Why does all the free checking cost money?
January 10, 2010 3:15 PM   Subscribe

Looking for a checking account like ING Electric Orange.

I'd like a checking account with features similar to ING's Electric Orange Account. Free checking, no monthly minimum, no fees, free overdraft line-of-credit, etc.

I currently have Citibank, but as of February they will start requiring a monthly minimum and direct deposit for their free checking. I already have an ING electric orange account, so I can't get another one.

I would like a checking account that is completely free. No monthly minimums. Doesn't require direct deposit. Just free! It would be nice if it had the free overdraft line-of-credit that ING has as well. Online banks are fine. Brick and morter banks are better.

I'm located in Chicago.
posted by Arbac to Work & Money (20 answers total) 15 users marked this as a favorite
 
Best answer: I have and love Schwab's High Yield Investor Checking account.
posted by roomwithaview at 3:19 PM on January 10, 2010


Best answer: Do you have a reason for not wanting to use ING Checking? I've used them for a bit (though not as my primary account) and I've been pretty happy with them.

For my main account I use Charles Schwab. Features include no miniumums, 1% interest rate on all deposits (again, no minimum), and rebates on any ATM fee (no limit on that.) Also, their customer service is amazing (and 24x7) - I've never had a bad interaction with them, and they seem to actually know what they're talking about.

Schwab has some branches scattered across the country, but those are more focused on the brokerage side of business. The banking side is mostly online.
posted by jourman2 at 3:21 PM on January 10, 2010


Jinx
posted by jourman2 at 3:22 PM on January 10, 2010


Best answer: Add my vote to the Schwab pile, too.
posted by grieserm at 3:32 PM on January 10, 2010


Response by poster: I already have an ING checking account. It's a joint account used to pay rent and utilities only. Unfortunately ING only lets you have 1 checking account. If I could I'd love to have a 2nd to use for everything else. I'll look into Charles Schwab.
posted by Arbac at 3:34 PM on January 10, 2010


Check out National City as they have branches around Chicago. I've been with them (with the free checking) for a few months and they seem pretty good. I really like their online interface. From a quick check of their site, the free checking does not require direct deposit (I have direct deposit so I didn't have to find out about this when I signed up). I'm not sure about the overdraft line of credit either, but it's worth asking them about. I have overdraft protection through my savings acct with them.
posted by amethysts at 4:00 PM on January 10, 2010


I am happy with my Salem Five eOne account.
posted by kindall at 4:09 PM on January 10, 2010


How about Ally Bank? Kind of like ING, but slightly higher interest paid.
posted by bink at 4:23 PM on January 10, 2010


Are you sure about that "1 checking account" limit? I have two ING Orange checking accounts.
posted by dmd at 4:27 PM on January 10, 2010


I have an Ally money market account too. It's good, but it has a limit on the number of outgoing transactions that can be processed each statement period. Going over the limit incurs fees. I think banking regs require it.
posted by roomwithaview at 4:30 PM on January 10, 2010


Best answer: nthing Schwab. I have a Schwab account and love their customer service/features. I recently closed a BoA checking account and opened a new one online. I believe they are still running a promotion through which you get a no-fee checking account if you open it online.
posted by palionex at 4:53 PM on January 10, 2010


In case it makes a difference, if you have a Citibank savings account linked to your checking account, you can use that to fulfill the minimum balance/direct deposit requirements.
posted by whitelily at 5:00 PM on January 10, 2010


USAA. Awesome!
posted by bleeb at 5:04 PM on January 10, 2010


Seconding USAA - looks like you don't have to be eligible for their insurance to use their banking products, and their customer service has repeatedly (and deservedly) earned top marks. Here's info on their free checking.
posted by Ponsonby Britt at 5:17 PM on January 10, 2010


Just dropping in to link to make the obligatory link to the Fatwallet forum on e- and regular high yield checking/savings accounts.
posted by fatllama at 5:46 PM on January 10, 2010


Best answer: Nthing Schwab. In addition to what everyone's said so far, I've found them particularly useful for traveling abroad if you don't want to carry cash or traveler's checks. Schwab provides largely fee-less withdrawals from ATMs worldwide, save for whatever's lost in the currency conversion. (At least, this was true when I last used them for that purpose.)

Also, check out Capital One. Their checking accounts are convenient and fee-less too, and they have quite a few brick-and-mortar locations in certain states. I opened one a few weeks ago, with a $300 signing bonus after my first direct deposit, no other strings attached.
posted by SpringAquifer at 5:51 PM on January 10, 2010


Best answer: Nthing Schwab Investor Checking as well. I opened an account before I went overseas (ATM fee refunds + no currency conversion fee = Amazing for international use). The ATM fee refunds have been a godsend since I moved to a new city and haven't had time to switch to a local bank.

Their customer service has always been top notch for me as well.
posted by sciencemandan at 9:45 PM on January 10, 2010


I use ING Direct (love it) and PayPal since PayPal now has a Debit Card and I'm paid through it, so I have deposits made to it twice a week.

But you're looking for bricks and mortar. Not sure what to advise there. I'm not sure if there's any bricks and mortar banks even offering any of the positive features that online banks do. It seems all the local banks (which is what I call bricks and mortar banks) offer is how much they can rip you off for.
posted by VC Drake at 10:09 PM on January 10, 2010


yes ING won't allow more than one checking, more savings are ok though.
posted by thilmony at 5:01 AM on January 11, 2010


Response by poster: Went with Schwab. Looks perfect. Thanks!
posted by Arbac at 11:40 AM on January 11, 2010


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