You are looking forward to opening a new checking account and say farewell to monthly maintenance fees with the present one. Their many free online checking account no opening deposit offers in the market. However, it is vital to do your research before locating the right checking account for your needs.
Most of the traditional checking accounts require monthly charges ranging from little dollars to $30. These accounts are often from local banking institutions. Banks offering more benefits on their checking accounts tend to charge higher fees.
While you can always waive these surcharges, it usually entails maintaining minimum daily balances, making specified deposits, keeping to a minimum specified number of transactions every month, among others.
When there are offers where you can open a bank account with no deposit required, maybe you do not require those whistles and bells of a premium checking account after all.
Maybe you just need somewhere to take that little balance and do some essential checking tasks. The best part is some of the free checking accounts online come with bad credit credit cards guaranteed approval no deposit offers and sign-up bonuses.
You will be looking at more options with free checking accounts from online banks because of their low overhead costs. Besides, some of the best providers of guaranteed approval unsecured credit cards for bad credit are mostly online financial service providers. Depositing cash, nevertheless, will be an issue with certain digital accounts. In fact, depositing checks has always been a difficulty with mobile apps.
Here are reviews of your best free online checking account no opening deposit options:
- The 6 Best Bank With Free Online Checking Account No Opening Deposit
- How To Choose The Right Online Free Checking Accounts
- Final Words
The 6 Best Bank With Free Online Checking Account No Opening Deposit
1) Chase Total Checking Account
Like most of the free online checking accounts, one has to meet specific requirements to enjoy the free package. In this case, you will benefit from Chase Total’s checking account by meeting one of their monthly conditions. Also, while it is a free online account, it features complete in-branch service across the US.
It is very easy to waiver the $12 monthly charge attached to this account through one of the three options below:
- Make direct deposits totaling at least $500 every month
- If you maintain a balance of $1,500 each month
- Maintain an average balance of at least $5,000 in Chase savings, checking and other balances
Keeping a minimum of $1500 balance every month is one of the most popular free checking account options you can get from a mainstream bank. Besides, you stand to get an incredible sign-up bonus.
2) Capital One 360 Checking
The Capital One 360 Checking account is 100% digital-based. However, Capital One bank has physical branches across the country. The account does not require a minimum opening deposit or monthly fee to service.
Consumers get free access to over 40,000 free ATMs across the US via an Allpoint network, plus some of the bank’s cafes in eight regions around the country.
When using a debit card to make international purchases, Capital One is among the few banks without foreign transaction fees. Additionally, you can deposit checks using the mobile application.
3) Charles Schwab High-Yield Investor Checking
You might be familiar with the brokerage service provider; Charles Schwab, but the High-Yield Investor Checking account is a great relief among seasoned travelers. This account provides unrestricted refunds for ATM withdrawals in the US and abroad.
Opening the account does not require a minimum deposit. In addition, you will be safe from all monthly service fees linked with other similar accounts.
All the benefits that come with online banks, such as mobile check deposits and online bill pay are also available with this checking account.
This checking option comes with a free brokerage account for all account owners. Opening an account with a minimum deposit of $1,000 earns a bonus of $1,000. Here is more from the High-Yield Investor Checking account:
4) Chime Free Mobile Banking
If you are looking for the best in the mobile banking sector, Chime is the right pick for you. The digital banking provider is growing popular by the day with more consumers willing to manage their checking accounts from smartphones.
Chime accounts typically entail a Savings Account and a Spending Account, which is the checking account. This provider has no monthly surcharges, no requirements on minimum balance, no overdraft surcharge, as well as no international transaction charges.
With a Chime account, you enjoy all the functions of traditional bank accounts, without an in-branch service. However, customers get to use their ATM with over 30,000 MoneyPass networks, and another 30,000 + cashback branches. Here is why a Chime account is a solid free online checking account no opening deposit option:
5) Simple Checking Account
This is 100% mobile and online bank emphasizing on providing top-notch mobile banking features and apps. With their app, consumers can set goals, track daily expenses, as well as make check deposits.
