Exchange Bank Checking Accounts — Free, Interest & Rewards
Three tiers built for different financial lives. No maintenance fees on free checking, competitive interest on balances above $1,500, and cashback rewards for everyday spending. Every account is FDIC insured and includes full digital banking access.
Exchange Bank offers three personal checking tiers: Free Checking (no monthly fee, no minimum balance), Interest Checking (APY on balances of $1,500+), and Rewards Checking (cashback debit card, highest APY tier). All accounts include online banking, mobile check deposit, Zelle transfers, and a Visa debit card. Accounts are FDIC insured up to $250,000 per depositor. Call (800) 397-3962 to speak with a banker or get help choosing the right tier.
Account Options
Compare Exchange Bank Checking Tiers
All three tiers include a Visa debit card, free online and mobile banking, mobile check deposit, Zelle, and FDIC insurance. The differences come down to balance requirements, monthly fees, and added perks.
| Feature | Free Checking | Interest Checking | Rewards Checking |
|---|---|---|---|
| Monthly Fee | $0 | $0 (waived with $1,500 avg balance) | $0 (waived with $2,500 avg balance) |
| Minimum Opening Deposit | $25 | $25 | $25 |
| APY on Balances | None | 0.10% APY on balances $1,500+ | 0.25% APY on balances up to $25,000 |
| ATM Fee Reimbursement | None | Up to $10/month | Up to $25/month |
| Debit Card Perks | Standard Visa debit | Standard Visa debit | 1% cashback on debit purchases |
| Overdraft Protection | Optional (linked savings) | Optional (linked savings) | Optional (linked savings or LOC) |
| Paper Statements | $3/month (free e-statements) | $3/month (free e-statements) | Free (paper or e-statement) |
APY = Annual Percentage Yield. Rates accurate as of publication date; subject to change. FDIC insured. See account disclosure for full terms.
Tier One
Free Checking — Zero Fees, Full Access
Exchange Bank Free Checking is designed for people who want a straightforward account with no surprises. There is no monthly maintenance fee, ever, and no minimum balance to maintain after the initial $25 opening deposit.
The account comes with a Visa debit card, free access to the Exchange Bank mobile app, mobile check deposit, and Zelle integration for peer-to-peer transfers. Online bill pay is included at no charge. Standard overdraft protection — linked to a savings account — is available on an opt-in basis.
Paper statements cost $3 per month; switching to e-statements eliminates that charge immediately. Free checking suits customers who manage cash carefully and do not need interest earnings on their balance. It is also the easiest account to switch to from another bank, since there are no ongoing balance thresholds to track.
For customers who want to earn interest on their everyday balance, Exchange Bank savings accounts pair seamlessly with free checking through automatic transfer features.
Tier Two
Interest Checking — Your Balance Works for You
Interest Checking from Exchange Bank pays 0.10% APY on balances of $1,500 and above. The monthly fee is waived when the average daily balance stays at or above that threshold — keep more in the account and you pay nothing while earning a return.
This tier adds up to $10 per month in out-of-network ATM fee reimbursements, which covers most casual users who travel occasionally or live in areas without a branch nearby. The Visa debit card, online banking, Zelle, and mobile check deposit are identical to the free tier.
Interest Checking is a strong fit for customers who typically carry a meaningful balance and want that money earning something rather than sitting idle. If your balance regularly exceeds $2,500, the Rewards tier may deliver more value through higher APY and cashback debit perks. Compare both on this page before deciding.
Balances below $1,500 in a given month will trigger the $8 monthly fee, so customers who anticipate variable cash flow may prefer to keep free checking and pair it with a money market account for interest earnings.
Tier Three
Rewards Checking — Cashback and Competitive APY
Exchange Bank Rewards Checking pays 0.25% APY on balances up to $25,000 and adds 1% cashback on qualifying debit card purchases. The monthly fee is waived with an average daily balance of $2,500 or more.
ATM fee reimbursements scale up to $25 per month — useful for customers who travel frequently or who use ATMs as their primary cash source. The Rewards debit card carries the same zero-liability protection as the other tiers but adds the cashback layer that accumulates automatically each statement cycle.
Overdraft protection on the Rewards account can link to either a savings account or an Exchange Bank personal line of credit, giving customers a two-layer safety net. This account also includes free paper or e-statements with no monthly surcharge.
Customers maintaining $25,000 or more across deposit accounts may want to evaluate an Exchange Bank money market account, which provides tiered APY based on balance and includes check-writing privileges alongside the same FDIC protection.
FAQ
Exchange Bank Checking — Questions Answered
Common questions about overdrafts, fees, joint accounts, debit cards, and switching banks.
Does Exchange Bank charge overdraft fees on checking accounts?
Exchange Bank offers overdraft protection linked to a savings account or line of credit. Standard overdraft transfer fees apply when funds are moved automatically. Free checking customers can opt out of overdraft coverage, meaning transactions that exceed the available balance will be declined rather than processed and charged a fee. Contact (800) 397-3962 to review your overdraft settings.
Is there a minimum balance requirement for Exchange Bank free checking?
No. Exchange Bank Free Checking has no minimum opening deposit beyond an initial $25 to fund the account, and no ongoing minimum balance requirement. There is no monthly maintenance fee regardless of your balance. You can maintain a $1 balance without any penalty, though overdraft protection requires a linked savings account with available funds.
Does Exchange Bank issue a debit card with checking accounts?
Yes. Every Exchange Bank checking account includes a Visa debit card at no charge, typically mailed within 5–7 business days of account opening. The card is accepted wherever Visa is honored and carries zero-liability fraud protection on unauthorized transactions. Rewards checking cardholders earn 1% cashback on qualifying purchases, credited each statement cycle.
Can I open a joint checking account at Exchange Bank?
Yes. Exchange Bank allows joint checking accounts with two or more account holders. Each owner has equal access to funds and receives their own Visa debit card. FDIC insurance applies separately per depositor per ownership category, so a joint account may be insured for up to $500,000 total — $250,000 per individual owner.
How do I switch my checking account to Exchange Bank?
Switching to Exchange Bank is straightforward. Open your new account online or by calling (800) 397-3962, then update any direct deposits and automatic payments to the new account number. Exchange Bank provides a switch kit with pre-filled change-of-account letters to send to employers and billers. Allow one to two pay cycles for direct deposit to route correctly before closing your old account.
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