Current FAQs
Here are a few of the most common questions that many people ask about the Current digital banking app.
Is Current safe?
It’s a risk to use any type of mobile or online banking platform. But Current checking accounts and teen accounts are backed by FDIC insurance of $250,000 in the event of a bank failure. Plus just like many reputable online banks, the app uses bank-level data security measures and you can sign up to receive push notifications any time current detects account fraud.
Does Current have any physical branches?
At this time, Current does not have any physical branches. This means you won’t be able to receive in-person service. The good news, however, is it does offer fee-free cash withdrawals at over 40,000 Allpoint ATMs throughout the country.
Can you deposit cash into your Current account?
Yes, Current lets you deposit cash. However, cash deposits aren’t free and you will have to pay $3.50 for every cash deposit transaction.
What happens if you overdraft your Current account?
Thanks to the Overdrive feature, it’s no big deal if you overdraft your account. You can enjoy a fee-free overdrive of up to $200 on any purchase you make in-store and online.
Can you earn rewards or bonuses with Current?
Absolutely! As long as you use the Current Visa debit card at participating retailers, you can earn cash back. Plus you can earn $1 every time you refer a friend who signs up for a Current account.
Is Current worth it?
If you’re looking for a free checking account with plenty of bells and whistles or a teen banking account, the Current mobile app should be on your radar. But if you prefer a more traditional banking experience, you might be better off with an account at a local bank or credit union.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. 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.
7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
8. A Chime Checking Account is required to be eligible for a Savings Account.
If you’re looking for a free checking account, you have multiple options in both traditional and online banks. With more than 4,100 banks in the U.S., according to the FDIC, the choices can be downright overwhelming.
It can help if you get clear on what you want in a checking account, narrow down your options, and then read reviews like the one below to find the best free checking account to meet all your needs.
12 Best Free Checking Accounts
When you’re ready to open a new checking account, consider the no fee checking accounts on this list. We’ve evaluated the fees, minimum deposit requirements, annual percentage yield APY on those that earn interest, and more.
Most of the best checking accounts offer features like overdraft protection, mobile banking and the ability to get paid up to two days early with your direct deposit. But financial institutions that let you earn interest on your checking balance or deliver cash back also gained our favor.
1. Chime Checking
Chime boasts truly fee-free checking and a host of advantages for those seeking an online-only banking solution. The bank has no monthly service fees, no overdraft fees, no transaction fees, and no minimum daily balance fees. If you lose your debit card, you don’t even have to pay to replace it!
Chime has a few features that can help you manage cash flow. First, if you sign up for direct deposit you can receive your paycheck up to two days earlier than you might with a conventional bank.
Second, Chime’s SpotMe program covers overdrafts up to $200 (depending on your qualifications). To take advantage, you must have a monthly direct deposit of at least $200. If your debit card purchase exceeds your overdraft limit, it will be declined, so you won’t ever pay overdraft fees.
Your Chime debit card is linked to a nationwide network of 60,000+ fee-free ATMs. The only fee you might pay is if you withdraw money from an out-of-network ATM or use your debit card to withdraw funds from your account during an over-the-counter debit card purchase.
Chime is an online financial services company, not a bank. It provides $250,000 worth of FDIC insurance per account holder, per account, through Stride Bank and The Bancorp Bank, both members FDIC.
Unlike some neobanks, Chime offers multiple means to reach their customer service representatives. You can reach out on live chat through the app or website 24/7/365.
Best for: Free Overdraft Coverage
Minimum Deposit: None
Monthly Fee: None
2. Bank of America Advantage Plus Banking®
Bank of America offers three Advantage checking accounts:
SafeBalance
Advantage Plus
Advantage Relationship
All three allow you to waive the monthly maintenance fee in a few different ways. Preferred Rewards members, who hold at least $20,000 in a Bank of America account or Merrill investment account enjoy free checking from Bank of America.
Otherwise, to waive the fee for your Advantage Plus checking account, you’ll need a qualifying direct deposit of $250 or more per month, or maintain a $1,500 minimum daily balance.
If you don’t qualify to have fees waived, your Bank of America Advantage Plus account will cost a reasonable $12 per month.
As the “middle-of-the-road” account which would fit the needs of the average customer, we chose Advantage Plus as the best free checking account from the big bank. It is also the most popular of the three.
You’ll want to be aware that your BOA account may have additional fees, including an overdraft fee of $10 for each item paid. You can avoid this fee by linking another eligible Bank of America account to your Advantage Plus checking account to cover overdraft transactions with no transfer fees.
Other Bank of America fees include a $15 replacement fee for a lost debit card, an international transaction fee equal to 3% of the transaction in U.S. dollars, and ATM fees of $2.50 for using an out-of-network ATM. With roughly 16,000 ATMs, nationwide, however, it should be easy to avoid out-of-network ATM fees.
Bank of America offers some features you won’t find at other banks. For instance, you’ll gain access to “Erica,” Bank of America’s virtual financial assistant to easily manage your accounts.
You can also enroll in Bank of America’s Keep The Change program, which allows you to round up debit card purchases and have the extra money deposited into your BOA savings account or your child’s linked BOA account.
Keep the Change is an easy way to sneak some extra savings into your budget. Preferred Rewards members can earn more than 5% interest on money in their linked Bank of American Advantage Savings account.
Best for: Preferred Rewards members
Minimum Deposit to Open: $100
Monthly Fee: $0 or $12
3. Quontic High Interest Checking
While it doesn’t compare to Wealthfront’s 4.55% APY for a Cash Account, Quontic offers what qualifies as a high interest checking account with a 1.10% APY.
Be aware that to earn that rate, you’ll need to make at least 10 qualifying debit card purchases of $10 or more in each statement cycle. Otherwise, your money will earn just 0.01% APY.
Quontic’s free checking account with no monthly maintenance fees, no overdraft fees, and no minimum account balance is straightforward, FDIC insured, and socially responsible. The online bank is one of fewer than 3% of all banks designated as a Community Development Financial Institution.
That means Quontic uses your money with fiscal responsibility for social good, depositing it into accounts to help serve lower income families, under-served demographics and small business owners obtain affordable mortgages.
