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Free Checking Accounts: What to Look For
By
Emily Wong
Emily Wong is a writer at Scholarships360. She’s worked as a social media manager and a content writer at several different startups, where she covered various topics including business, tech, job recruitment, and education. Emily grew up and went to school in the Chicago suburbs, where she studied economics and journalism at Northwestern University.
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Maria Geiger is Director of Scholarship Services at Scholarships360. She is a former online educational technology instructor and adjunct writing instructor. In addition to education reform, Maria’s interests include viewpoint diversity, blended/flipped learning, digital communication, and integrating media/web tools into the curriculum to better facilitate student engagement. Maria earned both a B.A. and an M.A. in English Literature from Monmouth University, an M. Ed. in Education from Monmouth University, and a Virtual Online Teaching Certificate (VOLT) from the University of Pennsylvania.
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When trying to manage your finances in college, finding a free checking account is key. Checking accounts allow you a simple way to access your money and keep track of your finances. While some charge a monthly fee for their services, there are plenty of free options as well. Let’s talk about the best free checking accounts and how to find the right one for you.
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What to look for in a free checking account
Zero monthly fees
It just makes sense that a “free” checking account should be just that–free of fees! When looking for a free checking account, check whether there are any hidden annual or monthly fees. Is there a charge to use the ATM? Getting money from an ATM can be pricey. According to a 2024 study by Bankrate, using an out-of-network ATM can cost an average of $4.77 per transaction. When you’re in desperate need of cash, it’s not always an option to go without. However, when deciding which account to get, you can prioritize having ATM reimbursements or a large network of fee-free ATM locations.
Balance requirements
Some banks require users to keep a minimum amount in their checking and/or savings to avoid monthly fees. Check into this as being tethered to your balance might not be the best use of your time!
Interest
Whether the account pays interest and what the rate is another important thing to check out. Perhaps you like to keep a nice little nest egg in your checking account for emergencies. If so, why not earn a bit of interest while it sits there?
Overdraft protection
Overdraft protection is a useful service that prevents your bank account from being overdrawn. “Overdrafting” your account means making a transaction that causes a negative balance. Most banks will charge a fee of around $35 for each overdraft. However, some may even charge an extra fee for each day that your account remains negative.
While this fee is pretty common, it’s completely avoidable. Many accounts allow you to automatically transfer money from another account if you don’t have sufficient funds on your debit card. However, they might charge a smaller fee each time you use this service. It’s also a good idea to get into the habit of checking your account balance before making a big purchase.
Any other handy services
What other services does the free checking account offer? Most people bank online now–does the bank offer online bill pay or a mobile app for on the go banking? Do your homework before opening a free checking account so that you get all the services that work for your lifestyle.