Best Accounts With Instant Debit Cards & No Deposits (2024)

Jonas Leupe

Are you tired of waiting day after day for your debit card to arrive by post after opening a new bank account? Or are you frustrated by stringent deposit requirements that delay your access to essential banking services? Well, you're certainly not alone: most American banks offer neither instant-issue nor virtual debit cards while still imposing deposit requirements to escape the monthly fee.

Fortunately, there are alternatives. In this guide, we'll help you find the best online bank accounts that offer instant debit card issuance without any deposit prerequisites, providing our tips and guidance along the way!

Best Accounts With Instant Debit Cards & No Deposits

• 01. What are virtual debit cards and why're they useful? scroll down
• 02. What are deposit requirements and how do you avoid them? scroll down
• 03. Best account with instant debit cards and no deposit requirements scroll down
• 04. How to open a bank account online with a virtual debit card scroll down
• 05. FAQ about openening a bank account with a virtual debit card scroll down

Virtual Debit Cards

Similar to their physical counterparts, virtual debit cards issued by major providers such as Mastercard or VISA contain a 16-digit card number, expiry date, and a three-digit CVV number. They function just like physical cards but can't be swiped or inserted. Instead, they require tapping on a device or online payment.

Using a virtual debit card comes with distinct advantages over physical ones. They offer convenience by allowing payments through various channels like mobile phones, tablets, or PCs, eliminating the need to carry around your wallet. Virtual cards also reduce the risk of loss or theft, with the option to easily block them if necessary.

Virtual cards also empower users to set spending limits, a feature often unavailable in physical cards, while maintaining robust security and anti-fraud protection. Although most traditional banks don't provide virtual debit cards, online banks or fintech companies usually do, making it quick and cost-effective to obtain one!

Deposit Requirements

Deposit requirements are the minimum amount of money you need to open or maintain a bank account. In the United States, deposit requirements are usually in the range of $25 to $150, but the actual amount can vary depending not only on your bank but also on your account type.

If you're looking for a bank account without deposit requirements, you'll know that these limits can affect the type of account you're allowed to open. For instance, a higher deposit might be necessary for a premium account offering more benefits, deposit limits may be needed to waive waive monthly fees.

Best Accounts With Instant Debit Cards And No Deposit Requirements

Although there isn't any one-size-fits-all account that suits everybody, there are a few checking accounts you can choose from that don't set any deposit requirements while coming with an instant debit card. Below, we explore the fintech apps Chime and Wise, and the bank Capital One, all of which offer mobile banking with virtual debit cards and no deposit requirements.

1. Chime

Chime® is one of the most popular checking account services in the United States, in part thanks to its instant virtual card. In addition to no minimum balance requirements³, no monthly fees¹, and no credit checks, Chime's checking account comes with a VISA debit card, an optional savings account, and user-friendly mobile features such as mobile check deposit and real-time transaction alerts. Chime also offers an optional credit builder card², which you may also issue instantly as a virtual card.

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2. Revolut

A world-leading fintech,there's a good chance you've heard ofRevolut. By signing up, you'll not only get an instant virtual debit card, but you'll also be able to access a wide range of financial services at no fixed monthly cost and with no deposit requirements or minimum balances. However, partly because it'snot yet a bankin the US, we think Revolut is best used as a powerful spending toolnext to a main bank account instead of in place of it.

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3. Wise

The Wise Account is a low-cost foreign currency spending account (that comes with a virtual debit card) that's best in class for foreign currency spending of all kinds, whether it's holidays overseas, online shopping, or international money transfers. Like the other options on this list, Wise doesn't require any minimum balance to open an account.

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4. Current

Current is an FDIC-insured checking account and card that comes with no minimum deposit requirements, no monthly fees, saving pods with competitive APY rates, a credit builder card, cash advance, and the opportunity to receive your salary up to two days earlier. We think it's a savvy finance app all around that's added lots of exciting features to its product recently and continues to innovate.

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5. Capital One

The only full-service bank on this list, Capital One's 360 Checking is an excellent account with no minimum deposit required. However, although the account doesn't give you an instant virtual debit card, we included it in this list because you can easily add your physical debit card to Apple Pay, Google Pay, or PayPal Checkout in a few taps. What's more, you can use a feature called Eno (Capital One's digital assistant) to create virtual card numbers at checkout, which can be a nifty feature if you'd ever like to hide your card number from a dodgy-looking website.

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How To Set Up Virtual Debit Card

Setting up a virtual debit card is fast and easy, requiring only an internet connection and a few minutes of your time.

There are two methods to get the job done, depending on what you're after. On the one hand, you could sign up for an online account that comes with an instant virtual debit card (like Revolut or Wise). After registering and being verified (usually in just a few hours), you'll be able to use a virtual debit card while you wait for a physical one to be sent by post.

Here's more about how it works:

Method 1: Open an Online Account

• Step 01

  Compare online banks

  Use Monito to compare online banks and neobanks to find one for you. Many come with virtual debit cards by default.

• Step 02

  Sign up for a service

  Once you've found an online account — sign up! All providers on Monito offer accessible, online-only applications.

• Step 03

  Wait to be verified

  You'll probably need to submit your ID and other personal information. Wait until your account has been verified, which can take anything from a few minutes to a few days.

• Final step

  Start using your virtual card!

  Once you're verified, you'll be able to start using your virtual debit card right away, regardless of the status of your physical card.

  

On the other hand, you could also opt to add your regular debit (or credit) card or cards onto a mobile payment app or mobile wallet like Google Pay, Apple Pay, Samsung Pay, and others. This option is best if you're looking for the convenience of being able to pay with your smartphone but aren't necessarily looking to sign up for a new app or online bank.

Here's a bit more about how it works:

Method 2: Use a Mobile Wallet

• Step 01

  Choose a mobile wallet

  The main options are Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay. Choose either one you already use or one that'd be convenient for you to start using.

• Step 02

  Add a new card

  Add a new card in the app by entering your card number, expiry date, CVV number, and full name and address.

• Step 03

  Activate the card

  Most mobile wallets require you to manually activate the card before using it. You can do this in the app under the 'Cards' section.

• Final step

  Start using your virtual card!

  Use your virtual card by tapping your mobile phone or watch at point-of-sales or making payments online as usual.

Disclaimers

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 andover-the-counter advance fees may apply. See here for details.

² To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

³ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change anytime. The disclosed APY is effective as of September 20, 2023. No minimum balance is required. Must have $0.01 in savings to earn interest.

⁴ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

⁵ SpotMe® on Credit is an optional, no-interest/no-fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Credit Builder Account. SpotMe on Debit is an optional, no-fee overdraft service attached to the Chime Checking Account available to qualifying members after Visa debit card activation. Both SpotMe on Credit and SpotMe on Debit are sometimes collectively referred to as "SpotMe" or, if you have signed up to use SpotMe with only one account, "SpotMe" means the elected service. To qualify for SpotMe, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account monthly. Qualifying members will be allowed to overdraw their Chime Checking Account and/or Secured Deposit Account (associated with your Chime Credit Builder credit card) up to $20 but may be later eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe Debit Terms and Conditions and SpotMe on Credit Terms and Conditions.

Compare Online Banks With Instant Virtual Debit Cards