Banking Bank Reviews

Best Banks With No Monthly Fees or Minimum Balance Requirements [2025]

Nearly all consumer banks offer checking accounts — the trick is to find a good balance between features and fees.

Updated June 25, 2025
Fact checked

Banks with no monthly fee checking and no minimum balance are about as abundant as mosquitoes in a Minnesota summer. Some are better than others, though, depending on what you're looking for.

Whether you want to earn a good interest rate, use ATMs a lot, or ensure a good customer service experience, we'll point you to different banks to suit your needs.

Featured Checking Account

bonus icon Earn up to a $300 bonus and up to 3.80% APY1 on your money
SoFi Checking and Savings
5.0
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Financebuzz awards badge

2025 award winner Best Checking and Savings Combo

  • Earn up to a $300 bonus and up to 3.80% APY1 on your money
  • No account, overdraft, or monthly fees2
  • Get your paycheck up to two days early3
  • Access additional FDIC insurance up to $3 million4
Learn More
on SoFi's secure website

How we evaluate products

Compare the best banks with no monthly fees and no minimum balance

  • These checking accounts don't charge monthly fees, but they can charge other fees for things like ATM withdrawals and overdrafts.
  • Common banking features vary with a monthly fee-free checking account. For example, you may not be able to write paper checks or visit an in-person branch.
Account Minimum deposit Best for you if: Perks
Discover® Cashback Debit

Discover® Cashback Debit

$0 You love using your debit card
  • Debit card cash back
  • Early paycheck access
  • 24/7 customer service
SoFi Checking and Savings

SoFi Checking and Savings

$0 You receive direct deposits
  • Early paycheck access3
  • Sign-up bonus1
Chime®

Chime® Checking5

$0 You overdraw your balance from time to time
  • Cashback on certain purchases6
  • 24/7 customer service
  • Fee-free cash deposit at certain retailers7
Axos ONE®

Axos ONE

$0 You use ATMs a lot
  • 24/7 customer service
  • Early paycheck access
  • Up to $10 ATM fee reimbursements
Capital One 360 Checking

Capital One 360 Checking

$0 You prefer big banks
  • Early access paycheck deposit8
  • Fee-free cash deposit at certain retailers
Varo

Varo Bank Account

$0 You want to make cash deposits without fees
  • Cashback on certain purchases
  • Early paycheck access
  • Overdraft coverage

Discover Cashback Debit

Best for you if you love using your debit card

Financebuzz awards badge

2025 award winner Best Online Checking Account

4.5
info
Discover® Cashback Debit
Discover® Cashback Checking
Earn 1% cash back on up to $3,000 in debit card purchases each month.9 No minimum deposit or balance. FDIC Insured.

Discover is a household name thanks to its credit cards, but it actually offers a pretty spiffy suite of FDIC-insured online bank accounts as well. It doesn't have many bank accounts within each category (there's only one checking and one savings account, for example) — and while some might consider that a drawback, the truth is you won't get much better than the single checking account it offers.

Discover's Cashback Debit account is ideal for die-hard debit card users. Rather than earning interest, Discover offers 1% cash back every time you use your debit card on up to $3,000 in purchases per month for a total potential cash back of $360 per year.10

Pros
  • 24/7 customer service and live chat
  • Qualifying paychecks may be deposited up to two days early
  • Excellent customer satisfaction ratings
  • High APY on matching savings account
Cons
  • No physical branches
  • $30 outgoing wire transfer fee
  • No out-of-network ATM fee reimbursement

Visit Discover Cashback Debit | Read our full Discover Cashback Checking review

SoFi Checking and Savings

Best for you if you receive direct deposits

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2025 award winner Best Checking and Savings Combo

5.0
info
SoFi Checking and Savings
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Earn up to 3.80% APY11 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.1 FDIC Insured.4

SoFi® is an FDIC-insured,4 full-service financial provider. It's an especially good pick if you get paid regularly via direct deposit, since enrolling in SoFi Plus with eligible direct deposit unlocks the highest APY on your savings account (which you must also open with this checking account).

