It is not easy to have an account in the banks and maintain them. More importantly banking without fees is not easy to search. Earlier opening an account in the bank was an easy task. While now finding a feasible bank for personal use is worrisome and we are required to pay a monthly maintenance fee for the privilege of keeping your checking account open. You may need to do a lot of process based activities to maintain an account like maintaining a high minimum daily balance, making regular deposits of a certain amount or more frequent deposits or execute a minimum number of transactions in a particular statement period.
But despite of all these, few banks have come up with few fee services in the market to ease out banking activity especially for minimum balance holders. One just needs to invest time to search it out. And fortunately, there are few lending companies that provide such services.
So, if you are searching for a bank to invest or borrow that doesn’t eat up your savings rather provide you with burden less service, here is a list of few banks that function with certain fee-free services spread widely in US with well-trusted tags.
Basically when we rank the best no-fee checking accounts, we focus on the following criteria:
- No monthly maintenance fee
- No minimum balance requirement
- Low initial deposit of $0 to $50
- Available nationwide
- Physical branch locations and/or online accessibility
- Large ATM network
- FDIC or NCUA insured up to $250,000
Now, let’s have a look at the listed banks and decide your investment junction.
| Banks/ Credit Unions | Maintenance fees | Minimum Balance | ATM Fees | Minimum Deposit |
| Capital One 360 | $0 | None | None | $0 |
| Ally Bank | $0 | None | Upto $10 | $0 |
| Discover Bank | $0 | None | None | $0 |
| Alliant Credit Union | $0 | None | Upto $20 | $0 |
| Axos Bank | $0 | None | None | $0 |
| Huntington Bank | $0 | None | Not mentioned | $0 |
| Wealthfront | $0 | None | None | $0 |
| Varo Bank | $0 | None | None | $0 |
| SoFi | $0 | None | None | $0 |
Some detailed information about the banks listed above may be helpful to you for decision making. A zero fee checking account might be free of monthly maintenance fees but they may have other avoidable fees that can add up if you’re not careful.
- Capital One 360
Capital One 360 is the top-most bank with great customer support. The holder earn solid rates of checking and savings, also doesn’t charge any monthly fees. Having a high overdraft charge, it has flexible overdraft options. As it has zero charges of maintenance, its overall charges are also minimal fees. As you won’t incur foreign transaction fees, you can use your debit card outside the U.S. without any extra costs.
Why is it the best for customers?
The customers mostly using online sources to login are fit to be the users. Also those who want free checking and savings can opt for this bank.
- Ally Bank
Ally Bank is widely known for its service but stands a step behind Capital one 360 due to lacking of physical locations. In spite of this, its quite similar to banks providing good services with no minimum balance to open the account and well-rated mobile app.
Why is it the best for customers?
It is one of the majorly opted banks because it is the top-rated mobile app with no minimum deposit to open an account. The ATM fee reimbursement is also up to $10 per statement cycle and has $0 overdraft fee.
- Discover Bank
Discover Bank is another well-trusted bank for its online banking service. It possesses various convenient services like easy usage for receiving and sending of money, the money moves from an account to another within few minutes, complete protection from the end to keep the bank account details secured and the most importantly it doesn’t charge any fees for its sending and receiving service.
Why is it the best for customers?
- Zero Monthly maintenance
- No charges for withdrawals at over 60,000 ATMs nationwide
- No charge on replacement of debit card
- No charges for standard checks
- No charges for official bank check
- No charges for online bill pay
- No overdraft fess
- Alliant Credit Union
Alliant is primarily an online-only institution with only one physical location. An Alliant Checking account has no monthly maintenance fees, no overdraft fees, no minimum balance requirement or charges on it and no maximum balance limit. Standard fees, such as stop payment and check printing may apply.
Why is it the best for customers?
It is also one of the top-rated mobile apps, there is no minimum deposit to open an account, and also the ATM fee reimbursement up to $20 per month is applicable.
- Axos Bank
Axos bank is a financial institution that focuses on providing service to the customer 24/7. Axos is a company that provides all kinds of financial tiers with a variety of quality bank accounts and no fee services.
It provides internet checking with no monthly maintenance fees and no minimum balance requirement; also for home loan no lender fees and ATM fee reimbursement.
Why is it the best for customers?
Axos Bank only functions online and gives the facility of opening account with minimum $250 deposit. It allows you to handle most of your bill payments and banking anytime day or night, including holidays. The Axos Bank app and website load quickly and are simple to navigate for a user-friendly experience.
- Huntington Bank Asterisk
Huntington Bank is full-fledged banking service provider with online and physical facility. Although its savings doesn’t provide high yields, its fee-free maintenance and minimum balance service offers enough to get started.
Why is it the best for customers?
It possesses wide range of checking and savings service with multiple options to help customers avoid fees or any charges and save more. Also it has a wide range of account types and offers several informal ways to avoid overdraft and return fees.
- Wealthfront
Wealthfront is known for its very low minimum deposit which is just $1, while its cash account has a high-interest checking. It provides services like income deposit, bill payments, emergency savings fund, investment for long term.
Why is it the best for customers?
Transactions can be done within few minutes. There are no ongoing charges of maintenance also as mentioned deposit of $1 is sufficient to open an account. Wealthfront also doesn’t charge any account or overdraft fees.
- Varo Bank
The Varo bank is a user-friendly online checking account with no minimum deposit or balance requirements and no bank account fees. There’s no minimum deposit or ongoing balance requirement. It has a fully functional mobile app and a mobile-friendly website.
Why is it the best for customers?
It is customer friendly and easy functioning bank. It functions on small funds and small deposits. Varo has no minimum balance, funds transfer, foreign transaction or monthly maintenance fees.
- SoFi
Sofi is a very powerful bank with solid account bonus with new bank promotions in the market. Sofi’s student loan, personal loan and home loan and other credit products are very much affordable if one decides to invest in the market.
Why is it the best for customers?
Most importantly, there is no minimum Deposit and Balance Requirements. It charges no ATM fees, No account fees, no account minimum fees and no overdraft fees.
The above to be considered one of the best that are listed that may also meet all of our requirements. An important notice is that the rates and fees structures for checking accounts are subject to change without notice and they often fluctuate in accordance with the prime rates.
P.S.- The rates and fees are subject to change; unless otherwise noted, these rates are updated periodically on the websites of the banks.