Best No-Fee Checking Accounts of April 2023
Introduction
Everyone loves something for free, especially when it comes to banking. No-fee checking accounts are becoming increasingly popular, as they allow you to manage your money without worrying about monthly fees or overdraft charges. However, no bank account is entirely “free,” and it’s essential to limit how much you owe.
To help you find the best no-fee checking options, we’ve researched hundreds of accounts from all types of financial institutions. In this article, we’ll be sharing our top picks for the best no-fee checking accounts of April 2023.
Best No-Fee Checking Account Winners
After analyzing over 300 checking accounts offered by 119 financial institutions, we’ve come up with our top picks for the best no-fee checking accounts of April 2023:
- Axos Bank Essential Checking
- TIAA Bank Yield Pledge® Checking
- Quontic Bank High Interest Checking
- PenFed Free Checking
Methodology
When grading the best no-fee checking accounts, we primarily focused on checking products that charged few fees. We looked for accounts that had little in the way of monthly maintenance fees, non-sufficient fund fees, overdraft fees, and the like. Additionally, we considered the availability of access to your money, customer service and digital experience scores, and the minimum banks require to open or maintain an account.
Interest didn’t factor into our methodology since checking accounts aren’t the best place to earn yield. Instead, we recommend choosing one of our favorite savings accounts for that purpose.
Related Facts
According to the Federal Deposit Insurance Corporation (FDIC), the national average rates for no-fee checking accounts as of February 21, 2023, are as follows:
- Average APY: 0.05%
- Average minimum deposit: $25
- Average monthly fee: $5.68
Key Takeaway
No-fee checking accounts are becoming more common, and they offer a great way to manage your money without worrying about monthly fees or overdraft charges. While interest rates may not be the primary factor to consider when looking for a no-fee checking account, it’s still essential to limit how much you owe.
Conclusion
In conclusion, if you’re looking for a no-fee checking account, our top picks for April 2023 are Axos Bank Essential Checking, TIAA Bank Yield Pledge® Checking, Quontic Bank High Interest Checking, and PenFed Free Checking. While these accounts aren’t entirely “free,” they come with little to no fees and can help you manage your money more effectively.