The APY on SoFi's checking account isn't too shabby, though, at 0.50% (as of 01/24/25) with direct deposit.11

Although SoFi® is generally regarded as excellent, it does suffer a bit in overall customer satisfaction. J.D. Power actually rated SoFi's checking account as just below average in 2025. It may also be a bit tougher to get help when you need it if you work strict hours since customer support is only available from 5 a.m. to 5 p.m. or 7 p.m. PST, depending on the day of the week. SoFi is a Member, FDIC4.

Pros
  • No monthly fees2
  • No overdraft fees12
  • Qualifying paychecks deposited up to two days early3
  • Extra benefits if you receive direct deposits
Cons
  • No in-person branches
  • Must open checking and savings accounts together
  • No reimbursement for out-of-network ATMs

Visit SoFi Checking and Savings | Read our full SoFi Checking and Savings review

Chime® Checking

Best for you if you overdraw your balance from time to time

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2025 award winner Best for Bad or No Credit

4.6
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Chime®
Chime® Checking5 - No Monthly Fees13 + Get paid up to 2 days early with direct deposit14
Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.

Chime was one of the first app-based fintech companies to get rid of some overdraft fees, as well as give you access to your direct-deposit paychecks up to two days earlier. The mobile app has been downloaded over 10 million times on the Google Play Store alone. Its SpotMe® feature gives Chime Checking an edge over other fee-free checking accounts, letting eligible customers access fee-free cash advances of up to $200 to cover overdrafts in their accounts.

Since it's not a bank, your money is actually stored with The Bancorp, N.A. or Stride Bank, N.A., two FDIC-insured institutions. You just use the Chime app or website to manage your money. You can also deposit cash fee-free at any Walgreens or Duane Reade store,7 which is somewhat unique for an online checking account.

Pros
  • Get your paycheck up to two days early with direct deposit14
  • Fee-free overdraft coverage of up to $200 for eligible members15
  • Fee-free cash deposits with certain retailers7
Cons
  • Difficult to use paper check system
  • Low APY on savings account (Note: savings accounts are optional and you must have a Chime checking account to open a savings account)16

Visit Chime Checking | Read our full Chime review

Axos ONE

Best for you if you use ATMs a lot

4.6
info
Axos ONE®
Axos ONE® - Earn up to 4.66% APY
Axos ONE® offers up to a powerful 4.66% APY on savings and 0.51% APY17on checking to help you grow your money. No monthly maintenance, minimum balance, account opening, or overdraft fees. FDIC insured.

Axos ONE is another bundled option that includes both checking and savings accounts,17 similar to SoFi's Checking and Savings. It offers healthy APYs on both, but you do need to meet direct deposit requirements to earn the highest APYs.

Axos ONE also offers up to $10 in ATM fee reimbursements per month and expanded FDIC insurance. Plus, Axos Bank provides fee-free access to more than 90,000 ATMs, one of the largest networks I've seen. If you're a frequent or even infrequent ATM users, you can avoid ATM fees with this account.

If you're the type of person who's paranoid about data breaches, Axos may be a good choice. It offers plenty of cool security features, such as biometric logins.

Pros
  • Get paychecks two days early18
  • Good mobile app security tools
  • Customer service available 24/7
Cons
  • Direct deposit requirements to earn the highest APYs
  • Poor J.D. Power customer satisfaction ratings

Visit Axos ONE | Read our full Axos Bank review

Capital One 360 Checking

Best for you if you prefer big banks

In 2025, Capital One ranked just above average in customer satisfaction. Still, there's a lot to like about these low-fee accounts. It's one of few big banks with free checking and no minimum balance that operates mostly online. It does run some physical branches, though they're relatively limited with just 278 locations around the country.

