Stop Paying for Your Checking Account

When we think of fees associated with banks we tend to jump the interest rates on credit cards, overdraft fees or maybe even costs associated with investments. But what about the $8-$15 per month for your checking account? Or $3 service fee they charged you for a withdrawal at an ATM? These fees may seem small but can add up over time.

If you’re like me and don’t see any value in paying to for the privilege of a checking account, then switch! Below is a list of 5 Banks that offer FREE checking accounts. Make the switch and save now.

Top 5 banks that offer free checking accounts.

  1. EverBank

This was a late addition, but EverBank has perhaps the best offering right now with no fees, an interest bearing account, and reimbursed ATM fees!

  • Monthly Account Fee: $0
  • Debit Card Fee: $0
  • Opening Deposit: $5,000 deposit to open
  • Checks: free checks
  • ATM Fees: zero ATM fees
  • Interest: EverBank guarantees that you will earn interest that is in the top 5% of what all banks offer
  • Cashback Rewards on Debit Card: n/a
  1. USAA

USAA offers financial services to active members of the military, veterans, or their family members (here is a list of parties that can become a USAA member). USAA’s free checking account offers:

  • Monthly Account Fee: $0
  • Debit Card Fee: $0
  • Opening Deposit: $0 deposit to open
  • Checks: free checks
  • ATM Fees: no charge on first 10 withdrawals and they’ll refund up to $15 per month that other banks charge.
  • Interest: you earn interest on your balance if over $1,000.
  • Cashback Rewards on Debit Card: n/a
  1. Capital One 360

Capital One 360 Checking pays interest that is higher than the national average of 0.04% as well as being free. You’ll be able to make deposits through bank transfers, mobile apps or any of the bank’s ATMs that accept deposits. If you’re not comfortable banking online this account may not be for you as only limited services are available in person.

Capital One 360 Checking account offers:

  • Monthly Account Fee: $0
  • Debit Card Fee: $0
  • Opening Deposit: $1 deposit to open
  • Checks: free checks
  • ATM Fees: No fees at 40,000+ ATM’s.
  • Interest: you earn interest on your balance.
  • Cashback Rewards on Debit Card: n/a
  1. Ally Bank

I’m a big fan of Ally Bank because they don’t do business like other large, national banks. They create appealing products that don’t take advantage of their customers. Ally Bank Interest Checking offers:

  • Monthly Account Fee: $0
  • Debit Card Fee: $0
  • Opening Deposit: $0 deposit to open
  • Checks: free checks
  • ATM Fees: zero ATM fees – they actually pay for fees charged by other banks!
  • Interest: you earn interest on your balance.
  • Cashback Rewards on Debit Card: n/a
  1. Credit Unions

U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. As decisions are not driven for profit and shareholders, credit unions typically offer members lower interest rates on their loans than banks while paying out higher interest rates on savings products. They also tend to have lower fees on their products. This usually includes free debit cards and free checking accounts. As credit unions are often localized it’s best to google ones in your area.

 

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