What Are the Best Accounts to Avoid Maintenance Fees in the US? Here Are 4 Options in 2023

What's the best account in the USA that doesn't charge monthly maintenance fees? The answer will depend mainly on your needs and preferences. Fortunately, as of 2023, many free checking account options are available to US residents, meaning a good start it to compare your options.

In this short ranking, we compare the four best accounts in the US to use if you're trying to save money. Note that although none of the providers we explore charge monthly maintenance fees, no option is entirely free (there are always fees to pay somewhere). We'll try to provide you with an overview of the relevant costs and when you might expect to pay them.

Best For Daily Use: Chime

Founded in 2013, Chime is a mobile checking account and debit card that's as close to free as you'll get in the USA. Although you may still rack up ATM charges for out-of-network withdrawals¹ or minimal currency exchange fees when spending in a currency other than US dollars (the latter of which isn't charged by Chime itself), you won't be charged a cent by Chime itself for regular day-to-day checking, helping you to avoid maintenance fees altogether!

Chime offers free in-network ATM withdrawals¹ and even gives you APY at 2.00% as part of its optional Chime Savings Account³. There are a few small downsides, most notably the fact that you won't be able to send or receive wire transfers, and you can pay a lot in fees if you need to add cash to the app. On the whole, though, Chime offers simple online checking that's well-liked by its users.

• Account Name: Chime Checking Account
• Maintenance Fee: $0 /month
• Minimum Balance: $0
• Credit Check: No
• Non-USD Card Transaction Cost: 0%
• Non-USD Cash Withdrawal Cost: $2.50
• Other Potential Fees: Third-party fees if you want to deposit cash at partner locations (e.g. 7-Eleven, Walmart, etc.)

If you're looking for a mobile account with no monthly fees and you don't need an extensive list of features, we believe that Chime is probably the best choice you could make!

Best for Traveling Abroad: Revolut

UK-based fintech giant Revolut is also increasingly popular in the US, offering its checking account and debit card in partnership with Metropolitan Commercial Bank — which means, like Chime, its checking account is fully FDIC-insured.

On top of a host of banking features like early direct deposit, free ATM withdrawals or an interest-earning savings account, you can also open junior accounts and even trade cryptocurrencies and stocks. Revolut also offers many internationally-oriented features, like ten free foreign transfers a month, free foreign exchange up to $1,000 a month, and the ability to hold a balance in foreign currencies, making it a good choice for those who frequently travel abroad. However, fair use limits, third-party ATM charges, and weekend surcharges may apply.

• Account Name: Standard
• Maintenance Fee: $0 /month
• Minimum Balance: $0
• Credit Check: No
• Non-USD Card Transaction Cost: 0%
• Non-USD Cash Withdrawal Cost: 0%
• Other Potential Fees: 3% to add money to your Revolut account with a debit card, $5 to replace a debit card, $4.99 to add every additional virtual debit card (aside from the first free card)

Best Foreign Currency Balances: Wise

If you often need to send or receive money abroad, you might be familiar with Wise. Formerly known as TransferWise, this UK-based fintech made its name by enabling cheap and fast international money transfers, bypassing traditional SWIFT transfers — which makes it a frequently featured player in Monito’s comparison engine.

Aside from its money transfer product, Wise also offers a multi-currency account, which comes with a debit VISA or Mastercard. Its main feature is that it allows you to hold money in more than 50 currencies and gives you account details for 10 of them, including USD, EUR or GBP — though note that you will have to pay a small fee actually to exchange money.

Although it's not as fully featured as other choices on this list, Wise's account might be a practical solution if you need to get paid outside the US — and if you regularly use Monito's comparison engine, you know it's often worth it to have a Wise account at the ready, as they are often the best choice to send money abroad. However, be mindful that their multi-currency account is not a bank account and is not FDIC-insured. The money you keep on it is safeguarded, but it's not protected to quite the same extent as it would be with most accounts on this list, and as such, Wise is probably not the best choice if you're looking to replace a traditional bank account.

