These Banks Offer Free Checking Accounts With No Minimum Balance
Everyone needs a basic checking account. It’s the account you use to pay the bills, go to lunch and the other expenditures of everyday life.
What you don’t need are random fees just for having that account. A monthly maintenance fee? Your checking account doesn’t need an oil change.
The other thing you don’t need is a minimum balance requirement. That basically means you have a set amount of money that you don’t get to use. Ever. At least not until you close the account. Or, if you do dip into that balance, you get more fees. Ugh.
Keep it simple with a bank that offers a free checking account with no minimum balance. Luckily, there are plenty of good options.
8 Free Checking Accounts with No Minimum Balance
1. Ally Interest Checking Account
Why you want it: You keep a higher balance in your account.
Features: Ally’s Interest Checking has most of the standard features like:
- No maintenance fees
- No minimum balance requirement
- No minimum opening deposit
- Easy online access
As its name suggests, you’ll earn interest with this account. For balances under $15,000 you’ll earn .1%, which isn’t all that remarkable. But, if you tend to have $15,000 or more on hand, you can earn .5%.
Another nice perk is that Ally will reimburse you for up to $10 worth of ATM fees charged by other banks per statement cycle.
2. Axos Rewards Checking
Why you want it: Free stuff — plus interest.
Features: Axos Rewards Checking is a no-fuss account that carries no non-sufficient fund fees, in addition to no maintenance fee and no minimum balance requirements. AND you can earn up to 1.00% APY. Interest begins accruing immediately. You’ll also get unlimited domestic ATM fee reimbursements.
3. Schwab Bank High Yield Investor Checking Account
Why you want it: You already invest with Charles Schwab.
Features: Okay, when you think Charles Schwab, you probably don’t think about checking accounts. That could change. Their High Yield Investor Checking is a free account with .15% APY on your balance. It also features unlimited ATM fee rebates worldwide. That’s pretty cool if you travel a lot.
There is one little catch. You need to have a Schwab One brokerage account linked to your checking to avoid the maintenance fees. It may not be for everybody, but if you already invest, why not take advantage of it?
4. NBKC Personal Checking Account
Why you want it: You are all about that interest rate.
Features: The NBKC Personal Checking Account gives you all the basics plus a $12 per month allowance for those pesky ATM fees. Where this account sets itself apart is with a 1.01% interest on all balances with no minimum. That’s a pretty sweet deal. It also features $0 overdraft and non-sufficient funds charges, so if you tend to overextend your money, you won’t get dinged.
This account has a minimum opening deposit of $5, but you can probably swing that, right?
5. Discover Cashback Debit
Why you want it: You like the sound of “cash back.”
Features: The Discover Cashback Debit account boasts no fees ever, for anything. Its real selling feature is 1% cash back on up to $3,000 debit card purchases each month. Think about it. If you pay your mortgage, insurance payments and car payments with your card each month, you could be getting $30 back.
If that doesn’t seem like much, just think of it as free Netflix and HBO Go every month. Sounds good now, right?
6. Chime®
Why you want it: You want your paycheck to show up early.
Features: This online banking app is slick and streamlined. No fees, no minimums and no overdraft penalties. Where the Chime® Account separates itself from the pack is with its feature that gives you your paycheck two days early**. When you sign up for direct deposit*, Chime will put the money in your account as soon as they receive notice of the payment. No waiting for it to clear. That means you’ll have the money available to use up to two days sooner than your coworkers.
While everyone else is waiting for Friday, you could be living it up on hump day. Read our full Chime review.
7. USAA Free Checking
Why you want it: You appreciate customer service
Features: You know that USAA offers auto insurance to eligible members, but did you know it does banking as well? You don’t have to be an active or former military member, either. If your parent was in the military and a USAA member, you’re eligible. Once you sign up for a free checking account, your spouse and kids become eligible, too. This account comes with all the bells and whistles including early paydays for new recruits and a Quick Balance Widget that lets you check your balance without logging on.
It does require a $25 minimum opening deposit.
8. T-Mobile Money
Why you want it: It could pay for your phone bill.
Features: Wait, isn’t T-Mobile a phone company? Yes, but they also offer their customers a pretty sweet banking deal with T-Mobile Money. This no-fee, no minimum bank account comes with a whopping 4% APY for account balances up to $3,000 and 1% after that. That’s $120 per year for a $3,000 balance. If you carry a significant balance in your account, you may just earn enough interest to pay your cell phone bill — and you don’t even have to have your cellular through T-Mobile to get a bank account.
Plus, they’ll spot you $50 if you accidentally overdraft without any penalty.
Tyler Omoth is a contributor to The Penny Hoarder.
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The secured Chime Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank.
MyPay® line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).
Chime is recommended by more of its users in the 2024 Qualtrics® NPS study when compared to top national banks and select fintechs. THE #1 MOST LOVED BANKING APP is a Registered Trademark of Chime Financial, Inc.
* Terms apply. Limited time only, must open the new account and complete qualifying activities to earn 3 individual rewards, up to a max of $350.00, as described at https://www.chime.com/policies/newmemberofferv3.
1 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
2 Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network.
3 SpotMe® on Credit is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month.
Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. SpotMe for Credit and SpotMe on Debit share a single SpotMe limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third-party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won’t cover non-card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe Terms and Conditions.
4 With a qualifying direct deposit, earn 1.5% cash back on eligible secured Chime Visa® Credit Card purchases. Please refer to the Secured Chime Visa® Credit Card – Cash Rewards Program Addendum for details and more information on rotating cash back categories.
5 On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
6 Out-of-network ATM withdrawal and OTC advance fees may apply. View The Bancorp agreement or Stride agreement for details; see back of card for issuer.
7 Money added to Chime Card™ will be held in a secured deposit account as collateral for your Chime Card, and you can spend up to this amount. You can use money deposited in your Secured Deposit Account to pay off your charges at the end of every month.
8 You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.
9 To be eligible for Chime+™ status, you must receive a qualifying direct deposit to your Chime Checking Account in the preceding 34 days. Certain products marketed as Chime+ benefits have additional eligibility requirements. While some Chime+ benefits may have associated fees, none of these fees are mandatory to access Chime+ benefits or to maintain Chime+ status. See Chime+ Terms and Conditions for details.
10 To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account in the preceding 36 days as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 – $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
11 Top three national bank ranking according to the Federal Reserve Statistical Release based on domestic assets; number of ATMs self-reported by Chase, Bank of America and Wells Fargo – June 2025.
12 To apply for a Chime Card, you must also open a Chime Checking Account.
13 Chime Visa® Credit Card holders – Deposits and debit refunds go to your Checking Account, then transfer to your Chime Card Secured Deposit Account – other than Chime Card cash deposits at retailers, which go to your Chime Card Account, then transfer to your Secured Deposit Account. Funds are moved from your Secured Deposit Account to your Checking Account to facilitate outbound transfers and debit purchases. Your Available balance is the money you can spend with your Chime Card or Checking Account. See account agreements and statements for details.
14 Chime will report the following activities, as applicable, to TransUnion®, Experian®, and Equifax®: amount past due; payment status of the last paid-off balance; how long you’ve had your card; current statement balance; last balance payment date; and highest balance before paying it off.
