Easily Open a Bank Account With No Deposit Required In 2024

Is it possible to Open a Bank Account With No Deposit Required? The idea may seem contradictory because banks are the most popular places to store cash.

The number of people opening a bank account online has steadily increased, especially those who wish to open a free account without a minimum balance requirement, opening fee, or credit check. 

The good news is that several banks let you Open a Bank Account With No Deposit Required and even with bad credit.  

This article discusses banks offering Open a Bank Account With No Deposit Required or credit check, highlighting the benefits and features they offer to help you regain financial control.  

Let’s dive into it.

Can I Open A Bank Account Without Money?

This question can be answered quickly with no. To compete with the traditional big banks, US neobanks offer fee-free bank accounts without any opening or minimum deposit requirements.

There is often a minimum balance required by standard banks – ranging anywhere from $25 to $100. Because banks lend and mortgage their clients’ money, banks gather their money. The limit on the amount of money that can be withdrawn from an account is set by traditional banks to maintain enough liquidity to issue loans.

On the other hand, US online banks do not charge interest on loans and do not require their customers to keep a minimum balance in their accounts. One of the advantages of online banks is that they do not have physical locations, which allows them to save a plentiful amount of money.

Furthermore, online banks frequently make money by simply passing interchange fees onto merchants. Interchange fees relate to a charge of a fee that is assessed on a transaction made via a payment platform, such as Visa or MasterCard. You won’t have to pay anything extra for this.

Since you can Open a Bank Account With No Deposit Required, US banks that accept online bank accounts do not charge you hidden fees when you open an account. A minimum deposit is typically required for opening an account at a traditional bank. Additionally, you can access Free Online Banking No ID Required at a minimal cost

Top Bank For Open a Bank Account With No Deposit Required

Ally

There is a 0.25% APY on Ally’s high-interest checking account, which is much higher than the average. Banks like Ally don’t charge any fees for their interest checking accounts, and they are up-front about those fees. There are early direct deposits available, a debit card, complimentary checks, and online banking included in the account.

Capita One 360

A good option for online banking is Capital One, which does not require a minimum deposit and does not charge monthly maintenance fees. You can Open a Bank Account With No Deposit Required and credit score requirement at the bank.

The 360 Checking account earns a small APY, though it isn’t as competitive as some other checking accounts.

The Capital One debit card can also be used at 70,000 ATMs, and Direct Deposit, Mobile Banking, and Online Bill Pay are also available. The Capital One Cafes in select cities also offer work, coffee, and meetings with bank ambassadors.

Discover

You can apply for personal loans through Discover’s online banking services. Cashback Debit Checking Accounts can be opened online without any deposit or excellent credit score. This account is free to open, and more than 60,000 ATMs are accessible. 

The Discover debit card lets you earn up to 1% cash back on purchases up to $3,000 a month. It is also possible to pair this new checking account with a savings account from Discover that also offers fair interest rates. Online banking from Discover is impressive, even though its debit cards are not accepted everywhere. 

Current

The main selling point of Current is its 4.00% APY rate, which helps you save 20 times as much as the national average. It’s one of the better options on this list if you’re looking to open a monitored account for your teenager.

Apart from that, the Current checking account doesn’t offer as many features as other accounts in this ranking. You might want to consider other options if you use its premium features.

Charles Schwab

One of the unique features of the Investor Checking account from Charles Schwab is the brokerage investment account included with the account. To Open a Bank Account With No Deposit Required, there is no fee or minimum deposit required. Your checking account earns 0.45% APY, and you can transfer money from it to your brokerage account. In addition, Schwab doesn’t charge overdraft or insufficient funds fees, and you get a free debit card, free checks, and online and mobile banking.

Chime

The Chime company offers an online checking and savings account with several features. APYs on Chime savings accounts are much higher than the national average, and there are no initial deposits or minimum balance requirements.

Account holders can also choose from a variety of automatic saving options, including rounding up debit purchases to the nearest dollar and transferring the difference to savings. 

Alliant

A wealth of banking and lending products makes Alliant one of our highest-rated digital credit unions. The credit history of Alliant, as well as the other institutions on our list, is not taken into account.

This bank’s checking account offers a moderate annual percentage yield and comes with a contactless debit card that provides free access to over 80,000 ATMs, as well as an app that is user-friendly.

The company also offers cash back at ATMs, which are deposited directly into your account every month.

You won’t be charged monthly fees or minimum balance requirements when you open an Alliant checking account. There will be some other standard fees, such as an NSF (non-sufficient funds) fee.

Varo

It is a favorite among those down on their luck because it does not use ChexSystems to verify banking history. There is no minimum balance or monthly fee at this online-only bank, which provides free access to 55,000 ATMs around the world. 

A free Varo debit card and free paper check mailing are included when you Open a Bank Account With No Deposit Required. When you sign up for a direct deposit, you can be paid two days earlier. Your finances can be straightened out by just doing this. To take advantage of Varo’s automatic savings tools, you can also add a high-yield savings account. 

Revoult

The Revolut checking account and debit card are available in the US through Metropolitan Commercial Bank. The Revolut savings account offers interest-earning features, direct deposit, free ATM withdrawals, and no minimum deposit.

Furthermore, Revolut’s international money transfer software is among the best in the industry. You can hold a balance in more than 20 foreign currencies and receive ten free foreign transfers a month.

