10 Best Free Checking Accounts in November 2022
10 Best Free Checking Accounts in November 2022 Skip to content
2GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 1.00% Annual Percentage Yield (APY) as of January 2021. APY may change before or after you open an account. The average national savings account interest rate of 0.05% is determined by the FDIC as of 12/14/20. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. Fees on your primary deposit account may reduce earnings on your savings account.
3Direct deposit early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or we will decline your deposit.
We don’t automatically rule out banks that stick to plain-vanilla deposit accounts. We do prefer comprehensive options, though — institutions that make it easy to spend, save, invest, and plan from the same app.
What do you want to do br with money
Popular Searches
Learn more about your money
Make Money
You need it. Learn how to make it. ExploreManage Money
You've got it. Learn what to do with it. ExploreSave Money
You have it. Make sure you have some later too. ExploreSpend Money
You're spending it. Get the most for it. ExploreBorrow Money
You're borrowing it. Do it wisely. ExploreProtect Money
You don't want to lose it. Learn how to keep it safe. ExploreInvest Money
You're saving it. Now put it to work for your future. ExploreCategories
About us
Find us
Close menuWhat do you want to do br with money
Popular Searches
Learn more about your money
Make Money
You need it. Learn how to make it. ExploreManage Money
You've got it. Learn what to do with it. ExploreSave Money
You have it. Make sure you have some later too. ExploreSpend Money
You're spending it. Get the most for it. ExploreBorrow Money
You're borrowing it. Do it wisely. ExploreProtect Money
You don't want to lose it. Learn how to keep it safe. ExploreInvest Money
You're saving it. Now put it to work for your future. ExploreCategories
About us
Find us
Close menu Advertiser Disclosure Advertiser Disclosure: The credit card and banking offers that appear on this site are from credit card companies and banks from which MoneyCrashers.com receives compensation. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear on category pages. MoneyCrashers.com does not include all banks, credit card companies or all available credit card offers, although best efforts are made to include a comprehensive list of offers regardless of compensation. Advertiser partners include American Express, Chase, U.S. Bank, and Barclaycard, among others. Manage Money Banking10 Best Free Checking Accounts in November 2022
By Brian Martucci Date November 10, 2022FEATURED PROMOTION
It’s becoming increasingly difficult to find truly free checking accounts. But they’re still out there if you know where to look. Indeed, many online banks and a few choice brick and mortars still offer legitimately free, FDIC-insured accounts with few restrictions and plenty of sweeteners. Some even pay interest, though not enough to keep up with inflation. If you’re looking for a checking account that won’t eat away at your deposits, take a closer look at these options available to customers throughout the United States.Best Free Checking Accounts
These are the best free checking accounts around right now. Each does at least one thing really well, whether that’s automated budgeting, mobile usability, or comprehensive money management features. Our pick for “best overall” free checking account offers the best value for the widest number of potential users, in our view.Best Overall U S Bank Bank Smartly Checking
U.S. Bank’s new Bank Smartly Checking account empowers you to, well, Bank Smartly. With multiple ways to get the monthly maintenance fee waived and no ATM transaction fees or surcharge fees at U.S. Bank and MoneyPass Network ATMs, it’s a financial breath of fresh air. Plus, for a limited time, you can earn up to $500 when you open a new eligible U.S. Bank SmartlyTM checking account and complete qualifying activities. Terms and limitations apply. This offer is valid through Nov. 21, 2022. Additional features: Manage cash easily with automated budgeting in U.S. Bank’s top-rated rated mobile appMake fast payments with ZelleLink an eligible deposit account to take advantage of no-fee overdraft protection transfers, a $50 overdrawn Available Balance safety threshold, and the Overdraft Fee Forgiven programGet access to U.S. Bank Smart Rewards and take advantage of additional benefits You must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, or WY to be eligible for a new Bank Smartly Checking account. Sign Up for U.S. Bank Checking Member FDICBest for Cash Back Rewards Checking via Upgrade
