Today we're checking out the best free checking accounts for San Diego residents!
Depending on where you bank, what you do, or what you're comfortable with, there is likely a free checking account that will work for you.
Too many people fall for the myth that banking is expensive and that the only options for a checking account involve fees, or maintaining outrageously high balances to keep the fees waived.
But today, we're fighting this myth.
We're going to show you our favorite options depending on your situation, as well as a full round-up of free checking account options that might work for you.
Note: Most of these banks require a credit score of 600 or higher to open a free checking account online. If you don't have a great score, or don't have a solid banking history, check out this list of second-chance checking accounts.
Promo: Check out Axos Essential Checking. With innovative tools and smart financial features designed to eliminate fees and maximize convenience, you'll get the modern banking experience you deserve. Reward yourself and upgrade to better checking today. Plus, you can get a $50 welcome bonus when you complete qualifying activities! Open an account here >>
The Best Free Checking Account Options
Note: The checking offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all banking companies or all checking offers available in the marketplace.
1. Axos Bank Essential Checking
Axos Bank calls themselves America's most experienced digital bank. And their Essential Checking account hits every feature you'd expect from a top notch online bank.
Essential Checking has no minimum balance requirements, no monthly fees, and no overdraft or insufficient fund fees. Plus, they offer unlimited domestic ATM reimbursements!
Right now, San Diego residents get a $50 welcome bonus! Simply open an Essential Checking account by June 30 2020, and we'll add $50 to your account. Just use promo code SDLOCAL on your application. Application must be submitted before 11:59pm on 06/30/2020 to qualify. Direct deposit of at least $1,000 within 30 days of account opening and continuing for 2 consecutive months required in order to qualify for the $50 bonus.
Axos Bank does require that you have good banking history to get approved.
Read our full Axos Bank review here.
Why I Like It: A great free checking account with a huge digital footprint.
Learn more about Axos Essential Checking here.
Axos Bank Essential Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | No |
ATM Access | Unlimited via ATM fee reimbursement |
Availability | Nationwide |
Promotions | $50 Welcome Bonus |
Get a $50 bonus!
2. Nationwide My Checking
Nationwide has recently launched a suite of banking products, including My Savings and now My Checking.
My Checking has no minimum balance requirements, no monthly fees, and allows you to get your paycheck deposited 2 days early!
Nationwide My Checking does require that you have good banking history to get approved.
Read our full Nationwide Bank review here.
Why I Like It: A free checking account that can be combined with a great high yield savings account.
Learn more about Nationwide My Checking.
Nationwide My Checking | |
|---|---|
Min Opening Deposit | $100 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | No |
ATM Access | Unlimited via ATM fee reimbursement |
Availability | Nationwide |
Promotions | None |
3. Radius Bank Rewards Checking
Radius Bank offers the Rewards Checking Account. This is one of the few checking accounts that earns a solid interest rate on your money in the account.
It currently pays 0.10% APY on balances between $2,500 and $99,999, and 0.15% APY on balances over $100,000. You must maintain a $2,500 minimum average balance in the account OR $2,500 in direct deposits per month to earn interest.
They also offer 1% back on debit card purchases, which is similar to other top accounts on this page!
They are very mobile friendly, with unlimited ATM reimbursements, and mobile check deposits.
Read our full Radius Bank review here.
Why I Like It: Interest-bearing checking with cash back debit.
Radius Bank Rewards Checking | |
|---|---|
Min Opening Deposit | $100 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 0.15% APY |
ATM Access | Unlimited via ATM fee reimbursement |
Availability | Nationwide |
Promotions | None |
4. Chase Total Checking®
The Chase Total Checking® isn't truly free unless you meet the minimum monthly requirements to make it so, but we list it as our favorite checking account because it's available nationwide online, has branches nearly everywhere, and is one of the most robust banking products out there currently. Plus, the minimum requirements are super easy to meet - check it out.
And right now, you can get up to a $200 bonus when you open an account and setup direct deposit! That's awesome!