But opening an account with Quontic doesn’t just help others. Account holders enjoy a host of benefits. You’ll gain access to online bill pay and a “roundup program” to shuffle extra “change” from your debit card purchases into your linked high yield Quontic savings account with a 4.25% APY.
You’ll also get a Quontic Pay Ring, a wearable that replaces your debit card for point-of-sale purchases.
Enjoy access to 90,000+ fee free ATMs through the AllPoint, MoneyPass, or SUM program ATMs, as well as Citibank ATMs nationwide. You’ll find these ATMs at popular stores like Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie, and Circle K.
In addition to its High Interest Checking Account, Quontic offers a Bitcoin Rewards checking, which rewards you in cryptocurrency for debit card purchases, and a Cash Rewards checking account, which pays 1% cash back on all eligible debit card purchases.
Both accounts offer the same features as the High Interest checking account, except you’ll receive rewards instead of interest on your checking balance.
For a higher APY, you can open a Quontic Savings account with no monthly service fee and a high 4.25% APY.
Best for: Socially conscious banking
Minimum Balance to Open: $100
Monthly Fee: None
4. Wealthfront Cash Account
Like Chime, Wealthfront is not a bank. But some would argue that, with no monthly maintenance fee, FDIC insurance of up to $5 million through partner banks, and a high 4.55% annual percentage yield APY on the Wealthfront Cash Account, it’s even better.
Your Wealthfront Cash Account offers many of the same features as a traditional or an online bank. You’ll receive a free debit card and can withdraw cash with no ATM fees at a network of 19,000 ATMs nationwide.
Most consumers will choose the Individual Cash Account, with features such as early direct deposit, online bill pay, mobile check deposit through the app, and fraud protection. Wealthfront also offers a joint account, with up to $10 million FDIC insurance, and a Trust Cash account.
Best of all, Wealthfront charges no overdraft fees, no transfer fees from external accounts, and no fees if your account dips below a minimum balance. It requires just $1 to open an account.
If you are interested in retail investing, Wealthfront makes it easy with virtually instant transfers between your Wealthfront Cash Account and linked Wealthfront Investment accounts.
As you build your portfolio, you can take advantage of Wealthfront’s vast array of financial services, including automated investing, stock investments with zero commissions, and tax loss harvesting services.
As your Wealthfront investment portfolio grows, you can borrow up to 30% of your portfolio’s value at an interest rate as low as 7.40% APR.
For consumers looking for a one-stop shop for investments, fee-free checking, and savings with a high annual percentage yield, Wealthfront represents a solid choice in online financial service companies or neobanks.
Best for: High Annual Percentage Yield APY
Minimum Deposit to Open: $1
Monthly Fee: None
5. Capital One 360
A Capital One 360 checking account combines the security and convenience of one of the nation’s largest banks with no monthly maintenance fees and no minimum opening deposits.
Account holders also earn 0.10% APY on all checking account balances in their Capital One 360 account.
You can open your account online or in a branch. If you want in-person assistance, you can visit a Capital One branch or Capital One Café for help.
Capital One 360 gives you access to your money through more than 70,000 fee free ATMs in the Allpoint, MoneyPass or Capital One networks.
Capital One 360 has no overdraft fees, but you can decide how you want the bank to handle transactions that exceed your account balance.
You can set it up so that a transaction that would cause an overdraft is declined. Or you can transfer funds from a linked savings or money market account to cover an overdraft.
Alternatively, Capital One may accept certain transactions that put your account into overdraft. You’ll need to deposit money to cover the overdraft or additional transactions will be declined.
Capital One offers direct deposit up to two days sooner than many banks.
Capital One’s robust mobile app allows for bill payments online, mobile check deposits, and Zelle person-to-person transfers. If you want to add cash to your account, you can do it in person at a CVS store. If you have other Capital One accounts or credit cards, you can manage them all through one login.
Your Capital One 360 account has no foreign transaction fees, but keep in mind there may be fees for using out-of-network ATMs, cashier’s checks, outgoing wire transfers, or paper checkbooks.
Best for: Capital One Credit Card customers
Minimum Balance to Open: None
Monthly Fee: None
6. Consumers Credit Union
The only credit union on our list of the best free checking accounts, this checking account is open to virtually all U.S. residents over the age of 18.
You’ll just need to pay a one-time, $5 membership fee to the Consumers Cooperative Association. Consumers Credit Union even reimburses this fee after you open your free checking account. Children as young as age 12 can join as the second member on a joint account.
Your Consumers Credit Union Rewards checking account offers many of the same benefits as top rated online banks with no monthly fees and no fees of any kind.
You will even be reimbursed for fees incurred while using out-of-network ATMs. CCU has a network of 30,000+ ATMs nationwide.
Enjoy early direct deposit, mobile banking, and even the ability to write unlimited checks with no fees. Plus, you’ll earn up to 5% APY on your balance, depending on certain actions you take. Here’s how the tiered checking account interest works for balances up to $10,000:
Earn 3% APY if you make at least 12 debit card purchases a month and have direct deposits, mobile check deposits, or ACH credits of at least $500 each month
Earn 4% APY if you meet the above requirements plus spend $500 or more on your CCU Visa credit card each month
Earn 5% APY if you meet the requirements to earn 3% plus make $1,000 or more in purchases on your CCU Visa card monthly
Balances of $10,000.01 to $25,000 earn 0.20% APY and balances over $25,000 earn 0.10% APY.
If you don’t meet the requirements in a given month, you will still have free checking and free online bill payments and you will receive a 0.01% APY on all checking account balances. You also won’t qualify for ATM fee reimbursement.
You can reach Consumers Credit Union customer service online, by phone, or at CCU branches across Illinois. You can also bank at shared branches across the U.S. that are part of the CU Service Center Network, a co-op of credit unions.
Best for: Those who prefer to bank at a credit union
Minimum Balance to Open: $5
Monthly Fees: None
7. Ally Bank Interest Checking
Ally is not just a robust fin-tech; it is a nationally chartered bank with $196 billion in assets and 11 million customers. The bank offers an interest earning checking account with no monthly fee and no overdraft fees, high-yield savings, money market account and CDs. Plus, it provides investment services, loans, and credit cards.
