Join the Revolution: Fee-Free Bank Accounts & Feature/Benefit Comparison

scissors cutting up the word feeBanking is a huge part of modern day economics. Banks have a large role and as such, sometimes too much power. I got my first bank account at around age 12 because I was making some money buying and reselling items on Craigslist and thus needed an account for safe-keeping. I thoroughly enjoyed the benefits of having my money so easily accessible in the online world, yet many things about the whole system bothered me. I distinctly remember one situation where I’d run out of money but they still processed an online order AND charged me an overdraft fee. I didn’t understand why they couldn’t just not let the transaction go through. Even as a kid, I knew that practice was wrong. Today, I understand more about banking and the economy, and still adamantly believe that bank fees are yet another way to make everyday life harder for those surviving on low incomes, and as such should be stopped.

Luckily, fee-free banks have recently started popping up left and right. These banks do not have physical storefront locations, are mostly run online, and offer most if not all of the features you’d enjoy with a ‘regular’ bank. With the influx of FDIC insured no-fee mobile banks within the past few years, many friends I’ve spoken to about this found it quite overwhelming, trying to decide. In hopes to lessen the confusion and assist more people make the change to no fee banks, I have compiled a list of fee-free online banks along with their features so that you can make a more educated decision sans headaches.

The Banks:

Chime

Varo

Simple

Empower

Qapital

Aspiration

SoFi


 

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