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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 initial deposit requirements. These costs can accumulate over time, potentially straining your budget.
Shop around for banks and credit unions that offer no-fee checking accounts, along 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 an initial 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, SoFi ensures easy cash access with over 55,000 ATMs across the Allpoint® Network available at no cost.
Moreover, 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 4.50% APY on savings and a 0.50% APY on checking balances, with no minimum direct deposit amount to qualify for this rate.
An additional perk comes with the SoFi debit card, offering up to 15% cash back at local establishments, adding yet another reason to consider using SoFi’s services.
For a limited period, SoFi offers an enticing sign-up bonus of up to $250 for new account holders who make qualifying direct deposits, amplifying the appeal of this online banking option.
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.
There are no physical locations, but consumers do have access to the bank’s network of 60,000 ATMs 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.
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 purchases.
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.
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 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.
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 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 deposit to get started.
With a 20-year track record, Axos Bank is a reliable and FDIC-insured institution that has received accolades from NerdWallet for its top-notch checking account and was named the Best Online Bank by Go Banking Rates.
The Rewards Checking account delivers a seamless and entirely online banking experience. Axos’ state-of-the-art platform boasts compatibility with popular apps like Mint and Venmo, allowing you to efficiently manage your money.
The platform’s user-friendly design enables you to consolidate multiple bank accounts into one streamlined view, making account monitoring a breeze.
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 this bank 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 a money market account (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 deposit
No monthly fee and no minimum deposit requirements
No fee for transfers to external banks
Free bill pay and no fee check orders
Access 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 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.
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.
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 several factors. Here are essential factors to weigh in your decision-making process:
No Opening Deposit and Low Minimum Balance Requirement
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. This helps you keep more of your money for your own use rather than spending it on fees.
Competitive Interest Rates
Though rare for checking accounts, some do offer interest. If available, a competitive interest rate can be a beneficial feature, allowing your balance to grow over time.
Fee-Free ATM Access
One of the perks of choosing online banks for your free checking account is their typically broad ATM networks. Search for an online bank account that provides widespread, fee-free ATM access. This ensures you’re never too distant from your cash and eliminates the inconvenience of additional fees when you need to withdraw money.
Strong Online and Mobile Banking Capabilities
A well-designed online banking platform and mobile app are crucial for effective financial management. Look for user-friendly features that allow you to pay bills, check your balance, monitor transactions, and transfer money between 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 Insured
Make sure your account is either FDIC (for banks) or NCUA (for credit unions) insured. This provides you with the maximum legal protection for your deposits.
Customer Support
Finally, consider the level of customer support provided. Whether it’s a live chat feature or a 24/7 hotline, timely and effective support can be crucial in addressing any issues or questions you may have.
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.
