How To Open A Bank Account With No Deposit Required

You probably never think about a bank account. But having one is slowly becoming mandatory. The hundreds of stores starting to decline cash payments are proof that having a bank account is the latest necessity. Getting through life without ever owning a bank account is another alternative.

However, opening one is certainly more convenient and efficient, especially because you can now open a bank account with no deposit required. Besides, how would you apply for credit without it?

Meanwhile, thanks to the internet, banks have dramatically increased in numbers along with ways to open an account. Today, you can open a free online checking account. It means getting it with no minimum balance and with bad credit. That’s literally a free bank account. Want to learn more? Read on to discover for yourself the best banks with no fees.

Can I Open a Bank Account With No Deposit?

Can you open a bank account without funds? This may seem like a paradox because that’s the most popular place to keep your money. But if you’ve been following, maybe you’re already aware that you can open a bank account with no deposit required.

Although you can get it without observing the minimum balance requirement, not all banks are created the same. Opening a $0-deposit checking account removes one requirement from the standard bank account application process. Also, it often takes a couple of minutes to apply for an account using your PC or smartphone.

But ensure there are no hidden fees before you sign up. Some accounts have no deposit requirement but apply monstrous monthly service fees among other charges. That’s why you must know the difference between an opening deposit and minimum balance requirements.

A Bank Account’s Minimum Balance Requirements

Most banks and credit unions set the lowest possible funds your account must have at all times, to keep it open. It makes sense if you want to avoid monthly maintenance charges.

Similarly, some options require you to make one eligible bill payment or an eligible direct deposit every month to keep off minimum balance requirements or monthly service fees.

Perhaps you’re wondering why bank branches have minimum balance regulations. Simply put, traditional banks and credit unions must be profitable. And certainly, empty accounts can’t turn a profit to clear overhead costs like employees’ wages.

A Bank Account Opening Deposit

You’ve made up your mind to exit the unbanked demographic. There are instances where financial institutions might require a particular bare minimum payment. This amount can be anything between $25 and $100.  Some traditional banks can reject your application if you can’t meet this condition.

As the reason for having the first requirement, an opening deposit is a way for banks to make money. Brick-and-mortar financial institutions make most of their profits through loaning monies to borrowers. So, they must be in a money-making business for them to lend it.

This fee is one of the common bare-minimum requirements when applying for an account. Qualifications often vary by bank. Thankfully, there’s a way to open a bank account with no deposit required as you’ll see further below.

Do Most Banks Require a Credit Check For Bank Accounts?

When looking for the minimum account opening requirements, many readers want to know if most institutions run credit checks for bank accounts. The correct response here is yes, and no. The majority of banks will not check your credit rating with one of the major credit bureaus. Instead, they’ll run an institution-specific credit check.

Open A Bank Account With No Deposit Required

Many banks don’t want to know your credit score. And they certainly are least interested in your credit card payment history. However, they’re keen to see how you’ve been working with other banking facilities. To highlight your banking history, nearly all financial institutions use the ChexSystems report. 

The report will show elements such as outstanding fees, overdrafts, bounced checks, or even records of previously closed accounts. Similar to a credit report, customers are entitled to receiving a free copy of their ChexSystems report annually. Also, if a financial institution denies an application because of the information in this report, the law gives the right to access that content.

Account-holders have the right to dispute any negative information in their report if they believe it’s an error. If you don’t do it, it will stick on your records for up to five years before being permanently deleted. In that case, you’ll have to consider institutions that don’t require a ChexSystems report for account opening, no matter your banking history.

How to Choose The Right Bank Account?

Although choice is a relative term, most consumers pick banks depending on convenience. You’ll go for a local branch found just down the street from home because the location is convenient. But it doesn’t mean that the bank best fits your financial goals.

Imagine you were taking out an auto loan. You wouldn’t choose the first provider you saw. Use the same discretion when deciding where to open a bank account with no deposit required.

We encourage spending time to compare your options for the perfect bank account. Here are some things to keep in mind:

  • Charges: Banks and credit unions make a good profit by charging consumers fees. You’ll want to check out for hidden fees like minimum balance charges, ATM charges, overdraft fees, and charges to transact in a foreign country. Don’t outrightly rule out banking in a certain facility just because they charge fees. Instead, find out the fees they are charging to see if you can get around the payments.
  • APR: Know how much interest the bank or account is charging before you sign up. Also, note that the rates are bound to vary with how the Federal Reserve increases or decreases interest rates.
  • Other perks: What kind of perks come with a particular account? Do you frequently need to visit a physical location or an online-only banking system would fit? Does the bank have thousands of ATMs across the country? Understanding these benefits will ensure you choose appropriately.

How To Open a Bank Account With No Deposit Required Online?

Opening an online bank account is straightforward and fast for most people. Usually, it’s even easier if you want to open a bank account with no deposit required online. Here is a step-by-step guide to help you sign up for an account with no money.

