Are you tired of paying monthly fees just to keep your money in a bank account? It’s time to switch to a bank that respects your hard-earned money. That’s why I am uncovering these top 6 banks in the United States that offer a free checking account online. Say goodbye to hidden charges and hello to savings!
Summary Table of these Banks offering a free checking account online
| Bank | Features | Benefits | Downsides |
|---|---|---|---|
| Ally Bank | No monthly fees, no minimum balance, 43,000+ ATMs | Interest on balance, 24/7 service, cashback at retailers | No physical branches |
| Capital One 360 | No fees, no minimum, 70,000+ ATMs | Interest on balance, mobile check deposits, 2 days early payday | Lower interest rates compared to some banks |
| Chase Total Checking | Qualifying activities to waive fees, 15,000+ ATMs | $300 welcome bonus, Zero Liability Protection | Monthly fee criteria |
| Discover Bank | No fees, no minimum, 1% cashback, 60,000+ ATMs | 2 days early pay, no overdraft fees | Cumbersome cash deposits, no branches |
| Chime Checking Account | No hidden fees, SpotMe overdraft feature | Early direct deposit, no foreign transaction fees, real-time alerts | Limits on cash deposits, no physical branches |
| Axos Bank – Essential Checking | No fees, unlimited ATM reimbursements | Interest earnings, cashback, online banking tools | No physical branches |
The criteria I used for handpicking these banks is based on factors like customer service, ease of online banking, no monthly fees, FDIC Insured, and additional perks that make banking a breeze. Here are the Banks;
1. Ally Bank
- Overview: Ally Bank stands out for its customer-first approach and excellent online banking services.
- Checking Account Features: Enjoy no monthly maintenance fees, no minimum balance requirement, and free access to over 43,000 ATMs nationwide.
- Additional Benefits: Earn interest on your checking account balance and benefit from exceptional 24/7 customer service. You can get cash back at most grocery stores, gas stations and other retailers when you make a purchase with your Ally debit card.
- Potential Downsides: No physical branch locations.
See more details on the Ally Bank Official Website
2. Capital One 360
- Overview: Known for its innovative banking solutions, Capital One 360 offers a seamless online banking experience.
- Checking Account Features: No fees or minimum account balance, plus access to a vast network of over 70,000 free ATMs.
- Additional Benefits: Earn interest on your balance and enjoy mobile check deposits. There is no overdraft fee which makes it very ideal if you’re usually financially stretched before the end of the month. Additionally, you can also benefit from the 2 days early payday if you signup for direct deposit. In my opinion, this is way better than getting a payday loan.
- Potential Downsides: Lower interest rates compared to some online banks.
See more details on the Capital One 360 Checking Account
3. Chase Total Checking
- Overview: Chase is a household name, offering a range of financial products and one of the biggest U.S banks offering free checking accounts which you can also access online .
- Checking Account Features: No monthly service fee for qualifying activities. A qualifying activity is one of the following; $500 monthly electronic deposit from any third-party, $1500 account balance at the beginning of each day. You also have access to 4,700 branches Nationwide and a network of over 15, 000 ATMs.
- Additional Benefits: Get a welcome bonus of up to $300 when you open a new account and set up direct deposit. There is no overdraft fee if you don’t exceed $50 per day. You also get reimbursed for unauthorized debit card transactions if reported promptly with Zero Liability Protection.
- Potential Downsides: Requirement to meet specific criteria to waive the monthly fee.
See more details on the Chase Total Checking Account
4. Discover Bank
- Overview: Discover isn’t just a credit card company; their free online banking services are top-notch too.
- Checking Account Features: No monthly fees or minimum balance, plus a 1% cashback on debit card purchases of up to $3000. Additionally, there are no insufficient funds or overdraft fees, making it ideal if you usually spend more than your account balance.
- Additional Benefits: Access to over 60,000 free ATMs nationwide. You also have access to 2 days early pay direct deposit if you are stretched at the end of the month before you receive your paycheck.
- Potential Downsides: Although you have access to over 60,000 ATMs, cash deposits can be cumbersome since there are no physical branches.
See more details on the Discover Bank Checking Account
5. Chime Checking Account
- Overview: Chime is a fintech company that offers streamlined online banking services like a free checking account.
- Checking Account Features: No hidden fees, daily balance updates, and automatic savings features. With their SpotMe feature, you have access to up to $200 fee-less overdraft.
- Additional Benefits: Early direct deposit and no foreign transaction fees. You can also setup Real-time transaction alert, Daily balance updates. Additionally, you also get protection from unauthorized charges.
- Potential Downsides: Although Chime does not have a physical location, you still have access to over 75,000 retail locations where you can deposit cash into your account. But you should be aware of the maximum-allowed daily and monthly cash deposit amount. You can only deposit a maximum of $1000 daily into your account with limit of $10000 monthly deposit.
See more details on the Chime Checking Account
6. Axos Bank – Essential Checking Account
- Overview: Axos Bank, formerly known as Bank of Internet USA, is an online bank known for its innovative banking solutions like; Bills Automation, Biometric Authentication, Top security, and high APY.
- Checking Account Features: Offers an Essential checking accounts like with features like no monthly maintenance fees, unlimited domestic ATM fee reimbursements, and no overdraft or non-sufficient funds fees.
- Additional Benefits: Some accounts offer interest earnings and cashback on certain transactions. They also provide a suite of online banking tools, including mobile deposit and bill pay.
- Potential Downsides: Being an online-only bank, there are no physical branches for in-person banking needs.
See more details on the Axos Essential Checking Account
Bottom Line
In the rapidly evolving world of banking, a plethora of options are available, each tailored to meet diverse consumer needs and preferences. Notably, the allure of a free checking account online has been a game-changer, offering unparalleled convenience and accessibility.
Banks like Ally Bank and Capital One 360 excel in providing this seamless online banking experience, making managing finances a breeze from anywhere. Meanwhile, Chase Total Checking stands out with its robust nationwide presence, ensuring reliability and accessibility across the board.
If you’re drawn to cutting-edge digital solutions, Discover Bank and Chime Checking Account are at the forefront, redefining the banking landscape. Additionally, Axos Bank emerges as a top choice if you favoring high-yield online banking options, marrying profitability with the ease of online access.
Each of these banks, with their distinct offerings, reflects the dynamic and customer-centric evolution of modern banking.