Chase Total Checking® has a $12 per month fee that's easily waived if you simply do ONE of the following:
- Keep a minimum daily balance of $1,500 or more in your account
- Have monthly direct deposits totaling $500 or more into your account
- Keep an average daily balance of $5,000 across qualifying Chase accounts
Read our full Chase Bank review here.
Why I Like It: A great account opening bonus, with one of the largest, most well known banks in the United States.
Learn more about Chase Total Checking® here.
Chase Total Checking® | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $12* (waived when requirements met) |
Earns Interest | No |
ATM Access | 16,000 ATMs nationwide |
Availability | Online nationwide, except HI, AK, and PR |
Promotions | Up to a $200 bonus |
Get up to a $200 bonus!
5. BBVA Free Checking
BBVA Free Checking is a lesser known bank nationwide, but they do offer nationwide free checking! However, where BBVA really shines is in it's access to ATMs.
Furthermore, there is no real requirements to maintain free checking at BBVA. They do charge for paper statements (and it's opt-out), but once you opt-out, you don't have to worry about making enough direct deposits or having a minimum balance.
Why I Like It: Easy online banking without worrying about minimums.
Learn more about BBVA Free Checking here.
BBVA Free Checking | |
|---|---|
Min Opening Deposit | $25 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | No |
ATM Access | 55,000 ATMs nationwide |
Availability | TX, CA, CO, AZ, NM, AL, FL |
Promotions | None |
6. Chime Free Checking
Chime was one of the original free mobile banking apps that revolutionized mobile banking. They started with a mobile-first mindset, and also wanted to keep fees as low as possible.
As such, they have a top notching free checking account if you're okay with a mobile only platform. Chime has no physical locations, and all of their banking is done online - in the app.
Why I Like It: Free mobile banking.
Learn more about Chime Free Checking here. Check out our Chime Bank Review here.
Chime Free Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | 0.01% APY |
ATM Access | 30,000 ATMs nationwide |
Availability | Nationwide |
Promotions | None |
7. Ally Bank Checking
Ally Bank is one of the most well-known internet only banks around, and they have a great free checking account that matches their brand.
They are known for solid customer service and great banking products. They have no monthly fee free checking, and a great mobile app that allows mobile check deposit.
Read out full Ally Bank review here.
Why I Like It: Well known free checking brand.
Learn more about Ally Bank Checking here.
Ally Bank Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 0.60% APY |
ATM Access | 43,000 Free ATMs, Up To $10 In Reimbursement/Mo |
Availability | Nationwide |
Promotions | None |
8. Capital One 360 Checking
Capital One 360 Checking is another online banking giant that has been around for a long time. This is another long time free checking account that has a lot of popularity.
Capital One 360 Checking has several innovative features that you don't see at other banks. First, they have no foreign transaction fees if you use your ATM card overseas. Second, they have an overdraft option where you can basically opt for a personal loan instead.
Read our full Capital One 360 bank review here.
Why I Like It: Solid online bank with innovative features.
Learn more about Capital One 360 Checking here.
Capital One 360 Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 1.00% APY |
ATM Access | 40,000 Free ATMs |
Availability | Nationwide |
Promotions | None |
9. USAA Classic Checking
USAA Classic Checking is a great choice for free checking if you qualify to have a USAA Account. USAA limits membership to servicemembers and DOD employees and their families, so that could be a bar to entry for some.
If you do qualify for USAA, then their USAA Classic Checking is a great product, with no fee checking, free checks, online BillPay, and ATM free reimbursements.
Read our full USAA Bank review here.
Why I Like It: Free checking, free checks, great mobile app for those that qualify for USAA.
Learn more about USAA Classic Checking here.
USAA Classic Checking | |
|---|---|
Min Opening Deposit | $25 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 0.01% APY |
ATM Access | Up To 10 Free ATM Withdrawals |
Availability | Nationwide for USAA Members |
Promotions | None |
10. Discover
Discover offers the Cashback Debit Checking Account. This checking account allows you to earn up to 1% cash back on up to $3,000 in debit card purchases every month.
Plus, this account has no fees or minimum balance requirements!
They are very mobile friendly, have access to over 60,000 free ATMs, and even have no-fee check ordering. Read our full Discover bank review here.
