Market Overview

10 Banks Offering Free Checking

10 Banks Offering Free Checking

On the search for a new checking account? It's difficult choosing a bank account. You have to consider opening minimums and other service fees that honestly make a banking experience dreadful. Banking should be made easy, so here are 10 banks that are dedicated to providing the best to customers.


Capital One (NYSE: COF)

If you’re looking for a bank offering free checking, Capital One is a great choice. Not only does it offer checking with no minimum fee, but it also has an outstanding and user-friendly mobile application. The application allows you to make online transfers from your savings account free of charge. You don’t have to worry about overdraft fees either: Unlike other banks that will get you every time, Capital One has an overdraft line of credit if you’re approved for it, which means your expenses will be temporarily covered by credit so you’re not bouncing back checks and missing payments.

Ally Bank Interest Checking

All you need to do for Ally Bank is open an online checking account and they provide you with 0.60 percent APY, no monthly service fees and up to $10 reimbursements for ATM withdrawals from non-Alley ATMS. When using Ally you’ll experience the ease of banking and interest checking by downloading the mobile app or by using Zelle to transfer money from person-to-person

Discover (NYSE: DFS)

Discover is an easy route to take in your search for a checking account. There’s no earning structures or out-of-the-way sign ups required. One of the best things about Discover is its diligence in rewarding its customers. As a Discover customer you’ll receive rewards every time you spend; rewards like Cashback Match. Cashback Match can be applied to your present balance and is said to double monthly earnings. Upon renewal, all of the Cashback you earn in your first year will be matched at your first card anniversary.


Axos Bank Rewards Checking is named the best banking account of 2019 because of its customer-pleasing nature. Its No. 1 goal is to assure customers they’ll be able to reach their financial goals through the use of innovative technology. When you open a checking account you won’t be expected to pay any fees, of course. It's not your normal checking account either: Like Discover, they offer no interest Cashback Checking with a minimum balance of $1,500. Cashback checking isn’t the only type of account though. The good news is there's an additional five types of checking accounts: Essential Checking, First Checking, Golden Checking, Rewards Checking and Second Chance Checking.

State Farm

State Farm is known for its insurance lineup, but its banking sector will give you the checking account needs for which you've been searching. They offer loan interest rates, combination accounts and a 2.25 percent APY deposit introductory. You do need $25 dollars to open an account. Afterwards, there’s no balance requirements. There’s no yield and no fees for drawing from non-State Farm ATMs.


USAA is one of the top banks a person can ask for, and they’re known for their quality of banking and insurance. An important thing to consider is USAA isn’t a traditional bank. USAA means United States Automobile Association and was created by Army Officers, which explains its applauded service to all who serve in the military. You’ll find access to checking accounts with no minimum fees, cashback rewards, mutual funds for investment purposes, car-buying services and a variety of insurance products.

KeyBank (NYSE: KEY)

Key Bank’s services are set up to give customers a hassle-free experience with checking accounts. There is no minimum balance, and there are no overdraft or monthly service fees. The only thing required to open an account is $10.

FNBO Direct Online Checking

If you like simplicity, this may be the bank for you. It has standard online checking and statements accounts, direct deposit services and there are no fees for ATMs. If you don’t have a boatload of money, this account is going to keep things as simple as that. Its APY rate is ultra-low at 0.65 percent APY. You won’t have to worry about keeping even more than $2 in your account.

Consumers Credit Union

People love credit unions, and we completely understand why: There’s is a big decline in people’s trust when it comes to banking. Consumers Credit Union is one of the largest credit unions and is considered a lending credit union. They offer two types of checking — simple checking and interest checking — offering you unlimited, free card transactions, check writing and competitive interest rates. Regardless of which account you have, there are other member perks like cashback and other service discounts.

Schwab Bank (NYSE: SCHW)

Charles Schwab Bank offers other services along with opening a free checking account. Don’t worry about a monthly direct deposit: It’s not necessary. There are no minimum monthly transactions required and no ATM fees world-wide. If you want to take it a step further, there’s a brokerage investment account available.

Final Thoughts

When this list was made we thought about you getting started with a checking account, and sometimes that's easier to do when there’s less of a hassle. With 10 banks to choose from, we hope you’ve found the one that works best for you from this list.

Posted-In: Mutual Funds Education Economics Markets General Best of Benzinga


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