January 2025's Best Free Checking Accounts

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As the highest-rated account in our study, the Axos Bank Rewards Checking account offers you great customer service. The account also features one of the highest-earning APYs on this list up to 3.30%, though there are stipulations to receive this rate. If you meet all of the criteria, you’ll receive the full 3.30% APY. These requirements go as follows:

• First, you'll need to receive at least $1,500 in direct deposits monthly to unlock a 0.40% APY and the rest of the APY tiers Axos uses.

Then, you can add the following tiers:

• 0.30% - Use your Debit Card for a total of 10 transactions per month (minimum of $3 per transaction) or sign up for Personal Finance Manager “Account Aggregation”
• 0.99% - Maintain an average daily balance of $2,500 per month in an Axos Invest Managed Portfolios Account
• 0.99% - Maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account
• 0.60% - Use your account to make a full monthly Axos Bank consumer loan payment

The more conditions you meet, the more you earn. You won’t have to worry about a minimum balance if you’re looking to open an account, nor are there any insufficient funds fees if you overcharge your account. When it comes to ATM withdrawals and deposits, Axos Bank affords all account holders unlimited reimbursements for all domestic ATM charges.

New to banking with an online-only institution? Axos Bank has a 24/7 personal banking hotline ready to answer any questions you might have about your account, ATM charges or anything else. If you’re unable to call, the bank also provides a speedy online chat service.

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Making money is the ultimate prize for any investor. The Charles Schwab High Yield Investor Checking® account makes that goal just a bit easier for Schwab investment clients. Through this benefit, you’ll be able to merge your new checking account with your Schwab One® brokerage account. This allows you to transfer funds quickly and easily between the two accounts and helps you avoid the processing time of a wire transfer from another account.

Aside from these perks, your account will also have a 0.20% APY and low fee schedule. These nearly nonexistent fees are headlined by an unlimited out-of-network ATM fee reimbursement program, granting you access to use any ATM wherever you want. Feel free to open an account with whatever money you have available, as you incur no charge for having a low balance.

All accounts receive a Schwab Bank Visa® Platinum Debit Card and free checks. If you want to speed up your payments, you can also incorporate your Schwab debit card into your virtual wallet, either with Apple, Microsoft or Samsung.

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This NBKC account is unlike many other bank accounts on the market. While most banks split up their savings and checking products, NBKC combines the two into a single product called the Everything Account. With this account, you’ll earn a 1.75% APY on all balances. In addition, you don’t need to meet any requirements to receive this rate. So by combining your checking and savings needs into a single account, you can earn interest, manage your money and track your spending all at once.

There are almost no fees attached to the NBKC Everything Account. In fact, you won’t pay any monthly maintenance fees, overdraft fees, minimum balance fees or foreign transaction fees.

Account holders have free access to the MoneyPass ATM network, which boasts 37,000 ATMs around the U.S. NBKC will also reimburse you for up to $12 in out-of-network ATM fees every month. Beyond this, you’ll receive a free Mastercard debit card.

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First Internet Bank has been serving online clients for more than 20 years, allowing them to access their checking accounts on the go and deposit checks directly through a phone app. The bank's Free Checking account is a barebones checking option that requires just $25 to open and has no monthly fees whatsoever.

Clients can get many brick-and-mortar bank services for free, including online and mobile bill pay, electronic bank statements, incoming wires and incoming ACH transfers. When it comes to ATM access, the bank doesn't charge any extra ATM fees to its customers.

First Internet Bank’s mobile app is highly rated as well, which matches its name. In fact, the app boasts a 4.8-star rating out of 5 on the Apple app store and 4.4-star rating out of 5 on the Android app store.

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Wealthfront may be commonly known as a robo-advisor service, but it does more than just that. Wealthfront’s Free Checking account is a great option for anyone looking to both earn interest and avoid monthly fees. More specifically, account holders will earn a 4.25% APY on all balances and you don’t have to meet any requirements to earn it.

You only need $1 to open a Wealthfront Cash Account and it has no monthly services fees, no transfer fees, no overdraft fees and more. Wealthfront is also partnered with Green Dot Bank, granting account holders access to a network of 19,000 fee-free ATMs. 

Another perk of the Wealthfront Cash Account is its increased FDIC insurance, which stands out in comparison to most competitors. While other banks typically offer up to $250,000 of FDIC insurance, Wealthfront offers up to $8 million. If you have a joint account as well, Cash Account deposits are now insured up to $16 million.

