The 9 Best Free Online Checking Accounts in 2023

Monthly maintenance fees on checking accounts are unnecessary expenses that pile up fast. Instead, these top-tier free checking account banks not only save you money by waiving monthly fees but also offer services like interest earnings on your balance, reimbursements for out-of-network ATM use, and debit cards without foreign transaction fees.

To create our list of the 9 best free checking accounts, we've conducted research on important factors including interest rates, ATM networks, rewards, fees, and safety.

1 — Revolut

Revolut shines as the best choice for incredibly cheap international money transfers and its debit card, which charges no international transaction fees. In the digital checking account market, Revolut is our go-to recommendation for globally-connected customers and travellers.

• Best for: Travel and international money transfers
• Branches: None
• Mobile app offered: Yes
• ATM access: 55,000 ATMs
• APY: N/A
• Maintenance fee: $0
• Minimum opening deposit: $0
• Overdraft: Does not offer overdraft facility
• Learn more: Read our Revolut review or visit their website

2 — Current

Current distinguishes itself with its checking and debit card account that rewards customers with points that convert to cash back at participating merchants. It also comes with a solid APY rate.

• Best for: Points at retailers for cash back
• Branches: None
• Mobile app offered: Yes
• ATM access: 40,000 ATMs
• APY: 4.00%
• Maintenance fee: $0
• Minimum opening deposit: $0
• Overdraft: Overdraft up to $200 with no fees
• Learn more: Read our Current review or visit their website

3 — SoFi Bank

SoFi, a licensed bank and Member FDIC, is known for its qualifying $250 bonus offer if you set up direct deposit. When you open a checking account, you open the doors to SoFi's many other financial products.

• Best for: Qualifying $250 bonus offer
• Branches: None
• Mobile app offered: Yes
• ATM access: 55,000 ATMs
• APY: 0.5%
• Maintenance fee: $0
• Minimum opening deposit: $0
• Overdraft: Overdraft up to $50 with no fees
• Learn more: Visit their website

4 — Wise Multi-Currency Account

Wise sets the global standard with its multi-currency account, allowing transparent exchanges into over 40 currencies using the mid-market rate. Whether you want to hold local currency for your travels abroad or you want to send money at industry-low rates, Wise's multi-currency account is an incredibly reliable and easy-to-use platform.

• Best for: Hold, exchange, and send 40+ foreign currencies
• Branches: None
• Mobile app offered: Yes
• ATM access: 55,000 ATMs
• APY: Up to 4.33%
• Maintenance fee: $0
• Minimum opening deposit: $0
• Overdraft: Does not offer overdraft facility
• Learn more: Read our Wise Account review or visit their website

5 — Axos Bank

Axos is a top-tier digital banking solution with its Rewards checking account, featuring unlimited domestic ATM fee reimbursements. It also offers high APY if you mean certain criteria.

• Best for: Qualify for high APY rate
• Branches: 3
• Mobile app offered: Yes
• ATM access: 91,000 ATMs
• APY: 0.6% - 3.3%
• Maintenance fee: $0
• Minimum opening deposit: $0
• Overdraft: No overdraft fees, but $25 late repayment fee
• Learn more: Visit their website

6 — Capital One Bank

Capital One is an FDIC member bank that offers Capital One 360 checking accounts — a user-friendly online checking experience with no fees, a 70,000 ATM network, and no international transaction fees.

• Best for: Great user experience and no foreign transaction fees
• Branches: 300
• Mobile app offered: Yes
• ATM access: 70,000 ATMs
• APY: 0.1%
• Maintenance fee: $0
• Minimum opening deposit: $0
• Overdraft: Never charging fees, Capital One lets you auto-decline, auto-transfer from another account, or set-up approved fee-free overdrafts
• Learn more: Visit their website

7 — Ally Bank

Ally Bank is another well-established FDIC member that stands out with its $10 monthly ATM fee reimbursement, a perk that could be useful if you withdraw cash often. Ally also doesn't charge for incoming wires, both domestic and international.

• Best for: Up to $10 ATM reimbursements per month
• Branches: None
• Mobile app offered: Yes
• ATM access: 43,000 ATMs
• APY: 0.1%-0.25%
• Maintenance fee: $0
• Minimum opening deposit: $0
• Overdraft: Overdraft up to $100 with no fees
• Learn more: Visit their website

8 — Cash App

As a mobile-centric platform, Cash App is still a robust checking account solution that offers you a full account number and routing number to receive bank transfers and direct deposits. Cash App makes it easy to send money to friends and offers easy investing options.

