A checking account doesn’t have to be expensive — especially when you choose one with no monthly fees. That’s why the experts at Fortune compiled this list of our favorite no-fee banking options.
Many of these accounts offer perks like no minimum balance requirements, no overdraft fees, and access to an extensive network of free ATMs. And most of them have online and mobile tools that make it easy to pay bills, manage your money, and track your spending 24/7.
Credit unions are often a good option for checking accounts because they’re not-for-profit institutions with less regulation than banks. And they also tend to have competitive interest rates and fewer fees. In addition to these top-rated checking accounts, there are many other great options for getting a high-yield checking account, including Bellco’s Checking Plus and CU of the Rockies’ Simply Free checking account.
All the checking accounts on our list are insured by the Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA). So you can feel confident that your money is safe in case something goes wrong with your bank.
Alliant Free Credit Union Checking Account is an online-only institution that’s based in Illinois. Its high-yield checking account earns a generous 3.00% APY on balances up to $35,000, which is more than you’ll find at most other credit unions. But that’s not the only perk: Unlike most other checking accounts, Alliant doesn’t charge monthly service or transaction fees. And it has an industry-leading cash-back credit card, too.
Another online-only institution, Consumers Credit Union is headquartered in Illinois and has a presence throughout the country. Its high-rate checking account comes with a Visa debit or ATM card that pays a competitive APY and reimburses up to $240 in out-of-network ATM fees each month, which is much more than you’ll find at most other banks. To qualify for the account, you’ll need to opt in to e-statements and have a recurring monthly electronic deposit such as direct deposit or an automatic transfer from another financial institution.
And if you want to keep it even more simple, there’s the Credit Union of Greater Buffalo’s Free checking account. There’s no minimum balance or monthly service charges, and you’ll also get access to 80,000 fee-free ATMs nationwide. Plus, you’ll receive free online and mobile banking services, as well as free Bill Pay and a Visa debit card that’s available to members of all ages. To open an account, you’ll need to be a member of the credit union and either live or work in the greater Buffalo area. You can join by contributing to a local charity or paying a $5 membership fee and $5 share deposit. You can also apply online.