Rewards Checking via Upgrade4 is the best free checking account for people who like earning cash back on everyday purchases — which is most people, last we checked. Here’s how the cash-back program works: Earn 2% cash back2 on eligible debit card purchases of common everyday items — including purchases at convenience stores, drugstores, restaurants, bars, utility bills, and certain monthly subscriptionsEarn 1% cash back on all other eligible purchases, every day2. Additional features: Rewards Checking customers can receive discounts on loans and cards through Upgrade3No minimum opening depositNo annual fee, ATM fees, overdraft fees, or transfer fees1 Sign Up for Rewards Checking via Upgrade 1 There are no account fees, overdraft fees, annual fees, or transfer fees associated with Rewards Checking accounts. Rewards Checking charges no ATM fees, but third-party institutions may charge you a fee if you use their ATM/network or if you use your Upgrade VISA Debit Card internationally. Upgrade will rebate any ATM fee charged by another institution for debit card withdrawals in the United States, up to five times per calendar month. To be eligible to receive third-party ATM fee rebates in any calendar month for eligible ATM withdrawals made during that month, customers must have (i) an open Rewards Checking account and (ii) either maintained an average daily balance in their account of at least $2,500 in the prior calendar month or made direct deposits into their account totaling at least $1,000 during the prior calendar month. As a courtesy to new customers, Upgrade will provide third-party ATM fee rebates for up to the first 2 calendar months after account opening regardless of account activity. Some limitations apply and terms and conditions may change. Please refer to the applicable Cross River Bank Deposit Account Agreement and Upgrade VISA Debit Card Agreement and Disclosures for more information. 2 Rewards Checking customers accrue 2% cash back on common everyday expenses at convenience stores, drugstores, restaurants, and bars – including deliveries – and gas stations, as well as recurring payments on utilities and monthly subscriptions including phone, cable, TV and other streaming services, and 1% cash back on all other debit card charges. 2% cash back is limited to $500 in rewards per calendar year; after $500, customers accrue 1% cash back on all eligible debit card charges for the remainder of the year. Some limitations apply. Please refer to the applicable Upgrade VISA Debit Card Agreement and Disclosures for more information. 3 The interest rate on a new loan or credit line through Upgrade may be up to 20% lower than would otherwise be applicable without this discount, as long as you have an active Rewards Checking Account. Additional terms may apply. Please refer to the applicable Truth-in-Lending Disclosure and Loan Agreement. 4 Upgrade is a financial technology company, not a bank. Rewards Checking services provided by Cross River Bank, Member FDIC. Upgrade VISA Debit Cards issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Personal Loans made by Upgrade’s bank partners. Personal Credit Lines are issued by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. The Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.Best for Investors Wealthfront Cash Account
Wealthfront got its start as a low-cost investment management solution, and its robo-advisor platform remains core to its value. But the Wealthfront Cash Account has quickly established itself as a top free checking solution — one that offers one of the best yields on the market right now. The Wealthfront Cash Account supports Wealthfront’s Self-Driving Money vision, a money management automation tool that uses rules and goals set by you to keep your financial plan on track — effortlessly routing incoming deposits to pay bills due in the coming days, keep your emergency savings funded, maintain your progress toward other savings goals, and invest for the long haul. Additional features: Low minimum opening deposit (just $1)No account maintenance fees3.30% APY on all balancesGet paid up to two days early with direct depositSeamless mobile check deposit. Put your money to work in the market within minutes FDIC insurance on balances up to $1 million (standard coverage tops out at $250,000);Free in-network ATM accessPay friends with apps like Cash App, Venmo, and PayPalNo overdraft feesFor a limited time, get $30 bonus cash when you open a Wealthfront Cash Account and fund your new account with at least $500 in new money. Terms apply. Sign Up for WealthfrontBest Debit Card Rewards Go2bank
Go2bank earns its place as the best free checking account on the market thanks to a confluence of can’t-miss features that few competitors can match: An impressive yield on savings (1.00% APY2 on savings up to $5,000)Up to 7% cash back on eligible electronic gift card purchases in the app1 and 3% cash back on Amazon gift card purchasesPayday up to two days early with ASAP Direct DepositTM 3The option to deposit cash at participating retail stores (fees and deposit limits may apply)Up to $200 in overdraft protection with opt-in and eligible direct deposit. (Overdrafts paid at Go2bank’s discretion; terms and conditions apply.)Avoid the $5 monthly fee with an eligible direct depositAvoid the $15 overdraft fee by repaying overdraft transactions within 24 hours of authorization of the first transaction that overdrafts the account Sign Up for Go2Bank 1Active GO2bank account required to receive an eGift Card. eGift Card merchants subject to change2GO2bank, Member FDIC. Interest paid quarterly on the average daily balance of savings during the quarter up to a $5,000 balance and if the account is in good standing. 1.00% Annual Percentage Yield (APY) as of January 2021. APY may change before or after you open an account. The average national savings account interest rate of 0.05% is determined by the FDIC as of 12/14/20. Visit https://www.fdic.gov/regulations/resources/rates/ to learn more. Fees on your primary deposit account may reduce earnings on your savings account.
