Free checking accounts let you safely store and access your money without the fees of normal banking. It used to be that most major banks offered some form of free checking. These accounts are harder to come by these days, but online banks, credit unions and other lenders do offer free account options. Three of the best free checking account providers are Bank5 Connect, Capital One and Simple. Two of these options are online banks which offer most of the same benefits you'd get from traditional financial institutions. Are you ready for a checking account option where you don't need to worry about fees or minimum balances? If so, then read on to learn more about these top-rated checking account options.
Each of the free bank account options on our list offers thousands of free ATM locations. Bank5 Connect will also reimburse customers up to $15 per month for out-of-network ATM charges.
Simple's defining feature is its Safe-to-Spend budgeting tool, which constantly monitors your balance and upcoming bills to keep you informed of your true disposable income.
Many of the best free checking accounts are offered by online banks that don't actually provide you with checks. However, these banks offer robust apps that let you deposit and send digital checks straight from your smartphone. But if you need physical checks, be sure to clarify which accounts offer that benefit.
Genuine free checking accounts do not require people to maintain minimum balances. They are accessible and free to anyone. Some traditional banks waive fees for customers who maintain minimum balances, but these accounts are not completely free.
Tired of high overdraft fees? Get a Bank5 Connect free checking account and you'll never have to worry about overdraft fees steeper than $15 -- far more forgiving than most other banks.
The Capital One 360 free checking account is the only option from our top three that offers physical checks. The other two options offer digital checking apps, but there are alternatives for people who need to write checks.
Capital One offers options for overdrafts on 360 Checking accounts. Customers can ask the bank to simply decline overcharges, or these charges can be covered by Capital One 360 savings accounts or Capital One credit lines. Also, customers can speak with customer service reps in numerous U.S. cities, which isn't an option with purely online banks.
Both the Capital One 360 and Bank5 Connect accounts offer interest on balances. You'll need to maintain a balance of $100 to qualify for interest on the Bank5 option, though. But there are no penalties for not maintaining that balance.