Banks With Free Checking And No Minimum Balance

Finding a checking account that is both free and has no minimum balance can be a challenge. Many banks charge monthly maintenance fees or require you to keep a certain amount of money in your account in order to avoid fees. However, there are a number of banks that offer free checking accounts with no minimum balance.

In this article, we will review some of the best banks with free checking and no minimum balance. We will also discuss the pros and cons of each bank and provide tips for choosing the best checking account for your needs.

Table of Contents

What is a Free Checking Account?

A free checking account is a bank account that does not charge monthly maintenance fees or require a minimum balance. Some free checking accounts may also offer other benefits, such as ATM fee reimbursements, mobile check deposit, and early access to direct deposit.

Free checking accounts can be a great way to save money on bank fees, especially if you have a low balance or don’t use your checking account very often. However, it’s important to compare different free checking accounts to find the one that’s right for you. Some free checking accounts may have other fees, such as ATM withdrawal fees or overdraft fees.

Here are some things to keep in mind when choosing a free checking account:

Fees: Read the fine print carefully to understand what fees you may be charged. Some common fees include ATM fees, overdraft fees, check printing fees, and monthly maintenance fees.
Minimum balance requirements: Some free checking accounts may require you to maintain a minimum balance in order to avoid fees. If you don’t meet the minimum balance requirement, you may be charged a monthly maintenance fee.
Features and benefits: Consider the features and benefits that are important to you, such as mobile check deposit, bill pay, and early access to direct deposit. Some free checking accounts may offer more features and benefits than others.

Benefits of Free Checking Accounts

Free checking accounts offer several advantages for those looking to avoid fees:

No Minimum Balance Requirements – Unlike some checking accounts that require a minimum balance to waive monthly fees, free checking accounts have no balance requirements. You can maintain any balance without getting charged a fee.
No Monthly Maintenance Fees – Free accounts do not charge a regular monthly fee just for having the account open. This saves you from $10-15 in monthly fees.
Access to Debit Card – Most free checking accounts come with a free debit card to make payments and withdrawals. This provides purchasing power and ATM access.
Online Banking Features – Free checking usually includes online banking with features like bill pay, account alerts, and mobile deposits. This provides convenient digital access.
FDIC Insurance Protection – Account balances are protected by FDIC insurance for up to $250,000 in case the bank fails. This keeps your money secure.

For anyone looking to avoid fees and keep more money in their account each month, a free checking account can provide an affordable banking option.

Best Banks with Free Checking and No Minimum Balance

Here is a list of the best banks with free checking and no minimum balance, based on our research:

SoFi Checking and Savings
Axos Bank® Rewards Checking
Chime Checking Account
Current Account
Varo Bank Account
Ally Bank Interest Checking Account
Capital One 360 Checking Account
NBKC Bank Everything Account
Quontic Bank Cash Rewards Checking
Discover Bank Cashback Debit Account
FNBO Direct Online Checking Account

1. SoFi Checking and Savings

SoFi Checking and Savings is a great option for those who are looking for a free checking account with no minimum balance. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
Early access to direct deposit
Free ATM withdrawals at Allpoint ATMs
0.50% APY on balances up to $15,000

SoFi Checking and Savings also offers a number of other benefits, such as a free debit card, mobile check deposit, and bill pay.

2. Axos Bank® Rewards Checking

Axos Bank® Rewards Checking is another great option for those who are looking for a free checking account with no minimum balance. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
1% cash back on all debit card purchases
Free ATM withdrawals at Allpoint ATMs
0.15% APY on all balances

Axos Bank® Rewards Checking also offers a number of other benefits, such as a free debit card, mobile check deposit, and bill pay.

3. Chime Checking Account

Chime Checking Account is another great option for those who are looking for a free checking account with no minimum balance. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
Early access to direct deposit
Free ATM withdrawals at MoneyPass ATMs
0.50% APY on all balances

Chime Checking Account also offers a number of other benefits, such as a free debit card, mobile check deposit, and bill pay.

