10 Banks Offering Free Checking With No Minimum Balance

Vector Check and Pen.

It’s always a good idea to find ways to save money or bring in extra income. While many banks charge monthly service fees and don’t pay interest to their checking account holders, there are still plenty of interest-bearing and no-fee checking accounts available. Finding the right checking account won’t necessarily make you rich, but finding a bank that offers free checking accounts can put a few extra dollars in your pocket.

Following are some tips to consider before choosing an account, along with a list of banks that offer free checking accounts and some of the key features for each:

Banks That Offer Free Checking Accounts With No Minimum Balance

When comparing checking accounts, consider all the benefits before writing off those that carry fees. The money you earn from accounts with good cash-back programs or decent interest rates might more than offset any monthly service fees you have to pay. If the account you want to open will carry a low balance, then no-fee checking accounts are usually the better option.

Before you open a no-fee checking account, find out if the bank has a sign-up bonus, as many banks try to lure new customers with promotions. In addition to waiving unnecessary fees, like PenFed’s Access America Checking, some new checking accounts offer a decent amount of cash with conditions such as setting up direct deposit or making a specified number of transactions each month. Continue to see the best no-fee checking accounts available.

Capital One 360 Checking

Capital One offers a free 360 Checking account that includes the following:

Earn Checking Account Perks
Sponsors of
  • No monthly maintenance fee
  • 0.10% annual percentage yield
  • No minimum balance
  • Mobile deposits
  • Free first checkbook
  • Overdraft forgiveness
  • Access to more than 39,000 no-fee ATMs across the U.S.

While the interest rate is low, there’s a lot of value to not having to pay fees to use ATMs.

Ally Bank Interest Checking

Ally Bank offers free checks when you open the account as well as online and mobile banking services. Other features include the following:

  • No monthly maintenance fee
  • A minimum of 0.25% APY
  • No minimum opening deposit
  • Free standard or expedited ACH transfers
  • Free incoming domestic and international wire transfers
  • Postage-paid deposit envelopes
  • Free official/cashier’s checks
  • Up to $10 in domestic ATM fee reimbursements a month

Ally Bank customers also have access to Zelle, an electronic payment system that lets you easily send money to anyone with a U.S. banking account using their phone number or email address.

Discover Bank Cashback Debit

The Discover Bank Cashback Debit account offers loads of features in addition to the standard amenities for afree checking account. Here’s what you’ll get:

  • No monthly service fee
  • Free standard checks
  • 1% cash-back rewards for debit card purchases
  • Free bank/cashier’s checks
  • Free expedited delivery for debit card replacement
  • Free expedited delivery for official bank checks
  • No deposited item returned fee
  • No stop payment order fee
  • No insufficient funds fee
  • No incoming wire transfer fee
  • Withdrawals at more than 60,000 ATMs nationwide

The rewards program is a great feature, but you can only earn 1% cash back on up to $3,000 of debit card purchases per month, for a total of $360 in cash back per year.

Axos Bank Checking

Axos Bank, formerly Bank of Internet USA, has three no-fee checking account options available:

1. Essential Checking

  • No monthly service fee
  • No overdraft or insufficient funds fee
  • Free check deposits
  • Unlimited fee reimbursements for domestic ATMs

2. Golden Checking for people who are 55 or older

  • 0.20% APY as of April 24, 2020
  • No monthly service fee
  • No minimum balance
  • Up to $8 in domestic ATM fee reimbursements a month

3. First Checking for people between the ages of 13 and 17:

  • 0.25% APY as of April 24, 2020
  • Up to $12 in domestic ATM fee reimbursements a month
  • No monthly service fees
  • No non-sufficient fund fees

Axos Bank is an online-only bank, so if you’re looking for a bank with physical locations, this might not be the option for you.

FNBO Online Checking

The FNBO Online Checking account features standard online and mobile checking services, as well as the following:

  • No monthly service fee
  • 0.40% APY
  • $1 minimum to open an account
  • No minimum balance
  • Free person-to-person payments with PopMoney
  • No incoming wire transfer fee
  • No stop payment fees

FNBO offers its 0.40% APY regardless of how much you have in your account.

State Farm Bank Checking Account

State Farm Bank has two free checking account options:

1. Standard checking:

  • No minimum opening deposit
  • No monthly service fee
  • No minimum balance
  • Free official/cashier’s checks
  • No incoming domestic wire transfer fee

2. Interest checking:

  • No minimum opening deposit
  • $10 monthly service fee waived with direct deposit
  • 0.25% APY as of April 24, 2020
  • Free official/cashier’s checks
  • No incoming domestic wire transfer fee

State Farm’s Interest Checking only pays interest for accounts with a daily balance of more than $2,500.

USAA Bank Classic Checking

USAA Bank Classic Checking offers most of the typical checking account features, including the following:

  • No monthly service fee
  • $25 minimum opening deposit
  • No minimum balance
  • Free overdraft protection
  • Access to 60,000 USAA-preferred ATM machines
  • Up to $15 in domestic ATM fee reimbursements per month for non-USAA preferred machines

USAA offers nominal interest at a rate of 0.01% APY for accounts with a daily balance of $1,000 or more.

KeyBank Hassle-Free Account

KeyBank’s Hassle-Free Account is a very basic checkless checking account with the following features:

  • No monthly service fee
  • No minimum balance
  • Mobile deposit
  • No monthly transaction requirement
  • No overdraft fee
  • No insufficient funds fee

Although there’s no monthly service fee, if you close your account within the first 180 days, KeyBank will charge you an early closure fee of $25.

First Internet Bank Free Checking

First Internet Bank is a fully online bank. Its free checking account offers the full gamut of online and mobile banking services with the following features:

  • No monthly maintenance fee
  • No minimum balance
  • Free first order of checks
  • No incoming ACH transfer fee
  • No incoming wire transfer fee

First Internet doesn’t have any physical branches, but you can use any ATM for basic deposits and withdrawals.

E-Trade Checking

The E-Trade Checking account is a non-interest bearing account with these features:

  • No monthly maintenance fee
  • No minimum balance
  • $100 opening deposit

E-Trade offers an interest-bearing checking account with a nominal 0.05% APY as of April 24, 2020, but to waive the $15 fee you would have to maintain an average monthly balance of $5,000.

This article has been updated with additional reporting since its original publication.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Feb. 27, 2020.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack Inc., 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 ConsumerTrack Inc., 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.

About the Author

Taylor Bell is an Los Angeles-based journalist and staff writer for GOBankingRates covering personal finance. She is a former staff writer for ATTN: and has covered topics ranging from trending pop culture news to women’s social issues.