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Best Places for Women Entrepreneurs

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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While women have been making strides in the world of business leadership in the past decade, American companies are still far from progressive and equal in this regard. Of incorporated businesses across the top 50 metropolitan areas in the U.S., just 30% are led by women, according to a new study by MagnifyMoney.

But where are women entrepreneurs seeing the most success? We surveyed the 50 largest U.S. cities to find the best places for women who want to be their own boss, launch a business — or both.

To create our rankings, we looked at data about women entrepreneurs across four different categories. The first two related to raw income and were double weighted in our analysis, while the last two related to the number of women entrepreneurs and business owners in the metro area.

What we considered in our analysis:

Business income for self-employed women. We ranked cities on both median and mean business income of self-employed women. By including both metrics, the rankings “capture both the more common experience of self-employed women as well as monetary success overall,” said Kali McFadden, senior research analyst at MagnifyMoney.

Ideally, both numbers would be in the higher end. A wide range between the two, however, could indicate a broader range of potential earnings for self-employed women in that area.

Business earnings for self-employed women compared with wage earners. We also ranked metro areas on the difference in earnings between self-employed women and those working for wages (both median and mean).

In general, self-employed women do earn less median and average incomes than people with earned income. “But a smaller gap between each group’s income implies better a potential upside for those going into business for themselves,” McFadden said.

The rate of self-employed and “incorporated” women. The rankings considered the percentage of employed women who work for themselves. “A higher rate of self-employment suggests that the city’s opportunities and ease of entry into business are better for women,” said McFadden.

Additionally, we looked at how many of those self-employed women have an incorporated business. “A higher number means that more women are seeing enough success and permanence to think about the legal and tax implications” of the businesses they own, McFadden pointed out.

Parity of business ownership between women and men. We looked at the percentage of total self-employed workers and incorporated business owners who are women.

Cities with higher percentages of self-employed women and women business owners could indicate a more even playing field, “where women are seeing the opportunities and conditions to break out on their own,” McFadden said.

Key findings:

  • San Francisco is the best metro for women entrepreneurs by a wide margin. Austin, Texas came in the second spot, and San Jose (Silicon Valley) was third. Cleveland, Pittsburgh, and Philadelphia came in last for women entrepreneurs.
  • Women entrepreneurs are set up for success on the West Coast. Five out of the top 10 metros are in California, with another in Washington. Tennessee is also hospitable to women entrepreneurs, with two metros in the Volunteer State landing on our list at the 4th and 5th spots.
  • There is a long way to go before we reach entrepreneurial parity — meaning an equal number of women and men starting and heading up young businesses. The average percentage of self-employed people on our list of metros who are women is a scant 37%, and the number is even lower among people with incorporated businesses: 30%.
  • Most self-employed women are not getting by on their business income. The highest median income we uncovered for women-led businesses is just over $10,000 and the lowest is zero. And across the 50 metros we reviewed, median business incomes amount to just 10% of the local median wages for women. “This is not surprising,” McFadden noted, “as self-employment could mean anything from having an Etsy store or offering a few hours of labor on TaskRabbit, to owning a bed-and-breakfast or gas station, to being a high-dollar commercial realtor or blockbuster novelist.”

The top 10 places for women entrepreneurs

In the best cities for women entrepreneurs, women who work for themselves are more likely to earn a decent living by doing so.

These cities also tend to have higher rates of women who are self-employed, a sign that the conditions could be favorable to workers ready to go at it alone.

Here’s a deeper look at the best U.S. cities for women entrepreneurs.

1. San Francisco

At No.1, San Francisco ranked at the top largely due to having the highest business incomes earned by women working there. The median business income is $10,378 among women in this city, and women’s average business income is $31,880.

In addition to their higher business incomes, women entrepreneurs are also more common in the San Francisco. Just over 10% of San Francisco’s women earners work for themselves. Looking at business owners, 41.7% of the city’s self-employed workers are women, and 32.1% of incorporated businesses are owned by women.

2. Austin, Texas

Women’s business earnings in Austin were on the higher end in terms of dollars, with the median at $8,262 and the average at $25,345.

But they’re among the highest when comparing women’s business income with the women’s earnings through wages. The average self-employed woman or business owner in Austin, for instance, makes nearly half (48.1%) what the average income for women in the city.

3. San Jose

A neighbor to San Francisco, San Jose is a similarly ideal place for women entrepreneurs. The city has one of the highest average business incomes for women, at $30,344 per year.

