Ethan Riley
Monthly fees are a common feature of bank accounts, but there are several banks that offer accounts with no monthly fees. Some banks offer accounts with no monthly fees to students, such as Chase, Bank of America, and Ally Bank. Other banks, such as BMO, Fifth Third Bank, and Discover, offer accounts with no monthly fees to all customers. Additionally, some banks may waive the monthly fee if certain conditions are met, such as maintaining a minimum balance, setting up direct deposits, or opting for paperless statements. It's important to carefully review the terms and conditions of each account to understand the specific requirements and potential fees associated with the account.
| Characteristics | Values |
|---|---|
| Banks with no monthly fees | Ally Bank, Chase, Bank of America, BMO, Fifth Third Bank, Discover, Citizens Bank, Capital One, US Bank, CIBC Bank |
| Conditions to waive monthly fees | Direct deposit, minimum balance, age limit, paperless statements |
| Other benefits | Early paycheck, free ATM networks, interest on balances, cash back on debit card purchases, no overdraft fees |
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What You'll Learn
No-fee checking accounts
There are several banks that offer no-fee checking accounts, each with its own unique features and requirements. Here are some options to consider:
Ally Bank
Ally Bank offers a no-monthly-fee checking account with no overdraft fees. You can access over 43,000 no-fee Allpoint ATMs, and Ally reimburses up to $10 per month for out-of-network ATM fees. Additionally, students aged 17 to 24 can benefit from a $0 monthly service fee. However, Ally Bank does not have physical locations, which may be a drawback for those who prefer in-person banking.
Chase Bank
Chase Bank offers a no-monthly-maintenance-fee checking account for students aged 17 to 24 with proof of student status. This account provides access to over 15,000 ATMs and does not require a minimum opening deposit. However, fees may apply if you don't set up regular electronic deposits or if your average daily balance falls below $5,000.
Bank of America Advantage Banking
Bank of America offers checking accounts with no monthly maintenance fees under certain conditions. For example, their SafeBalance Banking® account has no monthly fee for students under 25 and account holders under 18. The Advantage Plus account waives the monthly fee with a qualifying direct deposit of at least $250 or a $1,500 minimum daily balance. Additionally, the Advantage Banking program offers a $0 monthly maintenance fee on up to seven eligible accounts when linked to a primary Advantage Relationship Banking account.
BMO Smart Advantage Checking Account
The BMO Smart Advantage Checking Account has no monthly maintenance fee if you opt for paperless statements. This account offers online and mobile banking tools, and you can use Zelle to send, request, and receive money with no user fees.
Fifth Third Bank
Fifth Third Bank offers a free checking account with no monthly service charge. This account provides additional time to make deposits and avoid overdraft fees. There is no minimum balance required, and you can enjoy unlimited check writing.
Discover
Discover offers a no-fee checking account with 1% cash back on up to $3,000 in debit card purchases each month.
Citi's Basic Banking Account
Citi's Basic Banking account removes its monthly service fee for customers who make a qualifying direct deposit and bill payment per month or maintain a combined average monthly balance of $1,500. This account provides free usage of over 65,000 ATMs, but there is no out-of-network reimbursement. Additionally, customers under 18 or over 62 are exempt from the monthly fee.
It is important to note that while these banks offer no-fee checking accounts, there may be other fees associated with specific transactions or services. Be sure to review the terms and conditions of each account to understand all the fees and requirements.
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No monthly maintenance fees
Many banks charge account maintenance fees, which can cost up to $35 per month. However, several banks offer no-fee checking accounts, and some even provide additional perks. Here are some banks that don't charge monthly maintenance fees:
Ally Bank
Ally Bank offers no monthly maintenance or overdraft fees. You can get early access to your paycheck with direct deposit, and they provide spending buckets to help with budgeting. Ally Bank also offers access to over 43,000 no-fee Allpoint ATMs and reimburses up to $10 per month for out-of-network ATM fees. Additionally, students aged 17 to 24 can benefit from a $0 monthly service fee. However, Ally Bank does not have physical locations, which may be a drawback for those who prefer in-person banking.
