These Banks Don't Charge Monthly Fees

These Banks Don't Charge Monthly Fees

19 June, 2021

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We have a secret. There’s a more convenient and efficient way to store your money. It may even include our favorite number: $0. Keep reading this article to discover which banks don’t charge monthly fees.

It’s not easy to manage your money. There are a lot of factors to consider: how much to spend, how much to save, where to put it. It makes us want to rewind the clock back to the innocence of childhood.

Even with our heads in the sand, money management remains one of the most important tasks that we face in adulthood. It means having financial stability.

Luckily for us, there are plenty of tools and methods out there to help. Not even Batman saved the world entirely on his own. He had Robin … and an awesome batmobile.

The batmobile of managing finances is really your checking account. These accounts are safe and convenient spaces to store your money. It’s an unavoidable, highly recommended tool.

That’s why it’s such a shame that most traditional banks ask for fees to open and maintain bank accounts. Or they lower costs but only if you follow certain rules. But who needs one more unnecessary item to add to their growing list of costs?

Spending more to save more. Spending more to have a safe space for your finances. These are not appealing thoughts! They seem somewhat contradictory. Especially when we’re saving for other, more important things like a car.

But we at Envel have good news.

You can save money by choosing banks that don’t charge monthly fees. Yes, they exist. Yes, they are just as effective and trustworthy as traditional banks. We’re going to dive into free checking accounts and provide you with a list of banks with no monthly service fees.

You can start saving money … today!

Why do we need bank accounts?

Bank accounts are not just for those who have a fortune to stow away. It’s the most accessible place to keep any money you own. This makes it easy to access your money for day-to-day costs, such as paying for groceries or bills. Simply send money from your account or take out cash using your bank card or an ATM.

It’s also pretty low effort. The easy setup often only requires proof of identity (e.g., driver’s license, passport, or state-issued ID card). If you’re deciding whether or not to open a checking account, here are the top three benefits:

  • Convenience: Checking accounts allow for cashless transactions (saving the environment FTW). They make your money accessible anywhere, especially with most banks having mobile apps. They also make it possible to pay anywhere, anytime if you have your debit card on hand.
  • Management: Checking accounts are also great finance management tools. You can review spending, access credits, set budgets, and save money effectively.
  • Safety: Checking accounts also provide protection from thrift and fires since it is digitally stored. You also receive federal insurance on your money so that if the bank or credit union closes, you will get your money back (up to $100,000).

What makes a great checking account?

Once you have decided to open a checking account, another important question remains: where? The bank of your choice must be one that you will trust and matches your requirements for financial management.

The thing is … not all banks and checking accounts are equal. This decision requires careful thought since your choice will affect your financial health for years to come. As usual, we at Envel got your back. Here is some guiding information for choosing the best option.

Choose your bank

There are typically two types of banks to choose from: traditional or digital bank. Traditional banks have physical locations while online banks keep all services strictly online. Since the rise of smartphones, it’s been found that over 40% of Americans use the internet for banking purposes. It’s safe to say that the younger generations are pushing for a digital future of banking due to its ease of use.

Choose your checking account

There are typically two types of checking accounts: no-fee and regular checking accounts. Honestly, it’s pretty impossible to completely avoid paying fees for banks. You usually have to pay an opening deposit, monthly maintenance fees, ATM fees, transaction fees for overseas, and lost card fees.

However, some banks have significantly fewer costs than others. Sometimes, if you follow certain rules and guidelines (maintain a minimum balance or set up a direct deposit), the monthly fees are waived. Some don’t have any monthly costs at all.

So, what makes a good checking account? We’ve listed it neatly here below.

  • Features: A good checking account has all the necessary basic features to manage your finances. It has crucial features like mobile deposit and online bill pay.
  • Security: A good checking account has safety as a priority with safety measures in place for login, account management, logout, and encryption.
  • Cost: A good checking account has minimal fees, deposit insurance, and easy access to cash. It has avoidable or no monthly costs, it has free ATM withdrawals and low overdraft fees and forgiveness.

