Top 5 Online Banks Offering No Monthly Fees

When it comes to choosing a bank, one of the most important factors to consider is fees. Monthly fees, ATM fees, overdraft fees, and other charges can quickly add up and make it difficult to manage your finances effectively. Fortunately, there are several online banks in the US that offer fee-free banking services, making it easy to keep your money safe and secure without breaking the bank.

In this post, we’ll take a closer look at the top 5 online banks without monthly fees. We’ll review the features and benefits of each bank, so you can choose the one that’s right for you.

1. American Express Checking Account

The American Express Bank checking account is a fee-free account that offers a range of benefits and features to help customers manage their finances effectively. With no monthly fees, no minimum balance requirements, and access to a vast network of ATMs, the account is a popular choice for customers looking for a simple and convenient banking solution.

One of the key benefits of the American Express checking account is its online and mobile banking capabilities. Customers can access their accounts 24/7 through the bank’s website or mobile app, making it easy to check balances, transfer funds, and pay bills from anywhere. The mobile app is user-friendly and offers a variety of tools and resources to help customers manage their finances, including the ability to deposit checks remotely.

In addition to its online and mobile banking capabilities, the American Express checking account also offers free checks and online bill pay. Customers can use the bank’s bill pay service to schedule one-time or recurring payments, ensuring that their bills are always paid on time. The account also offers a debit card that can be used to make purchases and withdraw cash from ATMs.

Another benefit of the American Express checking account is its fraud protection measures. The bank uses advanced security technology to monitor customer accounts for suspicious activity and unauthorized transactions. In the event of fraud or identity theft, the bank will work with customers to resolve the issue and recover any lost funds.

The American Express checking account also offers overdraft protection, which can help customers avoid costly overdraft fees. Customers can link their checking account to a savings account or credit card to automatically transfer funds in the event of an overdraft. Alternatively, customers can choose to decline overdraft coverage, which will prevent transactions that exceed their available balance.

One potential drawback of the American Express checking account is its lack of physical branches. While the account offers access to a vast network of ATMs, customers may not have access to in-person banking services, which can be a concern for some customers. However, the bank’s online and mobile banking capabilities are robust, and customers can always contact customer service for assistance if needed.

Overall, the American Express checking account is a great option for customers looking for a fee-free, online banking solution. With its robust online and mobile banking capabilities, access to a vast network of ATMs, and a range of helpful features and benefits, the account is a popular choice for customers looking for a simple and convenient banking solution.

2. Chime

Chime Bank is a mobile banking platform that offers a variety of financial services, including checking and savings accounts, debit cards, and a mobile app. Chime’s checking account is a great option for those who want to avoid traditional banking fees and have access to convenient, mobile banking features.

One of the key features of Chime’s checking account is its lack of fees. There are no monthly maintenance fees, no overdraft fees, and no minimum balance requirements. This makes it an attractive option for those who want to avoid the high fees that traditional banks often charge.

Another great feature of Chime’s checking account is its early direct deposit feature. Customers can receive their paychecks up to two days early with Chime’s direct deposit feature, which can be a great way to get access to your money more quickly.

Chime also offers a feature called SpotMe, which allows customers to overdraw their accounts by up to $200 with no fees or penalties. This can be a great safety net for those who occasionally need a little extra cash to cover unexpected expenses.

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In addition to these features, Chime’s checking account also offers a number of convenient mobile banking features, such as mobile check deposit, free online bill pay, and a mobile app that allows customers to manage their accounts from anywhere.

One potential downside of Chime’s checking account is its lack of physical branches. While this may not be an issue for those who prefer to do their banking online, it may be a drawback for those who prefer to have in-person access to their bank.

Overall, Chime’s checking account is a great option for those who want to avoid traditional banking fees and have access to convenient, mobile banking features. With its lack of fees, early direct deposit feature, and SpotMe overdraft protection, it’s a great choice for those who want to save money on their banking and have a safety net for unexpected expenses. If you’re in the market for a new checking account and prefer mobile banking, Chime Bank is definitely worth considering.

