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 4 banks that are still offering awesome perks, like free interest-bearing checking accounts and high-yield savings accounts.
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.
Capital One 360
Capital One 360 offers a variety of products including checking, savings, loans, investing, retirement, and business services to their customers.
Chase Total Checking and Savings
Chase offers a wide array of financial services, including checking and savings accounts, and they also have a reputation of being an industry standard/leader in customer service. There are three ways to get free checking at Chase:
- Direct deposits totaling $500 or more to the account
- $1,500 minimum daily balance
- Average daily balance of $5,000 or more in qualifying linked deposits/investments
There is a special promotion right now if you open a new account! Get a $150 bonus when you open a new Chase Total Checking® account and set-up direct deposit. Also get $100 bonus if you open a Chase SavingsSM account and deposit a total of $10,000 or more in new money within 10 business days, and maintain a $10,000 balance for 90 days. These offers expire October 14, 2015.
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.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain.