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These types of products are the most widely used as they are designed so that customers enjoy liquidity.
At the time of joining the financial activity, it is essential to know what type of bank account to open in order to keep the money obtained safe and, above all, to take care of the fine print of bank contracts to avoid charging any commission that could seem excessive or unfair.
Current accounts are the most widely used in banking institutions today, as they are designed so that customers have liquidity in the disposal of their money, for which we share the list of the 5 best current accounts without charging commission according to to the analysis carried out by the specialized portal Money Rates.
1. Discover Cashback Checking
This product has a high potential for penetration as it is an accessible product for customers with lower incomes and limited means, since in addition to having a free opening, it does not charge commissions for other items, including overdraft. It also offers 1% cash back on up to $3,000 per month on debit card purchases, giving you added value.
2. Axos Bank Essential Checking
Almost like the Discover account, the Axos Bank barely asks for a minimum amount of $1 dollar for the opening, in addition to not charging monthly fees for maintenance or overdrafts, applying only a fee of $5 dollars a month for the printed account statements, which does not represent a major difficulty, especially considering that a large part of the movements and inquiries can be made through online banking.
3. Arvest Bank Free Blue Checking
Although it asks for a minimum amount of $50 dollars to open the account, it is free of monthly charges to position itself as an accessible and profitable checking account among the market offers. The overdraft costs $17, an amount about $15 less than the average charge in the industry for products of this type, as well as a commission for the use of an ATM outside its network.
4. Huntington Bank
Another account that does not ask for a minimum amount to open, does not incur monthly commissions for use, but an amount of $23 dollars per overdraft, an amount that is closer to the range in banks for this penalty. Likewise, it has a charge of $3 dollars for cash withdrawal at ATMs that do not belong to its network.
5. Ally Bank Interest Checking
Like Discover Cashback Checking and Huntington National Bank Asterisk Free Checking, there are no origination or monthly fees, but there is a $25 overdraft fee, which is still below average. Regarding the withdrawal of cash at ATMs, despite withdrawing outside its network, this product does not charge.