The best free online checking accounts in 2023

Adam Rozsa

31.05.23

5 minute read

Looking for a new checking account, and love to manage your money digitally? You can choose from one of a growing number of online banks and accounts. And best of all, some of them are free.

In this guide, we’ll run through our pick of the best free online checking accounts in 2023. This includes the likes of Revolut, Chime, Capital One, Ally Bank and more.

Before we get started, let’s talk about an alternative option.

Wise isn’t a bank (it’s a Money Service Business or MNB), but it can be a great alternative to cover many of your banking needs.

It’s especially useful for anyone who travels a lot, lives or works abroad, or has family, property or any other dealings in other countries.

You can open and manage a Wise Account online, with no minimum balance and no monthly fees. You’ll also get the following features:

Bank details in 10 currencies
The option to hold, send, spend and convert 50+ currencies at once
Send money overseas with low and transparent fees,
Order a Wise card for a one time fee of just $9 - for use in 174 countries
Mid-market exchange rates on all transactions.

There’s even a handy Wise app, so you can manage everything from your phone.

Get a Wise Account today

Please see Terms of Use for your region or visit Wise Fees & Pricing: Only Pay for What You Use for the most up-to-date pricing and fee information.

So here are 9 of the best free online checking accounts in 2023

There are lots of different online checking accounts to choose from right now. This includes accounts from specialist online banks, as well as digital accounts from established and traditional banks.

Here are just a few of your options:

Revolut Standard plan

Digital specialist Revolut offers a choice of plans, some of which have a monthly fee. However, it also has a free standard account with all the features you need for day-to-day banking.

The Revolut Standard plan comes with the following features:¹

A personalized debit card
Fee-free withdrawals at 55,000 ATMs
1 free international transfer per month
Unlimited virtual cards for safer online shopping.

Ally Bank Interest Checking Account²

The full-service online bank Ally offers a fee-free Interest Checking Account. There are no maintenance or overdraft fees, and you can withdraw cash for free at over 43,000 Allpoint ATMs. The bank also reimburses up to $10 per statement cycle if you’re charged fees at other ATMs within the US.

Other features include:

Early direct deposit - get paid up to 2 days sooner
Overdraft Transfer Service and Coverdraft service - to protect against accidental overspending
Zelle payments in the Ally Bank app
Deposit checks remotely with Ally eCheck Deposit
Interest on your balance (around 0.25%).

SoFi Online Bank Account

US-based online bank SoFi offers a range of personal finance services, including personal loans, mortgages and credit cards.

It also has a feature-packed checking account, which has no account or overdraft fees. You’ll also get:³

4.20% APY on your balance
Up to $250 bonus when you set up direct deposit
Up to $2 million of FDIC insurance
Fee-free withdrawals at 55,000+ Allpoint ATMs
A SoFi debit card offering 15% cashback at local merchants.

Current Account

Mobile banking specialist Current offers a choice of accounts for spending, saving and investing.

Its app-managed checking account offers all the essential services and features you’d expect for day-to-day banking. This includes:⁴

A debit card with no monthly fees
Fee-free overdraft
Get paid up to 2 days faster with direct deposit
Earn points at over 14,000 participating merchant
No minimum balance fees.
Free cash withdrawals at over 40,000 ATMs.

Current also offers dedicated teen accounts, which is handy if you’re looking for banking products for more than just yourself.

Chime Online Checking Account

The San Francisco-based Chime offers an online checking account that’s free to open. Even better, it also comes with no monthly fees. You can manage your money 24/7 through the user-friendly Chime mobile app.⁵

The Chime account offers the following:⁵

A free debit card
A fee-free overdraft up to $200
Fee-free withdrawals at over 60,000 ATMs
Get Paid Early feature - get your paycheck two days early via direct deposit.

Quontic Bank Cash Rewards Checking⁶

Describing itself as “the adaptive digital bank”, the NYC-based Quontic offers a Cash Rewards Checking Account. This doesn’t have any monthly or overdraft fees, although you will need a minimum deposit of $100 to open the account.

The account comes packed with perks, including:

A Quontic debit card
1% cashback on all eligible debit card purchases
Access to the Quontic Pay Ring - a payment wearable
Fee-free ATM withdrawals at 90,000+ locations across the US.

Varo Online Checking Account

Varo Money has both a checking account and savings account available, all managed online or through the Varo app.

The Varo checking account is fee-free, and offers the following features:⁷

A Varo Visa debit card
Instant access to your money
Early direct deposit so you can get paid up to 2 days early
Zelle payments available through the Varo app
40,000+ free ATMs
Cashback when spending at select brands or retailers.
FDIC protection of up to $250,000 in case it should ever go under.

According to Varo, it takes less than two minutes to open an account online.⁷

Juno Checking Account

Fintech firm Juno offers a huge list of features and benefits with its online checking account.

This includes the following:⁸

A Juno debit card
5% interest on your cash deposits (interest paid on the first $50,000 of your balance)
4% interest on balances between $50,000 and $250,000
Unlimited fee-free transfers and withdrawals
No account fees
FDIC-insured cover for up to $250,000
5% cashback on participating brands, including Amazon and Doordash
Pay bills instantly
Free ATM withdrawals at 80,000+ locations.

Juno claims you can open an account in as little as 3 minutes. Its app also offers access to crypto trading, should this be something you’re interested in.

Capital One 360 Checking Account

US bank Capital One’s main checking account is a digital one. It’s called the 360 Checking Account, and it promises no fees along with convenient 24/7 mobile banking.

It offers the following features:⁹

A debit card
Fee-free cash withdrawals at over 70,000 ATMs
Overdraft options if needed
Get paid up to 2 days early with ‘Early Paycheck’ feature (direct deposits)
Easy Zelle payments in the Capital One app.

Capital One also offers digital savings, teen and kids savings accounts.

Bottom line

So, which are the best online free checking accounts? It all depends on your needs, and whether you’re looking for a straightforward account or one packed with rewards and extra features.

Many of the options we’ve listed above let you manage a day-to-day checking account using just your smartphone, without any monthly fees. You’ll even get a physical debit card, just like with a standard bank.

Others have mobile banking apps offering all kinds of clever features. This includes everything from budgeting tools and cashback to access to linked savings products.

The checking accounts above may have no monthly charges, but this doesn’t mean they’re entirely fee-free. In most cases, using your checking account abroad will incur high foreign transaction fees. You may also get unfavorable exchange rates on currency conversions. All of this can make spending overseas super expensive.

This is why Wise is the ideal alternative for travelers, vacationers, international students and families spread across multiple countries. The Wise Account lets you send, spend, convert and receive money in 50 currencies, all for low fees and mid-market exchange rates.

Hopefully, after reading this guide, you’ll be all set to choose a great option for you.

Learn more about Wise

FAQs

What is the easiest checking account to get online?

Most online bank accounts can be opened quickly and easily. You can sometimes do it by downloading the bank’s mobile app, or on their website.

What bank can I open a checking account online with no deposit?

Only a handful of online banks require a minimum opening deposit. For example, Quontic, which requires a $100 deposit to open the account.

What is the easiest bank to open a checking account?

Providers such as Juno, Revolut, Chime and other app-based online banks make it very easy to open a new account. All you need to do is download the app and follow the instructions to set up a new account.

Are free checking accounts really free?

In our list of the best free checking accounts with online banks, we’ve focused on options that have no monthly maintenance fees. However, there may be other costs you need to look into before choosing a provider. For example, overdraft fees or international wire transfer charges.

Sources used for this article:

Sources checked on 14-May-2023.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.