The Ally Bank free checking account lets you earn interest of 0.25% annual percentage yield APY on all balances.
You’ll pay no monthly service fees, no overdraft fees, and no ATM fees at more than 43,000 Allpoint ATMs nationwide. Ally also reimburses you up to $10 on out-of-network fees charged at other ATMs.
Your Ally checking account makes money management easy. You can put money in specific “spending” buckets allocated for different purchases. This can help you track your spending and stick to your budget. You can also get paid up to two days early with direct deposit.
Many of the best free checking accounts offer overdraft protection. Ally offers two choices to help you avoid overdraft fees. With the Overdraft Transfer Service, you can link your Ally Bank online savings or money market account to your Interest Checking account.
Ally will automatically transfer funds to your checking account to cover your purchase. If you make more than six withdrawals in a statement period, you may be charged “excessive transaction fees,” but Ally Bank reimburses those fees.
The CoverDraft service will cover purchases up to $100 as long as you have deposited at least $100 into your Interest checking account in the past 30 days. You can extend that coverage up to $250 if you receive a qualifying direct deposit of at least $250 for two months in a row.
You’ll need a direct deposit every 45 days to maintain your expanded coverage. You will have 14 days to bring your balance out of the negative.
Best for: Online only banking
Minimum Balance to Open: None
Monthly Fee: None
8. Axos Bank Rewards Checking
Axos Bank offers three different checking accounts with no monthly maintenance fee.
The Essential Checking online account has no overdraft fees, no monthly account fees, and unlimited reimbursement for out-of-network ATM use within the U.S.
The Rewards Checking has all the benefits of the Essential checking account and adds up to 3.30% APY in interest on qualifying balances.
Now until June 30, 2023, you can earn a sign-up bonus of $100 when you open an Axos Bank Rewards checking account and receive direct deposits totaling $1,500 or more each month for the first three months your account is open.
The Axos Bank Rewards checking account has complicated requirements to qualify for the highest annual percentage yield. Here’s how it works:
Direct deposits of $1,500 per month or more earn 0.40% APY
Once you fulfill that requirement, you’ll need 10 point-of-sale signature transactions with your debit card (minimum $3 purchase) or enrollment in account aggregation/personal finance manager account to earn an additional 0.30% APY.
Maintain an average daily balance of $2,500 in an Axos self-directed trading invest account to earn 1%
Maintain an average daily balance of $2500 in an Axos Managed Portfolio Invest account to earn another 1%
Make a monthly payment to an open Axos Bank consumer loan from your Rewards checking account to earn up to 0.60%
Together, this results in a 3.30% APY.
A Cashback Checking account offers the same benefits as the other checking accounts, except instead of earning interest you will receive 1% cash back on eligible debit card purchases.
Keep in mind that to earn the full 1% cash back, you’ll need to maintain an average daily balance of $1,500 in your checking account. If the balance falls below $1,500, you’ll earn .50% for that month.
Best for: Sign-up bonus
Minimum opening balance: $50
Monthly fee: None
9. SoFi Checking and Savings
Another excellent option in online banking, SoFi offers a wide range of financial services, including investments and loans. The bank provides a combination Checking and Savings account with a high yield APY of 4.20% for balances in your savings or Vault, and 1.20% APY on checking balances.
You will need to set up direct deposit to qualify for the high interest rates and other benefits, such as 2-Day Early Paycheck and no-fee overdraft coverage. But there is no minimum balance required.
Right now, the bank is offering new customers who open a free account up to $250 in cash. To receive your bonus, simply open your account and set up direct deposit. Deposits of $1,000 to $4,999.99 qualify for $50 cash back, while a deposit greater than $5,000 will net you $250.
There are no account fees when you bank with SoFi. Account holders with qualifying direct deposits receive fee-free overdraft protection for up to $50 per purchase.
You can even keep the money in your SoFi online savings to collect the high annual percentage yield APY of 4.20% and the bank will automatically transfer funds to checking to cover certain purchases. It will not, however, transfer money from Vaults, which are designed to help you reach specific savings goals.
Your SoFi debit card gives you access to your money for free at more than 55,000 ATMs in the AllPoint network. Plus, when you use your debit card for point-of-sale transactions at many local businesses, you can earn 15% cash back.
SoFi is a nationally chartered back with FDIC coverage. Thanks to a partnership with other banks, SoFi’s FDIC insurance exceeds the $250,000 maximum.
Your deposits are insured up to $2 million per account holder, per account, with SoFi. That makes SoFi an excellent choice in online banking for those with high savings, money market, or CD balances.
Best for: Money management and saving
Minimum Opening Balance: None
Monthly Service Fees: None
10. Varo Bank
Varo Bank has the distinction of being the first financial technology company to become a nationally chartered, online only bank. While most of the banks on our list of best free checking accounts have important features in common, Varo has a few perks that are harder to find in a free account.
First, your Varo debit card offers up to 6% cash back at select online retailers and brick-and-mortar stores. Each time your cashback balance reaches $5, you’ll see the funds deposited directly into your Varo bank account.
When you open a Varo checking account, it pays to open Varo savings at the same time. You’ll gain access to features like “Save Your Change,” which allows you to round up debit card purchases and put the difference in savings.
You can also use Save Your Pay, which deposits a portion of every paycheck you receive via ACH transfer directly into savings. You can set up these features in the mobile app.
Varo also offers a cash advance feature called “Varo Advance,” which allows you to borrow up to $250 and pay it back within 30 days.
You’ll pay nothing for advances less than $20, but there are fees up to $15 associated with borrowing larger amounts. As with many other banks, Varo also lets you get paid via direct deposit up to two days early.
Varo makes it easy to deposit cash into your account by purchasing a Green Dot MoneyPak at stores like Walmart, CVS, Rite Aid, Walgreens, 7-11, Dollar General, and others. You can also deposit cash at the register in any of these stores. You might pay a fee of up to $4.95 for this service.
