The 4 best second-chance checking accounts of 2024 (2024)

Unlike credit cards, banks typically don't review your credit score when you open a bank account, such as a checking account or savings account. Instead, banks and credit unions will review your information with a reporting agency that tracks banking activity, such as ChexSystems. Your ChexSystems report includes information about account openings, closings, overdrafts and more.

If you have negative marks on your ChexSystems report, such as closing an account with a negative balance, it will be more difficult to be approved for a new deposit account. However, some checking accounts are designed for people in this situation. These accounts are usually referred to as second chance accounts, and your ChexSystem report usually isn't reviewed as part of your application.

CNBC Select compared options from some of the top financial institutions to round up the best second-chance checking accounts. (See our methodology for more information on how we made this list.)

Who's this for? Chime Second Chance Banking* is ideal for those who don't want to worry about common banking fees, such as monthly maintenance charges, overdraft fees and foreign transaction fees.

Standout benefits: Chime debit cardholders have access to over 60,000 ATMs, including fee-free transactions with Allpoint ATMs, MoneyPass ATMs located at 7-Elevens and Visa Plus Alliance ATMs. These ATMs can be found at stores such as Target, Walgreens and CVS.

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Who's this for? Varo is great for those who want the convenience of mobile banking and an opportunity to earn cash back on select debit card purchases.

Standout benefits: With a Varo debit card, you can earn up to 6% cash back (up to $50 back per month) on eligible purchases with specific retailers. These offers vary, but in the past have included brands such as McDonald's, Popeyes, Macy's, PetSmart and Forever 21.

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Who's this for? Chase Secure Banking℠ is a second-chance account that comes with a rare opportunity to earn a welcome bonus.

Standout benefits: New Chase Secure Banking account members can currently earn a $100 bonus after completing 10 qualifying transactions within the first 60 days after opening the account. (Offer expires 7/24/2024). Qualifying transactions include online bill payments, debit card purchases, ACH credits, Zelle transactions and Chase QuickDeposit activity.

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Who's this for? Wells Fargo Clear Access Banking is a second-chance account to consider if you qualify for Wells Fargo's Worldwide Military Banking program.

Standout benefits: This checking account's $5 monthly fee is waived if you are part of Wells Fargo's Worldwide Military Banking program. To be eligible for the program, you need to receive a "qualifying monthly non-civilian military direct deposit" to your Wells Fargo account.

The fee is also waived if the primary account holder is between the ages of 13 and 24 years old or a Wells Fargo Campus ATM Card or Campus Debit Card is linked to the account.

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Chime is an online-only fintech company that offers banking services through The Bancorp Bank, N.A. or Stride Bank, N.A. Its Second Chance Banking option boasts no monthly fees and no credit or ChexSystems check. Although it has no physical branches, you can deposit cash for free at Walgreens locations.

Minimum balance requirement

None

Minimum opening deposit

None

Annual percentage yield (APY)

N/A

Important fees

• Overdraft fee: None
• Monthly maintenance fee: None
• Foreign transaction fee: None
• ATM fees: No transaction fees at MoneyPass ATMs at 7-Eleven locations and Allpoint or Visa Plus Alliance ATMs

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Varo is an online-only national bank. It has no monthly fees, no overdraft fees and no minimum balance requirement. Customers have access to more than 40,000 fee-free ATMs, and those with direct deposits set up can get access to their funds up to two days early.

Minimum balance requirement

None

Minimum opening deposit

None

Annual percentage yield (APY)

N/A

Important fees

• Overdraft fee: None
• Monthly maintenance fee: None
• ATM fees: No fees at U.S.-based All-Point ATMs; $3.50 fee for cash withdrawals at non-All-Point ATMs and international ATMs

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Chase Secure Banking℠ has a small monthly maintenance fee with no way to waive it, but the account's welcome bonus can ease the sting of that fee significantly. As one of the biggest banks in the U.S., customers have access to a large ATM network and more than 4,700 physical branches. Other perks include Chase Credit Journey, allowing you access to your free credit score and identity fraud alerts.

Minimum balance requirement

None

Minimum opening deposit

None

Annual percentage yield (APY)

N/A

Important fees

• Overdraft fee: None
• Monthly maintenance fee: $4.95
• Foreign transaction fee: 3%
• ATM fees: None for Chase ATMs; $3 fee per withdrawal at a non-Chase ATM in the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply. $5 fee per withdrawal at a non-Chase ATM outside of the U.S., Puerto Rico and the U.S. Virgin Islands. Surcharge Fees from the ATM owner/network still apply.

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Wells Fargo Clear Access Banking offers a clear path to eventually to a standard bank account. After 365 days, customers can convert into any Wells Fargo consumer checking account available. Although the account has a low monthly fee, there are several ways to avoid it.

Minimum balance requirement

None

Minimum opening deposit

$25

Annual percentage yield (APY)

N/A

Important fees

• Overdraft fee: N/A
• Monthly maintenance fee: $5, can be waived by meeting certain requirements
• Foreign transaction fee: 3%
• ATM fees: $0 at Wells Fargo ATMs; $2.50 at non-Wells Fargo U.S. ATMs (including U.S. territories); Up to $5 at non-Wells Fargo ATMs outside the U.S.

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To determine the best second-chance checking accounts CNBC Select analyzed U.S.checking accountsoffered by online and brick-and-mortar banks. We narrowed down our rankings by only considering checking accounts that don't require a ChexSystems review as part of the application process.

We also compared each checking account on other features, including:

• Minimum balance requirement
• Initial deposit requirement
• Fees
• Nationwide availability
• Physical branch locations and/or online accessibility
• ATM network
• Ease of use and account accessibility

All of the accounts included on this list are covered by theFederal Deposit Insurance Corporation (FDIC)and insured up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit in the event your financial institution fails.

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*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, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.