Is a Checking Account Free?

Minimum deposit and balance requirements
A checking account is considered free if it doesn't charge monthly maintenance fees or require a minimum balance. Some banks may offer a checking account that will waive the maintenance fee if you have your direct deposit going into this account.

Do you have to pay a monthly fee for a checking account?

Monthly service fee

One of the most common characteristics of a checking account is the monthly fee that banks or credit unions charge to maintain your account. These account maintenance fees often range up to $15.

Are all checking account free?

Completely free checking accounts are not easy to find these days. Today, most banks and credit unions charge some sort of maintenance fee unless your account meets certain requirements, such as maintaining a minimum balance or receiving direct deposits.

Elena Rostova

Elena Rostova

Lead Health, Wellness & Medical Journalist

Elena Rostova holds a Master's degree in Public Health Journalism. She covers groundbreaking medical research, holistic wellness trends, mental health awareness, and nutritional science.