Everyone has everyday finances to manage—budgeting, paying bills, making deposits, transferring money to savings, and more. Accessing your money from anywhere should be simple and timesaving. A free checking account can help make it easier to do your personal banking, without monthly fees.
Offered by most credit unions and banks, a free checking account is a spending account made for securely managing personal finances and can be used to make deposits, handle everyday expenses, send and receive money, help you maintain a budget, and more.
What Are the Benefits of a Free Checking Account?
Free checking accounts have several benefits and features that help manage everyday finances easily. Most free checking accounts offer:
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No Monthly Service Fees: Some checking accounts may charge a monthly fee to have the account. A free checking account has no monthly service fees.
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No Minimum Balance Requirements: Most financial institutions will not require that you keep your balance above a certain threshold with free checking accounts. Keep in mind that some banks and credit unions may request that you make an initial deposit to open the account. CU1 requires a $25 minimum deposit to open a free checking account.
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Access to Digital Banking: A free checking account often offers access to digital banking, which makes it easy to manage your finances. It can be useful for checking balances, making account transfers, viewing eStatements, sending and receiving money with Zelle® compatible financial institutions, and much more!
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Access to ATMs: Free checking accounts come with 24/7 access to ATMs. Many credit unions and banks also have ATMs that will not charge you fees to access your money. With CU1, members have the ability to use more than 130,000 surcharge-free ATMs nationwide.
What Can I Do with a Free Checking Account?
Free checking accounts make budgeting, paying bills, and managing everyday spending simple. Most free checking accounts have benefits and features to make banking easier, like the ability to:
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Make Deposits: There are many ways to make deposits into a free checking account. Set up direct deposit (where funds, like paychecks, are automatically added to your account electronically), deposit checks in person or on the mobile app, or make electronic transfers. Some financial institutions even offer early access to your money when you set up a direct deposit. CU1 Early Pay allows CU1 members to receive their direct deposits up to two days sooner.1
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Access and Control Your Debit Card: Debit cards give you the flexibility to spend securely—no more carrying around cash. Many credit unions and banks give you access to debit card controls in digital and mobile banking, which gives you the power to turn on and off your debit card for your security, set up account alerts, set travel notifications, and more.
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Pay Bills: Make one-time payments using your debit card or checks, or electronic payments. Otherwise, set up automatic bill payment within digital banking to ensure payments are always made on time.
With the simplicity and accessibility that a free checking account offers, it makes it easy to securely use the account with everyday finances.
How Do I Get a Free Checking Account?
A free checking account can be opened by applying with a financial institution. Each financial institution may have different guidelines for what is needed to open an account. However, proof of address, a valid ID, and a social security number are the most requested pieces of information needed to apply for a checking account.
Credit Union 1 offers an easy online application, or you can open a free checking account2 in person or over the phone.
