In today’s competitive banking world, a free checking account does not mean that it is a lower-quality account. Free checking accounts help owners deal with the day-to-day responsibilities of paying bills and making purchases. Although they may not be 100-percent free, they are functionally at no charge to the account holder.
You will not pay for using your account for your day-to-day transactions. The best free checking accounts may not have a monthly activity requirement to remain free of charges. They may also not have a minimum balance. If they do, it will be a low balance. Here are the top free checking accounts you should know.
Axos Rewards Checking
There is no interest to earn in most free checking accounts. But with Axos Bank Rewards Checking, you will get up to 1.25 percent with no minimum balance. There are a few requirements you may need. The foundational one is a monthly direct deposit of $1,500 or more.
If you fulfill other requirements but miss this one, you will not be eligible to earn interest. You will meet the foundational requirement without effort if you regularly use your debit card.
Ally Bank Interest Checking
It is one of the most popular online banks. It has no minimum opening balance or ongoing balance requirements. Account balances under $15,000 will earn you interest at 0.10 percent APY. Balances over the limit will earn you 0.50 percent APY, which is excellent. Other features of the account include:
- Voice-activated bank transfers using Alexa.
- Mobile check deposit.
- Mobile account management.
However, there is no way to make cash deposits through Ally.
Discover Cashback Debit Account
Discover does not charge on this checking account. It has no monthly fees and minimum balance. You can earn a limit of 1 percent cash back on the money you spend in debit card purchases up to $3,000. You can accumulate rewards with this account by spending using your credit card.
The account comes with a Discover debit account and check privileges. You will also have access to numerous Discover ATMs across the country. There is also a mobile app you can use. It gives you access to some cool features. If you lose or misplace your debit card, you can freeze it on the app. You can also make mobile check deposits.
Capital One 360 Checking
Capital One 360 is one of the top free checking accounts you should know. In addition to no monthly fees and minimum deposit balance, it earns interest on all balances. The balance is 0.10 percent APY across all balance tiers. You can access your funds at Capital One ATMs, branches, cafes, and online. It also has a mobile app and access to a virtual assistant. They will help you track your spending and prevent fraudulent activity on your account.
CIT eChecking
It is the online bank’s top high-interest checking account. It costs you nothing in monthly maintenance fees. You can earn 0.25 percent APY on a balance of $25,000 and 0.10 percent on any balance under that. They also insure your deposits, up to $250,000 per depositor.
Conclusion
There are lots of options for checking accounts. You can consider whether to open with an online bank or your local physical bank. There are benefits to each. Weigh them and make your choice.
Sources:
https://www.investopedia.com/personal-finance/complete-guide-checking-accounts/
https://www.forbes.com/advisor/banking/checking/best-free-checking-accounts/
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