Majority

The Majority app offers a US checking account with no minimum deposit requirements for US immigrants. The service offers multilingual support to its international clients and free international calling to the UK, Mexico, and dozens of other countries to help you connect with family back home. Their app also offers low-cost international money transfers.

Majority is a great option for US residents and those who get paid in USD. It’s especially beneficial for newcomers and those with family abroad.

Juno

The Juno checking account features impressive cryptocurrency capabilities, from trading to crypto rewards. The minimum deposit is not required, but if you deposit cash, you can earn a 5% annualized bonus on your first $10,000 and a 3% annualized bonus up to $250,000.

It also waives ATM withdrawal fees for withdrawals made outside the network. It also offers a crypto wallet and cashback of 5% on five brands of your choice.

Bank Account Alternatives That Require A Small Deposit

These banks might be a good choice if you aren’t satisfied with the ones we listed above and have a little bit of money to spare. Even though they may not offer the same benefits as the eight banks mentioned above, they may be able to provide you with some assistance.  

Axos

Axos offers a Second Chance Checking Account for $50 when you open it. A savings account can be linked to an overdraft protection account.

Bank of America

A new BofA account requires only $25 to open and comes with a $4.95 maintenance fee per month. At ATMs, you can withdraw cash for free.

First American Bank

There is a monthly fee of $9.95 and a $50 opening balance requirement for this bank account. You have the option of writing unlimited checks with First American Bank, as well as accessing e-statements and digital tools. 

GoBank

This account does not perform ChexSystems financial checks and requires at least $20 to open. You will be charged an $8.95 monthly maintenance fee, but you will have access to

OneUnited Bank

The bank offers free ATMs and online banking. It will cost you $50 to get started. 

Wells Fargo

This account requires a $25 minimum deposit if you’re between 13 and 24 years old. You can waive the $5 monthly fee for this account if you’re between 13 and 24 years old. The bank does provide both in-person and online banking services. 

Woodforest National Bank

Your new Woodforest National Bank account will give you access to over 700 physical locations and free ATMs. The checking account comes with a monthly fee and a one-time account opening fee. 

How To Open a Bank Account With No Deposit Required?

You can manage your finances easily and conveniently by opening a bank account online. Your credit score and the amount of deposit are fine if you have one. The steps for opening a bank account online without a deposit are as follows:

Research

It is important to research several banks and credit unions before opening an account so that you can open one that meets your needs. You should look for a bank account that allows you to open an account online, has no deposit requirement, and does not require a credit check. There are some online banks that are more flexible on this front.

Gather the Required Documents

When opening an account with a bank, some form of identification will be required. An ID issued by the government, such as a driver’s license or passport, and proof of address are usually required.

Apply Online

You can begin the account opening process once you’ve found a bank or credit union that meets your needs. Your name, address, and contact information will be needed to complete an online application.

Await approval

 As soon as you submit your application, the bank will review it and approve it. Your new account will be accessible once you are approved, and you’ll receive instructions on how to complete the process.

Make Deposit

 You will eventually want to fund an account with no deposit. The money can be transferred from another account, received via direct deposit from your employer, or deposited by mobile deposit.

What Are Minimum Balance Requirements?

To Open a Bank Account With No Deposit Required with some banks, a minimum balance must be maintained over time. The minimum deposit and balance requirements vary widely by bank, though accounts with premium features usually have higher requirements. 

As a business, banks make money by issuing loans and holding assets in accounts. There are typically higher overhead costs associated with accounts with more services and features, which is why these accounts require a larger deposit and balance. As the balances rise, the expenses associated with running the account are offset.

Things To Consider Before Open a Bank Account With No Deposit Required 

It is possible to Open a Bank Account With No Deposit Required, but there are also a few potential downsides.

Profits from Interest

 The interest you earn on your balance may be depending on the bank and account you choose. It doesn’t matter how high the account’s APY is if your account balance is zero. 

Services and Features Limited

 There may be fewer features and services available with no minimum deposit checking and savings accounts than with higher balance requirements. There may be costs associated with paper checks, or you might lose out on early deposits. 

Charges

 There may also be a monthly fee charged by some banks to help recoup any costs associated with no minimum deposits. As you compare options, keep in mind checking and savings accounts without minimum balances or deposits.

No Physical Access To Branch

 Due to the lack of minimum balances and deposit accounts offered by many online banks and financial technologies, their physical footprint might be limited or nonexistent. You may prefer to Open a Bank Account With No Deposit Required in person if this is your preference.

Do Banks Require A Credit Check To Open a Bank Account With No Deposit Required?

ChexSystems is a report that banks can run to view your banking history, which is completely different from your credit report. The report can be obtained free of charge once a year.

Those with poor ChexSystems reports may need a little practice before using a bank account properly.

To help clients improve their banking history and advance to more rewarding accounts, they offer flexible second-chance bank accounts.

FAQ

Conclusion

A no-deposit checking or savings account can be a convenient option for those who want to Open a Bank Account With No Deposit Required. You can usually sign up for these accounts online in minutes with many online banks and credit unions. The downside of no minimum deposit accounts is that they often offer few features, may or may not earn interest, and may or may not charge fees. It is still a decent option for those searching for a simple account without fancy features. To open a new account, compare the fees and features.