A Free Checking Account puts money back in your pocket. Instead of paying maintenance fees, that money can go toward boosting your savings or building an emergency fund. It’s also possible to find an account that earns interest, pays cash back on debit card purchases or offers other perks that can help you grow your finances.
While some banks may advertise an account as free, that doesn’t always mean it is. It’s important to ask about or read the fine print of a checking account to determine what other charges may apply, such as overdraft fees, out-of-network ATM fees and fees for sending wire transfers and stopping payment on checks. Financial institutions are required to disclose these fees, so it’s essential that you know what to expect and compare accounts before opening one.
In addition to monthly fees, it’s also wise to consider how convenient an account is for you. Look at the ATM network that a bank partners with, as well as whether it has any physical branches. It’s also a good idea to look for an online banking experience, which allows you to manage your account with ease from anywhere. And be sure to make sure that you can easily set up direct deposit with your new account, as it makes it easy for employers or other entities to send your paycheck or payments to your new bank.
The best Free Checking Account may come with additional perks, such as a low or no minimum balance requirement or the ability to use your mobile app to scan receipts and other documents to upload them for fast processing. And many free checking accounts offer a variety of services that can make it easier to pay bills and manage your budget, including bill reminders, online statements and the ability to transfer funds and receive direct deposits. If you’re looking for an account that offers these features, you can find them with a wide range of options, including big-bank offerings and online-only banks.
When choosing a free checking account, it’s also important to factor in whether you need an ATM network or want the flexibility of a branch location. If you don’t plan on using an ATM often, it might be a good idea to opt for an online-only option that has a robust ATM network and supports mobile depositing. And if you’re going to need a branch, make sure it has hours that fit your schedule and offers convenient locations for making cash withdrawals and deposits.
Regardless of which type of account you choose, a Free Checking Account can save you money by eliminating some common bank fees. However, it’s still worth considering an account that doesn’t waive these fees if you meet certain requirements, such as using in-network ATMs or ensuring that your transactions clear before the end of the month. That way, you can get all the benefits of an account that pays interest and lets you avoid common account charges.