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Teachers work hard to shape the minds of children and young adults, helping them achieve successful futures. When it comes to finances, teachers deserve a checking account that works just as hard for them as they do for others.
There are many credit unions that cater specifically to educators. As not-for-profit entities, credit unions can offer teachers minimal fees, competitive rates, and other perks not typically found in traditional banks. Online banks and fintech companies also offer these benefits through accounts that are available to a wider audience, not just teachers.
How we evaluate products
To select the best free checking accounts for teachers, we evaluated a mix of credit unions, online banks, and traditional banks that offer features relevant to educators. Factors considered included monthly service fees, overdraft policies, ATM accessibility, branch availability, and whether accounts earned interest. We also considered other perks, including school employment eligibility requirements, debit card rewards, and bonus offers. While we highlighted some top choices for free checking accounts for teachers, this article doesn’t include every account available.
What teachers should look for in a checking account
When it comes to finding the best checking account, teachers should look at the same criteria that would be attractive to anyone. Key features to consider include:
Low to no fees
Affordable ATM access
Early paycheck access
Low-cost overdraft coverage
Interest rates
While several credit unions cater to teachers and school employees, some teachers' credit unions may have availability limited to teachers in specific areas, rather than being nationally available. Many online banks also offer competitive rates and features that teachers can benefit from.
No monthly service fees or minimum balance requirements to open1 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Earns 0.50% APY on checking2 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with direct deposit
55,000+ fee-free ATMs3 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
$15 monthly service fee (waivable)4 <p>$15 Monthly Service Fee OR $0 with one of the following, each monthly statement period: </p>
<p>Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network or FedNow(SM) network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,</p>
<p> OR a balance at the beginning of each day of $1,500 or more in this account,</p>
<p> OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.</p>
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Our partners do not influence our ratings.
SoFi Checking and Savings
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY5 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.6 <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.7 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
No monthly service, overdraft8 <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p> , or minimum balance fees
With all the work they do, teachers deserve the best, and we consider SoFi® to be one of the best checking accounts available. SoFi is not a bank but a fintech company that offers its banking services entirely online. Online accounts like SoFi's can often provide you with banking products that have no monthly fees and no minimum balance requirements.
With SoFi's checking account, your money will also earn 0.50% APY with direct deposit, which is considerably higher than you'll find at traditional banks and credit unions.
When you open a SoFi checking account, you automatically get a high-yield savings account. SoFi has one of the best savings accounts that earns up to 3.80% APY if you receive at least $1,000 in monthly direct deposits. SoFi's checking account comes with the standard FDIC protection of up to $250,000, but you can access up to $3 million in protection if you need it.7 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
SoFi is on the Allpoint ATM network, which gives you access to over 55,000 fee-free ATMs across the country. However, making cash deposits can be a hassle and usually costs a $4.95 fee.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
Chase Total Checking®
Enjoy $300 as a new Chase checking customer
When you open a new Chase Total Checking® account with qualifying activities.9 <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.
For teachers who prefer a traditional bank, Chase is a widely available option. Chase offers several personal checking accounts, but its most popular is its Chase Total Checking.
While this account does have a $15 monthly service fee, this fee is waived if you have monthly direct deposits totaling at least $500. Other options to avoid this fee include maintaining a daily balance of at least $1,500 in the account or a minimum daily balance of $5,000 across all qualifying Chase accounts (checking, savings, etc.).
The Chase Total Checking account also comes with Overdraft Assist, which can help you avoid the hefty $34 overdraft fee.10 <p>With Chase Overdraft Assist℠, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.</p> There is no need to enroll in this coverage. With Overdraft Assist, you won't be charged an overdraft fee if your account is overdrafted by $50 or less at the end of the day. If you are overdrawn by more than $50, you have until 11 p.m. ET the next day to make a deposit or transfer to bring your account balance to $50 or less, thereby avoiding an overdraft fee. You can set up transfers from a Chase savings account to cover overdrafts at no cost.
Chase operates 5,000 physical branches and offers access to over 15,000 ATMs.
Pros
Low direct deposit requirement to waive the monthly service fee
No fees on overdrafts of $50 or less
Thousands of branch locations for in-person banking
Teachers sometimes have to go a month or two without income during the summer, depending on the school district, and that can be a challenge. With no monthly fees or overdraft fees, a Capital One 360 Checking account could help provide peace of mind during stretches where income is tight.
Capital One's 360 Checking account also has no minimum balance requirements, and it earns a little bit of interest at 0.10% (as of 09/15/25) APY. While this rate is low compared to SoFi, it's better than most banks that don't offer any interest on checking accounts. That said, there are some high-interest checking accounts, if that's what you're looking for.
