You Should Not Be Paying Fees
The average American pays $180–240/year in bank fees. Monthly maintenance fees, overdraft fees, out-of-network ATM fees, minimum balance fees — most of them are charged by banks that have offered free alternatives for years but don't advertise them aggressively.
What you need from a bank: No monthly fee. FDIC insured. No minimum balance. Free ATM access (or wide ATM network + reimbursements). Mobile deposit. Easy transfers. That's it. You don't need a building.
Online banks have lower overhead than brick-and-mortar banks and pass some of that to customers as better rates and fewer fees. In 2026, there is no reason to pay a monthly maintenance fee for a checking account.
The Best OptionsRanked By What Matters
- Checking: ChimeNo monthly fee. No minimum balance. 60,000+ free ATMs via Allpoint and Visa Plus networks. Early direct deposit (up to 2 days early). SpotMe overdraft protection up to $200 with no fee. Best for people who want simple with no traps.
- Checking: SoFi CheckingNo monthly fee. No minimum. 55,000+ free ATMs. 0.50% APY on checking (rare). Up to $300 bonus for new members with direct deposit. Also offers a high-yield savings account in the same app.
- Checking: Ally BankNo monthly fee. No minimum. Reimbursement of out-of-network ATM fees up to $10/month. Strong mobile app. No physical branches but excellent customer service.
- HYSA: Marcus by Goldman SachsCurrently among the highest rates for HYSA. No minimum deposit. No monthly fees. FDIC insured. No checking account — savings only, linked to your main checking.
- HYSA: SoFi Savings4.60% APY (with direct deposit). Combined with SoFi Checking in one app. No minimum. No fees. Best for people who want everything in one place.
- If you want a physical bank: DiscoverNo monthly fee, no minimum, strong online tools, and one of the better brick-and-mortar-adjacent options. 1% cash back on debit purchases in checking. HYSA available.
Before You Switch
Check your current bank fees first. Call or log in and look at your statements for the last 3 months. Total every fee you paid. If it's over $0, read on.
Keep your old account open for 30 days after switching. Some autopay billing cycles are monthly. Give everything time to route to the new account before closing the old one.
Separate your savings from your checking. Seeing one number is tempting to spend. A separate savings account — even at the same bank — creates enough friction to protect your savings.
FDIC insurance is not optional. Every account on this list is FDIC insured up to $250,000. If a bank isn't FDIC insured, don't use it regardless of the rate offered.
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