If you’re trying to improve your finances and make your money work harder, start by making sure your bank account is actually working for you.
Hidden fees and restrictive deposit rules can quietly drain your bank balance, adding up to hundreds a year. Here are the bank account features that could be holding you back, and the types of accounts to consider instead.
Your bank account is costing you if
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You’re paying a monthly maintenance fee
Many bank accounts charge users a monthly fee for simply having an account. These fees average $13.95 per month, according to the2026 MoneyRates Checking Account Fee survey — that adds up to nearly $170 over the course of a year.
Typically, this monthly fee can be waived by maintaining a minimum balance, but that’s not always doable.
You should consider a bank account that doesn’t have a monthly maintenance fee from the start, like the Capital One 360 Checking or the Alliant Credit Union High-Rate Checking. The Alliant account also offers up to $20 per month in ATM fee reimbursements, while the Capital One account offers a small APY to help you earn interest on your balance.
Capital One 360 Checking®
Capital One Bank is a Member FDIC.
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Monthly maintenance fee
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Minimum deposit to open
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Minimum balance
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Annual Percentage Yield (APY)
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Free ATM network
70,000+ Capital One®, MoneyPass andAllpoint® ATMs
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ATM fee reimbursement
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Overdraft fee
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Mobile check deposit
Pros
- Top-rated mobile app
- No minimum deposit to open an account
- 0.10% APY on all account balances
- No foreign transaction fees
- No overdraft fees
- Free savings transfer for overdrafts after opt-in
Cons
- No reimbursement for out-of-network ATM fees
Alliant Credit Union High-Rate Checking
Alliant Credit Union is a Member NCUA.
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Monthly maintenance fee
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Minimum deposit to open
$25 when opening online or over the phone
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Minimum balance
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Annual Percentage Yield (APY)
0.25% with paperless and recurring monthly electronic deposit
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Free ATM network
80,000+ Alliant network ATMs
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ATM fee reimbursement
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Overdraft fee
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Mobile check deposit
Pros
- Top-rated mobile app
- ATM fee reimbursement up to $20 per month
- 0.25% APY
- No overdraft fees
Cons
- Must opt-in to paperless statements and have a recurring monthly electronic deposit to earn APY
You’re charged for overdrafts instead of being protected from them
An overdraft is when you don’t have enough money in your account to make a purchase but the bank lets the purchase go through anyway and you’re charged for it. Average overdraft fees are now at $30.82 each occurrence, per MoneyRates. This can add up fast given each transaction comes at a price.
The SoFi Checking and Savings offers overdraft protection at no cost if you’re an account holder who receives more than $1,000 in eligible direct deposits per month. The overdraft protection covers you for up to $50 in negative balances on the account. Plus, we like that this bank account offers a cash bonus. See below for more details and to sign up for the SoFi Checking and Savings account.
On the other hand, the Chime Checking + High Yield Savings offers overdraft protection of up to $200.
- Impressive welcome bonus
- Strong APY with direct deposit
- No minimum balance or deposit needed
- No monthly fees
- Comes with checking account and ATM access
- Receive your paycheck in your account up to 2 days early automatically when you set up direct deposit
- Save change automatically with Roundups and set savings goals with Vaults
- No foreign transaction fees
- FDIC insurance up to $3 million additional through the SoFi Insured Deposit Program*
- Non-direct deposit APYs are low compared to other high-yield savings accounts
- No reimbursement for out-of-network ATM fees
- No physical branches
Chime® Checking + High-Yield Savings
Chime ® banking services, credit and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
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Annual Percentage Yield (APY)
Chime® Checking (no interest), required to enroll in Chime High-Yield Savings 3.75%APY. *
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Minimum balance
$0, no minimum deposit or balance
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Fees
No monthly maintenance or overdraft fees. SpotMe® service with eligibility for no-fee overdraft up to $200.*
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Perks
Paycheck available up to two days early with direct deposit. Automatically save part of your direct deposits of $1 or more. Round Ups feature transfers spare change from purchases to savings. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Generally, these funds are available on the day the payment file is received, which may be up to 2 days earlier than the scheduled paymedate.
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Maximum transactions
Cash withdrawals from checking up to $515 per day at any ATM or as an over-the-counter bank withdrawal. $2,500 maximum daily spend, including any withdrawals, purchases and incurred fees.
