Banking and Finance

The 6 Best No-Fee Checking Accounts

Elizabeth
July 27, 2021

According to one BankFeeFinder.com study, Americans pay an average of $329 in bank fees. From monthly maintenance fees to overdraft fees and even wire transfer fees, there’s a lot that people are paying for without even knowing it.


But, it doesn’t have to be that way. Due to the rise in popularity of online banks, traditional banks are having to find unique ways to compete with their digital counterparts and their offerings of fee-free debit cards and bank accounts.


Want to sign up for a fee-free checking account? Here are our top six picks for 2020.

Best Fee-Free Checking Accounts

1. Capital One 360

Image: Capital One
Image: Capital One

We once ranked the monthly maintenance fees of the top traditional banks in America. The overall cheapest monthly maintenance fees? The Capital One 360 Checking Account, which has $0 in maintenance fees and a $0 minimum balance requirement. Tack on a few other perks such as the ability to connect to Zelle and the lack of out-of-network ATM fees and it’s easily one of the best banks with no fees.


🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

😢  Overdraft Fee: $0

💲 Other Fees: $0 in ATM fees at over 40,000 ATMs nationwide; no foreign transaction fees.

📈 Interest Rate & APY: 0.10% APY

💰  Cashback: N/A

🤑  Other Perks: Your first checkbook is free; access to Zelle transfer through Capital One; avoid overdraft fees by setting up Auto-Decline, Next Day Grace, or Free Savings transfer.

2. Discover Cashback Debit Account

Image: Discover Bank
Image: Discover Bank

Discover consistently ranks high amongst savvy savers looking to optimize their financial health. Not only did the Discover It Student Cashback card rank as the No. 1 best credit card for college students but the Discover Cashback Debit Account ranks as one of the best banks with no fees. Perks like mobile check deposit and 1% cashback per month make it ideal for fee-free banking with a side of savings.


🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

😢  Overdraft Fee: $0

💲 Other Fees: $0 in ATM fees at over 60,000 ATMs nationwide; incoming wire transfers are free; outgoing wire transfers are $30.

📈 Interest Rate & APY: While this account earns 1.15% APY (up to $30 per month), you also have to open a Discover Online Savings account in order to have the cashback savings sent there.

💰  Cashback: Get 1% cashback on up to $3,000 of eligible purchases each month.

🤑  Other Perks: You’re eligible to receive free checks when you sign up for this account.

3. Ally Interest Checking Account

Image: Ally Bank
Image: Ally Bank

In terms of fee-free checking accounts, the Ally Interest Checking Account is a great option for super savers. It requires a $0 balance to open the account and there are no monthly maintenance fees. While it’s an interest-earning account, you do have to maintain a pretty high balance in order to earn the highest APY possible.


🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

😢   Overdraft Fee: $25

💲 Other Fees: Ally reimburses up to $10 at the end of each statement cycle for fees charged at other ATMs nationwide; no fees for incoming wires; outgoing domestic wires are $20.

📈 Interest Rate & APY: Depending on how much you have in the account, you can earn between 0.10% to 0.50% APY. But, you have to maintain a balance of $15,000 to receive the highest APY.

💰  Cashback: N/A

🤑  Other Perks: Send and receive money for free using Zelle.

4. Schwab Bank High Yield Investor Checking

Image: Marotta on Money
Image: Marotta on Money

If you’re truly interested in growing your cash over time, this High Yield Investor Checking account is linked to a Schwab One brokerage account and built for investors. Yet, it comes with no monthly fees and no minimum balance requirements.


🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

😢   Overdraft Fee: $25

💲 Other Fees: Unlimited ATM fee rebates worldwide plus no foreign transaction fees.

📈 Interest Rate & APY: 0.03% APY (higher than comparable accounts at Bank of America, Citibank, Chase, and Wells Fargo).

💰  Cashback: N/A

🤑  Other Perks: No foreign transaction fees are great for travelers; When you open your High Yield Investor Checking account, you’ll be opening a brokerage account at the same time and receiving a separate account number for each.

5. Simple Account

Image: Simple
Image: Simple

If you’ve ever banked with BBVA then you might have heard of Simple. In terms of simplicity, it’s one of the best banks with no fees, offering you an online banking experience that’s praised for being easy-to-use and loaded with money management tools that’ll help you get the most out of your cash.


🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

😢  Overdraft Fee: $0 (Simple will simply decline the transaction)

💲 Other Fees: Access to 40,000 AllPoint ATMs.

📈 Interest Rate & APY: 0.01% APy

💰  Cashback: N/A

🤑  Other Perks: Money management and budgeting tools are built into the app; it’s easy to connect your account to Paypal, Square Cash, and Venmo; mobile check deposit is available.

6. Cheese Debit Card

Cheese Debit Card
Cheese Debit Card

The best no-fee banking option? Cheese! Not only is it a fee-free option to traditional checking accounts, but it’s a great free online checking account for those interested in saving cash easily and quickly. Whereas the other options on this list offer some combination of fee-free checking mixed with cashback and other rewards, Cheese offers it all in one place.


🛠️  Monthly Maintenance Fee: $0

💸  Minimum Opening Balance: $0

😢  Overdraft Fee: $0

💲 Other Fees: $0 in fees at 55,000 ATMs in the US.

📈 Saving Bonus: Up to 3% by referring friends

💰  Cashback: Up to 10% for now

🤑  Other Perks: No fees for incoming international wire transfers, bilingual customer service in-app, more cashback affiliate brands to be unlocked, and more...


When you refer friends and family you can get up to a 3% savings bonus. And, you can receive up to 10% cashback when you shop with our exclusive partners, including Postmates, Hulu, Peet’s Coffee, Sephora, Groupon, and more. Your account will accrue interest on top of earning you cashback each time you swipe it when spending with one of our partners. Those are savings you simply can’t miss out on. Signup Now!


Here're more you need to know about best debit cards, savings accounts and checking accounts:

The 6 Best Debit Cards That Pay Cash Back Rewards

The 5 Best Prepaid Debit Cards

Hidden Savings Account Costs You May Not Know About

Savings Account vs. CD: What's the Difference & How to Choose?

The Best Online Checking Accounts of All Time

The 6 Best No-Fee Checking Accounts

Cheese 银行卡 美国华人最好的选择
Cheese 银行卡 美国华人最好的选择