List of Free Online Checking Accounts

With the revolt against bank fees in the news, I thought it was a good time to highlight some no fee online checking account options. The great thing about online banks is that not only are their checking accounts free, but many of them even pay interest. For those that pay interest, online banks can generally beat traditional financial institutions big or small with higher rates because of lower costs. Online banks don’t need to maintain an expensive network of branches, and they can pass those savings on to consumers in the form of higher interest rates and lower fees.

Deal of the Day: Earn 1.30% APY on an FDIC-insured savings account at .

To give you an idea of what’s available, I’ve put together this list of free and low cost online checking accounts. I’ll be adding to the list as interesting offers become available. What I like about these options, however, are the diversity in what is offered.

So here’s the list, and if you know of other free checking account options, be sure to leave a comment.

Online Checking Accounts

– If you are looking for a checking account that pays interest, EverBank is the answer. The EverBank interest rates on its checking start at 0.25% APY for account balances of $9,999 or less (rates go up for higher balances, as high as 0.61% for balances of $100K and greater). These rates are higher than many savings or money market accounts. You can also check out our EverBank Review.

EverBank’s interest rate also has another nice feature – the Yield Pledge Promise. EverBank pledges that its checking account will yield within the top 5% of competitive accounts.

Capital One 360Capital One 360 is the checking account my wife and I now use. Formerly ING Direct, Cap One 360 is hard to beat. They offer no maintenance fee, and you even earn interest on the account. The website is super easy to use, and we can deposit checks to the account by snapping a picture of the check with our Smartphone. Add to that free ATMs at thousands of locations, and the Capital One 360 checking account is our top pick.

– The top pick for free checking accounts goes to FNBO Direct. With its Online BillPay Account, you not only get a free account, but one that pays interest. The interest rate is currently 0.65% APY. The account comes with a free Visa debit card. And you can even transfer money with a cell phone or e-mail account.

– Ally Bank offers a free checking account that pays interest. Add to that no minimum deposit to open, no monthly maintenance fees, free debit MasterCard, and eDeposits from home with a Smartphone, and Ally’s offer is hard to beat. I’ve had a savings account from Ally and can attest that the website is extremely easy to use.

Note that all of the online checking accounts listed above are FDIC insured.

Topics: Banking