Top Free Checking Accounts

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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Capital One 360 Checking Account

Capital One’s free checking account offers all of the basic benefits that you could want from your bank. Its mobile app allows you to track your spending with real-time alerts of your account activity. In case you misplace your card, you can lock and unlock it using your phone. You’ll also get access to perks like easy payments with Zelle and free credit scores with CreditWise.

Unlike online banks, Capital One also has brick and mortar locations, so you also can get in-person assistance when needed. If you need cash while you’re out, you can access your money easily through over 70,000 fee-free ATMs in the network. However, you may be charged fees for extra services like cashier’s checks, stop payments and wire transfers. Learn more about the account details on their website.

Discover Cashback Debit

This free checking account comes with great perks for any beginner account holder. Not only is monthly maintenance free, but there’s also no charge for services including stop payments, insufficient funds or expedited delivery. Although you won’t earn interest on your savings, you can get 1% cashback on debit card purchases.

The Discover mobile app makes it easy to manage your money through your phone. Like the Capital One account, it also gives you access to Zelle and a network of over 60,000 fee-free ATMs. You’ll also be able to freeze your card in case you misplace it. Learn more about Discover Cashback Debit on their website.

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Schwab Bank High Yield Investor Checking Account

In addition to covering your checking account needs, this option also sets you up for long-term success. When you create a high yield investor account with Schwab, you also get a brokerage account. The accounts are automatically linked, with free transfers between the two.

In addition to no service fees or minimums, the checking account also comes with no foreign transaction fees. It makes it even easier to get cash when you’re out, with no fees on Schwab Bank ATMs and unlimited fee rebates on out-of-network ATMs worldwide.

The mobile app helps you stay on top of your spending habits and account security. It includes features card lock and unlock, transaction alerts and travel notices. You can also use your mobile wallet to pay from your phone. Learn more about the Schwab Bank High Yield Investor Checking Account here.

Radius Rewards Checking Account

Radius Bank is a virtual operation, which can have its pros and cons. Unfortunately, you won’t be able to get in-person help, which some prefer. However, many online banks can afford to offer better rates because they don’t have to pay any overhead building costs.

While Radius Bank doesn’t have its own ATM network, this checking account offers unlimited rebates on ATM fees. It also offers customer support through chat, phone and email. In addition to 0.10% APY, you can also earn 1% cash back on unlimited debit card purchases. Learn more about the Radius Rewards Checking Account on their website.

Axos Bank Rewards Checking Account

If maximizing getting the highest return is your first priority, this may be the account for you. This checking account offers a whopping 1.25% APY. However, in order to qualify for the full amount, you’ll have to meet a few criteria. In addition to receiving monthly direct deposits totaling $1000 or more, you’ll also have to make 15 transactions per month.

Even if you don’t qualify for the high interest rates, you can still get a lot out of this account. The mobile app makes it easy to manage your finances with automatic bill payments, spending analysis and wire transfers. If you need quick cash, you can also get unlimited reimbursements on domestic ATM fees. There are also no balance requirements, overdraft fees or non-sufficient fund charges. Learn more about the Axos Bank Rewards Checking Account on their website.

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Chime

Just like Radius Bank, Chime is a virtual institution. However, that doesn’t make it any less reliable. It offers perks including no foreign transaction fees and over 38,000 fee-free ATMs. The mobile app also helps you track your finances with daily balance notifications and transaction alerts. On top of that, you can also get overdraft coverage up to $100 as long as you meet the requirements.

Founded in 2013, Chime is relatively new to the banking world. However, it’s still a safe place for your money. Like all of the other banks on this list, it’s FDIC insured, covering your funds up to $250,000. Learn more about Chime on their website.

Learn more: How to create a budget in college

Alliant High-Interest Checking Account

Alliant Credit Union is well-known for its award-winning mobile app, which offers features like mobile check deposit and digital wallet access. Clients also receive a generous APY of 0.25%.

If you need some cash while you’re out, you can visit one of 80,000 fee-free ATMs. If you can’t find one in the network, you’re allowed up to $20 per month in ATM fee rebates. However, you may be charged for other fees like non-sufficient funds, stop payments or inactivity. Learn more about the Alliant High-Interest Checking Account on their website.

Wells Fargo Bank Clear Access Banking Account

Backed by the well-established and reputable Wells Fargo & Company, this checking account is aimed specifically at high school and college students. Although it costs $5 per month, it’ll waive the fee for account owners age 13 to 24. It has no overdraft fees or non-sufficient funds fees.

If you need to make a cash withdrawal, you can do so easily. Wells Fargo offers over 13,000 ATMs and 4,900 physical locations across the country.

With the Wells Fargo Mobile app, clients can manage their account through their phone. The app allows users to pay bills, send money and check their balance easily. The bank also prioritizes security with 24/7 fraud monitoring and account alerts. Learn more about the Wells Fargo Bank Clear Access Banking Account on their website.

Potential banking fees (and how to avoid them)

Even free checking accounts often make money by charging fees for extra services. However, that doesn’t mean that you have to suck it up and pay them. Rather, you’ll want to know what they are so you can avoid or cut back on using them.

Overdraft

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.

Paper statement

Some banks automatically sign you up for monthly paper statements. You’ll receive a summary of your account activity in the mail for about $2-3 per statement. Fortunately, you can easily cut this cost by opting to receive electronic statements instead. E-statements can actually be more convenient in many ways– it’s just a matter of making the switch.

ATM withdrawal

Getting money from an ATM can be pricey. According to a 2020 study by Bankrate, using an out-of-network ATM can cost an average of $4.64 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.

Free checking accounts are an essential tool in managing your finances in college. Hopefully, this list can help you find the best one to fit your needs.

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