Recently, Bank of America announced monthly maintenance fees for its checking accounts unless you meet deposit or balance requirements. This can be worrisome for current or prospective account holders that have low balances and can’t meet the requirements to waive the fee.
Here’s a quick breakdown of the fees Bank of America is charging:
- Bank of America Core Checking® account: A $12 monthly maintenance fee applies, but can be waived if you have at least one qualifying direct deposit of $250 or more or maintain a minimum daily balance of $1,500 or more each statement. Bank of America also waives the fee for Preferred Rewards members and students under 24 enrolled in high school, college, university or a vocational program.
- Bank of America Interest Checking® account: Requires you to maintain a combined balance of $10,000 or more to waive the $25 monthly maintenance fee. Fees are also waived for Preferred Rewards members.
Since maintaining these requirements month-to-month may not be feasible for everyone, we’ve rounded up seven free checking accounts you can open with no monthly service fees and no minimum account balance.
Methodology
In this roundup, we used the Free Checking Finder on DepositAccounts.com, a subsidiary of LendingTree, which is also the parent company of MagnifyMoney.
Using the search tool, we set a checking account balance range of $0 to $10,000, said we’d use a debit card 25 times a month, use an ATM from another bank eight times a month and would not overdraw the account. From there, we chose accounts that are available nationwide, as well as satisfy several requirements in order to make them worthwhile for people who have low account balances:
- Minimum opening amount of $0-$25: This amount is ideal for people who don’t have a lot of money available to open an account.
- No minimum daily balance requirement: The objective of this post is for you to use your checking account without pesky fees that some accounts charge if your balance drops below a certain amount. The accounts listed below don’t require a minimum balance.
- $0 monthly service fees: All accounts below have no monthly service fees.
- $0 third-party ATM fee: Using an ATM not in your bank’s network can result in fees from two directions: one from your bank and one from the ATM operator (aka third-party ATM fees). Many of these accounts have low or no ATM fees, and some will also refund third-party ATM fees (see below for details).
Great free checking accounts for low balances
You can open any of the following accounts for as little as a $25 minimum deposit. All of these free checking accounts have no monthly service fees and can be a good option for you if you often have a low balance in your account. You can avoid overdraft fees by not opting into overdraft protection — in that case, if you use your debit card for a transaction or ATM withdrawal that exceeds the balance of your account, the bank will deny the transaction. If you do opt into overdraft protection, you may be charged a fee, so we’ve listed the overdraft fees for each account.
Bay State Savings Bank
Bank Name | Account Name | Minimum Deposit to Open | Third-Party ATM Fee Refund | Overdraft Fee |
|---|---|---|---|---|
Bay State Savings Bank | Kasasa Cash | $0 | Unlimited | $35 |
The Kasasa Cash checking account requires a $10 minimum deposit to open. This account is always free, meaning there are no requirements for you to meet in order to maintain the free checking account. However, there are requirements if you want to earn 2.01% APY and unlimited nationwide refunds on ATM withdrawals: Enroll in electronic statements and online banking, as well make 12 PIN-based debit card transactions per month. If you don’t qualify, Bay State Savings Bank will charge you $0.75 per ATM transaction (plus you’ll pay the fee the ATM operator charges) and you will earn 0.05% APY on balances in your account. Bay State Savings Bank uses the SUM ATM network, a surcharge-free ATM system with thousands of locations in the U.S. Learn more about opening an account online.
Evansville Teachers Federal Credit Union
Bank Name | Account Name | Minimum Deposit to Open | Third-Party ATM Fee Refund | Overdraft Fee |
|---|---|---|---|---|
Evansville Teachers Federal Credit Union | Vertical Checking | $25 | Up to $15/month | $27 |
Since Evansville Teachers Federal Credit Union is a credit union, you need to become a member in order to open an account. Anyone can join with a one-time $5 donation to Mater Dei Friends & Alumni Association when you fill out the application. This free checking account requires a $25 minimum deposit to open.
When you make up to 10 withdrawals at any ATM per month, ETFCU charges no fee, but withdrawals over 10 have a $2 fee. In addition, the ATM operator may charge a fee, but ETFCU has an up-to-$15-a-month third-party ATM fee reimbursement that you can qualify for by making at least 15 debit card purchases, one direct deposit, and one online or mobile banking login each month. You also need to opt to receive e-statements to qualify for the fee reimbursement. This credit union uses the Alliance One ATM network, which has more than 5,000 surcharge-free ATMs in 42 states. You can apply for an account online.
