Opening a free checking account doesn’t mean everything will be for free. Low to No Minimum BalanceWhile some traditional checking accounts require a minimum balance, a free checking account typically has a low to no minimum balance requirement. Interest RateFree checking accounts are not known for high-interest rates, but some offer options that can be better than traditional checking accounts. FDIC InsuranceIf you don’t have a checking account and have been leaving your money somewhere safe, you may be interested in a checking account with security. If you like Chime, you can qualify for a savings bank account after you open a checking account.