10 Easy Bank Accounts To Open In July 2024 (2024)

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On SoFi's Website
Member FDIC

We chose SoFi’s combined checking and savings account because you can open an account in a couple of minutes online or through the mobile app with basic personal information and a driver’s license or other valid photo ID.

This is an interest-bearing combined checking and savings account with no monthly fees or minimum balance requirements. Plus, anyone who opens an account gains access to SoFi member benefits, including rate discounts on loans, travel offers, financial and career planning services and invites to exclusive member events.

To qualify for the up to $300 bonus², you must open a new SoFi Checking and Savings account and receive at least $5,000 in direct deposits by June 30, 2024, or within 25 days of receiving your first direct deposit, whichever comes first. So, if your first direct deposit is on June 1, you’d have until June 26 to reach the $5,000 minimum. But if your first direct deposit is on June 15, you’d have until June 30, which is the overall deadline for the promotion.

SoFi’s checking and savings account has no monthly fees³ or overdraft fees³. You’ll earn a 4.60% APY on your savings balance, and direct deposits hit your checking account up to two days early⁴. You can also earn up to 15% cashback on SoFi debit card purchases.

A direct deposit is an electronic deposit you receive from your employer, the government or a benefits provider. You’ll receive your bonus within seven business days after your direct deposit window closes.

¹SoFi 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.

²New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit 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 4.60% APY for savings (including Vaults). Members without Direct Deposit 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.

³Sofi account fee policy is subject to change at any time.

⁴Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁵Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking> Savings> Current APY or (ii) Banking> Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

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In 2020, Varo became the first U.S. consumer fintech company to receive a national bank charter, allowing it to offer FDIC insurance and expand its banking services.

Varo doesn’t charge for depositing cash with the Green Dot Reload program, but a $5.95 service fee applies.

Varo maintains more than 40,000 surcharge-free ATMs—but there’s a $3.50 cash withdrawal fee for out-of-network ATM transactions. Account holders receive a contactless Visa debit card, which comes with zero liability for unauthorized charges. The Varo Visa debit card earns up to 6% cash back on select brands.

Account holders can deposit cash into their Varo account at more than 90,000 retail locations using Green Dot Reload. Many other online banks don’t accept cash deposits.

Wise made the top of our list because you can open an account in minutes by uploading a photo of a valid ID and providing some basic personal information. Plus, Wise accounts are available for U.S. residents and non-residents.

Wise is not a traditional bank account. Instead, the London-based fintech allows you to transfer money in 40 currencies and to 160 countries. Accounts work similarly to a bank account, including an option to earn interest, get a debit card (for a one-time $9 fee) and set aside funds for savings goals.

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On Chime's Website

Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

Customer service is available seven days a week by email or phone.

You can receive direct deposits up to two days early², and this account works with Google Pay and Apple Pay.

Chime customers get access to more than 60,000 surcharge-free ATMs³. It charges $2.50 per transaction at out-of-network ATMs. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven location, or any Allpoint or Visa Plus Alliance ATM.

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As one of the top online banks, Ally made our list for its easy-to-use website and mobile app and its lack of a minimum deposit requirement. The application takes a few minutes to complete and allows you to easily upload a photo ID.

With this interest-bearing checking account, customers can create spending buckets to help them budget and track spending. If you set up a free Ally savings account, you can also have spare change automatically transferred to savings where it will earn a much higher interest rate.

A child can use the account’s debit card at more than 55,000 ATMs, and Ally reimburses up to $10 per statement cycle for fees charged at out-of-network ATMs.

You can deposit checks and manage other daily tasks with Ally Bank’s highly rated mobile app.

Revolut came out as a top pick because one quick application gets you an all-in-one solution to digital banking, money management, investing and other financial services. Plus, you don’t need a Social Security number or Individual Taxpayer Identification Number (ITIN).

Customers can earn interest and rewards, access budgeting tools and send and request money with individuals in over 140 countries. Accounts come with a debit card and fee-free ATM access.

U.S. Bank Safe Debit Account is our top pick for individuals with poor banking history, which may prevent them from opening a more traditional checking account. The checkless checking account is designed for people who need a second chance checking account and features a monthly service fee, which cannot be waived, but has a relatively low opening deposit requirement and comes with a debit card.

Unlike other banks on this list, U.S. Bank has a large physical presence, with over 2,000 branches in 26 states. You can apply for an account online with a Social Security number, a valid photo ID and the minimum opening deposit.

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Alliant Credit Union came out as the credit union with the easiest bank account to open, thanks to its simple online application. It’s also easy to qualify for membership by becoming a member of Foster Care to Success (FC2S) for a one-time $5 fee upon applying.

Alliant Credit Union High-Rate Checking earns above-average interest with no minimum balance requirements and no monthly fees. Also, members have access to 80,000 fee-free ATMs and $20 per month in out-of-network ATM fee rebates.

Anyone can join Alliant through its partner charity, Foster Care to Success (FC2S). A $5 donation is required to become a member, but the fee is credited back to your account once it’s set up. The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded monthly and credited monthly. To earn the APY, you must opt in to receive eStatements and have at least one monthly electronic deposit to your account.

The credit union offers a top-rated website and mobile app. Available for iOS and Android, the app lets you deposit checks, use budgeting tools and manage daily financial transactions.