Radius Bank
Bank Name | Account Name | Minimum Deposit to Open | Third-Party ATM Fee Refund | Overdraft Fee |
|---|---|---|---|---|
Radius Bank | Radius Hybrid | $10 | Unlimited | $25, then $5 per day after 5 days |
Radius Bank offers the Radius Hybrid checking account, which requires a small minimum deposit of $10 to open your account. Once you open an account, there is no minimum daily balance requirement. In addition to the starting deposit of $10, the requirements of this account are to enroll in online banking, receive e-statements, and choose to receive a debit card. A standout feature is the ATM fee refunds. Radius does not charge customers for using other banks’ ATMs, and it provides unlimited third-party ATM fee rebates at the end of each statement cycle. You can open a Radius Hybrid checking account online.
Alliant Credit Union
Bank Name | Account Name | Minimum Deposit to Open | Third-Party ATM Fee Refund | Overdraft Fee |
|---|---|---|---|---|
Alliant Credit Union | Free Checking or High-Rate Checking | $0 | Up to $20/month | $25 |
Alliant Credit Union has two free checking accounts that are available to everyone: Free Checking and High-Rate Checking. If you don’t qualify for free membership, you can donate $10 to Foster Care to Success during the application process. These checking accounts offer up to $20 a month in third-party ATM fee rebates, and unlike other free checking accounts on this list, you have access to over 80,000 surcharge-free ATMs. Also, Alliant has a mobile app you can use to manage your account. Learn more here about opening a checking account at Alliant Credit Union.
State Department FCU
Bank Name | Account Name | Minimum Deposit to Open | Third-Party ATM Fee Refund | Overdraft Fee |
|---|---|---|---|---|
State Department FCU | Basic Checking | $1 in a savings account | None | $30 |
Anyone can join the State Department FCU by joining the American Consumer Council when opening an account. SDFCU does not charge a fee for you joining the ACC when you apply. Also, when you open a Basic Checking account you have to open a savings account with a minimum $1 deposit, and you must maintain a minimum $1 balance in the account. Unfortunately, there are no third-party ATM fee refunds, but you have access to over 29,000 ATMs through the CO-OP Shared ATM Network.
This account also offers rewards through its Flexpoints program, which is a noteworthy feature for checking accounts these days. You can earn one Flexpoint for every $2 you spend with your debit card and 5 Flexpoints by paying a bill through bill pay. But be careful — there is a $5 monthly fee if you don’t pay a minimum of one bill every two months. You can redeem Flexpoints for travel, select events, merchandise, gift cards, or a charitable donation. You can both join the credit union and open your accounts through an online application.
XCEL Federal Credit Union
Bank Name | Account Name | Minimum Deposit to Open | Third-Party ATM Fee Refund | Overdraft Fee |
|---|---|---|---|---|
XCEL Federal Credit Union | Kasasa Cash | $0 | Up to $20/month | $30 |
Since XCEL is a credit union, you need to join in order to open an account. Anyone can join with a one-time $5 membership fee to the American Consumer Council. Noteworthy features include the $0 minimum deposit and minimal account requirements, including enrollment in e-statements and 12 debit card transactions per month. And, by meeting those requirements, you can earn up to $7.50 back at the end of the month. You also can receive a decent refund on third-party ATM fees — up to $20 per month. Like State Department FCU, XCEL uses the CO-OP Shared ATM Network. You may apply for your credit union membership and the checking account online.
Atlantic Stewardship Bank
Bank Name | Account Name | Minimum Deposit to Open | Third-Party ATM Fee Refund | Overdraft Fee |
|---|---|---|---|---|
Atlantic Stewardship Bank | Cash Back Checking | $1 | Unlimited | $35 |
Atlantic Stewardship Bank has a great offering in their Cash Back Checking account. Not only is the minimum deposit $1, but you can receive unlimited third-party ATM fee refunds as long as you qualify by making 12 debit card transactions each cycle and enrolling in online banking and e-statements. If you met those requirements, you may also earn rewards: 0.50% cash back on debit card purchases. You can apply for this account online.
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