With Capital One, you'll have access to over 70,000 fee-free ATMs, and you can deposit cash into your account at any CVS, Walgreens, ATM, or branch. If you prefer to do your banking in person, you'll like that Capital One operates over 250 branch locations and banking "cafes" across the country.
Capital One eliminated overdraft fees on its accounts, but it also usually declines overdraft transactions, which may result in fines from the merchant end of the transaction. But, you can avoid this by enrolling in free automatic transfers from your savings or money market account to cover overdrafts.
Pros
Checking account earns a little interest ({% offer id=675 field="apy" % APY)
No monthly fees, overdraft fees, or minimum balance requirements
Operates over 250 branch locations and cafes
Cons
Mainly a digital bank, physical locations are limited
No monthly service fees or minimum balance requirements
Most branch locations are in Long Island, New York
Anyone can join
If you're looking for a not-for-profit option that really understands teachers, Teachers Federal Credit Union is an excellent choice. It was founded by a group of teachers, but now anyone can join Teachers Federal Credit Union, regardless of whether you are a teacher or not. The credit union's standard personal checking account requires no opening deposit or minimum balance, and there are also no monthly fees or per-check fees.
The Teachers Personal Checking account doesn't earn interest. If you want a high-yield checking account, Teachers Federal Credit Union offers a High-Yield Smart Checking account, but you have to meet certain eligibility requirements to earn interest.
Teachers also have an $8 fee for overdraft protection transfers from a Teachers Savings or Money Market account. This is high for covering overdraft transactions with your own money. However, the fee for returned transactions is even higher at $32 per transaction.
Pros
No opening deposit or minimum balance required
No monthly fee or per check charges
Anyone can join
Cons
Charges $8 for overdraft transfers from a Teachers Savings or Money Market account
Most branch locations are in Long Island, New York
Ally Bank Spending Account
Excellent for budgeting tools
Product details
No monthly service fees
Early direct deposit for those who qualify
Up to $10 in ATM fee reimbursements per statement cycle
Budgeting on a teacher's salary can be challenging. Ally Bank simplifies budgeting by offering a cash flow chart and dedicated buckets for various expenses. It also offers early direct deposit access if you qualify.
Ally also helps stretch your money by paying a modest APY. It also offers up to $10 in ATM fee reimbursement per statement cycle, which is an unusual feature in a checking account with no monthly maintenance fees.
If customer service is important to you, Ally Bank is available 24/7, which is essential for an online-only bank.
While this list covers some of the best checking accounts for teachers, there are many other bank accounts that teachers may want to consider. Several states have credit unions for teachers in their state or area. For example, besides those we've covered here, there are the SchoolsFirst Federal Credit Union in California, Apple Federal Credit Union in Northern Virginia, and WEA Credit Union in Wisconsin.
Beyond credit unions, several online banks offer many of the same advantages. Varo, Chime, and Current, for example, are some of the easiest bank accounts to open online.
FAQs
What is the best bank for teachers?
The best bank for teachers depends on various factors such as low fees, easy accessibility, and competitive rates. While credit unions used to be a good option because they offer better rates and lower fees than traditional banks, today online banks are giving credit unions a run for their money.
Many online banks offer the same benefits as credit unions and much more. Credit unions also may have a limited service area. For example, EECU accounts are only available to educators and school employees in 11 North Texas counties.
Are credit unions better than banks?
Credit unions aren't necessarily better than banks, but they often provide benefits that aren't usually found in traditional banks. Because credit unions are non-profit cooperatives owned by their members, they can generally offer lower fees and more competitive rates. Some credit unions cater specifically to educators, school employees, and their families.
What bank pays you to open a checking account?
Banks and credit unions may offer cash bonuses for opening an account, but there are usually other criteria that you must meet to qualify for these bonuses. For example, EECU provides a $300 one-time bonus to those who open an Educators Advantage Checking account. However, to be eligible for this bonus, you must set up direct deposits of $1,500 or more within 90 days of opening the account.
Bottom line
Finding the best checking account as a teacher comes down to balancing your personal banking needs with the perks offered by each institution. There are several solid options among credit unions, online fintechs, and traditional banks that offer low fees, nationwide ATM access, overdraft coverage, and high interest rates. When choosing a bank, take time to compare features and eligibility requirements before opening an account. And for more options, check out our list of the best checking accounts.
FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment.
Our partners do not influence our ratings.
2025 award winnerBest Checking and Savings Combo
High APY of up to 3.80%2 <p>SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> with direct deposit
Paycheck access up to 2 days early11 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
No monthly maintenance or overdraft fees1 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
Streamlined savings and savings goals with Vaults
Access to a large ATM network3 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>
SoFi is a member FDIC7 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
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