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9 Free Online Checking Accounts: No Opening Deposit Required
It’s essential to have a checking account, but some accounts come with monthly maintenance fees that can quickly add up. Many banks also require a minimum initial deposit when you open a new checking account.
The following ten checking accounts are free to open and don’t require an initial deposit. They also come with other features, like a free debit card, online and mobile banking, and much more.
Current is one of the fastest-growing mobile banking solutions in the U.S., with over one million members. However, Current is a financial technology company, not a bank. Current does not use ChexSystems or pull your credit report.
Some features of this free checking account from Current include fee-free overdraft protection of up to $200, 40,000 fee-free Allpoint ATMs, 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.
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 get access to over 16,000 ATMs with no fees, free online bill pay, and free 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 for 10 purchases 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 opening deposit to get started.
Axos Bank is an FDIC-insured bank that’s been in business for 20 years. NerdWallet recognized Axos as offering the best checking account, and Go Banking Rates awarded Axos the title of the Best Online Bank.
With the Rewards Checking account, you’ll be able to bank entirely online. Axos’ innovative banking platform integrates with apps like Mint and Venmo and allows you to aggregate multiple accounts into a single, simplified view.
0.10% APY on less than $15,000 minimum daily balance, and 0.25% APY on $15,000 minimum daily balance
Ally eCheck Deposit allows for check deposits from your smartphone
Free use of 43,000 Allpoint ATMs and up to $10 reimbursement for other ATM fees per cycle
Ally’s Interest Checking Account is a free online checking account that offers some of the highest interest rates in the industry.
Balances of less than $15,000 are eligible for 0.10% annual percentage yield (APY), while balances of $15,000 and up are eligible for a 0.25% APY. With no minimum deposit and no monthly maintenance fee, it’s easy to open an account online.
Ally is very transparent about its fees. However, be aware that Ally does have an excessive transaction fee. This fee goes into effect if you exceed six transactions with money market accounts (like online and mobile banking transfers) per statement cycle.
Get 1% cash back on up to $3,000 of debit card purchases every month
No minimum opening deposit
No monthly fee and no minimum deposit requirements
No fee for transfers to external banks
No fee online bill pay and no fee check orders
Access over 60,000 no-fee ATMs
While Discover is traditionally known for its credit cards, this online 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 purchases 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 a network of more than 70,000 ATMs, plus with mobile banking, you can deposit checks from your phone. You can also choose from three overdraft coverage options depending on what’s best for you.
The SoFi Checking and Savings account has no account fees. Plus, it offers free access to 55,000+ ATMs within the Allpoint® Network.
You can get your paycheck up to 2 days early when you set up direct deposit. You can also earn up to 15% cash back at local establishments when you pay with your SoFi debit card.
Navy Federal Credit Union offers membership to active-duty or retired members of the military and their families.
There are no minimum deposits, no minimum balance requirement, no monthly fee, and free direct deposit.
NFCU also offers optional overdraft protection. Otherwise, overdraft fees are $20. NFCU’s free checking account is an excellent option for service members and their families.
How to Choose the Best Free Checking Account
The above free checking accounts don’t require initial deposits, and each offers slightly different benefits. When choosing the bank account that’s right for your needs, consider how you’ll use the account, the type of balance you plan to carry, and what types of features you most value.
Be sure to pay attention to details like overdraft protection, fees for excessive transactions, out-of-network ATM fees, and other potential expenses you could face. You’ll also want to consider features like whether the checking account has online banking and a mobile app that you can use to pay bills and keep track of your balances and spending habits.
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.