1. Pick The Bank Account Type

Begin with choosing the best free online checking account or a bank without opening deposit requirements. Although we primarily focus on opening a checking account, you can still go for a savings bank account without deposit requirements, although with fewer choices. Savings and checking are the most popular bank account types.

  1. Checking account: You can make ATM withdrawals, pay others, receive direct deposits, and do much more.
  2. Savings account: It’s engineered to earn you interest through funds you don’t intend to spend instantly while still allow you easy access to your money.

2. Select Your Bank

There are four major types of consumer banks.

  1. Traditional Banks: If you are looking for a full range of financial offerings plus the convenience of physical locations, then traditional banks will just cut it. But there are some caveats, including earning less interest and paying more fees.
  2. Credit Unions: They are non-profit organizations that cater to select communities and are member-owned. Credit unions often charge lesser fees and have better APRs than traditional banks. The biggest drawback is that you’ll find fewer locations and financial products.
  3. Online Banks: Many of them, especially online-only options don’t have physical branches. These banks offer higher interest rates and have fewer fees because they have minimal overhead expenses. But this will vary with your account type. Also, it can be more challenging to deposit cash, particularly with online-only banks. Besides, it may be hard to reach a person for help with your account.
  4. Discount Brokers: It is the least known among the four consumer bank categories. Discount brokers work the same way as online banks. The only difference in both their structures is that some discount brokers have physical locations.

3. Assemble Registration Requirements

Have these items within reach to open a bank account with no deposit required online for a fast, smooth process:

  • Your date of birth
  • Government-issued ID photo or driver’s license
  • Your email address and phone number
  • Your residential address
  • Taxpayer Identification or Social Security Number
  • Your last address if you have relocated within two years

The law in most states doesn’t recognize any agreement signed by a person below 18 years. In that case, you will need a parent to co-sign as the account manager. Your co-signer will also need to provide the above information.

4. Complete The e-Based Application Process

Applying to open a bank account with no deposit required online can be quickly provided you have the required documentation and a computer or smartphone. The bank will guide you through several prompts to:

  1. Confirm your identity
  2. Identify the specific account you require
  3. Allow you to go through the terms and conditions

Remember that you will be filling in the text fields in the online form with the required information. It will help to pay attention and capture each field correctly. Also, scanning the bank’s fine print before agreeing. There’s plenty of critical info in that section. You may find details on annual percentage rates, fee structure, and general rules.

Top 11 Best Bank Accounts That Don’t Require An Opening Deposit

Finding the right bank for your needs is vital when you want to open a bank account with no deposit required. There’s no single account that can fit everyone’s situation. That’s why we’ve been researching and have compiled the eleven best bank accounts you can open with a $0 deposit.

1. Azlo Free Checking Account

It is a great option if you want to open a usable, online-based checking account for your business without a deposit. Besides, it offers a solid platform for bad credit and no-credit customers to grow their scores. With the latest features like electronic bill payments, the Azlo Business Checking account will help you run your business.

Key Features

  • It allows direct deposit and online funds’ transfers
  • No minimum balance requirements to open
  • No monthly service charges
  • Cost-free money transfers between banks

2. Barclays Online Savings Accounts

This UK based financial institution boasts a strong presence in the United States. They provide a wide selection of credit cards so long as you have good to excellent FICO scores. The best part is that their accounts eliminate high approval standards, such as allowing you to open a savings account online with no deposit.

Key Features

  • It allows direct deposit and online funds’ transfers
  • No minimum balance requirements to open
  • Up to 2.2 percent interest rates
  • No monthly service charges

3. Capital One Online Checking Account

Whether you want limitless free online transactions, hundreds of branches throughout the US, or thousands of ATMs with free deposits, the Capital One Online Checking account is hard to beat. And it comes with user-friendly platforms for Android and iOS devices.

Key Features

  • It allows direct deposit and online funds’ transfers
  • No minimum balance requirements to open
  • No monthly service charges

4. T-Mobile Online Money Account

T-Mobile is one of the major wireless operators in the USA with millions of subscribers. Turns out they have good bank offerings as well. You’ll pay a $0 opening deposit and start earning interest on your balance.

Key Features

  • Up to 3.5 % APY on account balance between $0 and $3,000
  • No monthly maintenance costs
  • Up to 0.9% APY on account balance $3,001 and above
  • No opening deposit and minimum balance

5. Chime Spending Online Bank Account

Chime was engineered to offer online-only banking services right from the foundation. And it’s the lack of store locations that makes Chime deliver almost cost-free services. Customers pay no service or maintenance charges, no overdraft fees, and no charges for international transactions.