Varo has no minimum balance requirements, no overdraft fee, no monthly fee, no foreign transaction fees, and fee-free access to 55,000+ ATMs in the Allpoint network.
If you use an out-of-network ATM, you will be charged a $3 fee by Varo, plus any charges incurred from the other bank. If you withdraw money using your Varo debit card at the point-of-sale in a store, you’ll pay $2.50 for the convenience.
You can reach Varo customer support via chat on the app every day from 8 AM to 4:30 PM, Mountain Time, except on Thanksgiving, Christmas, and New Year’s Day.
Varo phone support is also available Monday through Friday during the same hours for help logging into your account, filing a dispute if you suspect fraudulent charges, or to receive help adding your Varo card to a digital wallet.
Best for: Cashback debit
Minimum Opening Balance: None
Monthly Fee: None
11. Discover Cashback Debit
In the world of finance, Discover is best known for offering a straightforward cashback rewards credit card. Discover’s free online checking account also offers cash back rewards of 1% for up to $3,000 worth of debit card purchases monthly.
That could equal up to $30 in free money every month. You can even choose to have that Cashback Bonus deposited directly into your Discover Online savings account, where it can earn up to 3.90% APY.
Discover has no fees for anything. This includes overdraft protection through your linked Discover savings, no insufficient funds fee, no fee for official bank checks, no fee to receive expedited delivery of a new debit card, and no fees for paper checks. The only service that incurs a fee is an outgoing wire transfer. That will cost $30.
You can use your Discover debit with no fees at any of 60,000+ ATMs nationwide. Like many other financial institutions on this list, Discover allows you to receive ACH deposits from your employer up to two days early through the Discover “Early Pay” program.
Unlike many other online only banks, Discover offers 24/7 U.S.-based customer service by phone at 800-347-7000. If you prefer the convenience and cost savings of an online only bank account but want access to 24/7 phone service, Discover Bank could be the best choice for you.
Best for: 24/7 customer service by phone
Minimum Opening Balance: None
Monthly Fee: None
12. Chase Total Checking®
JPMorgan Chase & Co. is not just one of the “big four” banks in the U.S. It is the biggest bank in the U.S. and the world’s largest financial institution based on market cap. For that reason, many people choose Chase Bank for its convenience and 4,700 branches nationwide.
Chase Total Checking is the bank’s most popular checking account, requiring no minimum opening deposit, and a low monthly fee of $12 that’s fairly easy to waive. To waive the fee, you’ll need to do one of the following each month:
Have at least $500 in direct deposits
Maintain a beginning daily balance of $1,500 or more
Maintain an average beginning day balance of $5,000 or more in any combination of your Chase checking account plus other qualifying accounts
Chase offers overdraft protection in the form of its Overdraft Assist program. You won’t pay an overdraft fee if you’re overdrawn by $50 or less at the end of the business day.
If you are overdrawn by more than $50 but bring the account current or bring your overdraft to $50 or less by the next business day, you also won’t pay any fees.
Chase offers access to Zelle for person-to-person payments and has an intuitive and user-friendly app for online and mobile banking.
You can also take advantage of Chase Autosave features to automatically have a portion of deposits transferred into your Chase savings account, or set up automatic transfers on a schedule, such as weekly or monthly.
Set savings goals and have money deposited into specific buckets or transfer funds into your general savings account to build your emergency savings. You can even pause automatic savings if your checking account drops below an amount you set.
Chase Premier Plus Checking offers even more benefits, including free money orders and cashier’s checks, ATM fee reimbursement for out-of-network ATMs four times per statement cycle, and free checks.
Your Chase Premier Plus Checking account earns a 0.01% APY on all account balances, which is the same as a Chase Savings account.
You can avoid the fees on your Chase Premier Plus Checking account if you have an average beginning day balance of $15,000 in any combination of Chase checking, savings, and other deposit accounts.
Another option is if you have a linked qualifying Chase mortgage enrolled in automatic payments, or if you are a member of the U.S. military or a veteran.
When you are a Chase checking customer, you can refer friends to open a Chase account and receive a $50 bonus, up to $500 per year. Like most financial institutions on this list, Chase has a robust and easy to use mobile app.
Best for: 4,700 branches nationwide
Minimum Opening Balance: None
Monthly Fee: $12.95 (for Chase Total Checking) or free if you meet requirements
Methodology: How We Select the Best Free Checking Accounts
We evaluated multiple factors to find the best free checking accounts for consumers across the U.S. Whether you have large monthly direct deposits or have been “unbanked” until now, you’ll find the best free checking accounts for any need or any budget here.
ATM network or generous ATM-fee reimbursement program
You shouldn’t have to pay extra money to access your money. After all, that’s the opposite of a “free checking account,” isn’t it? You want to find a bank with a large, fee-free ATM network to conveniently withdraw cash or make deposits. If the bank reimburses out of network ATM fees, that’s a bonus.
Nationwide availability (Physical locations or mobile access)
If you’re looking for a traditional bank, you want to make sure it has branches near you. Otherwise, an online bank might be the best choice. For this list of free checking accounts, we eliminated credit unions that don’t serve customers nationwide or have strict membership requirements.
Credit unions are often a solid choice for banking, and often have low fees and high interest rates. For instance, Navy Federal Credit Union is a highly ranked financial institution backed by the National Credit Union Administration. But it’s only open to members of any branch of the U.S. Armed Forces, U.S. veterans, their families, and Department of Defense personnel.
We tailored this list around banks with national appeal, with means they serve customers nationwide, with no residency requirements or specific occupational requirements. The one outstanding credit union on the list, Consumers Credit Union, is open to virtually anyone in the U.S. over the age of 18.
No Monthly Maintenance Fee
When most people think of a free checking account, they think of one with no monthly maintenance fees. You’ll see a few banks with monthly maintenance fees on this list because the benefits outweigh the fees. But any monthly service fees are easy to waive by meeting direct deposit or minimum balance requirements.
Low Minimum Deposit and Balance Requirements
Truly free checking accounts should be accessible to most consumers. That means having low or no minimum deposit or minimum balance requirements.