You don’t have to worry about minimum balance requirements, monthly charges, overdraft fees, card replacement fees, account closing fees, or ATM surcharges. There are over 40,000 free in-network ATM for its customers. Here are top features that come with Simple Checking account:
6) Discover Bank Cashback Debit
If you are looking for a bank that provides standard amenities on their free checking online account, then a Cash-back Debit from Discover Bank is what you need. Some of these amenities include:
However, set apart, by its incredible rewards offers. Customers get a 1% cash rebate on debit card purchases of up to $3,000. Other benefits include:
How To Choose The Right Online Free Checking Accounts
Your checking account is at the epicenter of your finances. This makes it imperative to choose an ideal checking account for your needs. If you are looking for free checking options, then you have to commit to some hunting and be sure to consider the following points:
1. FDIC insurance
Before going in with a free checking account, you may want to see whether FDIC insured the provider. This move ensures your funds are safe in the event the bank goes under.
2. Monthly charges
While free checking accounts are not supposed to cost you anything, it helps to keep guard against hidden charges. Credit unions and banks usually trick customers into paying fees.
For that reason, be sure to check for overdraft charges, monthly service fees, overdraft protection surcharges, ATM charges, minimum opening deposits, and many more.
With your due diligence, however, you can locate a checking account provider with the least fees.
3. Check The Fine Print
While most people do not like reading the fine print, it is one of the most essential documents to review before jumping into a relationship with any banking institution. Many policies might prevent you from getting the most of your checking account. All those policies are often highlighted in the fine print.
Besides, when you are signing documents relating to your money, checking the fine print is a good rule of thumb. Take time to review different ways you could incur costs with your bank and see whether you can avoid them.
4. Approach rebates with caution
Consumers need to remember that banks and other financial service providers use interest rate deals as well as rebates to lure them into something for the institution.
While this should be a give and take relationship, all the gifts can fade after a while and you’ll start feeling the pinch of the real deal you signed up for.
If you are signing into one checking account, it is best to pick one with more offers like free overdraft protection, no monthly service charge, and ATM fee reimbursements. Those are some of the benefits that will keep you going when all other rewards have gone.
You sure want to watch out for high-interest in your checking account options. A free checking account is not somewhere for hoarding your money. When you fall victim to debit card fraud, you can be sure to get the checking account drained.
Additionally, checking accounts hardly have the same interest rates saving accounts do. Therefore, instead of wasting time trying to earn interest with a checking account, have most of the money savings account with an interest of 1% or more.
5. Easy deposit options
With the advent of digital banking, nearly all credit unions and banks have either an online-based or digital deposit feature. The essence of locating free online checking account no opening deposit offer is to save money.
You do not want to give any of it away by using time and gas to visit physical branches when smartphones can do most of your checking tasks.
The most competitive checking options in the marketplace today are available with online-only banks. This is because those providers don’t have physical offices with overhead and employees to maintain.
Nonetheless, it is vital to determine your core needs before going with a 100% digital checking account. If you mostly deal in cash, you should make sure to locate a local physical bank for cash deposits. Many of the internet-only banking services do not have provisions for cash deposits.
6. Careful with debit cards
Theoretically, debit cards are great. They connect directly to your checking account helping you get instant information about your balance. In reality, however, debit cards are a clear road to becoming a fraud target and losing most if not all the money in the checking account.
When fraudsters get hold of particulars to your debit card, you lose real, hard-earned money. The thief withdraws the money directly from the account. This is unlike a fraudulent charge of your credit card.
Thieves don’t need to have your card to do this. They often place cameras in grocery stores, ATM, gas station pumps, and other places you use the physical card. This way, fraudsters easily gain access to your PIN and information.
According to Federal Law, you can partly be liable for the loss depending on how quickly you report the crime. Reporting within two business days of a fraudulent charge will not cost over $50.
Anything beyond two business days, but within 60-calendar days will cost you $500. If you wait longer than 60 calendar days before reporting the crime, the odds are low you will get any refund.
7. Don’t Sign-Up Without Doing Your Homework
While a free online checking account no opening deposit offers convenience, flexibility, and low charges, you still want to consider doing your research. You need to exactly know what you are getting into. A couple of hours spent on research might save your money down the road.
By opening a free online checking account with no deposit required, you are helping elude some of the issues that make banks report consumers to history-tracking bureaus like ChexSystems. Therefore, apart from all other benefits in a checking account, picking one with fewer surcharges is useful in the end.