The best no-fee checking accounts right now - Business Insider

: No monthly service fees and all balances earn 1.01% APY for the first year; after that, the rate drops to between 0.25% to 0.65%. To enjoy unlimited ATM reimbursement you need to keep an average daily balance of at least $5,000. You also need at least $100 to open the account.At Personal Finance Insider, we strive to help smart people make the best decisions with their money.

We understand that "best" is often subjective, however, so in addition to highlighting the clear benefits of a checking account — no fees, for example — we outline the limitations, too.To find the best no-fee checking accounts, we consulted our list of the best checking accounts, many of which are completely free for all accountholders, regardless of their balance.

Unlike a savings account, a checking account doesn't need to have a high interest rate to be good. In fact, the annual percentage yield shouldn't matter much if you're using your checking account to pay your monthly bills and cover expenses in short order. If your money is constantly flowing in and out of your checking account, it won't get a chance to earn much interest anyway.

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