Forecasted Top National Banks of the Year 2025
In a recent analysis by Kiplinger and data partner Curinos, several national banks emerged as top choices for those seeking free checking accounts with competitive yields and valuable perks. Among the standout banks are Axos Bank and Fifth Third Bank.
Axos Bank
Axos Bank offers a comprehensive checking and savings package with no monthly fees. The Axos ONE checking account can yield up to 0.51% if you meet certain conditions such as monthly direct deposits of $1,500 and maintaining a $1,500 daily balance. The associated savings account offers a yield of 4.66% under those conditions. Other free checking options include CashBack Checking (which offers 1% cash back on signature debit purchases with a $1,500 balance), Golden Checking for 55+ customers, and First Checking for teens. [1]
Fifth Third Bank
Fifth Third Bank's Momentum Checking is a free basic checking account. Preferred Checking, on the other hand, waives its $25 monthly fee if you have a combined deposit and investment balance of $100,000. This account includes perks such as up to 10 monthly out-of-network ATM fee reimbursements, free standard checks, discounted loan rates, investment guidance, and identity theft protection. The Momentum Savings account fee is waived with a $500 balance or qualifying conditions, but recent yields are very low (~0.01%). However, Fifth Third Bank's promotional CDs offer strong yields, recently up to 4.35% for a 3-month CD with a $5,000 minimum deposit. [5]
Among BMO's offerings, the Smart Advantage Checking account is free with no monthly maintenance fee or required minimum balance. BMO's Savings Builder account is also free, and BMO contributes an extra $5 for each month that you save $200 or more during the first year. [2]
TD Bank's Signature Savings account has a $5 monthly fee, but you can bypass it if you maintain a $300 daily balance or link it to a Beyond or Complete checking account. [3]
Fifth Third Bank has nearly 1,100 branches in 11 states in the Midwest and South. BMO, on the other hand, has a wider geographical reach, with operations across North America.
In summary, the top national banks evaluated by Kiplinger on fees, minimum balance requirements, yields, and extra perks include Axos Bank, Fifth Third Bank, and BMO. These banks emphasize no monthly maintenance fees on checking accounts, achievable yields on checking or savings (typically conditional on direct deposits or minimum balances), and valuable perks like ATM fee reimbursements and discounted services. [4]
[1] Axos Bank website: https://www.axosbank.com/checking-accounts/ [2] BMO Harris Bank website: https://www.bmoharris.com/personal/checking-accounts [3] TD Bank website: https://www.tdbank.com/personal-banking/checking-accounts/ [4] Kiplinger article: https://www.kiplinger.com/article/banking/T056-C002-S001-best-free-checking-accounts.html [5] Fifth Third Bank website: https://www.53.com/banking/checking-accounts/momentum-checking.html
Axos Bank's Axos ONE checking account, which offers up to 0.51% yield under certain conditions, is a good choice for those seeking a free checking account with competitive yields in the realm of personal-finance. Furthermore, Fifth Third Bank's Preferred Checking account, with its advantages such as up to 10 monthly out-of-network ATM fee reimbursements and discounted loan rates, could be beneficial for those engaging in business activities alongside their personal-finance management.
