Remember Nothing in Life is Really Free, You will have to give up something with Free Checking Accounts.
In this difficult economy, many people are looking to find free checking accounts. Fortunately, you have several options to go about finding the best free checking accounts.
If you are comfortable doing all of your banking online, you could open up an online checking account, as most online checking accounts don’t charge fees, thereby making them free checking accounts. They usually offer the best rewards and interest rates as well.
Free Checking Accounts at Banks with Local Branches
If you prefer not to do all of your banking online, there are many free checking accounts to be found at various branches. One thing to consider is whether you are willing to make at least ten or more debit card transactions during each statement cycle. This is important because you may be eligible for a reward checking account that will pay you a high yield, while still also being a free checking account.
Another option to open a free bank account is at your local credit union or community bank. Credit unions and community banks usually have the best free checking accounts of offline banks, plus they have a strong local presence, ensuring that you’ll have some branches you can visit if you prefer conducting your banking in person. They usually also have fair fee schedules and low fee requirements as well.
The last option you have to open a free checking account is with the most well-known offline banks. Many of the most well-known offline banks provide free checking accounts. These free checking accounts usually have no monthly maintenance fees and require no minimum balance (though some banks are attempting to change this, so always read the fine print before deciding to open up a free checking account).
Some of the free checking accounts that offline banks are currently offering include, Bank of America’s MyAccess Checking, Capital One’s Rewards Checking, Citibank’s EZChecking, PNC Bank’s Free Checking, and U.S. Bank’s Silver Package Checking.
Final Word on Free Checking Accounts
It is important to keep in mind that while you are not paying fees with free checking accounts, you will not be earning interest on your account balances either, which is the main tradeoff with a free checking account. Still, this is a tradeoff that many people can live with, especially since most checking account interest rates are currently below 2%. If you prefer a checking account that requires no monthly maintenance fees, no minimum balance, and just the basic necessities (such as plenty of ATM access), consider opening up a free checking account.
MoneyPoint Live has reviews for each type of checking account below, just click on your choice of preferred checking.
- High Interest Checking Accounts
- Online Checking Accounts
- No Deposit Checking (need to read fine print on these)