No or Low Foreign Transaction Fees
If you travel abroad or make international transactions, you don’t want to pay fees. This may not be important to everyone, but foreign transaction fees may be a point to consider.
No Account Closure Fee
This was a deal-breaker for us. If you choose to close your account, you should be allowed to do so with no account closure fee. All the banks on this list make it as easy to close your checking account as it is to open it.
No Overdraft Fees
Likewise, if you accidentally spend more money than you have in your account, you shouldn’t be punished. Sometimes we forget that an automatic payment cleared or sometimes, you just need a helping hand to make it to your next paycheck. We gave preference to account with no overdraft fees, overdraft protection, or generous overdraft forgiveness.
Benefits such as high APY, cash-back rewards, or other additional perks
From cash back debit cards to interest bearing checking accounts, generous perks can make it easy to choose one fee-free checking account over another. Other nice-to-have features include:
The ability to pay bills online
Early direct deposit
Mobile check deposit
These account features make it easy to manage your money. We evaluated all these aspects when compiling our list of the best free checking accounts.
Customer Service
Whether you opt for a neobank or a traditional bank with brick-and-mortar branches, you want fast and responsive customer service. We took branch hours or phone hours into consideration, as well as a responsive chat or email for those who prefer automated service without speaking directly to a person.
Other Products and Services
Many people want to use the bank that holds their primary checking account as a one-stop shop for all their financial needs. They don’t want to download another mobile app, remember another password, or keep their money in different places.
For this reason, we considered the availability of high yield savings or money market accounts, CDs and other financial services when choosing the top free checking accounts. Chase, Capital One, and a few others got bonus points from us for the ability to link a child’s account to teach money management at a young age.
How to Choose the Best Free Checking Account
Before you choose a free account, decide what features are most important to you. Do you want a bank with brick-and-mortar branches or are you comfortable banking online only? If you choose an online financial institution, find out if there is a way to deposit cash, since some only allow mobile deposits and ACH transfers from other accounts.
Most of the checking accounts on this list offer similar features, including an easy to use mobile app, no monthly fees, direct deposit capabilities, and overdraft protection. Some have no minimum deposit to open the account, which is convenient since you can set up the account and then fund it within a few days or when you receive your next paycheck.
If you’re looking for interest bearing checking accounts, you’ll find a few on this list. Others provide debit rewards, which isn’t a common feature in a free deposit account. These benefits can help put extra cash in your pocket to help you reach your financial goals.
Determine if you want a linked savings. If so, do you want the capability to transfer funds into multiple savings buckets to help with budgeting?
All the banks on this list are FDIC insured for up to $250,000 per account holder for each type of deposit account. CCU is insured for the same amount by the National Credit Union Administration. That means your money is safe, which is important in today’s climate of economic uncertainty.
Ultimately, your checking account becomes a hub for your financial life. Whether you’re opening your first account or thinking about switching banks to get free checking and more perks, this list provides a good place to start your search.
Free Checking Account FAQs
See what people are asking about the best free checking accounts.
What are monthly maintenance fees?
Monthly maintenance fees are service charges imposed by a bank simply for holding an account. The free checking accounts on this list have fee free checking or it is easy to waive the monthly maintenance fee by having monthly direct deposits or meeting minimum balance requirements.
Do free checking accounts have any fees?
When people think of fee-free checking, they often think of an account with no monthly maintenance fees. However, some free checking accounts may have a monthly fee that can be easily waived with a monthly direct deposit or by meeting minimum balance requirements within a statement cycle.
So-called free checking accounts may have over fees besides the monthly fee. Read the fine print closely to find truly free checking accounts.
What fees do I need to watch out for?
Some banks who advertise free checking accounts may forego a monthly maintenance fee, but charge overdraft fees, ATM fees, withdrawal fees (typically only for savings or money market accounts), fees for paper checks, fees for paper statements, foreign transaction fees, and wire transfer fees. If you lose your debit card, you might have to pay a fee to have it replaced, as well as covering mailing costs.
Can I open a free checking account without a deposit?
Some banks allow you to open a checking account with no minimum deposit required. Of course, if there are any perks, benefits, or sign-up bonuses, you’ll want to fund the account to earn interest or take advantage of special offers.
How do banks make money on free checking accounts?
Banks might make some money from monthly maintenance fees and other customer service charges. But the bulk of their revenue comes from the interest rate they earn on your money when they invest it in other securities, as well as interest collected on loans they make.
Banks don’t necessarily keep the money you deposit in your account. They hold cash withdraws to allow customers to withdraw their money. But they also invest the money and earn revenue on those funds.
They may also earn money on loan services, financial advisory services, investment services with fees, and other services they provide to customers.
These other revenue streams allow banks to offer free checking accounts without losing money.
What’s the difference between a checking and a savings account?
A checking account is where you keep cash for everyday spending. Typically, you can make debit card purchases and withdraw funds from an ATM easily, without fees. Most checking accounts don’t pay interest on your deposits, but some do.
A savings account, on the other hand, holds money you are saving either for a specific events – such as vacation or large purchase – or for an emergency. Financial experts recommend keeping as much as three to six months of living expenses in an easy-to-access savings account.
Savings accounts pay interest ranging from .01% annual percentage yield APY up to 4% or 5% APY. Be aware that some savings accounts charge fees for monthly withdrawals exceeding a limit of six per month.
A credit union is a nonprofit institution that’s owned by its members. Compared to a traditional bank, a credit union tends to offer more personalized service.
You can turn to a credit union for a variety of financial products, like checking and savings accounts, credit cards, car loans, and mortgages. Some regional and federal credit unions also offer wealth management services and other extras.
A typical credit union only accepts members who live in a specific region or work for an eligible employer. For example, they may require that you’re a resident of Atlanta, Georgia or work as a teacher.
The good news is some credit unions require less and make it easy for just about anyone to join. If you’d like to join a credit union but don’t want to worry about the strict membership requirements at most institutions, you’ve come to the right place.
38 Best Credit Unions Anyone Can Join
There are hundreds of credit unions that anyone can join, but we’ve done the heavy lifting and found the best ones for you. The credit unions below, which are overseen by the National Credit Union Administration (NCUA) may be an option for you, regardless of what you do for a living or where you’re located.
