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No-fee banks: online accounts without monthly or overdraft fees
Lots of banks say they have “no fees.” Usually that means no monthly maintenance fee, but a bank can still charge for overdrafts, out-of-network ATMs, paper statements, wires or closing an account early. This guide explains what to check and lists online banks on this site that were marketed with no monthly fees at our last review.
What “fee-free” should cover
A checking or savings account comes close to fee-free if it has none of these common charges:
- Monthly maintenance fee, including fees you only avoid by keeping a minimum balance or receiving direct deposit.
- Overdraft and NSF (insufficient-funds) fees. Several large online banks have dropped these completely.
- ATM fees. Check the bank's own fee for using other ATMs, and whether it reimburses the ATM owner's surcharge.
- Minimum opening deposit or minimum balance requirements.
- Service fees for things like paper statements, outgoing wires, cashier's checks, stop payments, expedited cards or closing an account early.
No account is completely free of charges in every situation. The goal is an account that charges nothing for the way you bank. Our fee tracker adds up what your current account costs you each year.
Online banks marketed with no monthly fees
Each bank below advertised no monthly maintenance fee on its core consumer account at our last review (April 2026). The notes show where other fees or conditions may apply. Always read the current fee schedule before opening an account.
| Bank | Accounts | Overdraft fees | What to watch |
|---|---|---|---|
| Ally Bank | Checking, savings, MMA, CDs | None | Fees on some less common services such as outgoing wires |
| Discover Bank | Checking, savings, MMA, CDs | No NSF fees | Terms may change as Capital One integrates Discover |
| Capital One 360 | Checking, savings, CDs | None on consumer accounts | Older legacy accounts may have different terms |
| SoFi | Checking and savings | None; no-fee coverage for eligible members | Top savings rate requires direct deposit or other qualifying activity |
| Chime (fintech) | Checking, savings | None; fee-free overdraft coverage for eligible members | Not a bank; deposits held at partner banks. Out-of-network ATM fees can apply |
| Charles Schwab Bank | Investor Checking, savings | Check current policy | Checking is designed to be opened with a Schwab brokerage account; savings rate is low |
| Marcus | Savings, CDs | N/A (no checking) | Early-withdrawal penalties on standard CDs |
| Synchrony Bank | Savings, MMA, CDs | N/A (no checking) | Read the fee schedule for wires and other services |
Based on each bank's published materials at our April 2026 review. Fee policies change. The bank's current fee schedule or deposit account agreement is the authoritative source.
Why online banks can skip fees
Without branch networks to pay for, online banks have lower costs and compete on price, with no monthly fees and higher savings rates. Traditional banks often still charge a monthly fee that you can avoid by meeting conditions such as a minimum balance or direct deposit. See online vs traditional banks for a fuller comparison.
Fees that catch people out
- Out-of-network ATM surcharges. Even if your bank charges nothing, the ATM owner can. Use in-network ATMs or pick a bank that reimburses surcharges.
- Cash deposits. Online banks often can't take cash directly. Some fintechs let you deposit cash at retail stores, but the store may charge a fee.
- Wires. Outgoing (and sometimes incoming) wires often cost money, even at “no-fee” banks.
- Inactivity or early closure. These are less common at online banks, but check for them in the account agreement.
- Paid account tiers. Some platforms, especially business accounts, have a free tier and paid tiers with better rates. Make sure the rate you're comparing belongs to the free tier.
Frequently asked questions
Are there banks with no fees at all?
Several online banks charge no monthly, overdraft or NSF fees and need no minimum balance. Most still charge for a few services, such as outgoing wires. If you never use those services, the account will cost you nothing in practice.
Does Discover Bank charge fees?
At our last review Discover advertised no monthly fees, no minimum balance and no NSF fees on its checking and savings accounts, with free use of the Allpoint and MoneyPass ATM networks. Some services may still carry a cost, and terms may change after Capital One's acquisition of Discover. See our Discover Bank review.
Is a no-fee bank safe?
Whether a bank charges fees has nothing to do with how safe your money is. What matters is FDIC insurance. Check the bank on the FDIC's BankFind Suite. If the provider is a fintech, check its partner bank too. Our bank vs fintech guide explains why.
Related reading
Editorial note: this page is general information, not financial advice. See the editorial disclaimer for the full statement. Rates, fees and account terms change without notice — confirm current details with each bank before you open an account.