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11 Free Online Checking Accounts: No Opening Deposit Required
A checking account is essential for managing personal finances, but be cautious of monthly maintenance fees and minimum deposit requirements. These costs can accumulate over time, potentially straining your budget.
Shop around for banks and credit unions that offer free checking accounts with no opening deposit, to maximize your financial flexibility.
11 Free Online Checking Accounts With No Opening Deposit
The following checking accounts are free to open and don’t require a deposit. They also come with other features, like a free debit card, online and mobile banking, and much more.
SoFi offers a Checking and Savings account loaded with an array of customer-centric features. Customers can enjoy no overdraft fees, no minimum balance requirements, and no monthly charges.
Additionally, by setting up a direct deposit, you can enjoy the convenience of receiving your paychecks up to 2 days earlier, a common feature among digital banking platforms.
What sets SoFi’s Checking and Savings account apart is the highly competitive interest rates it offers: a 4.60% APY on savings and a 0.50% APY on checking balances, with no minimum direct deposit amount to qualify for this rate.
For a limited time, SoFi offers an enticing sign-up bonus of up to $300 for new customers who make qualifying direct deposits, amplifying the appeal of this online banking option.
Maximize rewards with direct deposits and get paid up to 2 days early
Up to 2% cash back on purchases
The Upgrade Rewards Checking Plus account has no monthly fees, no ATM fees, and no transfer fees. Plus, you’ll get up to 2% cash back on everyday debit card transactions.
If you use an out-of-network ATM, Upgrade will give you a rebate on up to five ATM fees per month if you meet certain conditions.
Upgrade is a financial technology company, not a bank. Premier Savings accounts are provided by Cross River Bank, Member FDIC. Your funds are FDIC-insured up to $250,000.
First Tech Rewards Checking presents an appealing option for those seeking a beneficial banking experience without usual restrictions. This account delivers high-yield interest and numerous financial perks on a unified platform.
There is no minimum balance requirement and no monthly maintenance fee. Members have the opportunity to receive a $300 bonus by establishing a qualifying payroll direct deposit of at least $1,000 monthly for three consecutive months.
A key attraction of First Tech is its competitive interest rate, which goes up to 5.00% APY on both checking and savings accounts for certain balances, markedly surpassing many traditional and online banking institutions.
Moreover, First Tech provides convenient access with nearly 30,000 CO-OP network ATMs across the country for free withdrawals. It also offers increased financial flexibility and security with features such as instant fraud monitoring and complimentary overdraft transfers.
Current is one of the fastest-growing mobile banking solutions in the U.S., with over one million members. The fintech company does not use ChexSystems or pull your credit report.
With Current, you can build your credit effortlessly with every regular debit card transaction, and the best part? No borrowing or credit checks.
Some features of this free checking account from Current include free overdraft protection of up to $200, access to 40,000 Allpoint ATM locations, and no minimum balance requirements or hidden fees.
You can also get paid up to two days early with direct deposit and earn up to 15x points, and get cashback. With Current Pay, you can transfer money instantly to other Current account holders.
Chime is a user-friendly mobile app with a Visa® debit card. The Chime Checking Account boasts no monthly fees, no overdraft fees, and no foreign transaction fees.
The online application typically takes just a few minutes to complete. There are no physical locations, but consumers do have access to the bank’s network of 60,000 ATM locations across the country.
Chime makes it easy to make cash deposits and transfer money with its mobile app. You’ll get access to automatic deposits, online transfers, and ATM withdrawals.
GO2bank offers a free online checking account with no minimum deposit, no monthly fees (with eligible direct deposits), and no overdraft fees up to $200.
Account holders can access over 90,000 ATMs nationwide for free and earn up to 7% cashback on qualifying purchases.
With GO2bank, you can also receive your paycheck up to two days early with direct deposit. Plus, the app offers budgeting tools, bill pay, and check deposits. It’s easy to sign up and manage your account entirely through the GO2bank mobile app.
Chase is one of the most popular banks in the U.S. And now, they offer an account called Chase Secure Banking with no credit check, no ChexSystems, and no overdraft fees.
Account holders also gain access to free online bill pay, and complimentary money orders and cashier’s checks.
With 4,700 locations across the country, this is an excellent option for anyone who prefers having access to physical branches.
Opening a Chase Secure Banking account comes with a $100 cash bonus when you use the card 10 times within 60 days.
Account approval is immediate, and you’ll receive your debit card within days. There is a small monthly service charge of $4.95; however, there is no minimum deposit to get started.
Get 1% cash back on up to $3,000 of debit card purchases every month
No monthly fee and no minimum deposit requirements
No fee for transfers to external banks
Free bill pay and no fee check orders
Access to over 60,000 no-fee ATMs
While Discover is traditionally known for its credit cards, the bank also offers a Cashback Debit checking account that’s full of perks.
Opening a free checking account is simple and requires no initial deposit.
The real value of this online checking account lies in its cashback rewards program. You can receive 1% cashback on up to $3,000 in transactions every month.
If you open a Discover Online Savings Account, you can elect to have those rewards automatically deposited into the savings account. Or, just opt to get the rewards back as cash.
