Best Free Checking Accounts of 2025
Written by Tara Mastroeni | Edited by Becca Stanek | Updated on 3/17/2025
Typical checking accounts can come with some hefty fees. However, free checking accounts exist. With that in mind, we looked at the best options that today’s banking landscape has to offer.
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Many checking accounts carry big fees. Luckily, you can find low- and no-cost checking accounts. Our free checking account finder will provide personalized recommendations based on your needs.
We have also looked at the leading options from different types of financial institutions and rounded up our top picks for the best free checking accounts to help you save on unnecessary fees. Read on for our recommendations.
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What are some of the best free checking accounts available?
Here are our picks for the best free checking accounts, ranked according to annual percentage yield (APY):
| 5 best free checking accounts | |||||
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| Bank | Account | APY | Minimum opening deposit | Minimum balance | Monthly maintenance fee |
 SoFi® Bank, N.A. |
SoFi Checking and Savings | 0.50% | $0 | $0 | $0 |
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 Axos Bank |
Rewards Checking | 0.40% - 3.30% | $0 | $0 | $0 |
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 Alliant Credit Union |
High-Rate Checking | 0.25% | $25 | $0 | $0 |
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 Ally Bank |
Spending Account | 0.10% - 0.25% | $0 | $0 | $0 |
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 Capital One |
360 Checking Account | 0.10% | $0 | $0 | $0 |
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Summary of the 5 best free checking accounts
Here’s a quick look at some of the best free checking accounts you can open. They all have fewer fees than you might expect from a traditional bank.
SoFi Checking and Savings
SoFi Checking and Savings is a combination account that can be opened online or through the bank’s mobile app.
APY: 0.50%
Account features: SoFi Checking and Savings comes with a companion savings account that earns up to 3.80% APY.* You can also receive up to $300 when you sign up for and set up direct deposit.** Account holders also get up to $50 worth of overdraft coverage when they receive at least $1,000 in direct deposits each month. ***
PROS
- Earns up to a $300 sign-up bonus when you sign up for and set up direct deposit
- Comes with no-fee overdraft coverage
- Provides access to paychecks up to two days early when you set up direct deposit
CONS
- Requires direct deposits to qualify for many perks
- Does not allow you to open a stand-alone checking account
- Lacks branches because SoFi® Bank, N.A. is an online-only bank
Axos Bank Rewards Checking
Axos Bank offers access to online and mobile banking. An account takes just a few minutes to open.
APY: 0.40% to 3.30%
Account features: This rewards checking account earns up to 3.30% APY, and it skips the monthly maintenance, overdraft and minimum balance fees. You’ll be reimbursed for all domestic ATM fees.
PROS
- Earns a much higher maximum APY, at up to 3.30%, than most other banks
- Offers unlimited reimbursement for domestic ATM fees
- Does not have monthly maintenance, overdraft or minimum balance charges
CONS
- Needs a monthly direct deposit of $1,500 or more to start earning interest
- Expects you to meet a lot of requirements to receive the highest rate
- Lacks physical branches because Axos Bank is an online-only bank
Alliant Credit Union High-Rate Checking
Membership at Alliant Credit Union is open to several groups, including people in the Chicago area and those in rural and digitally challenged locations. The credit union’s High-Rate Checking can be opened online or by phone.
APY: 0.25%
Account features: Alliant Credit Union’s High-Rate Checking offers up to $20 per month in ATM fee rebates. You also receive your first box of checks free if you order them within the first 12 months of opening the account.
PROS
- Allows members up to $20 per month in ATM fee rebates
- Does not charge overdraft fees
- Provides account holders a Visa debit card
CONS
- Requires a $25 minimum deposit to open the account online or by phone
- Includes a high-rate savings account with a $5 monthly minimum balance requirement
- Provides only the first box of checks for free
Ally Bank Spending Account
Ally Bank offers an interest-bearing checking account that can be opened in five minutes or less.
APY: 0.10% to 0.25%
Account features: Ally Bank’s Spending Account comes with plenty of features, including access to your paycheck up to two days early with qualifying direct deposits, reimbursement for up to $10 in ATM fees monthly, and overdraft protection.
PROS
- Does not charge overdraft fees
- Allows access to your money up to two days early when you set up direct deposit
- Reimburses up to $10 in ATM fees each month
CONS
- Requires a $15,000 minimum balance to earn the highest rate
- Does not accept cash deposits
- Lacks physical branches
Capital One 360 Checking Account
You can sign up for Capital One’s 360 Checking Account in about five minutes. Acceptance gives you access to online and mobile banking, plus any of the bank’s brick-and-mortar branches or cafes.
APY: 0.10%
Account features: Capital One’s 360 Checking Account offers three different overdraft protection options and the ability to get paid early when you sign up for direct deposit. You can also add cash to your account at participating stores, such as CVS and Walgreens.
PROS
- Maintains physical branches
- Provides overdraft protection
- Gives direct deposit customers access to paychecks up to two days early
CONS
- Offers a lower APY than some competitors, regardless of your balance
- Applies some transaction limits
- Does not reimburse for out-of-network ATM owner fees
How to choose a free checking account
Now that you’re familiar with some of the best free checking accounts on the market, it’s important to understand how to compare them. Here are three metrics to consider as you decide which option is right for you:
- Make sure your money is insured. Check that your funds are protected if your bank were to fail. The standard coverage limit for institutions insured by the Federal Deposit Insurance Corp. (FDIC) and the National Credit Union Administration (NCUA) is $250,000 per depositor.
- Consider the fees. Most free checking accounts don’t impose common charges, such as monthly maintenance, overdraft or minimum balance fees. However, fees may still be associated with some account transactions, including check orders or wire transfers. Read disclosures for any account you’re considering so you’re aware of its fee structure.
- Look at the rate. Lastly, consider the APY and what it takes to unlock that rate. Some checking accounts offer higher rates than others, but you may have to jump through several hoops to access the full earning potential.
Frequently asked questions
What does a checking account do?
A checking account is a bank account designed to hold money for regular spending. Instead of paying cash for items you want to buy, you can use a paper check or a debit card to transfer the funds from your bank account to the recipient.
What fees are commonly charged with checking accounts?
Common checking account fees include monthly maintenance, minimum balance, ATM usage and overdraft fees. Your bank may also charge fees for less common transactions, such as ordering checks or sending or receiving wire transfers. Be sure to read the disclosures for any account you’re thinking about opening so you know what — and when — you’ll be charged.
What types of benefits can come from opening a checking account?
The biggest benefit of a checking account is having your funds insured, which means that your money will stay safe in the event of bank failure. Having a checking account also means you can keep the money that you’re planning on using for everyday spending separate from the funds you’re saving.
Methodology
To compile our list of the best free checking accounts, we considered annual percentage yields (APYs) and fees. We analyzed nearly 28 bank accounts at different banks, credit unions and financial technology companies.
Accounts that made the list needed to have these features:
- Offer a competitive APY
- Require a small minimum deposit, if any, and no minimum balance
- Charge no monthly service fees
- Offer many free ways to make deposits and withdrawals
- Function as a primary checking account
- Come with federal insurance
*SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
**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 Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
***Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.