Check out Dungeon Runners, a free* MMO put out by NCSoft. The asterisk indicates a catch. The game is free to play, but playing free means no access to a bank, stacking pots, or the swankiest loot in the game. If you want access to all that, you have to shell out $5 a month.
There's also Sword of the New World: Granado Espada. This game appears to be completely free to play. X-Play reviewed the game and reported that you cap out at level 20 and have to pay a monthly subscription to level past that. But I can't find any mention of that on the game's site.