Capital One 360 Checking is a good choice if you want to be extra safe, as the company offers several tools, such as biometric logins and the ability to lock your debit card from further spending within the app in case you lose it or it's stolen. Capital One is FDIC-insured.

Pros
  • Ability to lock debit card from spending
  • Can use paper checks with this account
  • Deposit cash at any CVS, Duane Reade, or Walgreens
Cons
  • No ATM fee reimbursements
  • Fees ranging from $10 to $30 for various banking activities

Visit Capital One 360 Checking |  Read our full Capital One 360 review

Varo Bank Account

Best for you if you want to make cash deposits without fees

Varo Bank offers many of the same perks as our other top fee-free banks, including the less-common option to deposit cash. Unlike some other banks on this list, Varo will let you make a cash deposit at more retail locations, including Green Dot retailers. But if we were you, we'd stick with CVS locations — non-CVS deposits may cost you $4.95 per transaction, though this can be worth paying when you're in a pinch.

Other nice perks about Varo are its cashback program and its free overdraft service that offers to spot you up to $500 if you run your account in the red. Again, there are catches here, too. Varo only offers cashback with certain retailers, but it doesn't tell you how much or who qualifies without having access to the app. And you don't get access to the full $500 in overdraft coverage right away — you need to gradually build up to that max mark.

Pros
  • Up to two days early paycheck deposit for qualifying direct deposits19
  • Offers cashback on some purchases
  • Offers VantageScore credit score updates
Cons
  • Poor customer satisfaction ratings
  • Doesn't provide much info on cashback program

Read our full Varo Bank review

Read more: Banks Like Varo

How do you know which free checking account to choose?

It's not hard to find banks with no minimum balances on bank accounts. What is sometimes difficult is finding a good bank. The best banks all have a few features in common, which you can find by taking a few minutes to do some research in advance. Here's what to look for.

  • Read reviews online from Trustpilot, Yelp, Google, Reddit, etc.
  • Consider how many ATMs are in the bank's network.
  • Check out the bank's mobile app or online account offerings.
  • Look for the bank's "fee schedule" of other charges you might have to pay, such as ATM fees.
  • Check recent complaints listed with the Better Business Bureau and the CFPB Complaint Database.
  • Find out what options you'll have for cash access, specifically paper checks if you think you'll ever need them (these aren't standard-issue for online free checking accounts).

FAQs

What bank offers a bonus for opening an account?

Many banks, such as Chase and Axos Bank, frequently offer sign-up bonuses on new checking accounts. These offers are for a limited time only and are constantly changing, so you'll need to do a quick search to see what's currently being offered when you're ready to apply.

Are there any banks that don't require a minimum balance?

Yes, many banks offer at least one basic checking account with no minimum balance requirement. It may be easier to find a checking account with no minimum balance at an online bank, such as Ally Bank, Capital One, or Discover Bank.

What are the easiest banks to open an account with?

It's usually very easy to open a checking account with most online banks such as Ally Bank, Capital One, or Discover Bank. All banks are required to verify your identity in the U.S., and they do this in various ways (such as by scanning or taking a photo of your official government I.D.).

Bottom line

You have many options when it comes to banks with no monthly fees and no minimum balance. The tricky part will be figuring out which one is right for you. For the best customer service, we recommend Discover Bank and SoFi®. Make a list of your priorities when it comes to banking as this can serve as a key tool to help you choose the best option for your unique situation.

5.0
info
Financebuzz awards badge

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

  • Earn up to 3.80% APY11 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits1
  • No account, overdraft, or monthly fees2
  • Get your paycheck up to two days early3
  • Access additional FDIC insurance up to $3 million4
Open an account with SoFi® here

Author Details

Lindsay VanSomeren

Lindsay VanSomeren is a writer for FinanceBuzz based in Suquamish, Washington. Originally a wildlife biologist, Lindsay became passionate about helping others learn smart financial moves after seeing how positive money habits made a big difference in her own life.
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