Chase
Chase offers a no-monthly-fee account for students aged 17 to 24 with proof of student status. This account has no minimum opening deposit, but charges may apply if you don't set up regular electronic deposits or if your average daily balance falls below $5,000. Chase also provides access to over 15,000 ATMs and offers a new customer promotion of a $100 bonus for opening a student account.
Bank of America
Bank of America offers three accounts with potentially no monthly fees. The SafeBalance Banking® account has no monthly fee for students under 25 and all account holders under 18. The Advantage Plus account waives the monthly fee with a qualifying direct deposit of at least $250 or a $1,500 minimum daily balance. Additionally, the Advantage Banking account offers a $0 monthly maintenance fee on up to seven eligible accounts when linked to a primary Advantage Relationship Banking account.
BMO
BMO's Smart Advantage checking account has no monthly maintenance fee if you opt for paperless statements. This account provides the convenience of online and mobile banking, and you can send, request, and receive money easily with Zelle.
Fifth Third Bank
Fifth Third Bank offers a free checking account with no monthly service charge. There is no minimum balance required, and you get additional time to make deposits and avoid overdraft fees. They also provide unlimited check writing and tax advantages on interest earned and withdrawals for qualified expenses.
Citizens Bank
Citizens Bank offers a "one deposit checking/savings" account with no monthly maintenance fee as long as you make at least one deposit of any amount or type.
Citi
Citi's Basic Banking account removes its monthly service fee for customers who make a qualifying direct deposit and bill payment per month or maintain a combined average monthly balance of $1,500. This account provides free usage of over 65,000 ATMs, and the monthly fee is waived for customers under 18 or over 62.
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No overdraft fees
Overdraft fees can be a costly burden, especially for those who live paycheck to paycheck. According to the 2021 FinHealth Spend Report, 43% of vulnerable households with checking accounts overdrafted in the past year, with 9.6 overdrafts on average. At a $35 fee per overdraft, that's nearly $350 per year.
Chase Secure Banking
Chase Secure Banking has been certified by Bank On as a low-cost, low-fee account since 2019. The account does not allow you to go into an overdraft, and you can only spend what you have. While you could still end up with a negative balance, for example, if a transaction is approved for one amount but the actual charge is more, Chase will not charge you an overdraft fee.
Ally Bank
Ally Bank offers no monthly maintenance or overdraft fees. You can get your paycheck up to two days early with direct deposit, and Ally reimburses up to $10 per month for out-of-network ATM fees. Additionally, they offer a service called CoverDraft, which provides up to $250 in temporary relief for common transactions.
Capital One 360 Checking
Capital One 360 Checking charges no overdraft fees or non-sufficient fund fees. There are no monthly maintenance fees, minimum deposit, or balance requirements. Account holders earn 0.10% APY and have access to a free ATM network of 70,000+ Capital One, MoneyPass, and Allpoint ATMs.
Discover Cashback Debit Checking
Discover Cashback Debit Checking does not charge for its overdraft protection service, which transfers money from your Discover savings account to cover an overdraft. There are no monthly maintenance fees, and account holders don't need to make a minimum deposit or maintain a minimum balance. Account holders can also earn 1% cashback on up to $3,000 in debit card purchases each month and have access to 60,000+ free ATMs.
Axos Bank Rewards Checking
Axos Bank Rewards Checking is an online bank that does not charge monthly or overdraft fees. There are no minimum balance requirements and no initial deposit requirement. Account holders can earn up to 3.30% APY if they meet specific requirements, such as receiving monthly direct deposits totaling $1,500 or more and using their debit card for at least 10 monthly transactions.
Bank of America Advantage Banking
Bank of America Advantage Banking is set to the "Decline All" overdraft setting, meaning transactions that exceed your available balance will be declined or returned unpaid. While Bank of America will not charge an overdraft fee, the payee may charge fees.
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Student accounts
There are several banks that offer student accounts with no monthly fees. Here are some of the best options:
Chase College Checking Account
Chase offers a student account with no monthly maintenance fee for customers aged 17 to 24 who can provide proof of student status. The account has no minimum opening deposit, but there are charges if you don't set up regular electronic deposits or if the average ending daily balance falls below $5,000. Chase provides access to a large network of ATMs, with over 15,000 locations. Additionally, Chase is currently offering a \$100 bonus for opening a student account. However, it's important to note that Chase does not provide ATM reimbursements, and there is a $34 overdraft fee.