3Direct deposit early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or we will decline your deposit.
Best for Customer Service Albert
Albert has an unusually robust customer service offering for a low-key personal finance app. It’s all the more impressive for being free — though if you’re willing to pay at least $6 per month, upgrading to Albert’s Genius plan entitles you to 24/7 access to experts who stand ready to answer any and every money question that pops into your head. Additional features: Albert’s debit card and app have no monthly maintenance feeAccess your paycheck up to 2 days earlySeamless saving and budgeting for a healthier financial lifeUp to 20% cash back on eligible purchasesNo overdraft fees and paycheck advance up to $250 to cover overdraftsGuided investing starting at just $1 with the Genius planNo minimums or trading commissions Sign Up for AlbertBest for Automated Budgeting Douugh
Douugh is a feature-rich money management app that keeps you on top of your financial situation — however complex it happens to be. At its core is Salary Sweeper, an automated tool that works in the background to direct your income into one of two buckets: Your Bills Jar, which boasts its own virtual card and is designed to handle day-to-day spending needsYour Savings Jar, a longer-term bucket that you can divide up into single-purpose sub-jars Because Douugh automatically diverts funds earmarked for bill payments and savings goals before they hit your account, you’re never surprised by an unpaid bill or frustrated by your lack of progress toward a longstanding financial objective. And you can rest easy in the knowledge that everything else is safe to spend on your Mastercard debit card in the here and now. Additional features: No minimum opening deposit or ongoing balance requirement.Connect your account to the Cash App, Venmo, or PayPal to easily send funds to friendsUse Apple Pay to complete transactions on the goVirtually no additional fees Sign Up for DouughBest for Building Credit Chime Deposit Account
Chime is a mobile-first financial app that merges the low cost of online checking and savings accounts with the convenience of truly on-the-go banking. So do lots of other finance apps. What makes Chime different is that it can also help you build credit — if you need to — as you spend and save. That’s thanks to Chime Credit Builder, a secured credit card that boasts: No annual fee or interestNo credit check to applyNo minimum security deposit requiredCredit limit tied to your security deposit What about Chime’s free checking account? Benefits include: No monthly feesNearly 40,000 fee-free ATMsAutomatic savings to round up the change on every debit card transactionNo minimum opening deposit and no minimum daily balanceSolid yields on eligible savings balancesComprehensive mobile app featuring mobile check deposit, fee-free P2P transfers, fee-free electronic bill pay, and mobile payment app compatibility (Apple Pay, Samsung Pay, and Google Pay) Sign Up for Chime 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.Best for Business Owners Novo Business Checking Account
Truly free business checking accounts are tough to find, and getting tougher. But at least Novo holds down the space for now — thanks to a free business checking account that’s light-years ahead of any of the big banks’ alternatives. Novo’s fee-free business banking experience is powered by Middlesex Federal Savings F.A. It doesn’t impose limits on deposits, which is basically unheard of in the category. And it offers a growing list of app integrations, including Slack (a leading workplace collaboration tool) and Xero (an accounting solution for small businesses). Additional features: Make a $50 deposit (which remains in your control) to activate Novo’s featuresUnlock exclusive perks worth thousands of dollars in potential valueNovo may cover insufficient balance transactions on a case-by-case basis Sign Up for Novo Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings F.A.; Member FDIC.Best for Earning Interest Yield Quontic High Interest Checking
