Best Free Checking Accounts Of June 2023

In the modern banking landscape, free checking accounts have become a staple for many consumers.

These accounts, characterized by their lack of monthly maintenance fees and minimal balance or activity requirements, offer a cost-effective solution for managing daily financial transactions.

However, it’s important to note that while these accounts are termed “free,” they may still impose fees for certain services such as wire transfers, out-of-network ATM usage, or overdrafts.

This article delves into the best free checking accounts of 2023, highlighting their unique features, benefits, and potential drawbacks.

Unraveling the Best Free Checking Accounts of 2023

In 2023, several checking accounts have stood out for their exceptional offerings.

These accounts have been evaluated based on a variety of factors, including competitive yields, cash back offers, low initial minimum deposits, and other perks. Here are some of the top contenders:

Axos Bank Rewards Checking

The Axos Bank Rewards Checking account stands out for its truly free checking experience.

With no monthly maintenance fee, no minimum monthly balance requirement, and a low $50 minimum initial deposit requirement, this account offers a hassle-free banking experience.

Additionally, it offers a competitive APY of up to 3.30% on balances up to $50,000, making it an attractive option for those looking to earn interest on their checking account balances.

Quontic Bank High Interest Checking

Quontic Bank’s High Interest Checking account offers a competitive tiered interest rate structure, access to more than 90,000 surcharge-free ATMs, and the ability to earn interest on balances of any size.

However, it does require a $100 minimum to open an account and has certain monthly transaction qualifications to earn interest.

TIAA Bank Yield Pledge Checking

TIAA Bank’s Yield Pledge Checking account offers a unique Yield Pledge promise that guarantees the interest rates on its accounts stay within the top 5% of “competitive accounts” based on accounts from the 10 largest banks and thrifts in 10 large U.S. markets.

It also offers up to $15 in out-of-network ATM fee reimbursement to all customers, and an unlimited number of out-of-network ATM fee reimbursements to customers who maintain a minimum average daily balance of $5,000.

Choosing the Right Free Checking Account

When choosing a free checking account, it’s crucial to consider several factors. These include the absence of monthly maintenance fees, low or no minimum balance or monthly activity requirements, access to a large number of surcharge-free ATMs, low or no non-sufficient funds (NSF) fees, and added perks such as a decent or better APY, cash back opportunities, excellent customer service, a well-regarded mobile app, or early access to your paychecks.


In conclusion, free checking accounts offer a cost-effective solution for managing daily financial transactions.

However, it’s important to carefully evaluate each account’s features, benefits, and potential drawbacks before making a decision. By doing so, you can ensure that you choose an account that best suits your financial needs and goals.