San Jose also has higher rates of women who are self-employed (41.1%) as well as incorporated businesses owned by women (32.2%).

4. Memphis, Tenn.

Memphis stands out for the higher median business incomes; most women entrepreneurs make around $9,068 in business income, second only to San Francisco. Plus, Memphis women have the highest business incomes when compared with local women’s earned income, earning about 25% of a typical woman’s wage in this city.

However, the average business income for women in Memphis is just twice as high as the median, “suggesting that the range of income isn’t that great,” McFadden said.

5. Nashville, Tenn.

Next is another Tennessee metro, Nashville, which is a standout when it comes to average business incomes for women. At $23,373, self-employed women in this city make just under half a typical women worker’s earned income. This is a sign that striking out on their own is a viable way for women to earn a decent living in Nashville.

That’s great news, given that Nashville has fewer women working for themselves and incorporating. Seven percent of women workers are self-employed, but just one in five of self-employed women have an incorporated business.

6. Los Angeles

Then there’s Los Angeles, which has the highest portion of self-employed women workers of any city on this list — 10.9%. Women entrepreneurs in LA can also expect a business income on the higher end, with the median at $7,758 and an average of $20,945.

7. San Diego

The next major California city to make the list is San Diego, which offers women a similarly attractive business landscape. Among women earning a business income in San Diego, the median is $8,060 and the average is $20,949 (both slightly higher than what LA’s women entrepreneurs bring in).

San Diego also has high rates of self-employment among women. One in 10 women workers in the city is self-employed, and 39.3% of self-employed workers are women.

8. Sacramento, Calif.

Sacramento lands at No. 8 by faring above average in most ranking factors, showing it’s a solid place for women entrepreneurs to take the leap into starting a business.

Take women’s business incomes as proof; the median at $7,053 and the average at $23,596 show Sacramento’s women entrepreneurs are able to outearn similar cohorts in other major U.S. cities.

9. Seattle

In Seattle, the average income for self-employed women is five times higher than the median — $22,713 to $4,534, respectively. “[This] suggests that while most self-employed women aren’t making much money, those who are are doing well are doing very well,” McFadden said.

Another factor backs up this insight: Among the top 10, Seattle has the highest rate (30.6%) of self-employed women who are incorporated. Plus, the city has high rates of parity in women business ownership: 42.1% of self-employed workers are women, as are nearly one-third of incorporated businesses owners.

10. Cincinnati

Rounding out the list of the best cities for women entrepreneurs is Cincinnati. Self-employed women earn decent business incomes in this Ohio city, with the median at $7,556 and an average of $21,432.

These earnings are high enough to compensate for lackluster rates of women working for themselves. Just 5.4% of Cincinnati’s women workers are self-employed, and these women account for 35.4% of all self-employed workers in the city.

In the 10 cities that ranked last on our list, self-employed women are earning far less than their counterparts in other cities. Take a look at the worst city, Cleveland, where women’s median business income is $0 — meaning at least half of self-employed women there don’t make anything at all.

The worst cities also have fewer women who have incorporated a business or taken the plunge into self-employment. This might make it harder for entrepreneurial women in these metro areas to find women mentors and women-centered entrepreneurial networks that can provide support vital to a new and developing business.

Placement at the bottom of this list could also signal that these cities are inhospitable to self-employed workers or new business owners in general — for both men and women alike.

That’s not to say it’s impossible for women entrepreneurs to start and build successful businesses in these cities.

Women living in these worst cities shouldn’t assume that their business endeavor will be doomed before it even begins. But they would be wise to practice extra caution in their plans to transition to self-employment or business ownership.

How women business owners can beat the odds

Living in one of the best cities won’t guarantee automatic success any more than a woman starting a business in one of the worst cities will fail. Wherever they live, women entrepreneurs must overcome obstacles and chart their own path to self-employment.

For women ready to take their first steps toward entrepreneurship, these steps can help them get further faster.

