Free Checking Account
Almost every bank nowadays offers free checking. Most of the time there is a stipulation, like must maintain minimum balance, or sign up for direct deposit and bill pay. But banks have been hurting lately and just want people to open accounts and put in money. There are very free checking accounts and free with a catch checking accounts. Ill let you know the banks that offer FREE checking accounts, what it entails and provides, and how you can open one.
Free Checking Leaders
Here is a comprehensive list of the major free checking accounts here in the U.S. Since so many banks offer some sort of free checking, it is impossible to list them all, but these banks offer free checking with no monthly payment, free security, free debit card etc.. They are in no particular rank order (alphabetical).
Bank of America
Min. to open $25. and No minimum balance required
Chase
Min. to open $25. Free online bill pay. Monthly service fee after 5 years.
CitiBank
Min. to open $50. Free e-bill pay. no maintenance fee, no annual fee credit card
Key Bank
Min. to open $50. ATM fee reimbursements, no service fees
SunTrust
Min to open $100. Free Bill Pay, unlimited check writing and free debit card
TD Banknorth
Min. to open $25. 50% off initial check order. Unlimited check writing priveleges
Washington Mutual
Min. to open $1. Get initial savings with free checking at 4.75%. Free transfers, & theft services
Wells Fargo
Min to open $100. Earn points on airfare. .25% APR on loans when you pay from free checking
The guts of a Free Checking Account
In almost all of the accounts above there are the same essential elements. Obviously no monthly fee, but also free ID theft services, Free Debit cards (Some with rewards), etc… Some of the banks separate themselves with things like free bill pay online, or “free checks for life!” (Who writes checks anymore anyways?), and so on. Do you withdraw from ATM’s often? Then a perk might be free ATM withdraws anywhere in the U.S. If you like brick and mortar banks then Chase and Wachovia would not be the best choices because they are primarily online banks. It is up to your banking lifestyle to ultimately choose which free checking account you want.
Opening a Free Checking Account
Just because the account is free, does not mean you can avoid the bank processes and security. You will still need to provide the banks with information, forms of ID etc… Most of this can be done online with a few verifications. Once you are set up online, banks make it easy to check your balance and statements from the comfort of your home. It’s time to take your money out of your mattress and keep it secure, in a bank, for FREE. Need I say more?