Bank of America Advantage SafeBalance Banking
Bank of America offers a student account with no monthly fee for students under the age of 25 and all account holders under 18. This account provides access to thousands of ATMs and financial centre locations. It also includes features such as mobile banking, Zelle for sending and receiving money, and the ability to set alerts and temporarily lock and unlock your debit card.
Capital One Money
Capital One offers a student account for those under 18, which can continue into college years. This account has no maintenance fee and no minimum balance requirement. It provides access to over 70,000 fee-free ATMs nationwide and offers a debit card. Capital One Money also encourages joint accounts for parents and children, allowing parents to track their kids' transactions.
Discover Cashback Debit Checking
Although not specifically designed for students, Discover Cashback is an excellent choice for students over 18. It has no monthly maintenance fees, no minimum balance requirements, no overdraft fees, and no hidden costs. You can access over 60,000 fee-free Allpoint and MoneyPass ATMs, and you can receive funds from direct deposits up to two days early using the Discover App.
When choosing a student account, it's important to consider factors such as ATM networks, direct deposit requirements, additional features, and any potential fees that may apply.
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Fee-free ATMs
When it comes to fee-free ATMs, there are a few options to consider. Firstly, some banks offer their own networks of ATMs that their customers can use without incurring additional charges. For example, Ally Bank customers have access to over 43,000 no-fee Allpoint ATMs, and SoFi Bank customers can use any of the 55,000+ ATMs within the Allpoint network without incurring a fee. These ATMs are often located within popular retail stores, providing convenient access to cash without the extra charges.
In addition to these networks, some banks offer reimbursement for ATM fees incurred when using out-of-network machines. For instance, Ally Bank reimburses up to $10 per month for out-of-network ATM fees, ensuring that customers can access cash from a variety of locations without being penalized.
It's also worth noting that some banks, such as Bank of America, have specific account types that waive monthly maintenance fees, which could include ATM fees. Bank of America's Advantage Banking, for instance, offers a $0 monthly maintenance fee on up to seven eligible accounts when linked to a primary Advantage Relationship Banking account.
When considering fee-free ATMs, it's important to understand the distinction between in-network and out-of-network ATMs. In-network ATMs are typically those owned by your bank or financial institution, while out-of-network ATMs are operated by other entities. Using out-of-network ATMs may result in surcharge fees or transaction fees, which can add up quickly. Therefore, it's beneficial to seek out banks that offer extensive networks of in-network, fee-free ATMs or those that provide reimbursement for out-of-network ATM charges.
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Frequently asked questions
There are several banks that offer no-fee checking accounts, including:
- Ally Bank
- BMO
- Chase (for students aged 17-24)
- Bank of America (for students under 25 and account holders under 18)
- Discover
- Capital One
- Citizens Bank
- Fifth Third Bank
Yes, some banks require you to maintain a minimum balance to waive the monthly fee. For example, Bank of America's Advantage Plus account waives the monthly fee if you maintain a $1,500 minimum daily balance. Similarly, Chase waives the monthly fee for students with an average ending day balance of $1,500 or more.
Yes, some banks offer no-fee checking accounts without a minimum balance requirement. For example, Fifth Third Bank's popular checking account has no monthly service charge and no minimum balance requirement.
Yes, some banks require you to set up direct deposits to waive the monthly fee. For example, Citi's Basic Banking account removes its monthly fee if you make a qualifying direct deposit and bill payment per month. Bank of America's Advantage Plus account also waives the monthly fee with a qualifying direct deposit of at least $250.
Yes, some banks offer alternative ways to waive the monthly fee. For example, BMO waives the monthly fee if you opt for paperless statements. Chase waives the fee for students who set up regular electronic deposits to the account. Additionally, some banks may offer promotions, like Chase's $100 bonus for opening a student account, which can help offset any potential monthly fees.