Which banks have free checking accounts?

Every bank will offer a slightly different checking account. Every type will offer different benefits (or annoyances) for different people. That’s why we’ve made a list of the top checking accounts to choose from.

The banks on this list either have no monthly maintenance fees OR make it easy to qualify for a fee waiver. If you manage your account well, you’ll avoid those pesky fees that weigh us down.

Bank of America

Everyone recognizes the Bank of America. It’s used worldwide. This bank requires an opening deposit of $25 for a checking account and $12 for the monthly maintenance fee. The fee can be avoided if you have a qualifying direct deposit of $250 or a minimum daily balance of $1,500 or more.

Wells Fargo

Wells Fargo is one of the biggest banks in The United States. You can easily open a checking account for $25 and the standard monthly maintenance fee is $10. However, the monthly fee can be avoided if your direct deposits are above $500, you have a minimum daily balance of $1,500, or you are 17 to 25 years old.


Citibank has a simple checking account option that has no minimum deposit when opening an account. It does have a $12 monthly fee that can be avoided if you have a qualifying direct deposit at least once per month or you are 62 years and older.


Chase has over 5,000 branches in The United States. It has a checking account for $12 per month but it’s pretty easy to qualify for a fee waiver. You can avoid the fee if you receive $500 direct deposits in your account. These can include deposits from work, government, retirement benefits, or transfers.

Ally Bank

Ally’s Bank has a checking account that covers all the basic features that you need. It has no monthly feed and no minimum deposit required to open it. Score. You can also receive wire transfers for free and order cashiers check for free. It does, however, pay a small interest on the money on your account.


Discover is another bank account with no monthly maintenance fee or minimum balance requirements. It even has cashback awards for using your debit card. this includes 1% cash back on purchases of up to $3,000 per month. This bank also offers free overdraft protection, which most other banks charge additional fees for.

Envel: the world’s smartest bank account

If you’re looking for the optimal free checking account, Envel is a great solution (yes, we are proudly honking our own horn). There are no minimum deposit requirements and the core service is free, which includes a debit card, digital envelopes that help categorize your money, and a seamless experience. Moreover, your account is insured with an FDIC insurance of $250,000.

Envel is also the first AI-powered bank account to optimize your financial management with features such as ‘autopilot’. You can save and build your wealth autonomously and without unnecessary energy or effort.

If you want to get started right away, here’s how to open up an Envel bank account:

  • Step 1: Download the Envel app
  • Step 2: Complete the onboarding instructions in the app. It should only take a few minutes!
  • Step 3: Order your Envel debit card, add funds to your account, and get saving!

Final thoughts before you open a checking account

In summary, everyone needs to be able to manage their finances for a secure future. The best tool at your disposal is your checking account. However, not all checking accounts are equal. Some of them have additional costs that are more than unnecessary.

The key is to understand the variety of options available for checking accounts to find which one suits you best. There are options out there that minimize costs and help you save money for better, worthier things (think: wine and cheese).

The best type of account promotes convenience and efficiency. One where you don’t have to worry about small costs piling up at the end of the month. Envel is one of the best options for checking accounts and provides the benefits you deserve: low cost, high security, cool features, and financial management options.

One might question: are there cases where I should not avoid monthly fees? Some people may be in need of premium features or higher service levels that come with unavoidable costs. Just be sure to evaluate how much you really need any premium features. For example, some come with a free checkbook. But honestly, how many of us still use one of those? (Hint: no one). In our experience, most people can function better than fine with the basic free option.

Before you run off to open your checking account, keep these things in mind:

  • Research your options thoroughly. After all, this will become a safe space for your hard-earned money.
  • List your must-haves and compare the options in front of you.
  • Don’t be afraid to reach out to the bank for any unanswered questions or doubts.

Are you ready to save money and open a checking account? Let’s do it.

Join Envel now

Takes less than 3 minutes. Won’t affect your credit score! No monthly fees or minimum balance.

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