4. Current Account

Current Account is a mobile-only checking account that is free to use and has no minimum balance requirement. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
Free ATM withdrawals at Allpoint ATMs
Overdraft protection
Early access to direct deposit

Current Account also offers a number of other benefits, such as a free debit card, mobile check deposit, and bill pay.

5. Varo Bank Account

Varo Bank Account is another mobile-only checking account that is free to use and has no minimum balance requirement. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
Free ATM withdrawals at Allpoint ATMs
Overdraft protection
Early access to direct deposit

Varo Bank Account also offers a number of other benefits, such as a free debit card, mobile check deposit, and bill pay.

6. Ally Bank Interest Checking Account

Ally Bank Interest Checking Account is a great option for those who are looking for a free checking account with no minimum balance and a competitive interest rate. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
0.10%-0.25% APY on all balances
Free ATM withdrawals at Allpoint ATMs
Mobile check deposit
Bill pay

Ally Bank Interest Checking Account also offers a number of other benefits, such as a free debit card and overdraft protection.

7. Capital One 360 Checking Account

Capital One 360 Checking Account is a great option for those who are looking for a free checking account with no minimum balance and a simple fee structure. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
Free ATM withdrawals at Allpoint ATMs
Mobile check deposit
Bill pay

Capital One 360 Checking Account also offers a number of other benefits, such as a free debit card and overdraft protection.

8. NBKC Bank Everything Account

NBKC Bank Everything Account is a great option for those who are looking for a free checking account with no minimum balance and a number of features. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
1.50% APY on balances up to $50,000
Free ATM withdrawals at Allpoint ATMs
Mobile check deposit
Bill pay
Overdraft protection

NBKC Bank Everything Account also offers a number of other benefits, such as a free debit card and early access to direct deposit.

9. Quontic Bank Cash Rewards Checking

Quontic Bank Cash Rewards Checking is a great option for those who are looking for a free checking account with no minimum balance and rewards. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
1.00% cash back on all debit card purchases
Free ATM withdrawals at Allpoint ATMs
Mobile check deposit
Bill pay

Quontic Bank Cash Rewards Checking also offers a number of other benefits, such as a free debit card and early access to direct deposit.

10. Discover Bank Cashback Debit Account

Discover Bank Cashback Debit Account is a great option for those who are looking for a free checking account with no minimum balance and rewards. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
1% cash back on up to $3,000 in debit card purchases each month
Free ATM withdrawals at Allpoint ATMs
Mobile check deposit
Bill pay

Discover Bank Cashback Debit Account also offers a number of other benefits, such as a free debit card and early access to direct deposit.

11. FNBO Direct Online Checking Account

FNBO Direct Online Checking Account is a great option for those who are looking for a free checking account with no minimum balance and a simple fee structure. The account offers a number of features, including:

No monthly maintenance fees
No minimum balance requirement
0.15% APY on all balances
Free ATM withdrawals at MoneyPass ATMs
Mobile check deposit
Bill pay

FNBO Direct Online Checking Account also offers a number of other benefits, such as a free debit card and overdraft protection.

How to Get Banks With Free Checking and No Minimum Balance

Step 1: Research banks with free checking and no minimum balance.

There are a number of banks that offer free checking accounts with no minimum balance. To find the best bank for you, research different banks and compare their fees, features, and interest rates. You can use a website like Bankrate.com to compare different checking accounts.

Step 2: Choose a bank and open an account.

Once you have chosen a bank, you can open an account online or in person. To open an account online, you will typically need to provide your personal information, such as your name, address, Social Security number, and date of birth. You may also need to provide a copy of your driver’s license or other form of identification.

Step 3: Fund your account.

Once you have opened an account, you will need to fund it. You can fund your account by transferring money from another bank account or by depositing a check.

Step 4: Start using your new checking account.

Once your account is funded, you can start using it to make purchases, pay bills, and withdraw money from ATMs.

Here are some additional tips for getting a bank with free checking and no minimum balance:

Look for banks that offer sign-up bonuses. Many banks offer sign-up bonuses to new customers. These bonuses can range from $50 to $500.
Consider a mobile-only bank. Mobile-only banks often have fewer fees than traditional banks.
Link your checking account to a high-yield savings account. This will allow you to earn interest on your money while it is sitting in your checking account.
There are a number of ways to get a bank with free checking and no minimum balance. By following the tips above, you can find the best bank for your needs and start saving money on fees.

