Banks Still Offering Free Checking and Savings with Great Interest Rates
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Are you shopping for a new bank thanks to the new bank fee increases?
Here are 6 banks that are still offering awesome perks, like free interest-bearing checking accounts and high-yield savings accounts.
Capital One 360
Capital One 360 offers a variety of products including checking, savings, loans, investing, retirement, and business services to their customers.
With Simple banking, there are no fees whatsoever. A variety of budgeting and saving tools are built into your account, including advanced record keeping, separate savings pools for your goals, and the Safe-To-Spend feature, which subtracts upcoming bill payments and pending transactions to give you an accurate idea of how much money you actually have on hand. You get a Visa debit card for making transactions anywhere Visa is accepted and at more than 50,000 fee-free ATMs. While the APY is only 0.01%, Simple is still a solid choice thanks the built-in tools and the lack of fees.
USAA offers free checking with no minimum balance, free use of 60,000 USAA-preferred ATMs nationwide, and free transfers and bill payments. Additionally, get refunded the other bank's ATM fee if you use another ATM. Other tools USAA offer include mobile deposits, Apple Pay, and more. You must be a member to create an account. Membership is open to U.S. service members, veterans, and their eligible family members.
Discover's Cashback Checking is only available to current Discover customers or Discover card customers, but they'll open up this service to everyone later this year — and it's definitely worth checking out.
They start you off with a $50 bonus for opening a checking account by September 15, 2015, then you can earn up to $120 cash back per year just for your everyday banking: making a debit card purchase, paying a bill online, and writing a check.
Discover's savings account is also quite attractive. At 0.95%, the APY is over five times the National Savings Average. There are no monthly maintenance fees or balance requirements. You can open an account with $500.
Ally Bank was named one of the Best Banks of 2011 by Money Magazine, and offers checking, savings, retirement, and auto financing services.
- Checking account: APY is 0.10% on accounts with under $15,000 and 0.60% on accounts with over $15,000. No fees and minimums.
- Savings account: APY is 0.87% with no fees and minimums.
EverBank Yield Pledge® Checking
EverBankoffers an interest bearing checking account with no fees. Its current APY ranges from 0.30% to 0.61% (depending on your balance). However, they have a bonus offer right now which gives first time account holders 1.40% for 6 months. They also promise to keep the yield in the top 5% of competitive accounts. It only takes $1,500 to open an account. There are no fees, and you can use any ATM. EverBank won't charge you an ATM fee. Even better, keep your balance at or above $5,000 and they'll pay you back 100% of the ATM fees charged by other banks.
All the banks on this list are FDIC insured.