Just keep in mind that you may have to make a donation, join an organization, live in a certain state, or meet some other eligibility requirement. We encourage you to explore this lengthy to list of credit unions anyone can join so you can hone in on the ideal credit union for your unique situation.
1. Alliant Credit Union
Alliant Credit Union made its debut in 1935 to serve the employees of United Airlines. It stands out for it high-interest savings and checking accounts with low minimum opening deposits as well as excellent customer service.
You’ll also receive access to more than 80,000 free ATMs across the U.S. and get reimbursed up to $20 in out-of-network ATM charges per month. Since it only has two brick-and-mortar locations, you should feel comfortable with online banking. If you’d like to join Alliant Credit Union, make a $5 donation to Foster Care to Success.
2. Connexus Credit Union
Connexus Credit Union was founded in 1935 and has a widespread presence in Wisconsin as well as more than 54,000 ATMs across the country. It couldn’t be easier to join the credit union as all you have to do is pay a one-time $5 fee to the Connexus Association, which supports financial education through college scholarships.
As a member, you can open one of its three checking options with high APYs and a traditional savings account or one that’s specifically designed for the holidays.
3. Pentagon Federal Credit Union
Pentagon Federal Credit Union, or PenFed, was founded in 1935 as a credit union for military and civilian government. Today, this Virginia-based credit union has opened it doors to anyone as long as they open a savings account and deposit a minimum of $5. It offers two savings accounts, including the Regular Savings and Premium Online Savings.
In addition, you can find checking accounts, CDs, and money market accounts. Other products include Coverdell Education Savings Certificates, IRAs, credit cards, mortgages, home equity loans, and student loans. Plus, you can enjoy modern perks like mobile check deposits, online bill pay, and instant transfers.
4. First Tech Federal Credit Union
First Tech Federal Credit Union is headquartered in California. The credit union offers many benefits, such as excellent customer service, many branches throughout the U.S. and Puerto Rico, online banking, and mobile banking.
It also has the Dividend Rewards Checking Account, which gives you 1.00% APY on balances below $1,000. You don’t have to live in California to join as long as you donate to a nonprofit called the Financial Fitness Association.
5. Consumers Credit Union
Consumers Credit Union was established in 1951 as a local credit union. Based in Illinois, it’s one of the largest credit unions in the state with over 100,000 members and more than $1.2 billion in assets.
You can join it, even if you don’t live in Illinois. All you have to do is donate the $5 membership free to an affiliated nonprofit. You can open almost all of its accounts online, except for the checking accounts and IRAs. The credit union also offers a high-yield checking account that offers high interest if you meet certain criteria.
6. Langley Federal Credit Union
Langley Federal Credit Union is based in Virginia and made its inception in 1936. At that time, members of the National Advisory Committee for Aeronautics, the predecessor to NASA, chartered the credit union.
Today, Langley offers membership to anyone who pays a fee to support an important cause in Virginia and deposits at least $5 into a savings account. You can choose from a checking account without a monthly fee, a variety of no-fee savings accounts with competitive interest compounds monthly, and Visa Cards with cash back rewards.
7. Lake Michigan Credit Union
Lake Michigan Credit Union made its debut in 1933 by a group of teachers. Headquartered in Grand Rapids, Michigan, it has 51 branches in Michigan and southwest Florida. Since it’s part of the Allpoint ATM network, members can enjoy free access to more than 55,000 free ATM.
To join, donate $5 to the ALS Foundation and deposit $5 into a Member Savings account. Once you do, you can earn perks through the MORE rewards program and redeem them for complimentary checks and free out-of-network ATM transactions.
You may also open the free, no frills Max Checking account. Note that the Member Savings account, which you must open to become a member, requires a minimum daily balance of $300 or you’ll be charged a $5 monthly fee.
8. Lafayette Federal Credit Union
Lafayette Federal Credit Union was founded in 1935 as an alternative to traditional banks. It offers numerous perks, like no minimum balance requirement or monthly maintenance fees, online banking, mobile deposits, free direct deposit, and special discounts.
You can join it if you live, work, worship, or attend school in Washington D.C. If you live outside the D.C. area, you may still become a member as long as you invest in a lifetime Home Ownership Financial Literacy Council (HOFLC) membership for only $10. This nonprofit focuses on helping consumers navigate the path to homeownership.
9. Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union has 26 branch locations across Minnesota. APFCU offers MyPlus Rewards that gives you points if you keep a certain amount of money in your bank account or use its debit or credit card.
To be eligible to join, all you have to do is donate $25 to the Affinity Plus Foundation and open a basic savings account. If you live and work in Minnesota or have a family member in the state, there are other ways to become a member.
10. Chevron Credit Union
Chevron Credit Union has been around since 1935 and has 19 branches that span six states, including California, Louisiana, Mississippi, Texas, Utah and Virginia. It operates under two brands: Chevron Federal Credit Union and Spectrum Credit Union.
To become a member, join one of its nonprofit partner organizations, such as the Contra Costa County Historical Society. You’ll also need to deposit $25 into a primary savings account and maintain a $25 minimum balance.
Chevron also offers a second chance checking account called New Solutions for those who need help rebuilding their banking history.
11. Ascend Credit Union
Since its inception in 1951, Ascend Credit Union has offered a variety of products, like checking and savings accounts, a money market account, Christmas Club account, youth accounts, credit cards, and loans.
If you’re interested in these services, join The Nature Conservancy, Tennessee Chapter and you’ll be eligible automatically. Note that there is a one-time fee of $25.
12. Hope Credit Union
Hope Credit Union is a black-owned credit union that was organized in 1995 by the Anderson United Methodist Church in Mississippi. You can join if you pay a $10 membership fee and show a foreign passport, permanent resident card, or Matricula Consular. Plus, you may use an ITIN number instead of a Social Security number.
Hope Credit Union provides a number of personal bank accounts, business banking accounts, and transformational deposits. With its transformational deposits, you can participate in socially responsible investing.
