Axos Bank Rewards Checking is no longer available for new applications.
According to a January 2026 MoneyRates survey, new or increased fees are the number-one reason people switch banks.
Monthly maintenance fees alone averaged a record $13.95 that month, and that's not including ATM fees, overdraft charges and other so-called junk fees.
CNBC Select reviewed over 20 top financial institutions to find the best checking accounts with no monthly maintenance fees. We crowned winners in a variety of categories, including ATM access, minimum balance requirement, interest earnings, and branch availability. For more on how we made our choices, see our methodology.
Best free checking accounts
- Best welcome bonus: SoFi Checking and Savings
- Best for branch access: Capital One 360 Checking
- Best for out-of-network ATMs: Axos Bank® Rewards Checking
- Best for earning interest: Ally Bank Spending Account
- Best for a credit union: Alliant High-Rate Checking Account
- Best for students: Chase College Checking℠*
- Best for investors: Schwab Bank Investor Checking™
- Best for rewards: Discover Cashback Debit Checking
*Chase College Checking℠ and Discover Cashback Debit Checking are no longer available for new account openings.
Best welcome bonus: SoFi Checking and Savings
Who's this for? If you're looking for a high-yield savings account that immediately rewards you for opening a new account, the SoFi Checking and Savings does just that. If you set up a direct deposit of at least $1,000, you can earn a welcome bonus of up to $400. (Your cash bonus is based on the total amount of the direct deposit.*)
Standout benefits: SoFi pairs a competitive savings APY with a full checking account, so you're not giving up convenience for a better rate. Plus, deposits are FDIC-insured on up to $3 million through the SoFi Insured Deposit Program,* which gives you far more protection than most traditional banks offer.
- Earn a cash welcome bonus just for setting up direct deposit, giving you a head start on your savings goals.
- Unlock a competitive APY on your savings with direct deposit, so your money works harder without any extra effort.
- No minimum balance or monthly fees means you keep more of what you earn, regardless of your account balance.
- Get your paycheck deposited up to 2 days early with direct deposit, so you’re never waiting on funds you’ve already earned.
- Roundups automatically save your spare change with every purchase, and Vaults let you organize savings toward specific goals.
- Comes with a checking account, ATM access and no foreign transaction fees
- FDIC insured up to $3 million through the SoFi Insured Deposit Program,* offering far more protection than the standard $250,000 limit.
- Savings APY drops significantly without direct deposit, so you’ll earn less if you don’t use it as your primary bank.
- Out-of-network ATM fees aren’t reimbursed, which could add up if you frequently use cash.
- No physical branches, so customer support is entirely online or by phone.
Best for branch access: Capital One 360 Checking
Who's this for? If you prefer to do your banking in person, the Capital One 360 Checking gives you access to close to 750 branches and over 2,000 in-network ATMs nationwide. And if you're looking for something a little different, Capital One's 50+ Cafés let you grab a coffee, enjoy free WiFi, and chat with a banker in a more relaxed setting.
Standout benefits: Capital One 360 keeps things simple with no minimum deposit to open, no overdraft fees and no foreign transaction fees.
- Close to 750 branches and over 2,000 in-network ATMs make it one of the more accessible banks for in-person banking.
- No minimum deposit required to open an account, so you can get started without needing a lump sum upfront.
- Earns 0.10% APY on all balances, so your checking account works a little harder than a typical non-interest account.
- No overdraft fees, and you can set up free savings transfers as a backup after opting in.
- No foreign transaction fees, making it a solid option if you travel internationally.
- Out-of-network ATM fees aren’t reimbursed, so it’s worth sticking to in-network ATMs to avoid extra charges.
Best for out-of-network ATMs: Axos Rewards Checking
Who's this for? If you find yourself constantly pulling cash from whatever ATM is closest, Axos Rewards Checking has you covered with unlimited domestic ATM fee reimbursements, so you won't be penalized for banking outside the network.
Standout benefits: Axos also keeps costs low with no monthly maintenance fees, no overdraft fees and no minimum balance requirement, making it a straightforward option if you want a checking account that stays out of your way.
Best for earning interest: Ally Bank Spending Account
Who's this for? If you like the idea of your checking account earning interest, the Ally Bank Spending Account delivers with 0.10% APY on balances under $15,000 and 0.25% APY on balances of $15,000 or more just for keeping your money there.
