Best Free Checking Accounts

If you were to build your personal finances from the ground up, the checking account would be the first “product” you’d pick. If you’ve ever drawn your financial network map, you’ll remember that the checking account is the spoke in your primarily hub-and-spoke layout. Your paycheck is deposited into your checking account, your savings accounts are linked to your checking account, and when it’s time to pay credit cards or the mortgage, chances are the money comes from your checking account.

So if you were to rebuild your personal finances or build it from scratch, the first step is finding a checking account that fits your needs. For me, I need a checking account to be free, have plenty of ATMs, and no minimum balance. If your bank doesn’t offer that as a minimum, I’d find one that does.

So how do you find the best free checking account?

Online Checking Accounts

If you’re comfortable banking entirely online, I recommend going with an online checking account because they will offer far better yields and rewards than any brick and mortar bank. The tradeoff is that you won’t be able to visit a branch to deposit your checks but you are handsomely (relatively) rewarded for the added headache.

Reward Checking Accounts

If you aren’t or you don’t like the idea of mailing/scanning in checks, there are plenty of free checking accounts. Before you do anything, see if you can get access to a reward checking account. Reward checking accounts are those accounts that offer high yields as long as you make double digit debit card transactions each statement cycle.

Credit Union or Community Banks

If those aren’t available, check with a local credit union or community bank. There are far too many small community credit unions and community banks for me to name but they often will have the best free checking accounts. They will have low fee requirements, fair fee schedules, and the added benefit of a strong local presence.

Best …