  • Start small but dream big. Even if you’re not ready to quit your job and hustle full time, don’t put your entrepreneurial goals on the back burner. Build out a timeline to get you closer to self-employment or starting a business, filled with small and actionable steps you can start taking now. A side hustle can be the perfect way to get a feel for being your own boss without giving up your main source of income.
  • Explore the business landscape of your specific city. Research local regulations and bylaws that could be pertinent to your business idea. For example, you can start checking out everything from business licensing laws to local small business tax breaks to help build out your business plan. You can also research local small businesses to see which are doing well and why, to get insights into how to set your own venture up for success.
  • Seek out local resources for women entrepreneurs. Many cities recognize the important role small businesses, startups and self-employed workers play in fueling local economies. And some have responded with support systems designed to foster growing businesses — and women entrepreneurs who lead them. One example is San Francisco-based Girls in Tech, a nonprofit founded by Adriana Gascoigne,which seeks to empower and educate women (including entrepreneurs) in the tech industry. Even the bottom-ranked city, Cleveland, has local organizations focused on supporting women entrepreneurs, such as women -focused business development courses from Aviatra Accelerators and an annual Female Entrepreneur Summit.
  • Network with other self-employed women. Don’t underestimate the power of meeting, working with and learning from like-minded, entrepreneurial women. The local organizations mentioned above can be the perfect way to connect with other women entrepreneurs in your area and find a new friend, mentor or even a future business partner. You can also look for co-working spaces, entrepreneurship-centered meetups or social events for local businesswomen to grow your network.

Methodology:

Each of the 50 largest metropolitan statistical areas (“MSAs”) was scaled against each other, so that the most positive result for each factor was 100 and the most negative was 0, on the following eight factors from the U.S. Census Bureau’s American Community Survey for 2016, either available through FactFinder or calculated from microdata housed in IPUMS USA. The results for each factor were then weighted according to the notation below, and the sum was divided by eight (rounded to one decimal point), for a highest possible score of 100 and a lowest possible score of 0.

  • Median business income for self-employed women (double weight)
  • Average business income for self-employed women (double weight)
  • Ratio of median business income to median earned income for the metro (double weight)
  • Ratio of average business income to average earned income for the metro (double weight)
  • Percentage of working women who are self-employed (single weight)
  • Percentage of self-employed women who are incorporated (single weight)
  • Percentage of self-employed people who are women (single weight)
  • Percentage of incorporated people who are women (single weight)

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Elyssa Kirkham
Elyssa Kirkham |

Elyssa Kirkham is a writer at MagnifyMoney. You can email Elyssa here

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Financial Therapy: What It Is and How to Know if You Need It

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

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Whether you’re stressing over paying bills or spending money to make yourself feel better, anxiety and money often go hand in hand. Still, financial advice tends to emphasize numbers and strategies, not the root cause of money concerns.

Financial therapy is a holistic process that enlists both therapeutic and financial methods to help you transform your relationship with money. Here’s how to tell whether or not it might be the right move for you.

What is financial therapy?

The Financial Therapy Association was born out of the 2008 financial crisis, which left many Americans feeling totally hopeless and out of control with their money — a kind of trauma that went deeper than traditional financial counseling could heal. Researchers and practitioners from both the mental health and business fields teamed up shortly after the crash to create a unique, new practice that combines the best aspects of both disciplines.

By late 2009, the Financial Therapy Association, or FTA, was officially recognized as a nonprofit corporation, and the group held its first annual conference in September of 2010. Today, the association offers a variety of tools for both consumers and professionals looking to participate in this unique practice, and also offers a searchable database for finding financial therapists by state.

The association defines financial therapy as “a process informed by both therapeutic and financial competencies that helps people think, feel and behave differently with money to improve overall wellbeing through evidence-based practices and interventions.”

In short, just like regular therapy, it helps you get your head on straight — except in this case, it’s particularly concerned with financial matters. Many financial therapists are also licensed family or marriage counselors, so you can take it on solo or with a partner.

5 signs you need a financial therapist

So, how can you tell if financial therapy is right for you?

Chances are, almost anyone could benefit from professional coaching… but if these scenarios sound familiar, you might want to take finding professional help more seriously.

1. Your relationships are strained, and money’s always the reason. If you’re constantly fighting with your spouse (or other relatives or family members) about money matters, a financial therapist can help you find productive ways to navigate your relationships.

2. You’re depressed or anxious about your money in a way that’s impacting your wellbeing. While money can be a stressful topic for anyone from time to time, if it’s ruling your life, a therapist can help you find new behavioral patterns. Whether it’s the emotional toll of debt or the stress of saving a workable nest egg, a financial therapist can offer both mental and monetary tactics to help you tackle the problem.

3. You know the steps you need to take, but can’t quite seem to make them happen. Whether it’s balancing your budget or paying down debt, if you can’t make your behavior match your financial plan, a financial therapist could have the answer.