Standout benefits: Ally pairs competitive interest rates with no monthly maintenance fees, no overdraft fees and access to over 43,000 no-fee Allpoint ATMs. Once you set up direct deposit, you can also get your paycheck up to two days early, plus up to $10 in out-of-network ATM fee reimbursements per month.
- Top-rated mobile app
- No minimum deposit to open an account
- ATM fee reimbursement up to $10 per statement cycle
- 0.10% or 0.25% APY, depending on daily account balance
- $0 overdraft fee
- Online-only bank (no brick-and-mortar locations)
- $15,000 minimum daily balance required for 0.25% APY
Best for a credit union: Alliant High-Rate Checking
Who's this for? If you like the personal touch of a credit union, Alliant High-Rate Checking is our top pick. Joining Alliant just requires a $5 donation to the nonprofit Alliant Credit Union Foundation. (Alliant will refund your donation after you open your account.)
Standout benefits: All you need to open an Alliant High Rate Checking account is a $25 deposit. There's no minimum balance requirement or overdraft or NSF fees. Members have access to over 80,000 fee-free ATMs and up to $20 in out-of-network ATM fees are reimbursed per month.
- Top-rated mobile app
- ATM fee reimbursement up to $20 per month
- 0.25% APY
- No overdraft fees
- Must opt-in to paperless statements and have a recurring monthly electronic deposit to earn APY
Best for students: Chase College Checking
Who's this for? Chase College Checking is available to students aged 17 to 24 who are enrolled in college or vocational school. New account holders can earn $125 after completing 10 qualifying transactions within 60 days of coupon enrollment. (This offer ends 3/13/2026.)
Standout benefits: Chase waives the $15 monthly service fee for students for up to five years. Accounts convert to Chase Total Checking after graduation, when fees may be waived by meeting balance or deposit requirements.
- No minimum deposit to open an account
- Overdraft assistance
- Top-rated mobile app
- Chase is no. 2 on J.D. Power's 2019 U.S. National Banking Satisfaction Study
- Send and receive money with Zelle®
- No APY
- Monthly fees, but there are options to waive
- No reimbursement for out-of-network ATM fees
Best for investors: Schwab Investor Checking Account
Who's this for? If you're already investing or looking to start, the Schwab Investor Checking Account™ automatically links to a Schwab brokerage account so you can manage your banking and investments all in one place.
Standout benefits: Schwab keeps costs at zero with no monthly fees, no minimum balance requirements and no foreign transaction fees. Members also enjoy unlimited ATM fee reimbursements worldwide, so you can withdraw cash anywhere without worrying about extra charges.
- Automatically linked to a Schwab brokerage account, making it easy to move money between banking and investing without juggling multiple apps or institutions.
- Unlimited ATM fee reimbursements worldwide, so you can use any ATM anywhere without being penalized.
- No monthly fees, no minimum balance requirements and no foreign transaction fees.
- No proprietary ATM network, so you’ll rely entirely on reimbursements rather than having fee-free ATMs to fall back on.
Best for rewards: Discover Cashback Debit Checking
Who's this for? Discover Cashback Debit Checking comes with a no-fee debit card that earns 1% cash back on up to $3,000 in purchases each month. Cash can be redeemed as a deposit into a Discover checking, savings or money market account, or transferred to a Discover credit card.
Standout benefits: There's no minimum deposit with Discover Cashback checking and overdraft protection is free (a rarity). Account holders have access to over 60,000 fee-free Allpoint and MoneyPass® ATMs.
- Top-rated mobile app
- No minimum deposit to open an account
- 1% cash back on up to $3,000 in debit card purchases each month
- Opt-in to free overdraft protection
- No overdraft fees
- No reimbursement for out-of-network ATM fees
What does "free checking" mean?
While there are many fees associated with a checking account, "free checking" typically refers to an account that doesn't charge a monthly maintenance fee.
Some banks will waive their fee if you maintain a minimum balance or direct deposit, but we excluded those from our selection.
Common checking account fees
Close to half of non-interest checking accounts charge a monthly maintenance fee, according to Bankrate's 2025 Checking Account and ATM Fee study.
