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Free and Basic Checking Accounts
Free and basic checking accounts share many of the same qualities. Free checking accounts are really just basic checking accounts that do not charge a monthly service fee. Most free and basic accounts do not earn interest on balances and do not come with advanced account features. These accounts appeal to banking customers who carry a low balance, don’t qualify as a senior or student, or those that want to avoid paying high monthly service fee.
Free Accounts vs. Basic Accounts
Banks and credit unions typically provide bank shoppers with a free or basic account among their array of account options. Both types of accounts are very similar, but the main difference is service fees. Free accounts have the word “free” in their name because customers are not charged a service fee for maintaining the account, regardless of their balance. Basic accounts (which may also be referred to as “value,” “standard” or “essential” accounts) on the other hand, typically do require account holders to keep some kind of (relatively low) minimum balance, enroll in Direct Deposit, or perform some other kind of banking activity, like online billpay or a minimum of debit card purchases, each statement period in order to waive the statement service fee.
What Types of Features are included with Free and Basic Accounts?
Although features vary from bank to bank, most free and basic accounts come with standard account features at no extra cost. Institutions encourage their customers and members to use these electronic features because they are more efficient because they take place of traditional transactions that require human labor, costing banks more money. These standard features include:
- Free debit card
- Online banking
- Mobile banking
- Free online billpay
- Electronic statements
- Automated phone banking
What Features Free and Basic Account Don't Include
Checking account features that cost the institution money when used are not usually included with free and basic accounts. These common features include:
- Writing checks (look out for check writing fees)
- Paper checks
- Paper statements
- ATM withdrawals at non-affiliated ATMs
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Other Checking Account Tips
Features of Accounts / Institution
- Mobile Check Deposit
- Person-to-Person (P2P) Payments
- How To Avoid ATM Fees
- Interest Rates On Checking Accounts
- Online Banking and BillPay
- Online Banking Advanced Features
- Overdraft Fees and Protection
- Debit Cards and Debit Reward Programs
- The Ins and Outs of Mobile Banking
- Understanding Balance Requirements
- Closing a Checking Account
- Person-to-Person (P2P) Payments
- How To Avoid ATM Fees
- Interest Rates On Checking Accounts
- Online Banking and BillPay
- Online Banking Advanced Features
- Overdraft Fees and Protection
- Debit Cards and Debit Reward Programs
- The Ins and Outs of Mobile Banking
- Understanding Balance Requirements
- Closing a Checking Account
Types of Accounts
- 2nd Chance Checking Accounts
- Student and Senior Accounts
- Online Checking Accounts
- High-Yield Interest "Rewards" Accounts
> Free and Basic Checking Accounts
- Reloadable Debit Cards
- Student and Senior Accounts
- Online Checking Accounts
- High-Yield Interest "Rewards" Accounts
> Free and Basic Checking Accounts
- Reloadable Debit Cards
How We Get Our Information
We conduct our own research for the largest US banks and we audit the information provided by community banks and credit unions.
Our branch location database is sourced from the FDIC and is updated with information provided by banks and credit unions.
All deposit accounts in FindABetterBank are insured by the FDIC or NCUA.