4. You find yourself lying about money and hiding your excessive or emotional spending. These kinds of behaviors can wreak havoc on your wallet, not to mention your relationships, and may be based in compulsion. A financial therapist can help you develop alternative relaxation tactics so you can overcome your emotional splurges without doing damage to your nest egg.

5. Thinking about your financial future is leading to unexpected emotions or creating family tension. As important as estate planning may be, it can also be a difficult and emotional experience. After all, it means thinking seriously about the reality of your own death. And divvying up your stuff can lead to difficult conversations, particularly if you have a blended family or strained relationships. A financial therapist can help you work through all that emotional baggage and offer helpful communication tactics.

Do you need a financial therapist and a financial advisor?

There’s no specific set of certifications or degrees a professional must have to be a member of the Financial Therapy Association — so each individual counselor is just that: an individual. He or she may lean more heavily toward one side of the professional aisle or the other, and finding the right fit could take some trial and error.

For instance, if you’re mostly concerned with the how-to part of financial advisement, like figuring out the difference between a Roth IRA and a traditional IRA or the best way to tackle credit card debt, a plain-old financial advisor can probably help you, but so could a financial therapist who works primarily as an advisor or wealth management professional.

On the other hand, if you’re really digging into the emotional side of your financial landscape, finding a financial therapist who is a mental health professional first can help you tackle those struggles, while also laying the framework for solid monetary planning and behavior down the line. A financial therapist who identifies more strongly with the clinical counselling part of their job title may also be able to help you in other aspects of your mental health, if you’re struggling with matters beyond your money.

The bottom line is, there’s no one approach that’s right for everyone — and, just like dating, you’ll definitely want to shop around. Whether you hire a financial therapist, a financial advisor or both, when you’re talking about people who are going to advise you on matters as important as your financial future, getting along well is key. It’s worth making several calls and sitting through a few introductory interviews to make sure you’ve found a good fit.

How to find a financial therapist

If financial therapy sounds like it might be a fit for you, there are some wonderful resources available from the Financial Therapy Association to help you find and hire a professional. For instance, it offers a great database of financial therapists that’s searchable by both name and state.

Of course, since it’s such a new field, financial therapists are relatively few and far between — and you may find there’s not one in your area. Several states on the list have zero names listed beneath them (so far, anyway).

Fortunately, the internet makes it possible to do financial therapy work at a distance, and many professionals do just that. If you find someone whose credentials, focus and basic methodologies you like, you can reach out to them directly to see if they’d be able to perform therapy via Skype or phone call. You can also check out the specific “at a distance” list available via the FTA database. The association also offers monthly online webinars and other educational tools to start the process on your own if you’re not quite ready to hire a professional.

The bottom line

Financial therapy can be a great way to help alleviate your anxieties and fears about financial matters, or to help you find ways to break money-related habits you just can’t seem to knock out on your own. And as with any type of therapy, seeking out professional help is anything but a sign of weakness. Money touches all of our lives and has a huge impact on our lifestyles, so it makes sense that it’s a wildly emotional topic. So if financial therapy sounds like it might be a fit for you, don’t be afraid or ashamed to reach out. If anything, recognizing you need help makes you that much stronger — and both your brain and your bank account will thank you for it.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Jamie Cattanach
Jamie Cattanach |

Jamie Cattanach is a writer at MagnifyMoney. You can email Jamie here

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9 Great Free Checking Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

free checking accounts
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The humble checking account may not offer rewards, cash back or many of the other perks offered by ritzy credit cards, but it remains the cornerstone of your financial life. Nobody likes paying monthly maintenance fees, so why not pick a free checking account that does away with them altogether?

Below, we’ve selected nine of the best free checking accounts (presented in no particular order) by scouring our database for products meeting the following criteria:

  • No monthly maintenance fee
  • A low initial deposit amount (between $0-$25) needed to open the account
  • No minimum daily balance requirement
  • Minimal third-party ATM fees
  • Available nationwide

Account Name

Minimum needed to open

APY

Consumers Credit Union (IL) Free Rewards Checking$05.09%
Simple Account$02.02%
Aspiration Spend and Save$102.00%
nbkc personal account$51.01%
Alliant Credit Union High-Yield Checking$5 (to become a member of this credit union, none for opening the account itself)0.65%
Discover Cashback Credit$0None, but customers receive 1% cash back each month on certain spending with a limit of $3,000
Ally Bank Interest Checking$00.60%
Evansville Teachers FCU Vertical Checking$30 ($25 if you're already a member of this credit union)3.30% (if you meet monthly requirements)
Bay State Savings Bank Kasasa Cash$02.01% (if you meet monthly requirements)

Great free checking accounts

Consumers Credit Union (IL) Free Rewards Checking

The Consumers Credit Union provides an online-only checking account to anyone in the nation who becomes a member. You can qualify for membership with a one-time $5 payment to Consumers Cooperative Association. Some of the perks of the Free Rewards Checking account include:

  • No monthly maintenance fee
  • No minimum balance required
  • Unlimited check writing
  • Unlimited ATM fee refunds

However you do have to meet some requirements in order to get all of the benefits of the account (including the high APY). The APY for this account is divided into three tiers, with the lowest earning 3.09% on balances up to $10,000, the middle 4.09% and the highest tier 5.09%. The requirements for each of these tiers are:

To earn 3.09%

  • Receive eStatements
  • Make at least 12 debit card purchases a month
  • Post direct deposits or ACH payments of at least $500 each month

To earn 4.09%

  • Meet all the requirements of the previous tier
  • Have a Consumers Credit Union Visa credit card and spend at least $500 a month on it

To earn 5.09%

  • Meet all the requirements of the previous tier
  • Spend at least $1,000 a month on your Consumers Credit Union Visa credit card

Keep in mind these high APYs only apply to balances up to $10,000. The portion of any balance between $10,000.01 and $25,000 earn 0.20% APY, and balances greater than $25,000 earn an APY of 0.10%.

LEARN MORE Secured

on Consumers Credit Union (IL)’s secure website

NCUA Insured

Simple Account

Simple is owned and backed by regional bank BBVA and offers customers a free checking account that’s intertwined with the app’s budgeting tools. Simple doesn’t charge any fees, meaning users enjoy:

  • No monthly maintenance fee
  • No minimum balance needed
  • No account closing fee
  • No stop payment fees
  • No debit card replacement fee
  • No ATM fee if using Simple’s network, but users can be charged a fee by other banks if using a non-network ATM

One fee you do have to pay is a foreign transaction fee when using your Simple card internationally, which can be up to 1% of the transaction.

If you maintain a balance of $0.01 or more, you can earn an APY of 2.02%.

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on Simple’s secure website

Aspiration Spend and Save Account

The recently rebranded Aspiration Spend and Save account is online-only and technically is a cash management account (according to the company), combining the high APY of a savings account with the accessibility of a traditional checking account. After paying an initial $10 to open this account, you gain access to a completely fee-free account — if that’s what you choose.

One of the most eye-catching (and marketable) aspects of this account is that Aspiration tells its customers they can pay whatever fees they wish, even if that amount is zero. The online bank does heavily advertise the fact that 10% of whatever fee customers pay them will be donated to charity.

Other benefits this account gives without any fees include:

  • Unlimited ATM fee reimbursement
  • $600 in cellphone damage insurance
  • Scheduled bill payments

Technically, the Spend and Save account operates as two separate linked accounts — a savings account, where your money earns an APY of 2.00% each month (provided you deposit at least $1 in the account), and a spend account you draw on with your Aspiration ATM card. Transfers of funds between the spending and saving sides of the account happen instantly and without any limitations, so it’s easy for customers to think of it as one product.

It’s important to note that the 2.00% APY only applies to funds in the save portion of the account, not the money you have in the spend portion (which earns no APY). But with the instant and limitless transactions you can make between the two sides, there’s no reason to leave money parked in the spend portion of the account that you aren’t planning to utilize in the short term.

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on Aspiration’s secure website

nbkc personal account

nbkc bank may be based in Kansas and Missouri, but customers anywhere in the nation can sign up for its personal account, which provides a whole bevy of benefits with only minimum fees — all while providing a very competitive APY.

Customers can open this free checking account with a $5 deposit, and so long as they maintain an average daily balance of $0.01, earn 1.01% APY. They also can use more than 32,000 ATMs without any fees, and nbkc will rebate up to $12 a month any non-network ATM fees customers accrue.

Account holders will have to pay a $5 fee to wire money domestically, and $45 if they are receiving or sending an international wire transfer.

LEARN MORE Secured

on nbkc bank’s secure website

Member FDIC

Alliant Credit Union High-Rate Checking

Alliant Credit Union offers a free checking account with a very decent yield and great features. You must become an Alliant member before opening an account, which anyone in the country can do by making a $10 donation to Foster Care to Success during your application process. However, there’s no minimum deposit needed to open this free checking account, no minimum daily balance and no monthly maintenance fee.

