The best no-fee checking accounts right now

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Summary List Placement

A good checking account is a necessity. It’s a temporary home for the money you earn and soon spend on your needs, wants, and future goals — and it shouldn’t cost you anything.

The best no-fee checking accounts of September 2020

Checking account
APY
Next steps

0.10% APY
Capital One Capital One 360 Checking®

None
Discover Discover Cashback Debit Account

None*
Chase Chase Total Checking®

0.01% APY
Simple Simple Online Checking Account

0.03% APY
Charles Schwab Bank Schwab Bank High Yield Investor Checking® Account

0.10% – 0.15% APY
Radius Bank Radius Rewards Checking Account

Up to 1.25% APY
Axos Axos Bank Rewards Checking

None
Chime Chime Spending Account

0.25% APY
Alliant Credit Union Alliant High-Interest Checking Account

0.35% APY
Wealthfront Wealthfront Cash Account

These days, most (if not all) banks offer conditional no-fee checking accounts. That is to say, your monthly service fee can be waived if you meet minimum balance or recurring deposit requirements.

In this list, we want to highlight the checking accounts that charge zero monthly maintenance fees, no matter where your balance lies. You might notice this list is similar to our list of best checking accounts — that’s because we value no-fee products and have mentioned many of the best already.

Below you’ll find our picks for the best no-fee checking accounts available right now. Each of these accounts comes with a debit card, FDIC insurance, and mobile app access. 

Table of Contents: Masthead StickyOur expert panel for this guide

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best checking accounts for your needs. You can read their insights at the bottom of this post.

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We’re focusing on checking accounts with no monthly maintenance fees, but we’re also taking fees for foreign transactions, out-of-network ATMs, and more into consideration.

Read more about our favorite no-fee checking accounts
Capital One 360 Checking®

Why it stands out: With no monthly service fees, no foreign transaction fees, and a variety of overdraft protection options, Capital One is one of the cheapest checking accounts out there. It also offers access to over 39,000 Capital One and AllPoint ATMs and connects to Zelle for digital money transfers. All balances earn 0.10% APY. Plus, Capital One ranks No. 4 on J.D. Power’s US National Banking Satisfaction Study.

What to look out for: Minimal branch locations. Though Capital One Cafés are popping up in big cities around the US, the bank only operates about 470 branches in nine states.

Discover Cashback Debit Account

Why it stands out: Discover doesn’t charge monthly fees, and you can enroll in free overdraft protection. You’ll earn 1% cash back on up to $3,000 in debit card purchases every month, and we’ve chosen Discover as one of our favorite rewards checking accounts.

What to look out for: Location restrictions. You can only use your Discover debit card in the US, Canada, Mexico, and the Caribbean.

Simple Online Checking Account

Why it stands out: You can use 40,000 AllPoint ATMs for free. Simple has a built-in budgeting feature that automatically portions out fixed expenses after …read more

Source:: Business Insider

      

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