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ATMs
47,000+ in-network no-fee ATMs.*
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Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
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Mobile check deposit
ATMs: Out-of-network ATM withdrawal and over the counter advance fees may apply except at FCTI® ATMs in a 7-Eleven® or Speedway, or any Allpoint® or Visa® Plus Alliance ATM participating in the Allpoint network. SpotMe: SpotMe® on Credit is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “”SpotMe””). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. SpotMe for Credit and SpotMe on Debit share a single SpotMe limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third-party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won’t cover non-card transactions, including ACH s, Pay Anyone s, or Chime Checkbook transactions. SpotMe terms and conditions. APY: 3.75% Annual Percentage Yield (“APY”) applies if you maintain Chime Prime status, otherwise 3.00% Chime Plus APY (if eligible) or 0.75% standard APY will apply. APYs are effective as of 01/29/2026, are variable and subject to change. No min. bal. required.
Pros
- 3.75%APY on Chime High-Yield Savings
- No minimum deposit or balance required
- No monthly service fee
- No overdraft fee, transactions for unavailable funds are denied; SpotMe® for overdraft up to $200 with $200 or more in qualifying direct deposits over previous 34 days and an activated Chime debit card.
- Paycheck funds available up to two days early with direct deposit
- Automated transfer 10% of direct deposits of at least $200 to savings
- Purchases with Chime Visa®Debit Card rounded up to the next dollar and difference automatically transferred to savings
- Access to over 47,000 in-network ATMs for no fee, including MoneyPass ATMs in 7-Eleven and Allpoint or Visa Plus Alliance ATMs
- Mobile check deposit
- Security features include blocking transactions for a lost card, providing daily balance updates, sending real-time transaction alerts and protecting from unauthorized charges with Visa *Zero Liability. *You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.
Cons
- Chime checking account required to opening Chime savings account
- No APY on Chime Checking; Chime High-Yield Savings APY above national average but lower than other high-yield savings accounts
- Can’t withdraw money directly from savings, must transfer to checking
- With checking, $2.50 fee for out-of-network ATMs and over-the-counter bank withdrawals
- Checking withdrawals limited to $515 per day at any ATM or as over-the-counter bank withdrawals using Chime Visa®Debit Card. $2,500 daily max spend, including incurred fees, withdrawals, funds withdrawn at a point of sale and purchases.
Best low- or no-fee bank accounts
If you’re looking to open a new checking account that will actually help you keep more of your hard-earned money, we have even more recommendations.
The Ally Bank Spending Accountis an online-only checking account offering no monthly maintenance fee, no overdraft fee and no fee for having a low daily balance.
Ally Bank Spending Account
Ally Bank is a Member FDIC.
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Monthly maintenance fee
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Minimum deposit to open
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Minimum balance
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Annual Percentage Yield (APY)
0.10% less than $15,000 minimum daily balance; 0.25% over $15,000 minimum daily balance
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Free ATM network
75,000+ Allpoint® and MoneyPass® ATMs
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ATM fee reimbursement
Up to $10 per statement cycle
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Overdraft fee
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Mobile check deposit
Pros
- Top-rated mobile app
- No minimum deposit to open an account
- ATM fee reimbursement up to $10 per statement cycle
- 0.10% or 0.25% APY, depending on daily account balance
- $0 overdraft fee
Cons
- Online-only bank (no brick-and-mortar locations)
- $15,000 minimum daily balance required for 0.25% APY
And for investors, theSchwab Investor Checking Account™ is a good choice if you already have a brokerage account at Charles Schwab because it links directly to the account so you can organize your money in one place. There’s no minimum deposit to open the account, no monthly maintenance fee and no minimum balance requirement.
Schwab Bank Investor Checking™
Information about the Schwab Bank Investor Checking™ account has been collected independently by Select and has not been reviewed or provided by the bank prior to publication. Charles Schwab Bank, SSB is a Member FDIC.
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Monthly maintenance fee
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Minimum deposit to open
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Minimum balance
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Annual Percentage Yield (APY)
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Free ATM network
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ATM fee reimbursement
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Overdraft fee
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Mobile check deposit
Pros
- No monthly service fees
- No minimum balance requirements
- Unlimited ATM fee rebates
- No foreign transaction fees
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