Best Free Checking Accounts of 2024 - NerdWallet (2024)

The best free checking accounts do more than keep money in people’s wallets by having no monthly fees. They also typically offer other free services or pay interest.

Why trust NerdWallet

Strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.

More than 90 financial institutions surveyed by our team of experts.

More than 50 data points considered for each bank, credit union and banking technology firm (or neobank).

Here’s a list of our favorites based on research into dozens of institutions. We scoped out accounts based on interest rate, ATM network, rewards and other factors.

» Looking for a place to stash your savings? See NerdWallet's picks for best savings accounts

Best free checking accounts

SoFi Checking and Savings

SoFi Bank, N.A.

SoFi Checking and Savings

NerdWallet Rating

5.0

Monthly Fee

$0

Read ReviewLearn more

Why we like it: SoFi’s online Checking and Savings account offers competitive interest rates on both checking and savings, and customers have access to a large, free ATM network.

Pros

No overdraft fees.

No monthly fees.

Large, free, nationwide ATM network.

Early direct deposit.

Checking account pays interest once requirements are met.

Cons

No branch access.

Fees for cash deposits.

Chime Checking Account

Chime®

Chime Checking Account

Read ReviewLearn more

Why we like it: Chime’s customers have access to a broad no-fee ATM network as well as a strong overdraft program. They can also receive their paychecks up to two days early with direct deposit.

Pros

No overdraft fees.

No monthly fees.

Large, free, nationwide ATM network.

No minimum opening deposits.

Early direct deposit.

Cons

No branch access.

Fees for cash deposits.

Chime says

"SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card.

Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions: https://www.chime.com/policies."

Chime also says: "Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade."

Ally Bank Spending Account

Ally Bank

Ally Bank Spending Account

NerdWallet Rating

4.5

Monthly Fee

$0

Read ReviewLearn more

Why we like it: Ally offers interest on its free checking account as well as nationwide ATM fee reimbursements of up to $10 a month.

Pros

No overdraft fees.

No monthly fees.

Large, free, nationwide ATM network.

No minimum opening deposits.

Checking account pays interest.

Cons

No cash deposit.

No branch access.

Alliant Credit Union High-Rate Checking

Alliant Credit Union

High-Rate Checking

NerdWallet Rating

4.5

Monthly Fee

$0

Read ReviewLearn more

Why we like it: Alliant High-Rate Checking customers earn interest and have access to more than 80,000 fee-free ATMs in addition to a $20 monthly fee rebate for out-of-network ATMs.

Pros

No overdraft fees.

No monthly fees.

Anyone can become a member.

Large, free, nationwide ATM network.

Checking account pays interest once requirements are met.

Cons

No branch access.

One Debit

One

One Debit

NerdWallet Rating

4.5

Monthly Fee

$0

Read Review

Why we like it: Customers who are over 18 and make at least $500 in monthly direct deposits can qualify for One’s generous overdraft protection policy, which can cover up to $200 in overdrafts.

Pros

No overdraft fees.

No monthly fees.

No minimum opening deposits.

Early direct deposit.

Cons

No branch access.

Navy Federal Credit Union Free EveryDay Checking

Navy Federal Credit Union

INTCK2.5K

NerdWallet Rating

4.5

Monthly Fee

$0

Read Review

Why we like it: Customers at Navy Federal Credit Union have access to more than 30,000 shared Co-op Network ATMs and 350 branches worldwide. They also have multiple options when it comes to overdraft coverage.

Pros

No monthly fees on Free Everyday Checking account.

Large, free, nationwide ATM network.

24/7 customer service by phone.

Branches available worldwide.

Cons

Limited branch access.

Limited membership.

Our Nerds say:

“When shopping for a checking account, it’s great to find one that has no monthly fees, but you should also think about the other features you might want and need. For example, you might want to earn interest or cash back, or you might need a bank that’s part of a large, free ATM network or that offers ATM fee reimbursements.

"Also, you might want to look for a bank that has a generous overdraft policy. Some banks will even spot you up to a certain amount of money if you overdraft.”

Best Free Checking Accounts of 2024 - NerdWallet (7)

Best Free Checking Accounts of 2024 - NerdWallet (8)

Best Free Checking Accounts of 2024 - NerdWallet (9)

Best Free Checking Accounts of 2024 - NerdWallet (10)

- Chanelle Bessette, NerdWallet banking writer

Frequently asked questions

What does a checking account do?

Checking accounts help you manage the transactions you need to make on a regular basis, such as paying bills, receiving your paycheck and depositing or withdrawing cash. They usually come with a debit card and the ability to write checks.

Why does it matter if a checking account is free?

The fee on your checking account can add up quickly over time. Free checking accounts give customers access to all the perks of a checking account without the burden of paying a monthly maintenance fee.

What should I look for in a checking account?

The best checking accounts have no fees and ideally earn interest, give cash back or offer a bonus. You should also make sure that the bank offers good customer service and is convenient for your lifestyle. Some accounts also offer early access to direct deposits.

