FEATURED PARTNER OFFER
Axos Bank Rewards Checking
Annual Percentage Yield
Accurate as of 8/09/2023
Up to 3.30%
on balances up to $50,000
Minimum Deposit Requirement
$50
Monthly Maintenance Fee
$0
On Axos Bank's Website. Use Promo Code "AXOS300" by 06/30/2024 for an up to $300 bonus. Terms apply
Accurate as of 8/09/2023
Up to 3.30%
on balances up to $50,000
$50
$0
Best Free Checking Accounts With No Deposit of April 2024
Forbes Advisor analyzed over 300 unique checking accounts to find the best ones with no fees or minimum deposit requirements. Account details and annual percentage yields (APYs) are accurate as of April 3, 2024.
Best for Cash Back
Discover® Cashback Debit Checking
5.0
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
On Discover's Website
N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.
$0
$0
Why We Picked It
The Discover Cashback Debit account earned a spot on our list because it’s one of the best no-deposit checking accounts for earning cash back on everyday spending as well as avoiding fees and minimums. The account has no monthly fees and pays 1% cash back on up to $3,000 in debit card purchases each month. See website for details. Discover offers free access to over 60,000 ATMs, overdraft protection and an Early Pay feature for getting paid up to two days early.
Read our full Discover Bank Review.
Pros & Cons
- Earn cash-back rewards for debit card purchases. See website for details.
- No monthly maintenance, non-sufficient funds or ATM fees
- No minimum deposit requirement to open
- Does not earn interest
- $3,000 threshold on cash-back qualifying purchases per month. See website for details.
Details
As with its other banking products, Discover keeps fees with this account to a minimum. There’s also no non-sufficient funds fee or fee from Discover for using an out-of-network ATM. Official bank checks, outbound ACH transfers and online bill pay are complimentary as well.
Opening and maintaining an account is relatively easy—there’s no minimum deposit or minimum balance requirement.
Also, as an account holder, you’ll have access to your cash at more than 60,000 surcharge-free ATMs throughout the nation. Discover also offers a well-rated mobile app for iOS and Android—useful for managing your money on the go.
Keep in mind that some types of withdrawals and transactions are not eligible for cash-back rewards, including ATM transactions, money order purchases and peer-to-peer payments. There’s a $30 service charge per outgoing wire transfer from your account.
Best for Earning Interest
SoFi Checking and Savings Account
4.7
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
Up to 4.60%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
On SoFi's Website
Up to 4.60%
$0
$0
Why We Picked It
SoFi’s online Checking and Savings Account was picked for this list not only because it has no deposit minimums or fees but also because it earns competitive interest. As an interest checking and high-yield savings account rolled into one, it earns 0.50% APY on checking and 4.60% APY on savings if you set up direct deposit or by depositing $5,000 or more every 30 days. Customers who don’t mee this criteria earn 1.20% APY on savings balances. Plus, you can get paid up to two days early and enroll in fee-free overdraft coverage, and you’ll never pay a SoFi ATM fee. You can also earn up to 15% cash back at select local retailers.
Consider this account for your direct deposits, as these are required to unlock all benefits, and keep an eye on SoFi bonuses and promotions if you’re thinking about applying.
Read our full SoFi Bank Review.
Pros & Cons
- Competitive APY
- Few fees
- Early direct deposit
- Can earn cash-back rewards using SoFi debit card
- Large fee-free ATM network
- Must sign up for direct deposit or deposit $5,000 or more every 30 days to earn the highest interest rate
- No stand-alone checking account
Details
You have to set up direct deposit to earn 4.60% APY on your savings and Vaults balances and 0.50% on your checking balance. Alternatively, you can earn these rates by depositing at least $5,000 every 30 days. If you don’t meet any of these requirements, your savings and Vaults balances will earn 1.20% APY, and your checking will earn 0.50%. Interest compounds daily and is credited monthly.
This account has no fees. You can withdraw cash for free at any Allpoint ATM, and you can deposit cash at certain third-party retailers.
To earn the cash bonus, you have to set up and receive direct deposits totaling at least $1,000 within the Direct Deposit Bonus Period. Customers who receive direct deposits totaling $1,000 to $4,999.99 will get a $50 bonus, and customers who receive $5,000 or more will get a $250 bonus.