Alliant’s account also grants customers access to roughly 80,000 ATMs they can use without any fees. If you have to use an ATM outside of this network, Alliant will reimburse fees up to $20 each month.

Finally, this free checking account is called “high-rate” because it gives 0.65% APY—so long as you opt to receive electronic statements instead of paper statements, and make one electronic deposit into the account each month. Examples of deposits include:

  • Direct deposits
  • Payroll deposits
  • ATM deposits
  • Mobile deposits
  • Transfer from another financial institution

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on Alliant Credit Union’s secure website

NCUA Insured

Discover Cashback Debit

You might be more likely to think of credit cards when it comes to this brand, but Discover also functions as an FDIC-insured, online only bank that offers a suite of personal banking products including one of the best free checking accounts currently on the market. The Discover Cashback Debit account features a smorgasboard of perks and goodies for customers, including:

  • No monthly maintenance fees, minimum balance to open or minimum daily balance
  • A nationwide network of more than 60,000 ATMs customers can use fee-free
  • Free replacement debit cards
  • Free online bill pay

Living up to its name, the Cashback Debit account grants 1% cash back each month on qualifying spending up to $3,000. What kind of spending counts? Just about everything, with the exception of ATM transactions, the purchase of money orders, loan payments or account funding, and peer-to-peer transactions. In addition, some purchases made over a third-party app or service (such as Venmo) may not qualify.

LEARN MORE Secured

on Discover Bank’s secure website

Member FDIC

Ally Bank Interest Checking Account

The Ally Bank Interest Checking Account may not offer a high APY (unless you can maintain at least a $15,000 balance), but the free online banking, bill pay, and checks — both standard and cashier — along with no monthly maintenance fee, required minimum balance or minimum deposit to open make it a great option for customers looking for a free checking account.

While no minimum balance is required to earn 0.10% APY, customers can earn 0.60% if they maintain a daily balance of at least $15,000.

Customers can use any of the 55,000 ATMs in the Allpoint® network for free, and Ally will reimburse up to $10 of non-network ATM fees each billing cycle. Other fees to watch out for include:

  • $15 stop payment fee
  • $25 per-day maximum overdraft fee
  • $20 outgoing domestic wire fee

LEARN MORE Secured

on Ally Bank’s secure website

Member FDIC

Evansville Teachers Federal Credit Union Vertical Checking

Credit unions such as Evansville Teachers Federal Credit Union might not command the same name recognition as nationwide banks, but they can offer rates and services for customers that are every bit as competitive as the big banks. Don’t let the name of this credit union fool you—anyone can become a member if they open a $5 savings account, which then allows you to open a Vertical Checking account with a minimum balance of $25.

This free checking account doesn’t charge a monthly service fee or require you to maintain a minimum balance, and in return gives you an APY of as high as 3.30% on balances up to $20,000, provided you fulfill the below requirements:

  • Make at least 15 debit purchases each month
  • Make at least one direct deposit into the account each month
  • Login to your mobile or online banking at least once each month
  • Opt in to receive eStatements
  • In addition to the high APY, meeting these requirements entitles you to $15 a month for reimbursing third-party ATM fees.

In addition to the high APY, meeting these requirements entitles you to $15 a month for reimbursing third-party ATM fees.

LEARN MORE Secured

on Evansville Teachers Federal Credit Union’s secure website

NCUA Insured

Bay State Savings Bank Kasasa Cash

This free checking account offers one of the highest APY rates around — up to 2.01%, provided you meet some qualifications — and coupled with its minimal fees, make it a great option for customers looking for free checking.

There’s no minimum amount needed to open the free checking account and, like the other accounts on the list, you don’t need to maintain a minimum balance or pay a monthly maintenance fee. That’s already good news, but where this account really shines is when you fulfill the following criteria each month:

  • Have at least 12 PIN-based debit card purchases
  • Receive electronic statements
  • Enroll — and log in at least once per cycle — to online banking (which is free)

For every month you meet the above qualifications, your balance up to $20,000 earns 2.01% APY. The other big bonus you receive is unlimited refunds on ATM fees that you pay when using a machine out of the bank’s network. If you don’t meet the criteria, you still don’t pay any fees on your account. However, you earn a much lower APY and will have to pay fees on out-of-network ATMs.

LEARN MORE Secured

on Bay State Savings Bank’s secure website

Member FDIC

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

James Ellis
James Ellis |

James Ellis is a writer at MagnifyMoney. You can email James here