Everyone needs a basic checking account.
What you dont need are random fees just for having that account.
A monthly maintenance fee?
Your checking account doesnt need an oil change.
The other thing you dont need is a minimum balance requirement.
That basically means you have a set amount of money that you dont get to use.
At least not until you end the account.
Or, if you do dip into that balance, you get more fees.
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.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
As its name suggests, youll earn interest with this account.
For balances under $15,000 youll earn .1%, which isnt all that remarkable.
Axos Rewards Checking
Why you want it:Free stuff plus interest.
AND it’s possible for you to earn up to 1.00% APY.
Interest begins accruing immediately.
Youll also get unlimited domestic ATM fee reimbursements.
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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 dont think about checking accounts.
TheirHigh Yield Investor Checkingis a free account with .15% APY on your balance.
It also features unlimited ATM fee rebates worldwide.
Thats pretty cool if you travel a lot.
There is one little catch.
you gotta 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?
NBKC Personal Checking Account
Why you want it:You are all about that interest rate.
Where this account sets itself apart is with a 1.01% interest on all balances with no minimum.
Thats a pretty sweet deal.
Discover Cashback Debit
Why you want it:You like the sound of cash back.
Features:TheDiscover Cashback Debitaccount boasts no fees ever, for anything.
Its real selling feature is 1% cash back on up to $3,000 debit card purchases each month.
If that doesnt seem like much, just think of it as free Netflix and HBO Go every month.
Sounds good now, right?
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.
No waiting for it to clear.
That means youll 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 fullChime review.
You dont have to be an active or former military member, either.
If your parent was in the military and a USAA member, youre eligible.
Once you sign up for afree checking account, your spouse and kids become eligible, too.
It does require a $25 minimum opening deposit.
T-Mobile Money
Why you want it:It could pay for your phone bill.
Features:Wait, isnt T-Mobile a phone company?
Yes, but they also offer their customers a pretty sweet banking deal withT-Mobile Money.
Thats $120 per year for a $3,000 balance.
Plus, theyll spot you $50 if you accidentally overdraft without any penalty.
Tyler Omothis a contributor to The Penny Hoarder.
*Chime is a financial technology company, not a bank.
Banking services and debit card provided by Bancorp Bank N.A.
or Stride Bank, N.A.
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