Disclosure
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Best for Saving
NBKC Bank Everything Account
4.6
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
1.75%
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
1.75%
$0
$0
Why We Picked It
The nbkc Everything Account is a fee-free high-yield checking account that landed a spot on this list thanks to its benefits, including a competitive rate and the ability to create savings goals. You can set up to 10 goals and make manual or automatic transfers toward them while tracking your progress with daily, weekly and monthly targets. The Everything Account earns 1.75% APY on any balance above $0.01 and reimburses up to $12 a month in out-of-network ATM fees.
Read our full nbkc Bank Review.
Pros & Cons
- Serves as a single account for both checking and savings
- No overdraft fees, monthly maintenance or returned item fees
- Reimburses $12 per month for out-of-network ATM fees
- No monthly qualifications needed to earn APY
- Incoming and outgoing international wire transfers are $45 per transaction
- Other banks and credit unions offer a higher yield on checking accounts
Details
Interest is compounded daily and credited monthly. The Everything Account does well in the category of fees—there are no overdraft fees, minimum balance fees, monthly maintenance fees or returned item fees. You also get a box of checks with your account.
Customers and noncustomers can quickly get in touch with customer service by using the bank’s live chat feature on its website. You can also contact the bank by phone or email.
NBKC includes a financial snapshot tool, allowing you to link all of your external accounts and get an overview of where your money goes each month.
Best for Credit Unions
Connexus Credit Union Xtraordinary Checking
4.6
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
Up to 1.75%
on balances up to $25,000
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
Up to 1.75%
on balances up to $25,000
$0
$0
Why We Picked It
The Xtraordinary Checking account is a top choice because it doesn’t stop at no fees or minimums—it also pays 1.75% APY on account balances of $25,000 or less and 0.25% on any amounts exceeding $25,000 and provides in-person access. To earn dividends, you must make 15 debit transactions or reach $400 in spending per month. Connexus is a nationwide credit union with branches in Illinois, Minnesota and Wisconsin that lets members use over 5,000 co-op branches and 67,000 ATMs across the U.S. for free. This account also offers $25 a month in third-party ATM rebates.
The Connexus Innovative Checking account also has no fees or deposit requirements, but it doesn’t pay dividends. Anyone can join Connexus with a $5 donation to the Connexus Association.
Read our full Connexus Credit Union Review.
Pros & Cons
- No minimum deposit required to open
- $25 in monthly rebates for ATM provider surcharges
- Relatively easy requirements to earn dividends
- Only pays 1.75% APY on account balances of $25,000 or less and 0.25% on any amounts exceeding $25,000 or less
- Compounds and credits dividends monthly
- Must open a savings account to get a checking account
Details
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded and credited monthly.
You won’t be charged by Connexus for in-network or out-of-network ATM transactions, but the owner of an out-of-network ATM could charge a fee. Fortunately, Connexus reimburses up to $25 per month in ATM surcharges, provided you meet the account’s monthly requirements. Connexus Credit Union doesn’t charge account holders a fee for overdraft transfers from linked accounts.
In addition to the regular group and geographic categories of membership, you can become a member by making a one-time $5 donation to the Connexus Association.
Best for Full-Service Online Banking
Ally Bank Spending Account
4.5
Our ratings take into account a product’s features, costs, consumer ratings, security and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Percentage Yield
0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 minimum daily balance, and 0.25% APY for accounts with minimum daily balances of $15,000 or more
Up to 0.25%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 minimum daily balance, and 0.25% APY for accounts with minimum daily balances of $15,000 or more
Up to 0.25%
$0
$0
Why We Picked It
We picked Ally Bank’s Spending Account because Ally is a reputable, full-service online bank with no shortage of no-fee, no-minimum accounts. The Spending Account doesn’t charge monthly maintenance, overdraft or low balance fees, and it offers early direct deposit. Flexible overdraft transfer service and a free CoverDraft protection option that covers up to $250 in overdrawn transactions are other perks. Ally has a large ATM network and reimburses up to $10 in out-of-network ATM fees per month, and the bank offers 24/7 customer service.
Read our full Ally Bank Review.
