Free checking has become easier to find, especially for older adults

Everyone likes freebies. And free checking accounts are easier than ever to find, especially if you’re over 55.

Free checking typically means you don’t pay a monthly account maintenance fee, which can add up along with other fees. The average monthly service fee is $5.47 for checking accounts that don’t earn interest and $15.45 for interest-bearing checking accounts, according to a recent study by personal finance company Bankrate.

“Why have money needlessly drained out of your account when some simple steps can plug the hold in the bucket?” said Greg McBride, chief financial analyst for Bankrate. The number of free checking options, he added, has increased over the past decade at some banks, credit unions, online banks and fintechs (short for financial technology companies, which offer digital-only services through a bank partner).

Some checking accounts don’t charge a monthly service fee or waive that fee for those over 55 who have regular direct deposits for paychecks, retirement benefits and other payments; a certain minimum monthly balance; and other linked accounts. They also may offer other perks, including discounts on loans and free financial consultations.

U.S. Bank’s Smartly Checking, for example, is designed to follow customers as they move through “different life stages,” said Anna Dosen, the branch banking market leader for Minnesota. The Minneapolis-based bank offers customized benefits for people 65-plus.

First, check whether your bank offers free checking. If not, you can open a second checking account somewhere else, or switch your account to a new financial institution.

Here are five free-checking options (all interest rates are as of early November):

Axos Golden Checking account

If you’re over 55, you don’t have to pay a monthly maintenance fee on this online bank’s Golden Checking account. This account also provides 40 free personal checks every six months, a 0.1% annual percentage yield (APY) on balances, a network of 91,000 ATMs nationwide and reimbursement of up to $8 in monthly domestic ATM fees. Its mobile app lets you chat 24/7 with a virtual financial assistant.

U.S. Bank’s Smartly Checking account

Money website recently named U.S. Bank one of the top banks for seniors and best for fee waivers.

If you’re over 65 (or a younger veteran or active military member), the $6.95 monthly maintenance fee on a Smartly Checking account is waived. You can also avoid that fee by keeping an average account balance of at least $1,500, maintaining combined monthly direct deposits of over $1,000 or having an active U.S. Bank consumer credit card.

While Smartly Checking requires an opening amount of $25, customers over 65 and military customers get free use of nearly 45,000 ATMs in the U.S. Bank and MoneyPass networks, and may qualify for a 50% discount on personal check re-orders and annual safe deposit box fees.

If you link Smartly Checking to U.S. Bank’s four-tiered Smart Rewards program, you may get more benefits like cash-back rewards, discounts on home equity line fees, increased interest rates on savings, and free virtual financial consulting, based on your balances at the bank.

Regions Bank’s 62+ LifeGreen Checking

Regions Bank offers many perks to customers over 62 if they deposit at least $50 into a 62+ LifeGreen checking account.

To avoid paying a monthly service fee of up to $11, keep an average monthly checking balance of at least $1,500 or make regular direct deposits of at least $300 into the account (you also may be able to access your paycheck or government direct deposits up to two days early). Other perks include: unlimited check writing; overdraft protection with no transfer fees; discounts on installment loans and safe deposit boxes; and potentially higher interest rates on certificates of deposits.

While the Alabama-based bank doesn’t operate in Minnesota, it has branches in places like Florida, Iowa and Texas, where many Minnesotans own vacation property. That’s important because you must have an address — even if it’s a second home — within Regions’ 15-state footprint to open a 62+ checking account, but that can be done online or by phone (800-734-4667), said spokeswoman Jennifer Elmore.

Charlie checking account

Charlie is a fintech tailored to people over 62. It’s not a bank but provides banking services through Ohio-based Sutton Bank, which carries deposit insurance via the Federal Deposit Insurance Corp.

Its checking account is free with no opening or minimum balances required. And Charlie has made a name for itself by providing free enhanced fraud protection and alerts. Other features include: 4% interest on average monthly balances; Social Security payments 3-5 days early via direct deposit; and 55,000 fee-free Allpoint ATMs nationwide.

While Charlie has no branches, it offers U.S.-based phone support. And although it doesn’t offer customers traditional paper checks, “customers can send a printed check to anyone via their online account,” said spokeswoman Julie Halpin. “They simply fill out the information online, Charlie prints the check, covers postage, and sends it off on their behalf.”

Capital One Bank’s 360 Checking account

While the 360 checking account is open to anyone, many of its features are attractive to seniors.

It charges no monthly or overdraft fees, has no minimum balance requirements, has early pay on some direct deposits, access to over 70,000 fee-free Allpoint and MoneyPass ATMs nationwide, cash withdrawals at ATMs or cashiers at retailers like CVS and Walgreens, and 0.1% interest. And 360 Checking comes with printed checks, with the first 50 checks free.

Capital One’s hybrid model lets people open a 360 Checking account online or at any branch or Capital One Cafe if you want help from a human. You can also do other business at branches and cafés, which are more like comfy lounges.

Reality check

If you opt for free checking at an online bank or fintech, you probably won’t have access to a person in a branch office or a safe deposit box; you can’t make cash deposits, and you may incur third-party fees.