13. Boeing Employees Credit Union
Boeing Employees Credit Union, or BECU, was established in 1935 for Boeing employees and currently caters to more than 1 million members. But despite its name, you don’t have to work at Boeing to join.
Its products and services are available to you if you become a member or donor to the KEXP, which is a nonprofit art organization or the Sea Hawkers Central Council. The most noteworthy benefit of joining is the first-time homebuyer grant in which you can receive $7,500 toward your down payment and closing costs.
14. Hiway Credit Union
Hiway Credit Union made its debut in 1931 to serve employees of the Minnesota Department of Transportation. It offers a free checking account with no monthly fee or minimum balance requirements, a free money market account with a $500 minimum deposit, credit cards, and loans.
You can qualify for a Hiway Federal Credit Union membership if you donate to the Minnesota Recreation and Park Foundation for $10 per year or the Association of the U.S. Army, which costs $40 for two years.
15. GreenState Credit Union
GreenState Credit Union was founded in 1938. It provides its members with personal accounts, business accounts, credit cards, loans insurance, wealth management services, and more.
GreenState was named one of the fastest growing credit unions in 2021. As long as you live or work in the state of Iowa, you can become a member and take advantage of its services without any issues.
16. Cascade Credit Union
Cascade Credit Union made its debut in 1952 to serve employees of the Cascade Division of the Great Northern Railway. Today, it’s open to many people and offers great perks like members-only sweepstakes, competitive rates, online banking tools, financial counseling, and group insurance benefits.
If you’d like to join, simply become a member of the Great Northern & Cascade Railway Association (GNCR) and pay an annual membership cost of $40. The credit union can help you fill out your application online or in-person at a local branch.
17. Wildfire Credit Union
Wildfire Credit Union began in 1937 as Saginaw Telephone Employees Credit Union, its original credit union name. Its first location was in the basement of the home of Hank Kosk, the credit union’s treasurer.
After some office upgrades, the credit union opened the doors to its current location on Bay Road in Saginaw and merged with Flint Telephone Employees Credit Union that same year. Today, Wildfire Credit Union offers several deposit accounts as well as personal banking and business banking services. You can join if you live, work, worship, or attend school in Michigan.
18. Nextmark Credit Union
Nextmark Credit Union made its debut in 1958. Its offerings include personal and business checking, home equity loans, personal loans, credit cards, gift cards, and more.
To join, you must live in a qualifying county in Virginia or make a donation to Herndon Elementary PTA, a Title I school.
19. Technology Credit Union
Technology Credit Union, or Tech CU, was established in 1960. It’s based in Silicon Valley and provides its members with no shortage of benefits. These include competitive rates, online banking, access to fee-free ATMs, free credit score monitoring, conference room space, and easy online appointment booking. To become a member, join Financial Fitness Association for only $8.
20. Veridian Credit Union
Veridian Credit Union was established in 1934. Most of its members are those who live or work in Iowa or certain counties of Nebraska. However, it’s open to anyone who is a registered user of Dwolla, a financial technology company. This means you can join as long as you sign up for a personal account at Dwolla.
You’ll also need to open a savings account and deposit at least $5. If you’re already a member of a credit union or bank but would like to switch to Veridian Credit Union, the switch kit may be helpful.
21. Harborstone Credit Union
Harborstone Credit Union’s roots date back to 1955, when it was known as McChord Federal Credit Union and served airmen on the McChord Air Force Base. In 1996, the credit union expanded its membership to anyone in the state of Washington and changed its name as a result.
As long as you live, work, or worship in Washington, you may join Harborstone Credit Union and enjoy a variety of financial products and digital tools.
22. NASA Federal Credit Union
NASA Federal Credit Union began in 1949 to serve NASA employees. Since then, it’s grown to more than 177,000 members. While the credit union is headquartered in Upper Marlboro, Massachusetts, there are 12 branches in Maryland, Virginia, and Washington, DC.
Its product lineup includes a simple checking account with no minimum opening deposit, a savings account with a great rate, and several CDs. You can also monitor your credit score and make deposits with the mobile app. If you don’t work for NASA, you can still join. Simply sign up for a one-year membership at the National Space Society (NSS).
Hanscom Federal Credit Union opened in 1953. The credit union has over 20 branches in and around Boston as well as one in McLean, Virginia. It offers fee-free checking accounts, savings accounts with rewards, credit cards, and loans.
To join, you’ll need to support one of its partner organizations, such as the Burlington Players, a volunteer theater group. In addition, you’ll be required to deposit $25 into a free primary savings account.
24. Pen Air Federal Credit Union
Pen Air Federal Credit Union was founded in 1936 to support civil service employees of Naval Air Station Pensacola. It has 16 locations in northwest Florida and southeast Alabama. You may be surprised to learn that you don’t have to be an active duty or retired military member to join.
You’ll be able to take advantage of Pen Air Federal Credit Union if you become a member of the Friends of the Navy-Marine Corps Relief Society and deposit a minimum of $25 into a savings account. As a member, you can enjoy the Pen Air Platinum Mastercard, Share Savings account with the Round It program, and more.
25. State Department Federal Credit Union
State Department Federal Credit Union was founded in 1935. To join, you can become a member of the American Consumer Council for $8. This is a non-profit organization with a focus on consumer education and financial literacy.
The State Department Credit Union offers a long list of products and services, including basic, advantage, and privilege checking, a money market account, share certificate accounts, individual retirement accounts (IRAs), credit cards, and loans.
26. United Nations Federal Credit Union
United Nations Credit Union made its debut in 1947. As long as you join the United Nations Association of the United States of America, you can become a member.
UNFCU has a vast product lineup that includes a checking account, membership savings account, credit cards, debit cards, and loans, like car loans and debt consolidation loans.
Other membership perks include loyalty rewards, credit card rewards, and the member referral program.
27. Premier Members Credit Union
Premier Members Credit Union was established in 1959 for members of the Boulder Valley School District. You’re eligible to join if you make a donation to Impact on Education, a charity in the Boulder Valley School District, and open an online savings account or youth savings account.
As a member, you can expect perks, such as high interest rates on checking accounts, no monthly service fee, no overdraft fees, and free overdraft protection. The credit union also offers an extensive network of branches and ATMs for your convenience.
