Checking Account - No Fees with Cashback Debit | Discover (2024)

FAQs

Which bank does not charge a fee for checking accounts? ›

Ally Bank Spending Account

Ally offers interest on its free checking account as well as nationwide ATM fee reimbursem*nts of up to $10 a month. Interest rate: 0.10% or 0.25% APY, depending on balance. Minimum deposit to open: $0. Other pros: Ally customers have free access to more than 43,000 Allpoint ATMs nationally.

A number of large banks have either given them up altogether or started charging a fee if your account balance doesn't exceed a minimum level. However, some banks still offer free checking, but often there are requirements that account owners must meet to avoid a monthly maintenance fee.

Cash-back debit cards can be a lucrative option. These cards earn cash rewards on eligible purchases, so you can pay yourself back when you spend. There are several important factors to think about when choosing a cash-back debit card, including rewards rates, spending categories, other benefits and fees.

Other features: Checking accounts that offer cash-back debit cards may also offer other valuable features, such as ATM fee reimbursem*nts, waived overdraft fees, high annual percentage yields (APYs), and more.

HDFC Bank: Customers of HDFC Bank can avail ATM cards for free. You will have to pay an AMC ranging from Rs.200 to Rs.750 based on the card variant on redeeming or reissuing a hdfc debit card. State Bank of India: SBI offers a facility for depositing cash to the account linked with a debit card for free.

You'll need to meet the minimum balance requirement (and then some) Most traditional banks require you to maintain a minimum account balance to avoid monthly service charges. These typically range from $100 to $2,500, though most are much closer to the lower end.

Account holders can tend to get out of their monthly fees by opening both a checking and a savings account at the same bank or by maintaining a minimum balance in your account. Sometimes, setting up a monthly direct deposit is enough to waive the monthly fee.

Is there a downside to cash back? ›

The biggest cons of cash back credit cards are lower earning rates compared to travel rewards cards and high regular APRs. Beyond that, the overall advantages and disadvantages of using credit cards apply to cash back credit cards, too.

Dive Brief:

Discover Financial Services has stopped taking applications for a new checking account that offers cash-back and debit features, saying it encountered too much fraud. It had begun selling the new service in April.

The company shelved the product, which came with a debit card offering cashback rewards, just months after revamping it in April 2022. The financial impact of the fraud was “manageable,” but it led service levels to deteriorate, which is why Discover pulled the product, Hochschild said last December.

What is cashback on a debit card? Cashback on a debit card is the same concept as cashback on a credit card—you'll receive a percentage of what you spend as cashback or rewards points every month. The only difference is, instead of making your purchases on credit, you're spending directly from your bank account.

There is no minimum opening deposit required to open an online checking account, and there is no minimum balance requirement.

Capital One receives strong satisfaction scores for mobile banking and checking accounts. There's no minimum to open a Capital One 360 Checking Account, and you can earn 0.10% APY on all balances, which is higher than the national average of 0.04%. Capital One charges no overdraft fees.

Discover, Varo, Ally, Axos and SoFi are some of the many banks that have totally free checking accounts, meaning they don't charge a monthly fee or require a minimum balance.

A checking account provides a great tool for money management, keeping your money both safe and easily accessible. However, many banks and credit unions charge a fee to own a checking account. These fees generally range from $4 to $20 although they can reach higher depending on your bank and account type.

But when looking at banks with a proper value proposition, FNB is once again the cheapest. This is again because of the comprehensive list of costs that are included in the monthly fee of R99. Only the purchase of electricity has an extra cost of R3. In second place is Nedbank, which was in last place in 2023.