• Account Name: Wise Multi-Currency Account
• Maintenance Fee: $0 /month
• Minimum Balance: $0
• Credit Check: No
• Non-USD Card Transaction Cost: 0.2% - 1%
• Non-USD Cash Withdrawal Cost: $1.5
• Other Potential Fees: $5 to replace your debit card, 2% to fund e-wallets and external accounts which may be convertible to cash (see more here)

Best Full Bank Account: Capital One 360

Although Chime's and Revolut's accounts are FDIC-insured, you may be looking for a full-fledged banking partner anyway. If that's the case, then Capital One is the best traditional bank account in the US with no monthly fees. As you'll see below, its low-cost services are very impressive, making it one of the best options to avoid maintenance fees in the US.

Exceedingly cheap to use — even when travelling abroad — and offering solid functionality with the peace of mind afforded by a reputable financial institution, Capital One's 360 Checking Account is one of the easiest bank accounts to open and provides US residents with a cheap, accessible and online way to handle their checking. Moreover, the application process is quick and can be done entirely online.

• Account Name: 360 Checking Account
• Maintenance Fee: $0 /month
• Minimum Balance: $0
• Credit Check: No
• Non-USD Card Transaction Cost: 0%
• Non-USD Cash Withdrawal Cost: $0
• Other Potential Fees: Up to $30 to send an outgoing domestic bank wire, $7-$11 per checkbook, $10-$20 per cashier's check

Tips to Avoid Maintenance Fees

Finally, here are a few last tips to avoid maintenance fees in general when opening a new checking account in the United States:

Tip 1: Choose a Student or Senior Account

If you qualify, consider opening a student or senior checking account. Many banks offer checking accounts that come with fee waivers or reduced fees for people who fall into these demographics.

Tip 2: Look For Fee-Waiver Conditions

Read the terms and conditions of your prospective checking account carefully to check for any fee-waiver conditions. Fee-waiver conditions occur when certain banks waive maintenance fees if you meet additional requirements (e.g. making a certain number of transactions each month or signing up for e-statements). Ensure you meet these conditions to avoid fees.

Tip 3: Avoid Overdrafts

Let's face it: although overdrafts can be useful, their fees can quickly add up. Ensure you keep track of your spending and maintain a sufficient balance in your account to avoid overdrawing. You may also consider linking a savings account or setting up overdraft protection to avoid overdraft fees.

Tip 4: Negotiate With Your Bank

If you're opening an account at a traditional over-the-counter bank, you may have some room for negotiation, especially if you've already been a client there for a while. We recommend contacting your banking representative and inquiring about any available fee waivers or reductions based on your banking needs.

Tip 5: Use an Online Bank or Finance App

Checking accounts offered by online banks or digital finance apps usually have lower fees compared to the big banks and most offer no monthly maintenance fees at all. Start by exploring online finance options to find an account that suits your needs by searching Monito's comparison engine below:

Disclaimers

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

¹ Out-of-network ATM withdrawal and over-the-counter advance fees may apply. See here for details.

² To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

³ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change anytime. The disclosed APY is effective as of September 20, 2023. No minimum balance is required. Must have $0.01 in savings to earn interest.

⁴ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

⁵ SpotMe® on Credit is an optional, no-interest/no-fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Credit Builder Account. SpotMe on Debit is an optional, no-fee overdraft service attached to the Chime Checking Account available to qualifying members after Visa debit card activation. Both SpotMe on Credit and SpotMe on Debit are sometimes collectively referred to as "SpotMe" or, if you have signed up to use SpotMe with only one account, "SpotMe" means the elected service. To qualify for SpotMe, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account monthly. Qualifying members will be allowed to overdraw their Chime Checking Account and/or Secured Deposit Account (associated with your Chime Credit Builder credit card) up to $20 but may be later eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe Debit Terms and Conditions and SpotMe on Credit Terms and Conditions.