Wealthfront is able to offer a lot more FDIC insurance compared to a traditional bank because Wealthfront isn't a bank. Wealthfront works with partner banks to broker your deposits, and every single Wealthfront partner bank is FDIC-insured. And as a result, Wealthfront's partnerships with these banks allow more FDIC insurance in your Cash Account deposits. 

Other perks of this account include the ability to receive your paycheck early if you enroll in direct deposit and 24/7 customer service.

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Varo Bank’s checking account is tailor-made for you if you’re starting to earn a significant amount of money in your early professional career. Anyone experienced with mobile devices will likely find Varo’s app and financial management tools user-friendly. You can even take care of mobile check deposits and online bill pay through the app.

You’re automatically included in its early direct deposit program if you connect your paycheck deposits to your account. Varo claims that this unique offering could help you gain access to your money up to two days earlier than normal. Instead of waiting around for the typical processing times, when Varo receives your paycheck notification from the Federal Reserve, it will immediately send the funds to your available balance. Furthermore, you can take advantage of Varo’s Forecast system, which is meant to help you plan ahead for your monthly bills.

Though there is no specific amount of money you’ll need to open one of these accounts, you also will not earn any interest on your balance. Varo has managed to eliminate all monthly, overdraft, foreign transaction and debit card replacement fees, keeping what you make in your wallet.

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Chime’s Online Checking Account offers a range of features and prides itself on being almost entirely fee-free, with no overdraft fees, monthly service fees, transfer fees or foreign transaction fees. You can also receive your paycheck up to two days early when you set up direct deposit through your Chime account.

The Chime Online Checking Account also gives you access to a network of 60,000 ATMs around the country, all of which can be used for free. Another benefit of the Chime Online Checking Account is you’ll have access to a variety of financial management tools that can help you stay on top of your spending.

Where the Chime Online Checking Account falls a little short is its APY. In fact, it doesn’t offer one at all. However, all you’ll need to do is open a Chime Online Checking Account to earn an interest rate. Aside from that, this account requires no minimum to open, making it accessible for just about anyone.

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

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E*Trade Bank Checking Account is one of the easier and straightforward checking accounts available. The E*Trade Bank Checking Account offers no minimum deposit to open the account and there are no monthly fees attached to the account. This means you can start right away by opening the E*Trade Bank Checking Account with no financial hassle. 

In fact, once you open the checking account, you will receive a free debit card and you will have unlimited debit and check transactions. And unlike other banks, you can reorder a checkbook with no fees attached. If you have a stop payment request to make or online transfers, fees don’t apply there either.

However, once you do open E*Trade Bank Checking Account, it’s important to note there is a $25 insufficient funds fee if your balance is lower than the $0 threshold. And you won’t able receive an APY as the percentage is set at 0%. E*Trade Bank’s other checking accounts, Premium Savings and Max-Rate Checking, offer APYs of 3.50% and 0.05%, respectively, if you choose to move your money in either of those accounts.

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CIT Bank's eChecking Account is one of the better fee-free checking accounts on the market. The account offers no monthly fees for account holders and there are no ATM fees. This means account holders don't have to worry about fees for online transfers, incoming wire transfer fees or fees for CIT Bank to mail a check to them. You also don't have to worry about overdraft fees.

Customers also can get up to $30 in other banks' ATM fees reimbursed per month. The eChecking Account also comes with a 0.10% APY on balances below $25,000 and a 0.25% APY on balances above $25,000. This is one of the lower APYs on the market compared to similar checking accounts. To open a CIT Bank e-checking account, a $100 minimum deposit is required.

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The Capital One 360 Checking Account is a good resource for those who enjoy online banking. When you open a 360 Checking Account, you will notice the account offers no monthly fees and doesn’t require a minimum balance. You also don't have to worry about overdraft fees on approved transactions if you ever go beyond your threshold. And when you open a 360 Checking Account, you will receive a free debit card to help you make your purchases and ATM withdrawals.

The Capital One 360 Checking Account does come with a 0.10% APY (as of 12/1/24). Interest is compounded and credited monthly with this checking account. If you are looking for a Capital One branch, the bank does have limited physical locations. You can find their branches in Maryland, Washington D.C., Virginia, Delaware, New York, New Jersey, Texas, Louisiana and Connecticut.