We compared U.S. Bank's and Chase's free checking accounts. You'll come across a tempting offer: a free checking account while you look into banks where you might wish to open one. However, not all ostensibly "free" checking accounts are genuinely free. Fortunately, there are still several top banks that provide genuine free checking accounts where you can deposit your hard-earned money.
Free Checking Accounts: U.S. Bank vs. Chase
Chase Bank and U.S. Bank are two of the top institutions that provide free checking accounts. However, keep in mind that free checking accounts from U.S. Bank and Chase normally only come with no maintenance costs. You may also be required to achieve specific requirements in order to be exempt from these maintenance fees. Other fees may apply in addition to maintenance fees, so it's a good idea to check the charge schedules for all of these accounts thoroughly. The two banks have different account types and costs.Free Checking Account with U.S. Bank
U.S. Bank offers a no-fee Student Checking account with no minimum balance requirements or monthly maintenance fees. A $25 minimum initial deposit is also required for the free checking account offered by a U.S. bank. All ATM transactions are done at U.S. Bank ATMs (as well as account holders receive free access to the first four external bank ATMs per statement period. The U.S. Bank free checking account, on the other hand, does not pay interest on any money deposited. Even if you never have to pay them, you should be aware that the free checking account comes with a few charges. Paper statements, overdraft protection, and refunded deposits or cashed cheques are all examples of fees charged by the bank. In addition to a free checking account, U.S. Bank also provides three fee-waivable checking accounts, which allow you to waive your monthly cost if you satisfy specific criteria. Easy Checking, Gold Checking, and Platinum Checking are examples of these account types. To avoid the maintenance fees of $6.95, $14.95, and $24.95 for the three accounts, you may need to maintain a specific average daily account balance, make a particular minimum monthly deposit amount, and be a certain age, or have other bank accounts are all requirements. Unlike the other checking accounts, the Platinum Checking account pays interest on your balance. Account holders who desire to expand their deposits may find it more appealing as a result. All of U.S. Bank's free and fee-waivable checking accounts come with a debit card and free internet banking with bill pay. In addition, the bank uses a mobile banking system that is compatible with a wide range of web-based mobile devices, allowing you to check your account or deposit checks for free on the go. U.S. Bank archives all checks electronically and includes facts or photographs of canceled checks in your statements, depending on your account.Features of a Chase Bank Checking Account
When it comes to free checking accounts, Chase Bank does not offer one that is fully free, like the one offered by U.S. Bank. It does, however, offer a few fee-free checking account options. Chase Total Checking, Chase Premier Plus Checking, and Chase Sapphire Checking are examples of these accounts. Suppose you deposit a certain amount into your account or maintain the requisite beginning daily balance or minimum average beginning daily balance. In that case, the bank will remove Chase's monthly service fee, allowing you to use the account for free. The Chase Total Checking account has the three accounts' least stringent service fee waiver requirements. To avoid paying the $12 monthly service fee, you'll need $500 in direct deposits, a $1,500 first-day amount, or a $5,000 average first-day balance. A $25 minimum deposit is required to start playing. To avoid a $25 monthly fee on the other two accounts, you must maintain a greater daily amount. These accounts, however, earn interest, unlike the Chase Total Checking account. The Chase Total Checking account has fees for using ATMs owned by other banks and maintenance fees. However, if you have a Chase Premier Plus Checking account, you can use an external ATM for free for the first four times per month, and if you have a Chase Sapphire Checking account, it's always free. Overdraft protection costs and debit card protection coverage fees are two more popular checking account expenses. All Chase checking accounts come with free online bill payment and access to mobile banking on your phone or other mobile devices. In addition, canceled checks can be viewed on your online statements. At Chase Bank ATM locations, you can also get free ATM transactions. In addition to the regular protection supplied by VISA check cards, you should expect zero liability protection on their ATM/debit cards. If the card is used without your authorization, Chase Bank will reimburse the funds to your account.Comparing U.S. Bank vs. Chase Bank's Free Checking Offers
When you compare U.S. Bank and Chase Bank's free checking account services, it's evident that only U.S. Bank offers a truly free checking account with no maintenance costs. While Chase Bank maintains a number of cost-free checking accounts, the monthly service fee for Chase checking accounts can only be eliminated if specific conditions are met. This means that those who don't want to deal with these criteria may find it easier to open a free checking account with U.S. Bank. However, depending on your financial circumstances, you may be able to meet the requirements for a fee-waivable account with U.S. Bank or a Chase checking account without any problem. It's also crucial to realize that the cost of a checking account isn't the sole consideration. Compare the many checking account types available at the same bank and the convenience features and financial benefits they offer. Like most banks nowadays, U.S. Bank and Chase Bank provide comparison tools and charts on their websites to assist you in selecting the best account for your needs and budget. So read the small print, compare accounts, and pick an account that meets your specific banking needs.