• Best for: Sending money instantly to friends and family
• Branches: None
• Mobile app offered: Yes
• ATM access: 55,000 ATMs
• APY: N/A
• Maintenance fee: $0
• Minimum opening deposit: $0
• Overdraft: Does not offer overdraft facility
• Learn more: Read our comparison review or visit their website

9 — Chase Bank

Chase offers Chase Total Checking, a standard checking account with avoidable monthly maintenance fees only if you meet requirements, such as minimum balances or open other accounts with Chase. The checking account come with standard banking charges like wire fees and overdraft fees. However, Chase may stand out to those interested in accessing a wider range of financial products like credit, mortgages, and more.

• Best for: Accessing larger financing options in the future
• Branches: 4,700
• Mobile app offered: Yes
• ATM access: 16,000 ATMs
• APY: 0%
• Maintenance fee: $12
• Minimum opening deposit: $0
• Overdraft: $34 overdraft fee
• Learn more: Read our Chase Account guide or visit their website

How to Open a Checking Account

Opening a checking account is a very simple process that should take under an hour. You'll just need to present a few required documents and pieces of information to your bank of choice. Banks require you to show your government-issued ID and tax information due to Know-Your-Customer (KYC) laws, which work to monitor and to prevent money-laundering, terrorism financing, and other financial crimes in the United States.

You should bring your documents to the bank of your choice and speak to a branch representative. To save you the hassle of going into a physical branch, some banks allow you to open a bank account online.

What Do I Need to Open a New Checking Account?

Requirement for opening a free checking account will vary from bank to bank. In general, be prepared to provide the following:

• Social Security Number (SSN) or Individual Tax Identification Number (ITIN);
• Government-issued photo ID;
• Address;
• Date of birth;
• Occupation;
• Email address;
• Phone number.

Can I Open a Checking Account Online?

Almost all banks today allow you to open a checking account online from their secure website. If the bank can't process your documents and needs more information, they may request you to open an account over the phone or come in to a physical branch.

Neobanks in the US and other fintech platforms often operate online-only accounts, doing away with brick-and-mortar branches completely.

Some of the common reasons why you can face delays in opening a checking account online include:

• You are a foreign national (you have a visa, but no tax ID like an ITIN);
• Negative report from ChexSystems (which tracks credit history);
• You are a non-resident (no visa or proof of address).

Standard Fees For Checking Accounts

While checking accounts are often free to open, banks and fintech platforms alike may charge you fees for other services. Let's walk through common fees so that you can avoid surprises during your banking experience:

• Monthly Maintenance Fee: Most traditional banks charge monthly fees around $5. They often waive this fee if your balance remains above a certain amount each month.
• Overdraft Fee: If you spend more money than is available in your account, resulting in a negative balance, the bank will often charge you around $20-$50.
• ATM Fees: Withdrawing money from your bank's ATMs is usually fee-free, but using an out-of-network ATM may cost you around $2-$4 per withdrawal.
• Paper Statement Fees: If you opt to receive paper statements in the mail instead of online statements, banks may charge you processing fees.
• Opening Deposit: This is the initial amount of money that the bank may require you to put into your account upon opening (It's technically not a fee since it remains in your possession in your account).

How to Get a High APY Yield

APY, or Annual Percentage Yield, is a measure expressing the annual interest rate applied to the balances in your checking account. For example, if you held an average balance of $1,000 throughout a year (with a 2% APY from your bank), then you'd earn $20 in interest in total over the year.

It is important to know that you will often need to meet criteria to enjoy high APY rates. These can include:

• Set up recurring direct deposits to the account;
• Make a minimum number of debit card transactions per month;
• Maintain a high minimum balance per month;
• Open other accounts with the same bank;
• Hold a mortgage with the same bank;
• Open an investment account with the same bank.

Monito's Picks for the 9 Best Free Online Checking Accounts in 2023

In summary, explore Monito's curated list of the 9 best free online checking accounts in 2023 to discover top options for managing your finances without incurring hidden or surprise fees:

1. Revolut — Most powerful digital checking account
2. Current — Earn points at retailers and get cash back
3. SoFi — Qualify for a $250 bonus offer with direct deposit
4. Wise — Always get the transparent mid-market exchange rate
5. Axos — Qualify for a high APY
6. Capital One — Highly-rated and convenient online experience
7. Ally — Get up to $10 ATM reimbursements per month
8. Cash App — One of the most popular mobile apps in the USA
9. Chase — Standard checking account