There are other charges to consider as well, though:
- Overdraft fee: If you spend more than your account balance and the bank covers the payment, you may be charged up to $35 per incident. Some banks don't charge to cover a payment or allow you to link your checking and savings accounts to provide additional funds.
- Non-sufficient funds fee: If the bank does not cover a payment, you may incur an NSF fee. Try to find a bank that doesn't charge one.
- ATM fee: If you use an ATM from another company, you can be hit with two charges — one from your bank and another from the ATM operator. Look for an institution with a large ATM network or that reimburses for out-of-network fees.
- Paper statement fee: If you don't enroll in paperless banking, you may be charged $1 to $5 per statement to cover the cost of printing and mailing.
- Foreign transaction fee: If you use your debit or ATM card overseas, many banks charge a fee that's typically 3% of the transaction amount.
- Account closure fee: If you close your account early, usually within 90 to 180 days of opening, you may be penalized. Account closure fees are often $25 to $50.
What to look for in a checking account
The best checking accounts have no maintenance fees and waive other charges, including overdraft fees and out-of-network ATM fees. Look for an account that earns interest, gives cash back or offers a welcome bonus.
Consider the number of branches a bank has and whether there is a location in your area. Look at customer service reviews on the Better Business Bureau and on sites like Trustpilot. Make sure its website and mobile app are easy to use and provide the services you want.
It may be worth looking at the other account types offered, as many institutions offer perks to customers with high balances or multiple accounts.
Online vs. traditional free checking accounts
Free checking accounts are available at both online banks and traditional brick-and-mortar institutions, but the experience can differ.
Online banks often offer perks such as higher interest rates, ATM fee reimbursements and fewer fees overall. Because they don't operate physical branches, their overhead costs are typically lower.
Traditional banks provide in-person service at local branches. This can be helpful if you prefer face-to-face assistance or need to deposit cash regularly. However, brick-and-mortar institutions are more likely to charge monthly maintenance fees or require certain conditions to waive them.
If you're comfortable managing your money digitally, an online bank offers more value, but if access to a physical branch is important to you, a traditional bank may be a better fit.
How to open a checking account
You can usually open a checking account online or at a branch location. To open a non-custodial account, you must be 18 or older. You'll provide your name, address, birth date, Social Security number, valid photo ID and other personal information.
Since this is a deposit account and not a loan, the approval requirements are much simpler. The bank may run a soft credit check to confirm your identity, but it won't hurt your credit.
If you're approved, you may be required to make a minimum opening deposit and create a PIN for your debit or ATM card. If you order paper checks, they should arrive within seven to 10 days.
Free checking account pros and cons
- No monthly service fee
- Easy access to funds
Cons
- Other fees may apply
- Often offered by online banks with no physical branches
- Relatively low APYs
Free checking account FAQs
What is a free checking account?
A free checking account doesn't charge a monthly maintenance fee or require a minimum balance or deposit. Like any checking account, they typically include a debit card, fee-free ATM access and mobile check deposit. Some accounts may offer interest, free checks, out-of-network ATM fee reimbursements and cash back or a welcome bonus.
Do free checking accounts earn interest?
Most no-fee checking accounts do not earn interest. A few, including the Schwab Investor Checking Account, do, but rates are usually lower than those on savings accounts.
What is the main drawback to a free checking account?
While you may not have to pay a monthly maintenance fee, you may still be hit with overdraft or NSF fees, or charged for paper statements or for using an ATM outside your network.
In addition, most no-fee checking accounts are with online banks without physical branches. If you enjoy in-person banking, that may be a dealbreaker.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every checking account list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Our methodology
To find the best checking accounts with no monthly maintenance fees, CNBC Select analyzed dozens of accounts offered by brick-and-mortar banks, credit unions and online institutions.
We narrowed our selections to checking accounts with no monthly fee. Accounts that waive fees for customers who meet balance minimums were excluded.
All of the institutions on our list also met the following criteria:
- Initial deposit requirement of $50 or less
- Nationwide availability
- Large ATM network
- Easy-to-use online platform and mobile app
- Positive customer reviews
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Read more
Information about the Ally Bank Spending Account has been collected independently by CNBC Select and has not been reviewed or provided by Ally prior to publication. Ally Bank is a Member FDIC.
* New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
*SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn up to 3.10% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.10% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
*Earn up to 3.80% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.10% APY) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 12/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC *Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
