5 Best Banks With No Fees for February 2023

A cheerful female banker explains the different types of banking accounts to a new customer.
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Keeping your money in a savings account, checking account, CD or money market account can allow you to earn interest on your funds — but some banks charge fees that counteract any interest you earn. You can avoid paying bank fees by choosing a bank that offers no-fee accounts.

Best Banks for No Fees

To make the most of your money, look for banks that don’t charge fees and offer other complimentary perks, such as free checking, bill pay, ATM usage and more. You don’t have to commit to paying fees when you’re trying to save money.

Here are five banks that have a number of no-fee bank accounts.

  • Axos Bank
  • Texas Capital Bank
  • Ally Bank
  • EverBank
  • Capital One

Axos Bank

Axos Bank’s High Yield Money Market account enables you to earn APY, and the High Yield Savings account lets you earn APY. Interest is compounded daily on both accounts.  You can use these accounts to pay bills online, and the money market account allows you to write a limited number of checks each month for free.

Axos also offers CD accounts for a $1,000 minimum deposit, with terms ranging from three to 60 months. Its IRA products allow for high returns, with interest compounded daily.

Texas Capital Bank

Texas Capital Bank’s Capital Checking account features no minimum balance requirement and no monthly service fees or fees on incoming wire transfers. It also offers reimbursement for four out-of-network ATM transactions per month. The account also pays APY on all balances.

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Additionally, the bank’s standard CDs include the 24-month CD, which comes with no monthly fees and earns the bank’s highest rate offered at APY. Although CDs will not cost you monthly fees, you do need a $1,000 minimum opening deposit, and you are subject to penalty fees for early withdrawal.

Texas Capital Bank’s Consumer Savings account also has no fees and requires a minimum of $100 to open an account. Although this account earns a more modest APY, the interest is compounded daily and paid on collected balances.

Ally Bank

Ally Bank was named one of the best online banks of 2023 by GOBankingRates. Online banks offer fee-free perks that make banking convenient without having to visit a brick-and-mortar location. Also, Ally’s Online Savings Account earns  APY.

In addition to its free Online Savings Account, which doesn’t charge a monthly maintenance fee, some other no-fee services include:

  • Waived fees on ACH transfers to non-Ally bank accounts
  • Incoming wires
  • Postage-paid deposit envelopes
  • Cashier’s checks

Ally also offers a no-fee checking account: the online Interest Checking Account. It’s a free online checking account with no opening deposit minimum required. The account earns APY if you keep at least a $15,000 daily minimum balance — or APY if you don’t — and includes a free debit Mastercard and checks.

Although Ally doesn’t have actual bank locations, it offers nationwide Allpoint ATMs you can use for free, plus $10 each month to reimburse out-of-network ATM fees. It also provides 24/7 live customer service.

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With EverBank’s Yield Pledge Money Market account, you can enjoy the benefits of higher rates with no monthly fees. The account requires a $500 minimum deposit and earns up to APY, depending on balance. Nationwide ATM use is free for accounts that maintain a balance of $5,000 or more; for balances under $5,000, you’ll get reimbursed up to $15 per month in ATM fees.

Capital One

Many banks with free checking aren’t as free as they appear. Usually, these accounts are “free” only after certain conditions are met, such as a required direct deposit or minimum balance. Capital One’s 360 Checking account offers fee-free banking with a couple of exceptions.

Capital One’s 360 Checking account charges no monthly service fee, and there are no requirements for a minimum opening deposit or minimum balance. Although 360 Checking comes with many free perks, such as free ATM usage at over 70,000 ATMs, you will be charged for other services, including $7 for 50 checks — although the first order is free — and $20 for an online cashier’s check with overnight shipping. You’ll earn APY.

Why You Need a Free Bank Account

Using banks with no fees can save you quite a bit of money throughout the year. A basic checking account can cost you up to $15 per month, and a high-yield checking account can cost even more — which doesn’t include other fees, such as overdraft charges or minimum balance costs.

If you’re shopping for a new bank account, take a look at GOBankingRates’ best banks of 2023.

Michael Keenan, Gabrielle Olya and Cynthia Measom contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 3, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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Methodology: GOBankingRates surveyed financial institutions to find the best banks for no fees and considered the following factors: banks that consistently charge zero fees and the number of products the banks offer with $0 monthly fees.

GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.


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