With its 360 Checking account, Capital One offers many perks and versatile options.
It’s possible to open and maintain this free checking account online, but Capital One’s local branches also offer in-person assistance if you should need it.
The 0.10% APY on all account balances is above average, and there’s no fee for foreign transfers.
Capital One also offers mobile check deposits, and you can select from three overdraft coverage options.
Navy Federal Credit Union caters to active-duty or retired military members and their families.
The credit union offers several checking accounts. They all come with no minimum deposits, no monthly fees, and there’s no minimum balance required.
NFCU also offers optional overdraft protection to help you avoid overdraft fees.
Overall, NFCU’s free checking accounts stand out as a top choice for service members and their families seeking a trustworthy and budget-friendly option.
Benefits of Opening a Checking Account Online
The digital era has transformed how we handle our finances, making it easier than ever to open a checking account online with no deposit. This shift towards virtual banking platforms offers a plethora of advantages, particularly for those who value convenience and efficiency in their financial dealings. Here are the key benefits of opting to open a bank account online, especially when no deposit is required.
Unmatched convenience: The ability to open a bank account online eliminates the need to visit a physical branch. This is a game-changer for those with busy lifestyles or limited access to traditional banking services.
Cost savings: By choosing to open a bank account online with no deposit required, you can often benefit from lower fees. Online-only banks typically have reduced overhead, allowing them to offer services more economically than traditional banks.
Immediate account access: When you open a bank account online, you usually benefit from a streamlined setup process. This means you can start managing your finances almost immediately after account creation.
State-of-the-art security: Online banks invest heavily in advanced security measures to safeguard your financial data, providing a secure environment to manage your funds.
Effective financial management tools: Online checking accounts are equipped with tools that help in budgeting and tracking expenses, simplifying the management of your financial life.
Ease of deposits: Easily deposit checks with mobile check deposit, which typically just requires a quick snap of the check with your smartphone.
Seamless integration with financial apps: Most online bank accounts can integrate with various financial apps, making it easier to oversee your entire financial landscape from one place.
Early access to funds: Many digital banks offer the perk of early paycheck access when you set up direct deposit, a feature particularly beneficial for those who need quicker access to their funds.
Eco-friendly banking: By electing to open a bank account online, you contribute to reducing paper waste, aligning with a more environmentally conscious approach to banking.
Reliable customer support: Online-only banks ensure that comprehensive customer support is readily available through multiple communication channels.
How to Choose the Best Free Online Checking Account With No Opening Deposit
Choosing the ideal free checking account with no opening deposit is an important financial decision. Given the rise of online banks offering a multitude of free checking accounts, the right choice can vary depending on a number of factors. Here are essential factors to weigh in your decision-making process:
No opening deposit & low minimum balance: A bank account with no deposit requirement removes the initial financial hurdle, making it easier to get started. Additionally, look for free checking accounts that have a low or no minimum balance requirement, giving you greater financial flexibility in the long run.
No monthly maintenance fees: Avoid deposit accounts that charge monthly maintenance fees. By doing this, you keep more of your money for yourself instead of spending it on fees.
Competitive interest rates: While uncommon, some checking accounts offer interest, which can grow your balance over time.
Fee-free ATM access: Opt for a free checking account with a wide ATM network and no withdrawal fees for convenient access to cash.
Online and mobile banking: Look for user-friendly features that allow you to pay bills, check your balance, monitor transactions, and transfer money between bank accounts.
Account alerts and notifications: Automated alerts for activities like low balances or suspicious transactions add an extra layer of security and awareness to your account management.
FDIC or NCUA insurance: Verify that the account is insured by the FDIC (banks) or NCUA (credit unions) for deposit protection.
Reliable customer support: Consider the availability and quality of customer support, such as live chat or 24/7 phone assistance.
How to Open an Online Bank Account With No Opening Deposit
Step 1: Choose a Bank that Suits Your Needs
Consider your banking needs and preferences. While traditional banks and credit unions might ask for a minimum deposit, many online banks do not. Above, we’ve listed the top U.S. online banks that let you open an account without any opening deposit, offering flexibility and convenience. Additionally, we’ve included a credit union which requires membership eligibility.
Step 2: Gather Required Documents
To open a U.S. bank account, you’ll need to verify your identity. Commonly required documents include:
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN);
A valid driver’s license, birth certificate, passport, or other government-issued ID;
Access to a smartphone and a valid telephone number for account security and notifications.
Step 3: Install the Bank’s Mobile App
Most online banks operate primarily through mobile apps. Download the app of the bank you have chosen on your smartphone. This app will be your primary tool for managing your account and performing transactions.
Final Step: Complete Your Identity Verification
Once you submit your identification documents, the bank will verify your status as a U.S. taxpayer. Expect to receive a verification code via SMS or through a two-factor authenticator app. This step ensures the security of your account and confirms that the account is being opened on your personal device.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
Paige Cerulli is a freelance writer whose work has appeared in publications like Business Insider and Bing. She lives in Massachusetts and enjoys playing the flute and horseback riding in her free time.
