5 Online Bank Accounts For Free: Why pay when you don’t have too

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Online bank accounts for free can be a good fit for people that prefer digital banking and who don’t need to visit a physical bank branch.

Digital banking offers customer-friendly access to finance and money management tools and is probably why 82 percent of Millennials, ages 18 to 24, use mobile-only banking according to a PWC Survey.

People tend to like online bank accounts for free not only for no-fee checking accounts but also higher savings rates than traditional brick-and-mortar banks.

The money saved by not having to operate branch locations is passed onto the customer which means banks can offer online free checking and savings accounts.

Our 5 Favorite Online Bank Accounts For Free

1. CIT Bank – eChecking Account

The CIT e-Checking Account lets you earn interest with no monthly fees. Earn 0.25% APY with $25,000 minimum balance or 0.10% APY on balances under $25,000. Minimum of $100 to open your account. You can transfer funds with electronic transfer, mail in check, or wire.

e-Checking Account Features

  • CIT Bank does not charge ATM fees.
  • Get up to $30 in other bank’s ATM fees reimbursed per month.
  • Transfer, pay and purchase via mobile with Zelle®, Bill Pay, Samsung Pay and Apple Pay.
  • Deposit checks and make unlimited withdrawal and disbursements with the CIT Bank mobile app.
  • 24/7 account access online and mobile, plus an automated telephone system.

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2. BBVA – Online Checking

Online Checking available online in ALL states except Alaska and Hawaii. This account is designed for customers on the go. Manage your account, make transfers, pay bills and deposit checks, view balances, and more — all directly from your smartphone, computer or tablet. Plus, as a perk, you have access to a team of remote bankers you can contact via text, email, or phone.

Customers get FREE access to over 64,000 Allpoint ATMs nationwide where cash and checks can be deposited.

Online Checking Features

  • Apply with only $25 opening deposit.
  • No Monthly Service Fee.
  • Complimentary Online Banking and Mobile Banking, Bill Pay and Online Statements.
  • Mobile check deposits.
  • Unlimited check writing.
  • Send, request and receive money using email or mobile number with Popmoney.
  • No ATM Fees at any BBVA or 55,000 Allpoint® ATMs nationwide.
  • Use your Visa debit card for everyday purchases to earn cash back.
  • BBVA USA, Member FDIC.

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3. Radius Bank – Rewards Checking

The Rewards Checking Account is designed for customers that like to earn cashback rewards and interest on deposits. Additional features include unlimited ATM fee reimbursements and monthly free checking. Radius Bank will rebate non-Radius ATM fees each month for withdrawals. Accounts can be managed totally online with digital and banking technology.

Radius Bank is a full-service bank with various financial products that include savings accounts, CDs, credit cards, personal and mortgage loans plus insurance products.

Radius Rewards Checking Features:

  • $100 minimum opening deposit.
  • No Monthly or Hidden Fees.
  • Up to 1.5% Cash Back.
  • Early Direct Deposit by up to two days.
  • Free Bill Pay and eStatements.
  • Free ATMs Worldwide – Get unlimited ATM fee rebates.

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4. Chime – Spending Account

The Chime Spending Account offers a simple checking and savings account for free. They are Chime mobile-only bank backed by Bancorp Bank. But it still has FDIC insurance, so it’s a safe place to keep your checking and savings accounts.

The good thing about Chime is that there are no monthly fees or overdraft fees. Plus, the Chime Savings account earns 0.50% APY on all balances.

Chime Spending Account Features

  • No monthly fees. No deposit required.
  • No overdraft fees plus Chime’s SpotMe feature will spot you up to $100* on debit card purchases with no overdraft fees.
  • No minimum balance requirements.
  • No foreign transaction fees.
  • 38,000+ fee-free MoneyPass® & Visa® Plus Alliance ATMs.
  • Get paid up to two days early with direct deposit ².

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5. M1 Finance – Spend Account


M1 Finance is an online investment brokerage firm that allows customers to invest in stocks on a fractional basis. For instance, if you’re buying a single stock and its share price is $50, but you only have $25 to spend, you can buy $25 worth of that stock.

M1 Finance offers the M1 Spend Checking Account and is completely free. M1 Spend is an FDIC-insured checking account and debit card. Two Spend Checking accounts are available.

M1 Spending Account Features

  • No minimum balance requirements.
  • M1 doesn’t charge any fees for monthly maintenance.
  • Direct deposit available.
  • Bill payment.
  • Limited ATM fee reimbursements.

M1 Plus Spending Account Features

  • No minimum balance requirements.
  • M1 doesn’t charge any fees for monthly maintenance.
  • M1 Plus members earns 1% APY on their total account balance and 1% cash back on debit card purchases.
  • Limited ATM fee reimbursements.
  • $125 fee to open the account.
  • Direct deposit available.
  • Bill payment.

What we like about M1 Finance is the investment feature. Customers can build an investment portfolio with commission-free trades. If you are new to investing M1 Finance offers over 80 customized portfolios. You only have to invest a fractional share in stocks. Another great feature of the M1 Plus Spend Account is the 0.50% APY earned on all balances. Compare that to the National Savings Rate of 0.06% offered at most large banks.

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