With change coming quickly in banking, getting the correct checking accounts that best serves your monetary habits and keeps at a minimum the number of fees is a headache. Of all the frustrating fees consumers incur, one of the most common is the ATM fee. These can be tacked on left and right when you’re a person who uses other-than-networked machines. Luckily, a great number of financial institutions offer no-additional-fee checking accounts for the use of ATMs—that is, you will not get charged for getting your cash. In this detailed guide, we will highlight the best checking accounts with no ATM fees and underline their features, along with the tips for choosing the right account for your needs.
The ability to access your money in today’s fast-moving world is beyond necessary. In most cases, checking accounts have fees when using other network ATMs, so it is a special hassle for frequent travelers or those who live far from branch locations. Knowing how not to be charged and finding out which are the best no-fee ATM checking accounts can save you lots of money and cash flow.
Why No ATM Fees Matter
Both your bank and other banks charge for the use of their ATMs, and it can be expensive. Here is why having a no-fee ATM account is important:
Cost Savings: Not having to pay ATM fees allows you to keep more of your hard-earned money. Most fees are between $2 and $5 per transaction; when you use an out-of-network ATM frequently, those dollars start to add up.
Convenience: No-fee ATM accounts provide greater flexibility and ease, especially for those who travel frequently or live in areas where your bank doesn’t have a large ATM network.
Financial Planning: Get rid of these fees to make a better plan for your finances since unexpected charges won’t disrupt your budget.
Best No-Fee ATM Checking Accounts
Now, let’s run over some of the best no-fee ATM checking accounts out there. As you will notice, each account has its own features, benefits, and, inversely, probable drawbacks.
- Chase Total Checking®
Overview: The Chase Total Checking® stands as a very popular choice among persons aiming to have a checking account with no ATM fee charge—subject to the condition you use Chase ATMs. Because of this great availability, this account type brings extra perks along with it.
Monthly Fee: $12; waiveable with a minimum daily balance of $1,500 or monthly direct deposits of $500 or more.
Access to ATMs: No fees from Chase ATMs; however, you may be charged for fees by non-Chase ATMs.
Additional Features: Online and mobile banking, access to over 16,000 ATMs and 4,700 branches across the country, and can be linked to other Chase accounts for easy money management.
Pros:
- Extensive network of ATMs and branches.
- Option to avoid monthly fees with qualifying conditions.
Cons:
- Monthly fee unless requirements are met.
- Out-of-network ATM fees apply.
- Charles Schwab High Yield Investor Checking® Account
Overview: The Charles Schwab High Yield Investor Checking® Account serves as the best bet for frequent travelers or anyone looking to avoid paying ATM fees.
Monthly Fee: None
ATM Access: Unlimited reimbursement on ATM fees worldwide, including other banks’ fees.
Extra Features: No foreign transaction fees, no minimum balance requirement, competitive interest rate.
Pros:
- Global ATM fee reimbursement.
- No foreign transaction fees.
- High-yield interest rate.
Cons:
- Requires a Schwab brokerage account to be opened.
- Discover Cashback Debit Account
Overview: Combine the very best of checking with a rewards program, and you get the very attractive Discover Cashback Debit Account.
Monthly Fee: None.
ATM Access: No fees at more than 60,000 ATMs in the Allpoint® network. Out-of-network fees may apply.
Additional Features: 1% cash back on up to $3,000 in debit card purchases every month, no foreign transaction fees, access to Discover’s online and mobile banking tools.
Pros:
- Cashback rewards on debit card purchases.
- No foreign transaction fees.
- No monthly maintenance fees.
Cons:
- Out-of-network ATM fees apply.
- Capital One 360 Checking®
Overview: With no ATM fees and a few other stand-out features, the Capital One 360 Checking® is another really strong option.
Monthly Fee: None
ATM Access: More than 70,000 no-fee ATMs in the Allpoint® network. Out-of-network ATMs may charge a fee.
Additional Features: There is no minimum balance requirement, and it has mobile check deposit and online and mobile banking access.
Pros:
- Huge network of fee-free ATMs
- No minimum balance requirement
- Easy access via online and mobile banking
Cons:
- Fees may apply when using ATMs from other networks.
- Ally Bank Interest Checking Account
Overview: Ally Bank’s Interest Checking Account offers an interest-bearing option with no ATM fees.
Monthly Fee: None
ATM Access: No in-network fees for ATMs within the Allpoint ATM network of more than 43,000 ATMs. Fees from other banks may apply.
More Features: Competitive interest rates, no monthly maintenance fees, and online and mobile banking that’s top-notch.
Pros:
- Interest-bearing account.
- Zero minimum balance required.
- Access to a large network of no-fee ATMs.
Cons:
- Out-of-network ATM fees may apply.
- Fidelity Cash Management Account
Overview: While not a traditional checking account, the Fidelity Cash Management Account offers features that can be very appealing.
Monthly Fee: None
ATM Access: No fees at over 1 million ATMs worldwide through the Visa/Plus network; no ATM fee from Fidelity for transactions outside of their network
Additional Features: No foreign transaction fees and integrate with Fidelity investment accounts for easy money management.
Pros:
- Wide access to ATMs with fee reimbursement
- Integration of investment account
- No foreign transaction fees
Cons:
- It’s not a traditional checking account; it may miss out on some of the features one gets in standard checking accounts.
Factors to Consider When Choosing a Checking Accounts
As you choose a checking account, especially one with no ATM fees, the following are some factors to consider so that you ensure it meets your needs:
ATM Network of Checking Accounts
Check if the bank’s ATM network serves your purpose. A large network or partnerships with ATM networks like Allpoint or the Visa/Plus network can provide you with an extremely low risk of being hit with fees.
Monthly Fees and Minimum Balance Requirements
Some accounts have no ATM fees but include monthly maintenance fees or require minimum balances to avoid fees. Make sure you know the requirements and see which account will be most appropriate for your financial situation.
Interest Rates and Rewards
Though most no-ATM-fee accounts are not very high in interest rates, some accounts give really competitive rates or rewards programs. Consider these benefits to see if they will fit your goals.
Other Features and Benefits
Finally, consider the other features that may be important to you, such as mobile banking, customer service, overdraft protection, or financial planning tools.
How to Avoid ATM Fees
Regardless of which account type you use, the following are some tips that may assist you in avoiding ATM fees:
In-Network ATMs: Always use the ATMs available in your bank’s network to avoid any additional fees.
Plan Ahead: Withdraw larger amounts less frequently to minimize the number of transactions and fees.
Find ATM Networks: Use ATM locators provided by your bank or third-party services to find fee-free ATMs.
Opt for Cash Back: At stores, request cash back at the register instead of going to an ATM.
Consider a Bank with Global Access: If you are traveling abroad, open an account with a bank that will reimburse your fees for foreign ATMs.
Conclusion of Checking Accounts
The best checking account with no ATM fees wants serious thought channeled into the kind of banking you do and general usage habits. Whether you’re looking for an enormous ATM network, rewards, or extra banking features, there’s likely a type of account to your liking. You’ll be able to save more if you select an account that is tailored to your needs and learn how to avoid many of these fees, which will help you have better flexibility in your finances.
Look through the choices below in this guide to help you in your decision and select a checking account that can help you manage your money efficiently while not wasting fees. Happy banking!