Here’s a question you have to ask – if there are banks with free checking accounts, then why are most of us paying for them?
Does a Free Checking Account Exist, Really?
For a checking account to be classified as a free, obviously it should not cost you anything. This means there should be no account fees, no fees to use an ATM or write a check, no fees to use Internet banking or make online payments and no fees if your balance falls below a certain threshold. These are the basic free services; anything in addition to this could attract a certain fee as it would be classed as an optional extra feature on your account. For example if you need a second check book issued, or you wish to have an overdraft facility on your account, these could end up costing you extra.
More often than not you will not be able to earn interest on the balance of your free check account. Sometimes banks with free checking accounts may allow you to link the free account to a savings account which can have interest benefits but some require you to operate it completely separate to any other accounts.