Is there a bank account with no monthly fee?
Discover Bank's checking account offers a stellar cash back deal. There are no monthly maintenance, overdraft or non-sufficient funds fees associated with the account. Customers have access to more than 60,000 fee-free ATMs nationwide.
We found that Axos Bank, Discover, PenFed Credit Union, nbkc and EverBank are the best banks with no fees. They all offer some of the top no-fee checking accounts. However, some may carry stop payment, overdraft or wire transfer fees.
| Financial Institution | APY | Best for |
|---|---|---|
| Consumers Credit Union | 3.00% | Those who prefer a credit union |
| NBKC Bank | 1.75% | ATM access |
| American Express | 1.00% | Debit card rewards |
| Customers Bank | 2.00% | Those who rarely overdraft their account |
Keep a minimum balance.
Keep at least the minimum balance required in your account. This helps to avoid monthly fees and accidental overdrafts.
All checking accounts aren't free, but there are free checking accounts that have no monthly maintenance fees. While these checking accounts are advertised as “free,” you may still be charged overdraft fees, out-of-network ATM fees, bounced check fees or a fee to stop payment on a check.
With IDFC FIRST Bank, you pay zero charges on all commonly used Savings Account services.
IDBI Bank Basic Savings Account Features and Benefits
Get an ATM cum Debit Card (free of cost) and cheque book on request.
| Bank & account | Bonus amount | Direct deposit required |
|---|---|---|
| Valley Bank: All Access Rewards Checking | $240 ($20/month for first year) | $750/month |
| Chase: Chase Total Checking | $300 | $500 |
| Wells Fargo: Everyday Checking account | $300 | $1,000 |
| Key Bank: Key Smart Checking | $200 | $500 |
- NAB Classic Banking.
- HSBC Everyday Global account.
- ING Orange Everyday account.
- MyState Bank Glide Account.
- Suncorp Everyday Options Account.
Basic bank accounts are free to use and designed for people who don't have a bank account and don't qualify for a standard current account.
How do I get rid of my monthly service fee?
- Sign up for direct deposit.
- Find a bank that doesn't charge monthly fees.
- Meet the minimum balance requirement.
- Open another account at the same bank.
- Take advantage of mobile banking.
- Meet the minimum debit card usage.
- Ask for fee forgiveness.
Does Chase have a free checking account? Almost all Chase checking accounts carry a monthly fee. However, there are ways to get the fee waived on most accounts, such as by keeping a certain balance in the account or setting up direct deposit. Chase does offer two checking accounts with no monthly fee.
Bank of America Advantage SafeBalance Banking Fees
The SafeBalance Banking account has a monthly maintenance fee of $4.95 that is waived for account owners under age 25 and customers enrolled in Bank of America's Preferred Rewards program. It's also waived if you maintain an account balance of at least $500.
Ally Bank has no physical locations and relies on a top-notch digital customer experience to acquire business. Its Spending Account has no monthly fee or minimum balance stipulation. You can open the account with any amount of money and earn 0.10% APY on balances below $15,000 and 0.25% on balances over $15,000.
Sometimes, if you meet certain requirements, such as maintaining a minimum balance and/or setting up direct deposit, your bank will waive the monthly fee. However, there are several good no-fee options that don't come with a bunch of rules attached.
But when looking at banks with a proper value proposition, FNB is once again the cheapest. This is again because of the comprehensive list of costs that are included in the monthly fee of R99. Only the purchase of electricity has an extra cost of R3. In second place is Nedbank, which was in last place in 2023.
| Bank/Credit Union | Forbes Advisor Rating | Monthly Maintenance Fee |
|---|---|---|
| Discover® Cashback Debit Checking | 4.5 | $0 |
| EverBank Yield Pledge Checking | 4.5 | $0 |
| NBKC Bank Everything Account | 4.5 | $0 |
| Quontic Bank High Interest Checking | 4.4 | $0 |
| APY | Monthly maintenance fee | |
|---|---|---|
| UFB Direct High Yield Savings | 5.25% | $0 |
| TAB Bank High Yield Savings | 5.27% | $0 |
| Varo Savings Account | 5.00% | $0 |
| Bask Bank Interest Savings Account | 5.10% | $0 |
| Sr.No. | Bank Name | Minimum Account Balance |
|---|---|---|
| 1 | State Bank of India | Nil |
| 2 | Union Bank of India | Nil |
| 3 | HDFC Bank | Rs.2,500, Rs.5,000, or Rs.10,000, depending on the location |
| 4 | ICICI Bank | Rs.1,000, Rs.2,000, Rs.5,000, or Rs.10,000, depending on the location |
Chime has no minimum balance, monthly service fees, replacement card fees, or overdraft fees. You may pay a fee when using your debit card at out-of-network ATMs.
Is there such a thing as a free bank account?
A free checking account lets you safely and easily deposit and withdraw money for everyday purchases. You can use personal checks or a debit card to spend your money, buy groceries and gas, pay bills, and get cash from ATM s. Where can I open a free checking account? You can open a free checking account with us online.
| TABLE_CELL_STYLE | Co-op Cashminder | Virgin Money M Account |
|---|---|---|
| Minimum age | 16 | 16 |
| Proof of address plus one piece of ID required | Yes | Yes |
| Credit check to confirm identity? | Yes 'Soft search' so no lender sees this | Yes |
| Allows direct debits and standing orders | Yes | Yes |
| Account | Approximate time to complete application | Minimum opening deposit |
|---|---|---|
| Chime® Checking Account: Best for Bad Credit | 3 to 4 minutes | $0 |
| Current Savings Pod: Best for Debit Card Rewards | 3 to 4 minutes | $0 |
| Capital One 360 Checking Account: Best for ATMs | 3 to 4 minutes | $0 |
- Discover Bank, Cashback Debit Account: Earns 1% cash back on eligible debit card purchases, $0 minimum deposit.
- NBKC Bank, Everything Account: 1.75% APY; $0 minimum opening deposit.
- Ally Bank, Interest Checking Account: 0.10%-0.25% APY; $0 minimum opening deposit.
| Account | Forbes Advisor Rating | Monthly Maintenance Fee |
|---|---|---|
| Discover® Cashback Debit Checking | 5.0 | $0 |
| SoFi Checking and Savings Account | 4.6 | $0 |
| NBKC Bank Everything Account | 4.6 | $0 |
| Connexus Credit Union Xtraordinary Checking | 4.6 | $0 |