How to Open Bank Account with No Deposit Required

There are a number of banks that offer checking accounts with no deposit required. Here are a few examples:

Chime
Current
Varo
SoFi
Axos Bank
Ally Bank
Capital One 360
NBKC Bank
Quontic Bank
Discover Bank
FNBO Direct

To open a bank account with no deposit required, you will typically need to provide your personal information, such as your name, address, Social Security number, and date of birth. You may also need to provide a copy of your driver’s license or other form of identification.

Some banks may have additional requirements for opening a bank account with no deposit required, such as having a direct deposit set up or maintaining a minimum balance. Be sure to read the fine print before opening an account to understand all of the requirements.

Here are the steps to open a bank account with no deposit required:

Choose a bank. Research different banks that offer checking accounts with no deposit required and compare their fees, features, and interest rates.
Apply for an account. You can typically apply for an account online or in person.
Provide your personal information. You will typically need to provide your name, address, Social Security number, and date of birth. You may also need to provide a copy of your driver’s license or other form of identification.
Fund your account. Once your account is approved, you can fund it by transferring money from another bank account or by depositing a check.

Once your account is funded, you can start using it to make purchases, pay bills, and withdraw money from ATMs.

Tips for choosing a bank with no deposit required:

Compare fees. Some banks may charge fees for opening and maintaining a checking account with no deposit required. Be sure to compare the fees charged by different banks before opening an account.
Compare features. Consider the features that are important to you, such as mobile check deposit, bill pay, and early access to direct deposit.
Compare interest rates. If you are looking to earn interest on your checking account balance, compare the interest rates offered by different banks.
Read the fine print. Before opening an account, be sure to read the fine print to understand all of the requirements and fees.

How to Open a Checking Account

To open a checking account, you will need to:

Choose a bank. Compare different banks to find the best one for your needs. Consider factors such as fees, features, and location.
Apply for an account. You can usually apply online, by phone, or in person at a bank branch.
Provide your personal information. This will include your name, address, date of birth, and Social Security number. You may also need to provide a copy of your driver’s license or other form of government-issued ID.
Fund your account. Most banks require a minimum deposit to open a checking account. You can fund your account by transferring money from another bank account, writing a check, or depositing cash.

Once you have opened a checking account, you will receive a debit card and account number. You can use your debit card to make purchases at stores and online, and you can use your account number to receive direct deposit from your employer.

Here are some tips for opening a checking account:

Compare different banks before choosing one. There are many different banks to choose from, so it’s important to compare their fees, features, and location to find the best one for your needs.
Read the fine print carefully before opening an account. Make sure you understand all of the terms and conditions of the account, including any fees that may be charged.
Fund your account with at least the minimum deposit required. Most banks require a minimum deposit to open a checking account.
Ask about sign-up bonuses. Many banks offer sign-up bonuses to new customers. These bonuses can range from $50 to $500.

Open a Free Business Checking Account Online with No Deposit

To open a free business checking account online with no deposit, you can follow these steps:

Choose a bank. There are a number of banks that offer free business checking accounts with no deposit. Some popular options include:

Novo Business Checking
Relay Business Checking
Grasshopper Business Checking
Mercury Bank
OnDeck EasyPay
Oxygen Business Checking
Square Business Checking
Wells Fargo Business Checking

Apply for an account. You can usually apply for an account online in just a few minutes. You will need to provide your business information, such as your business name, address, and EIN. You may also need to provide personal information, such as your name, address, and Social Security number.

Fund your account. Most banks will allow you to open a free business checking account with no deposit. However, some banks may require a minimum deposit to avoid monthly maintenance fees.

Start using your account. Once your account is open, you can start using it to make and receive payments, deposit checks, and withdraw money. You will also have access to online banking and mobile banking, so you can manage your account from anywhere.