Best Free Checking Accounts of 2024 - NerdWallet (2024)

FAQs

Which banks are offering money to switch in 2024? ›

Best bank switch offers 2024
Bank accountMoney for switchingReview
first direct 1st Account£175Apply » Full review
Club Lloyds account£175Apply » Full review
Santander Edge account£175Apply » Full review
3 more rows
Jun 3, 2024

What bank gives the most for opening a checking account? ›

The 10 best checking account bonuses for June 2024: earn up to $700
Bank & accountBonus amountDirect deposit required
BMO: Relationship Checking$500$7,500
Chase: Chase Total Checking$300$500
Citibank: All Citibank checking accounts$300$1,500
Key Bank: Key Smart Checking$200$500
6 more rows
21 hours ago

How do I get the $300 checking account bonus at Bank of America? ›

Bank of America $300 Checking Bonus Requirements

Initial Deposit – You'll need to deposit $2,500 or more into your new account within 90 days of opening it. This establishes your minimum balance. Maintain Balance – Keep an average daily balance at or above $2,500 for the full 90 day period.

What bank has the best benefits for a checking account? ›

NerdWallet's Best Rewards Checking Accounts of 2024
  • SoFi Checking and Savings.
  • Discover® Cashback Debit.
  • nbkc bank Everything Account.
  • Quontic High Interest Checking.
  • Amalgamated Bank Give-Back Checking.
  • Bank5 Connect High Interest Checking.
  • American Express Rewards Checking.
  • TAB Bank Kasasa Cash Back® Checking.

Where can I get 7% interest on my money? ›

7% Interest Savings Accounts: What You Need To Know
  • As of June 2024, no banks are offering 7% interest rates on savings accounts.
  • Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

What happens to my old bank account when I switch? ›

The best time to make a full switch may be when you no longer wish to use your old account and want to move as quickly as possible. A full switch will transfer all of your details and payments from the old account to the new one within seven working days. Once that is done, your previous account will then be closed.

What is the best checking account with no fees? ›

Bankrate's picks for the top free checking accounts
  • Discover Bank, Cashback Debit Account: Earns 1% cash back on eligible debit card purchases, $0 minimum deposit.
  • NBKC Bank, Everything Account: 1.75% APY; $0 minimum opening deposit.
  • Ally Bank, Interest Checking Account: 0.10%-0.25% APY; $0 minimum opening deposit.

What is the $3000 bonus at Chase bank? ›

These are the bonus tiers: Earn $1,000 when you deposit $150,000 to $249,999.99. Earn $2,000 when you deposit $250,000 to $499,999.99. Earn $3,000 when you deposit at least $500,000.

What is the bank of America bonus for 2024? ›

Compare Bank of America Promotions
PromotionBonus AmountPromotion Expiry
Bank of America Advantage SafeBalance$200September 30, 2024
Bank of America Business Advantage Fundamentals$200December 31, 2024
Bank of America Business Advantage Relationship$200December 31, 2024
2 more rows

Which bank account has the best benefits? ›

136 shares
AccountConditionsOverdraft
TSB Spend & SaveNone39.9%
Starling Bank current accountOnline and smartphone-only bank.15, 25 or 35% depending on credit score.
Monzo BankOnline and smartphone-only bank19%, 29% or 39% depending on credit score.
KrooOnline and smartphone-only bank24.9%
9 more rows
May 15, 2024

What's the most money you should keep in a checking account? ›

The takeaway

Though the amount you want to save may vary based on your living expenses, the number of dependents you have, and risk tolerance, aim to put away one to two months' worth of living expenses in a checking account and an additional two to four months in a savings account.

What type of bank account is best for everyday? ›

Checking accounts are best for day-to-day financial tasks such as making purchases and paying bills. They come with a debit card for spending, and checking account owners can typically make mobile check deposits, ATM transactions, peer-to-peer payments and more with their account.

Which banks are paying to switch? ›

The best bank switching offers (June 2024)
  • 1.1 Co-operative Bank up to £150 switching bonus.
  • 1.2 First Direct £175 switching bonus.
  • 1.3 Club Lloyds £175 switching bonus.
  • 1.4 Santander £175 switch offer.
  • 1.5 TSB up to £190 plus freebie switching offer.

Will there be a Nationwide fairer share payment in 2024? ›

We're giving eligible members £100

If you're eligible, you can expect to receive the payment between 13 June and 28 June 2024.

Who will get 100 from Nationwide? ›

With the mortgage, you must have had at least £100 left on your Nationwide residential mortgage on 31 March. If you've withdrawn your savings or paid off your mortgage since the end of March, you'll still be eligible provided your current account remains open.

Is Nationwide offering money to switch? ›

Get £200 when you switch to Nationwide.

Qualifying members could get £200 when they switch their main current account to us. You can get our offer by switching online to a new or existing Nationwide current account. Our student, children's and basic bank account do not qualify. Terms apply.

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