3. Capital One 360

The Capital One 360 checking account is an US popular online banking option that offers several features and benefits to help customers manage their finances. With no monthly fees, no minimum balance requirements, and access to over 40,000 fee-free ATMs, the account is an attractive option for customers looking for a simple and cost-effective banking solution.

One of the key benefits of the Capital One 360 checking account is its mobile banking app. The app is user-friendly and offers a range of features to help customers manage their accounts on the go, including the ability to check balances, transfer funds, deposit checks, and pay bills. The app also offers a feature called “QuickSave” which helps customers save money by making automatic transfers from their checking account to their savings account.

Another benefit of the Capital One 360 checking account is its overdraft protection options. Customers can choose to link their checking account to a savings account or credit card to automatically transfer funds in the event of an overdraft.

Alternatively, customers can choose to decline overdraft coverage and have transactions declined if they exceed their available balance. This can help customers avoid costly overdraft fees.

The Capital One 360 checking account also offers a feature called “360 Checking Savings” which allows customers to earn interest on their checking account balance. The interest rate is currently low, but it can still be a nice bonus for customers who keep a large balance in their checking account.

One potential drawback of the Capital One 360 checking account is that it doesn’t offer physical branches. While this may not be a concern for some customers, others may prefer the option to visit a branch for in-person banking services. However, the account offers a vast network of fee-free ATMs and robust online and mobile banking capabilities to make up for the lack of physical branches.

Overall, the Capital One 360 checking account is a great option for customers looking for a fee-free, online banking solution. With its robust mobile banking app, overdraft protection options, and the ability to earn interest on checking account balances, the account is a popular choice for customers looking for a convenient and cost-effective banking solution.

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4. Discover Bank

Discover Bank is a popular online bank that offers a wide range of financial products and services, including a checking account. Discover’s checking account is a great option for those looking for a simple, no-frills checking account with no monthly fees or minimum balance requirements.

One of the key features of Discover’s checking account is its rewards program. Account holders can earn 1% cashback on up to $3,000 in debit card purchases each month. This is a great way to earn rewards on everyday purchases and can add up to significant savings over time.

Another great feature of the Discover checking account is its ATM network. Discover offers access to over 60,000 ATMs nationwide, giving customers plenty of options for accessing their funds without incurring fees.

In addition to these features, Discover’s checking account also comes with a number of other benefits, including mobile check deposit, free online bill pay, and a mobile app that allows customers to manage their account from anywhere.

Overall, Discover’s checking account is a great option for those looking for a simple, no-frills checking account with solid rewards and a large ATM network. With no monthly fees or minimum balance requirements, it’s also a great choice for those looking to avoid fees and save money on their banking. If you’re in the market for a new checking account, the Discover checking account is definitely worth considering.

4. Ally Bank

Ally Bank is an online bank that offers a variety of financial products and services, including checking accounts, savings accounts, CDs, and auto financing. Ally’s checking account is a great option for those who are looking for a high-yield account with no monthly fees.

One of the key features of Ally’s checking account is its interest rate. Account holders can earn a competitive interest rate on their balances, which is currently among the highest in the industry. This can be a great way to earn more money on your deposits and grow your savings over time.

Another great feature of Ally’s checking account is its ATM network. Ally offers access to over 43,000 ATMs nationwide, giving customers plenty of options for accessing their funds without incurring fees.

In addition to these features, Ally’s checking account also comes with a number of other benefits, including mobile check deposit, free online bill pay, and a mobile app that allows customers to manage their account from anywhere.

Overall, Ally’s checking account is a great option for those who want a high-yield account with no monthly fees and a large ATM network. With its competitive interest rate and other benefits, it’s a great choice for those looking to earn more on their deposits and save money on their banking. If you’re in the market for a new checking account, Ally Bank is definitely worth considering.