The 5 Best Free Checking Accounts [2024]: Elevate Your Financial Game

The best free checking accounts have no monthly maintenance fees while giving you easy access to your cash. Accounts that have no monthly maintenance fees include SoFi Checking for its membership benefits, Chime® Checking¹ for its early paycheck access with direct deposit² and cash deposit options³, Axos Rewards Checking for its high yields, and more.

Let’s discover the pros and cons of these options and more in our roundup of the best free checking accounts.

Key takeaways

• The best checking accounts with no monthly maintenance fees include SoFi Checking, Chime® Checking, Axos Rewards Checking, Betterment Checking, and Upgrade Rewards Checking Plus.
• These checking accounts don’t charge monthly maintenance fees, but you may have to pay other fees for less-common things like making wire transfers or stopping payment on a check.
• Free checking accounts are typically offered by online-only banks that have no physical branches. Having no branches reduces overhead costs that brick-and-mortar banks pay. This can be passed down to you in the form of no monthly maintenance fees for these online checking accounts.

The 5 best free checking accounts

1. SoFi Checking
2. Chime® Checking
3. Axos Rewards Checking
4. Betterment Checking
5. Upgrade Rewards Checking Plus

Compare the best free checking accounts

Account name	Main features	Monthly maintenance fee
SoFi Checking4	Up to 0.50% (as of Jan. 30, 2024) APY with direct deposits5 Simple and straightforward banking experience Member benefits program Joint account option	$0
Chime® Checking	Fee-free overdraft up to $200 for eligible members via SpotMe®6 Cash deposits available at Walgreens7 Paycheck available up to two days early with direct deposit	$08
Axos Rewards Checking	Up to 3.30% APY with qualifying activities9 Unlimited U.S. ATM fee reimbursement	$0
Betterment Checking	ATM and foreign transaction fee refunds No overdraft fees Joint account option	$0
Upgrade Rewards Checking Plus	Up to 2% cash back on eligible purchases10 Paychecks available up to two days early with direct deposits11	$0

SoFi Checking

Why we like it

There’s a lot to like about SoFi’s banking services that come with $0 monthly maintenance fees. By opening a SoFi Money account, you automatically get a checking and a savings account. The SoFi checking account helps you earn an annual percentage yield (APY) of up to 0.50% (as of Jan. 30, 2024). Keep in mind that you need qualifying direct deposits to earn this rate.⁵¹²

With your SoFi Checking account, you get access to SoFi member benefits that include valuable perks like access to certified financial advisors, career counselors, discounts on loans, and more. On top of that, you can open this account as a joint account, which is handy for couples and partners.

What we don’t like

One downside of SoFi Checking is that cash deposits through its mobile app are exclusively facilitated through select retailers and are subject to a $4.95 fee per deposit. This can be inconvenient if you frequently handle cash or receive your income in cash form.

Another limitation is that the higher APY rates depend on having direct deposits, a requirement that may not be accessible to everyone.

Visit SoFi Checking…

…Or learn more in our SoFi Checking and Savings review.

Chime® Checking

Why we like it

Chime® is a popular fintech company that offers financial services through partner banks. The Chime® Checking account enables you to have a $0 monthly maintenance fee while getting access to various benefits.

Chime® Checking has a feature named SpotMe® that helps you access up to $200 in fee-free overdrafts, depending on your eligibility. You’ll also receive your direct deposit paycheck up to two days earlier than at other banks.

Chime® also allows you to conveniently deposit cash for free at any Walgreens or Duane Reade location using the Chime® mobile banking app.

What we don’t like

Chime® Checking might be a better fit for people with smaller cash management needs. Each day, you can only withdraw up to $515 in cash or use your debit card to make up to $2,500 in purchases. That might not be enough money to make big transactions like buying a living room set.

Additionally, the Chime® Checking account offers no APY on your balance, meaning that your money won’t see passive growth.

Visit Chime® Checking…

…Or learn more in our Chime® review.

Axos Rewards Checking

Why we like it

The Axos Rewards Checking account has a $0 monthly maintenance fee and enables you to earn an APY of up to 3.30% with qualifying activities. This is a high APY rate for a checking account.

Another benefit of this checking account is that you can get unlimited refunds for U.S. ATM fees, enabling you to use any ATM without worrying about its cost to you.

What we don’t like

The Axos Rewards Checking requires a $50 minimum deposit for account opening. While this isn’t a big ask, there are other checking accounts that don’t require an initial deposit.

Furthermore, although you have the potential to earn up to 3.30% APY, the requirements for the qualifying activities may seem somewhat demanding. For example, there’s a monthly direct deposit requirement of at least $1,500 to begin earning interest.

From there, you can earn additional interest by having at least $2,500 in an Axos self-directed investing account, at least $2,500 in a managed investing account with at least 10 debit card purchases a month, and more.