Quontic High Interest Checking makes it easy to earn category-leading interest on eligible checking account balances. To earn 1.10% APY on balances up to $150,000 and 1.10% APY on balances between $150,000.01 and $1,000,000, simply open your account with at least $100 to start. Then, meet the easy transaction requirement: at least 10 qualifying debit card point-of-sale transactions of $10 or more per statement cycle. In statement cycles where you don’t meet the transaction requirement, you’ll earn a token APY only. Additional features: $100 minimum opening depositPay no ATM fees when you use your debit card at ATMs in the AllPoint, MoneyPass, and SUM networks, or at Citibank ATMs located in Target, Speedway, Walgreens, CVS, Kroger, Safeway, Winn Dixie, or Circle KUse the mobile app to make seamless mobile check deposits, pay bills online, and transfer funds to friendsTrack purchase receipts right in the app Sign Up for Quontic BankBest for Low Fees Discover Bank Cashback Checking
Discover Bank is a full-service online bank with an unusually generous, totally free checking account. Although the 1% cash-back yield is absolutely worth writing home about, the real benefit for users is its forgiving fee schedule. With Discover, you never have to worry about fees for: Bill payInsufficient fundsCheck reordersReplacement debit cardsBank checksIn-network ATM transactions at more than 60,000 locations And, of course, there’s no monthly maintenance fee here. Additional features: Earn 1% cash back on up to $3,000 in eligible debit card purchases each month — that adds up to as much as $30 cash back per month, or $360 cash back per year.No minimum balance requirementFree overdraft protection — link your Discover checking account to another Discover deposit account and automatically transfer funds to cover transactions that would normally result in a negative balance Sign Up for Discover BankMethodology How We Select the Best Free Checking Accounts
We use several important factors to choose the best free checking accounts on the market. Each relates in some way to the overall cost of the account — lower is better — or to its features or overall usability.Minimum Deposit and Balance Requirements
It’s less and less common for free checking accounts to require significant opening deposits or ongoing balances. Minimums are more common in accounts that charge maintenance fees because it’s easier to tie a fee waiver to a particular balance threshold. “Maintain a minimum daily balance of at least $1,500 to waive the $12 monthly maintenance fee” — you get the gist. Still, you’ll find a few behind-the-times accounts that still require hefty minimum balances. So, all else being equal, we prefer free checking accounts with low or no minimums.Account Yield
Even as high-minimum checking accounts become less common, rewards checking accounts grow more plentiful. That’s great news for folks seeking a return on their balances, however modest. We always prioritize high-yield checking accounts over checking accounts with no yields. The best in the business boast yields north of 1%.Debit Card Rewards
Purchase rewards programs aren’t as common in the free checking space as in the credit card world, where cash-back credit cards and travel credit cards seem to grow on trees. Fortunately, rewards debit cards aren’t totally absent from the scene. We put a lot of effort into finding free checking accounts that pay users back for everyday purchases — sometimes to the tune of 5%, 10%, or more on select purchases.Budgeting Capabilities
Budgeting with spreadsheets is so 2000s. If you’re comfortable using a mobile banking app, you have an astounding array of choices for budgeting help too. That’s because some of the best mobile budgeting apps double as banking apps that automatically allocate your income to emergency savings, longer-term goals, and day-to-day expenses. We’re big fans of these two-for-one deals.Mobile Features
At this point, any checking account that’s not mobile-friendly is behind the times. But the best accounts go the extra mile and make it easy — even preferable — to bank on the go. All else being equal, we prefer these accounts and the financial institutions behind them.Other Products and Services
When is an online bank more than a bank? When it’s also your brokerage account, home equity lender, education financier, and on and on.We don’t automatically rule out banks that stick to plain-vanilla deposit accounts. We do prefer comprehensive options, though — institutions that make it easy to spend, save, invest, and plan from the same app.