Why I Like It: Cashback debit on a free checking account.
Discover Cashback Debit Account | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Rewards | 1% cashback on up to $3,000 in purchases per month |
ATM Access | 60,000 Free ATMs |
Availability | Nationwide |
Promotions | None |
Fighting The Myth Of Free Checking Accounts
We talked about it slightly above, but there is a long standing myth in America that checking accounts are expensive. As a result, too many people go without this tool, and end up using expensive tools like check cashing, money orders, and more.
According to a NerdWallet study, the average checking account charge $10-12 in monthly maintenance fees. That's crazy! There is no reason than anyone should pay these fees when opening a checking account.
Furthermore, to waive these fees, many "big banks" require you to open other products with them (such as a savings account), or maintain a monthly minimum (say $5,000 at all times, or pay the fee), or they require you to have direct deposit setup.
Some banks even have a transaction requirement to waive the fee - for example, you must have 25 debit cards transactions per month, or you get charged a fee. All of these fees and requirements are wrong.
What You Need In A Checking Account
Students (and other people) typically maintain lower balances than older Americans. They also might not have a job yet (for direct deposit), or have other accounts at the bank.
As such, they have unique requirements that we wanted to share, so that you can see how we based our criteria for the best free checking account options.
In order to be one of the best free checking accounts, we put the following criteria in place:
- No Monthly Maintenance Fees: This is a big one. All of the accounts we consider must not charge a monthly maintenance fee, today, or ever. We hate gimmicks, and some banks waive the fee for a certain amount of time, and that's still not okay with us.
- No Or Low Monthly Balance Required: You shouldn't have to have huge amounts of money to waive fees or qualify for a free checking account. We only look for banks that don't have a monthly minimum balance requirement or if they do, it's incredibly low.
- No Direct Deposit Requirement: Many students don't have jobs yet, so it can be hard or impossible to get direct deposit. As such, we don't want banks to require direct deposit for free checking.
- Awesome Online Access: The best free checking accounts will also have awesome online access, a great app or mobile site, and be accessible anywhere.
- No ATM Fees: College students are on the move. They should be able to access their money for free, where ever they are.
Common Checking Account Questions
Still on the fence about what type of checking account to open? We break down the most common checking account questions below:
Is Free Checking Real?
Yes! When we refer to free checking accounts, we are talking about accounts that don’t charge any type of monthly fee to use their service. In some rare cases, we might include a checking account that does have a monthly fee, but it can be easily waived.
What are common checking account fees?
Beyond the monthly fees, you may find checking accounts that charge for ATM withdrawals, ACH transfers, and more.
Do checking accounts pay interest?
Some do! There are interest-bearing checking accounts and non-interest bearing checking accounts. Some pay interest, but only if you maintain a certain balance level in the account. While this can be very helpful, you typically will earn a higher yield in a high yield savings account versus a checking account.
Do you have to pay for ATM withdrawals?
Most banks that advertise free checking don’t make you pay for ATM withdrawals. However, that doesn’t mean there aren’t restrictions. For example, many banks either make you utilize their network of ATMs to remain free, or some banks even offer ATM fee reimbursement – where they will refund you a fee charged by an ATM. Banks that offer ATM fee reimbursement typically don’t operate their own network of ATMs.
Are there limits to how much you can have in a checking account?
While there are no limits to how much you can have in a checking account, your money is only insured up to the FDIC insurance deposit limits. As such, you should be mindful of holding more in the account than the insurance limits allow for your account type.
What’s the difference between a fee and service charge?
While many checking accounts are fee-free, most still have service charges. What’s the difference? A service charge is something you pay when you use a service beyond the basics of the account (such as a wire transfer). These services typically cost the bank a lot of money, and they are passing on the cost to you.
Do any banks offer a bonus for opening a checking account?
Yes! Some banks do offer opening account bonus offers if you meet the criteria. While you shouldn’t necessarily make your pick of a bank on a bonus offer, it can be a helpful motivating factor.
Final Thoughts
Hopefully you can see that there are good options for free checking.
You don't have to pay fees to have a checking account - you just need to open your account at a good bank.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.