Visit Axos Rewards Checking…

…Or learn more in our Axos Bank review.

Betterment Checking

Why we like it

Betterment is an investment platform that offers banking services via a partner financial institution. The Betterment Checking account can be a good fit for people who want free ATM access, as Betterment offers ATM reimbursements and foreign transaction fee refunds.

Betterment Checking has a $0 monthly maintenance fee and charges no fees for overdrafts, as charges would simply be declined if you don’t have enough balance. Additionally, this checking account can help partners or spouses manage their money since it offers joint accounts.

What we don’t like

One of the biggest drawbacks of Betterment Checking is that you can’t deposit cash or set up a wire transfer. Additionally, your existing checking balance doesn’t earn interest.

Learn how interest checking accounts can help you grow your money.

Betterment Checking only allows you to withdraw $510 in cash per day from an ATM. Another limit is that you can transfer only up to $2,000 per day to and from your account online. These can be relatively tight limits.

Visit Betterment Checking…

…Or learn more in our Betterment Checking review.

Upgrade Rewards Checking Plus

Why we like it

The Upgrade Rewards Checking Plus has a $0 monthly maintenance fee while helping you earn cash back on certain purchases.¹⁰

You can earn 2% cash back when you use your linked debit card at certain merchants, including restaurants, convenience stores, drug stores, and gas stations. You can also earn the same cashback rate when using your debit card to pay for utilities and monthly subscriptions.

Upgrade Rewards Checking Plus allows you to earn up to $500 per year in cash rewards from the 2% cashback rate.

To be eligible for the higher rate on your cashback debit card, as well as various other benefits, you need to have an active account that receives at least $1,000 in direct deposits each month.¹⁴¹⁵

You can also earn 1% cash back on other purchases. Active account holders can also benefit from early paychecks with direct deposits.¹¹

What we don’t like

Upgrade Rewards Checking Plus offers no method for cash deposits, which might be a hassle for people who tend to use cash. Additionally, it doesn’t help you earn interest on your checking account balance.

Another downside is that various perks require direct deposits, including the higher 2% cashback rates. Your ability to earn cash back at this rate is also capped at $500 per year.

Visit Upgrade Rewards Checking Plus.

How to choose the best free checking accounts

Each of these checking accounts offers different benefits and perks. That makes each one better suited for some people but not for others. As you shop around for the best checking accounts, here are a few factors to consider.

• Do you use cash a lot? Look for an account with cash deposit options.
• Are you banking with a partner? If so, choose a joint checking account option.
• Do you get FDIC insurance? Banks that are member-FDIC provide protection for your money balance.
• Will you need to borrow money in the future? Some banks and fintech companies offer personal loans and may give you discounts on your loan if you’re already a client.
• Do you work for an employer or receive benefits? Many free checking accounts have perks and features that are only available with direct deposits.
• What other fees does the bank charge? Free checking accounts typically mean that these accounts don’t charge monthly maintenance fees. However, no account is completely free. Work with the best banks and make sure to review their fees.

Free checking accounts FAQ

Best free checking accounts: bottom line

To choose the best free checking account for your personal finance needs, begin by evaluating your banking habits and preferences. Consider how often you use ATMs, whether you prefer mobile or in-person banking, and if you require additional services like wire transfers or cashier’s checks.

Our roundup of the best free checking accounts includes:

1. SoFi Checking: Offering a straightforward banking experience and the potential to earn an APY of up to 0.50% (as of Jan. 30, 2024) with qualifying direct deposits
2. Chime® Checking: A popular fintech choice, providing fee-free overdraft protection and the convenience of early paychecks with direct deposits along with cash deposit options at Walgreens
3. Axos Rewards Checking: Standing out with its APY of up to 3.30% and unlimited U.S. ATM fee refunds
4. Betterment Checking: Offering ATM and foreign transaction fee refunds, joint account options, and no overdraft fees
5. Upgrade Rewards Checking Plus: Offering up to 2% cash back on eligible purchases and early paycheck access with direct deposits

You can explore more options in our list of the top checking account bonuses.

Methodology

To create our list of the best free checking accounts, we first compiled a list of popular banks that offer checking accounts that don't have monthly maintenance fees. We then looked at factors such as APY rates, minimum balance requirements, accessibility, and various fees such as ATM and overdraft fees.

Next, we evaluated each bank based on the factors above and selected ones that offer useful features and benefits for customers. We aimed to provide a balanced and comprehensive overview of each bank, highlighting its strengths and weaknesses.

Keep in mind that our list is not ranked in any particular order, We encourage readers to compare different options and choose the one that best suits their financial needs and goals. We did not review every available option, and our recommendations aim to help you make an informed decision when choosing a bank account for your personal use.