Here are some tips for choosing a free business checking account with no deposit:

Compare the fees charged by different banks. Some banks may charge fees for certain services, such as ATM withdrawals, check printing, and wire transfers.
Consider the features that are important to you. Some banks offer features such as mobile check deposit, bill pay, and integrations with accounting software.
Read the fine print carefully before opening an account. Make sure you understand all of the terms and conditions of the account, including any fees that may be charged.

Open Checking Account Online Instantly No Deposit Required

To open a checking account online instantly with no deposit required, you can follow these steps:

Choose a bank. There are a number of banks that offer checking accounts with no deposit required. Some popular options include:

Chime Checking Account
Current Account
Varo Bank Account
SoFi Checking and Savings Account
Axos Bank Rewards Checking
Capital One 360 Checking Account

Apply for an account. You can usually apply for an account online in just a few minutes. You will need to provide your personal information, such as your name, address, and Social Security number. You may also need to provide a copy of your driver’s license or other form of government-issued ID.

Verify your identity. Some banks may require you to verify your identity using a webcam or by providing a copy of a recent utility bill.

Fund your account. Most banks with no deposit required checking accounts will allow you to open an account with no initial deposit. However, some banks may require a minimum deposit to avoid monthly maintenance fees.

Here are some tips for choosing a checking account online instantly with no deposit required:

Compare the fees charged by different banks. Some banks may charge fees for certain services, such as ATM withdrawals, check printing, and wire transfers.
Consider the features that are important to you. Some banks offer features such as mobile check deposit, bill pay, and integrations with accounting software.
Read the fine print carefully before opening an account. Make sure you understand all of the terms and conditions of the account, including any fees that may be charged.

Please note that some banks may have additional requirements for opening a checking account online instantly with no deposit required, such as having a direct deposit set up or maintaining a minimum balance. Be sure to read the fine print carefully before opening an account to understand all of the requirements.

What Banks Have Free Checking with No Minimum Balance?

Here is a list of banks that have free checking with no minimum balance as of November 2023:

Ally Bank Interest Checking Account
Axos Bank Rewards Checking
Capital One 360 Checking Account
Chime Checking Account
Current Account
Discover Bank Cashback Debit Account
FNBO Direct Online Checking Account
NBKC Bank Everything Account
Quontic Bank Cash Rewards Checking
SoFi Checking and Savings Account
Varo Bank Account

These banks offer a variety of features and benefits, so it’s important to compare them to find the best one for your needs. For example, some banks offer early access to direct deposit, while others offer ATM fee reimbursements. Be sure to read the fine print carefully before opening an account.

Are Free Checking Accounts Really Free?

Whether or not free checking accounts are really free depends on how you define “free.” Some banks may charge fees for certain services, such as ATM withdrawals, overdrafts, or check printing. Others may require you to maintain a minimum balance in order to avoid fees.

What is the Easiest Checking Account to Get?

The easiest checking account to get is typically a mobile-only checking account. Mobile-only banks have fewer overhead costs than traditional banks, so they can afford to offer free checking accounts with no minimum balance and no fees.

Here are some of the easiest checking accounts to get:

Chime Checking Account
Current Account
Varo Bank Account
SoFi Checking and Savings Account
Axos Bank Rewards Checking
Capital One 360 Checking Account

To open a checking account with one of these banks, you will typically need to provide your name, address, Social Security number, and date of birth. You may also need to provide a copy of your driver’s license or other form of identification.

Once your account is approved, you can start using it to make purchases, pay bills, and withdraw money from ATMs.

Mobile-only checking accounts are a great option for people who want a free and easy-to-use checking account. They are also a good option for people who want to avoid bank fees.

If you are looking for a checking account that is easy to get and has no fees, I recommend considering a mobile-only checking account.

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Conclusion

In conclusion, free checking accounts with no minimum balance offer a convenient way to manage your everyday finances without worrying about hidden costs. By considering factors like monthly fees, ATM access, and interest rates, you can choose the best free checking account to fit your banking needs. So, shop around, compare options, and find the free checking account that lets you keep your hard-earned money where it belongs: in your pocket!

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