Pros & Cons
- High customer service satisfaction
- Customer service is widely available
- Low fees and minimums
- Out-of-network ATM fee reimbursem*nt up to $10 per statement cycle
- Lower app rating on Google Play
Details
Customers are eligible for $100 Coverdraft protection—Ally’s overdraft protection—30 days after depositing at least $100 in the account. To receive up to $250 in protection, you must set up qualifying direct deposits.
Summary of Best Free Checking Accounts With No Deposit
| Account | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Annual Percentage Yield | Minimum Deposit Requirement | Monthly Maintenance Fee | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| Discover® Cashback Debit Checking |  | 5.0 |  | N/A | $0 | $0 | Learn More | On Discover's Website | |
| SoFi Checking and Savings Account |  | 4.6 |  | Up to 4.60% | $0 | $0 | Learn More | On SoFi's Website | |
| NBKC Bank Everything Account |  | 4.6 |  | 1.75% | $0 | $0 | Learn More | Read Our Full Review | |
| Connexus Credit Union Xtraordinary Checking |  | 4.6 | | Up to 1.75% | $0 | $0 | Learn More | Read Our Full Review | |
| Ally Bank Spending Account |  | 4.5 | | Up to 0.25% | $0 | $0 | Learn More | Read Our Full Review |
Methodology
To create this list of the best free online checking accounts with no opening deposit requirements, Forbes Advisor analyzed 351 checking accounts at 146 financial institutions, including a mix of traditional brick-and-mortar banks, online-only banks and credit unions. We ranked each account using 18 data points within the categories of fees, minimum account requirements, customer experience, digital experience and access.
The following percentages were assigned to each category in scoring:
- Minimums: 40%
- Fees: 30%
- Customer experience: 10%
- Digital experience: 10%
- Access: 10%
Each category also contained additional metrics, including monthly fees, the ability to waive fees, overdraft fees, ATM fees, non-sufficient funds (NSF) fees, minimum balance requirements and minimum deposit requirements. We also considered customer service access and ratings, online access, mobile access, mobile app ratings and account membership requirements.
Accounts with low banking fees, high customer service scores, large ATM networks and well-rated mobile apps ranked highest. Checking accounts must have no opening deposit requirements and be nationally available to appear on this list.
To learn more about our rating and review methodology and editorial process, read our guide on How Forbes Advisor Reviews Banks.
What Is a Free Checking Account With No Deposit?
A free checking account with no deposit is a checking account that doesn’t charge monthly maintenance or account opening fees and doesn’t have a minimum deposit requirement. In other words, you can open one with $0 and won’t pay a monthly fee to keep it.
These accounts may still charge other checking fees, like NSF or out-of-network ATM fees. However, many waive a lot of these too. The best no-deposit checking accounts also earn interest or offer perks like cash-back rewards and ATM fee reimbursem*nts.
Overall, free no-deposit checking accounts are ideal for beginners because they don’t require large deposits to avoid fees. However, other types of checking accounts, such as high-yield checking or rewards checking accounts, may be better for earning money on your deposits.
How To Choose a Free Checking Account With No Deposit
When picking a free checking account without deposit requirements, there are several factors to consider:
- Bank fees. Even if an account doesn’t charge monthly fees, it may charge fees for other activities. Pay attention to bank fees for overdrafts, ATM withdrawals, wires and checks.
- Interest rates. Does the account earn interest, and is the interest rate competitive with other interest-bearing checking accounts?
- Rewards. Some checking accounts pay cash back on spending. Consider the cash-back rate for these accounts as well as monthly and annual reward limits that apply.
- ATMs. How many fee-free ATMs does a bank offer, and will it charge you for using out-of-network ATMs? Are third-party ATM fee reimbursem*nts offered?
- Access. Consider how user-friendly a bank’s mobile app and online platform are, as well as the number and availability of physical branches for in-person banking.
How To Open a Checking Account Online With No Deposit
Opening a checking account online without making a deposit is simple. Generally, these are the steps you’ll follow:
- Research your options and choose a checking account.
- Visit the bank’s website or a physical branch to begin your application.
- Provide personal information and verification to complete the application. This typically includes your Social Security number, government-issued ID and contact information.
Because these accounts don’t require minimum deposits, you don’t need to transfer funds at this stage, though this is something you’ll often be asked to do when opening a bank account. Still, some accounts require you to have a positive balance within a certain number of days of opening. When your account is approved, you can begin using it.
Find The Best Checking Accounts Of 2024
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