FEATURED PARTNER OFFER
Discover® Cashback Debit Checking
For Ages
18+
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
On Discover's Website
18+
N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month. See website for details.
$0
Best Free Checking Accounts With No Deposit of September 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 August 26, 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
Editor's Take
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
Discover offers optional overdraft protection by linking a second Discover account to your checking account to fund any overdrafts, other than those caused by an ATM withdrawal or POS debit transaction. Those will simply be declined if there are insufficient funds. Without this protection, or if you have insufficient funds in your secondary account, the bank will simply decline or return transactions that overdraw your account.
Discover does not charge an out-of-network ATM fee, but you may be subject to a third-party fee, which will not be reimbursed.
Discover maintains a large ATM network, with more than 60,000 surcharge-free ATMs throughout the nation.
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 4.50%¹
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
SoFi account fee policy is subject to change at any time.
$0
On SoFi's Website
Member FDIC
Up to 4.50%¹
$0
SoFi account fee policy is subject to change at any time.
$0
Editor's Take
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 4.50%¹ APY on savings if you set up direct deposit or by depositing $5,000 or more every 30 days. Customers who don’t meet 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 deposit4
- Can earn cash-back rewards using SoFi debit card
- 55,000+ fee-free ATMs
- 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
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 December 31, 2024, or within 25 days of receiving your first direct deposit, whichever comes first.
SoFi’s checking and savings account has no monthly fees3 or overdraft fees3. You’ll earn a 4.50% 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.
Disclosures
1SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% 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. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. 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 4.50% 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 4.50% 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 8/27/2024. 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.
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
Editor's Take
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
Editor's Take
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
Annual Percentage Yields (APYs) are accurate as of (3/20/2024). Earn 0.10% APY on balances under $15,000 and 0.25% APY on balances of $15,000 or more. The rate is variable and may change after the account is opened. Fees may reduce earnings.
Up to 0.25%
Minimum Deposit Requirement
No minimum deposit to open. $15,000 minimum deposit required for 0.25% Annual Percentage Yield (APY).
$0
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
Annual Percentage Yields (APYs) are accurate as of (3/20/2024). Earn 0.10% APY on balances under $15,000 and 0.25% APY on balances of $15,000 or more. The rate is variable and may change after the account is opened. Fees may reduce earnings.
Up to 0.25%
No minimum deposit to open. $15,000 minimum deposit required for 0.25% Annual Percentage Yield (APY).
$0
$0
Editor's Take
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
Ally Bank Spending Account balance tiers:
- Less than $15,000 = 0.10% Annual Percentage Yield (APY)
- $15,000 or more = 0.25% Annual Percentage Yield (APY)
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 | On Discover's Website | ||
| SoFi Checking and Savings Account |  | 4.6 |  | Up to 4.50%¹ | $0 | $0 | Learn More | On SoFi's Website Member FDIC | |
| 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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