28. SRI Federal Credit Union
SRI Federal Credit Union is headquartered in Menlo Park, California. It was founded in 1957 and offers membership to anyone who joins the Financial Fitness Association for $8 per year.
The credit union’s account offerings include a checking and savings account, money market account, IRA, health savings account, and youth, teen, and gradate accounts.
29. United States Senate Federal Credit Union
United States Senate Federal Credit Union has been around since 1935. Its mission is to “improve the financial wellness of members throughout all stages and circumstances of life.” Its products are similar to what most credit unions offer.
As a member, you can enjoy access to a number of checking and credit union savings accounts, mortgage loans, personal loans, auto loans, Visa debit cards, and business advisory services. To join, you’ll need to become a member of the U.S. Capitol Historical Society for $65.
30. Wings Financial Credit Union
Wings Financial Credit Union was founded in 1938 by seven employees from Northwest Airlines. To date, it serves more than 320,000 members with more than $7.5 billion in assets. You can join if you donate $5 to the Wings Financial Foundation, even if you don’t work in the aviation industry.
There are no fees on its basic banking accounts, including its checking and savings accounts, a money market account, and CDs. Its high yield savings and checking accounts offer competitive rates to help you grow your money.
31. Skyward Credit Union
Skyward Credit Union was chartered in 1941. It offers a share savings account with competitive rates, an aim higher checking account with no monthly fees or minimum balance requirements, affordable mortgage and home equity loans.
It also offers online banking, a variety of insurance products, and access to over 30,000 surcharge-free ATMs. Like most credit unions require membership, so does this one. To become a member, join the Kansas Aviation Museum.
32. San Diego County Credit Union
San Diego County Credit Union has been around since 1938 and has over 430,000 credit union members. It’s considered the largest locally owned financial intuition in San Diego.
As a member, you can enjoy a free checking account, secured and unsecured credit cards, a wide range of account options with no service fees, and access to over 30,000 ATMs without ATM fees. To join San Diego County Credit Union, become a member of the Financial Fitness Association.
33. Bellco Credit Union
Bellco Credit Union is a Denver-based credit union that opened its doors in 1936. You can join it even if you don’t live in Colorado as long as you donate at least $10 to the Bellco Foundation, pay a one-time $5 membership fee, and deposit at least $25 in a savings account.
Once you do, you’ll have access to several noteworthy products, like the Boost Interest Checking account, which offers a competitive interest rate, the Premier Money Market Account, and two, no-fee credit cards.
34. Bethpage Federal Credit Union
Bethpage Federal Credit Union was founded in 1941 and currently has over 30 branches across Long Island and New York City. It has a reputation for competitive rates on it money market accounts and certificates of deposit (CDs).
The credit union also offers three checking accounts, a few savings accounts, retirement planning services, IRAs, insurance, and more. You don’t have to live in New York to join if you open a $5 savings account. As a member, you may meet with credit union staff virtually and bank on the go with a handy mobile app.
35. First South Financial Credit Union
First South Financial Credit Union opened its doors in 1957 to serve those on the Millington base. Since then, it has become of the safest financial institutions in the U.S., as stated by independent rating agencies. While the credit union has locations throughout Tennessee and Mississippi, its online banking services make it a suitable option if you live elsewhere.
Like other credit unions, it offers a full suite of checking, savings, CDs, and IRA accounts. To join, become a member of the Courage Thru Cancer Association, which supports St. Jude Children’s Research Hospital.
36. Dow Credit Union
Dow Credit Union was founded in 1937 in Midland, Michigan. It provides numerous products, including checking and savings accounts, certificates of deposit (CDs), HSAs, deposit trust accounts, and loans.
Fortunately, you don’t have to work at Dow Chemical to take advantage of them. To join, make a $10 donation to the Dow Chemical Employees’ Credit Union Endowed Scholarship Fund.
37. Blue Federal Credit Union
Blue Federal Credit Union was chartered in 1951 as Warren Federal Credit Union. If you’re looking for a high-yield checking account, you’ll appreciate its Blue Extreme Checking Account with no minimum opening deposit or monthly service fees.
Other perks include a tiered membership rewards program and round-the-clock customer service. The easiest way to become a member is to donate $5 to the Blue Foundation and open a Membership Share Savings Account with $5.
38. Digital Federal Credit Union
Digital Federal Credit Union (DCU), based in Marlborough, Massachusetts, was established in 1979. Today, it is known for its comprehensive range of financial products that includes checking and savings accounts, auto loans, mortgages, personal loans, credit cards, and wealth management services.
Perhaps one of DCU’s standout features is its commitment to digital banking, offering robust online and mobile platforms that compete with larger, nationwide banks. This makes DCU a fitting choice for those who prefer online banking, no matter where they live.
Membership is open to those who are a part of participating organizations or live, work, worship, or attend school in eligible communities. If you don’t fit those criteria, you can still join by becoming a member of a participating nonprofit organization, such as Reach Out for Schools, which requires a nominal donation.
See also: Best Nationwide Credit Unions of 2023
Bottom Line
Not all credit unions are created equal. Some have strict membership criteria, while others are more flexible. Before you join a credit union (or several credit unions) on this list, be sure to consider numerous factors.
You’ll want to look at eligibility requirements, branch location, monthly maintenance fees, accounts offered, interest rates, mobile banking, digital banking, reputation, and customer service. Best of luck as you explore the best credit unions and search for the perfect credit union.
Frequently Asked Questions
Can civilians join Navy Federal Credit Union?
Yes, civilians can join the Navy Federal Credit Union (NFCU), the largest credit union in the U.S. However, this is limited to immediate family members of service members in all branches of the armed forces. This broad eligibility criteria is one of the reasons why NFCU has grown to be the largest credit union in the country.
Can anyone join American Airlines Credit Union?
No, not anyone can join the American Airlines Credit Union. Membership is limited to those who work in the air transportation industry, including airlines, airports, and related businesses, as well as their family members. While this broadens the scope beyond just American Airlines employees, it still doesn’t include everyone.