Key Features

  • More than 54,000 cost-free ATMs 
  • No monthly maintenance costs
  • No minimum opening balance
  • It allows direct deposit and online funds’ transfers

6. Axos Rewards Checking Online Account

Axos Bank does not want you to incur the costs for non-network ATM transactions. That’s why they’ll reimburse all your ATM charges countrywide, no matter the brand. There’s also an opportunity to make money by keeping it in your account.

Key Features

  • Up to 1.25% interest rates
  • A solid collection of digital banking tools
  • No deposit required to open an account
  • Reimbursements for all ATM fees

7. Discover Cashback Debit Online Banking Account

You probably already know Discover for its famous cashback-loaded credit cards. But maybe you’ve never known that this online-only bank has a complete selection of deposit accounts. While this assortment includes both savings and checking accounts, the Cashback Debit checking account is truly exceptional.

Key Features

  • Over 60,000 cost-free ATMs nationwide
  • No minimum opening balance requirement
  • Get 1% cashback for eligible monthly purchases of up to $3,000 with a debit card
  • No monthly service or maintenance expenses

8. Acorns Spend Online Checking Account

There’s no minimum opening and monthly deposit with Acorns Spend. But you’ll have to pay $3 every month to maintain your account. Fortunately, there are tons of features to make up for the minimum fee.

Key Features

  • Pay no money to open the account
  • Get an automatic connection to Acorn Later and Invest accounts
  • Fee-free ATM transactions
  • Unlimited non-network ATM fees reimbursements

9. Marcus by Goldman Sachs

It is one of the go-to places for high-interest savings accounts in the marketplace. Better still, you can apply for this savings account online. And the icing on the cake is the $0 minimum deposit requirement.

Key Features

  • Earn up 2.0% interest rates on your deposits
  • No monthly service charges
  • No minimum payment to open an account
  • It is a full, online-only bank account

10. Capital One 360 Checking Account

You have a whole list of products to choose from, including deposit and loan accounts plus credit cards average credit and to rebuild your scores. Capital One 360 Checking account is the only non-teen option at the bank. Even so, it comes with all the features you need and fewer fees.

Key Features

  • It allows direct deposit and online funds’ transfer
  • It doesn’t require a minimum account-opening balance
  • More than 39,000 cost-free ATMs
  • No monthly maintenance costs

11. BBVA Compass ClearConnect Checking

If you want to open a bank account with no deposit required for online checking, the BBVA Compass Clear Connect is an excellent choice. You will also benefit from the bank’s over 60 thousand nationwide ATMs. Among the freebies are a free Visa-branded debit card, free online and mobile bill pay, and banking transactions.

Key Features

  • Up to 4% APY on account balance between $0 and $3,000
  • No monthly maintenance costs
  • Up to 1% APY on account balance $3,001 and above
  • No opening deposit and minimum balance

How to Deposit Fund on Bank Account That You Opened Without a Deposit

To open a bank account without an initial deposit and maintain that balance throughout may seem like an oxymoron because it’s where most people store their cash. It’s like leasing a new car without ever going near the road or filling the gas tank.

Depositing details will vary by bank. So be sure to confirm with your banking institution. Overall, the account might be closed after about thirty days if you don’t deposit any funds.

Here are a few ways to fund your bank account:

1. Signing Up for Direct Deposit 

If you’re looking to open a bank account with no deposit required so you can receive monthly income, consider setting up the direct deposit feature. In this way, you can sit easy and wait for your funds to reflect in the account. Maybe your boss has a form for direct deposit asking for details of your new online bank account.

The information may include your account number and the routing number of your bank. Some employers may also want a canceled check. Go to your company’s human resource division for the form and any help on the same.

2. Moving Funds Between Bank Accounts

Maybe you are one of the unbanked consumers. You don’t own any other credit union or bank account. Seek help from a family member or close friend you trust.

Have them deposit the cash in their account and transfer it to your online bank account via services like Venmo or Zelle. Many of these services offer free funds transfers. Plus you can connect them with your new account.

3. Depositing e-checks

Perhaps your company pays you via paper check or your dad mailed you checks during your birthdays. Today, there’s an online checking account with a physical check. One of the most essential parts of consumer banking is to provide mobile deposits.

Depositing a check online is so straightforward. You’ll want to endorse or sign the rear of the check. Look for a line or box with the writings “endorse here.”

Banks offer mobile deposits through their apps, on websites, or both. Using the provided tools, take pictures of the back and front of your check. Upload the two images to complete your deposit.

The bank will ask you to specify how much you are depositing through the check. Make sure the pictures are clear before uploading. Lastly, your check will be invalid if the back isn’t endorsed.

4. Depositing using Cash

Avoid the inconveniences of depositing cash at a traditional bank or credit facility and deposit it into your free online checking account. But depending on these three methods and on which one a bank offers; you may want to consider:

  • Using a prepaid reloadable debit card: All online-only banks are not created equal. Maybe your online bank isn’t part of any ATM network. Purchase a prepaid debit card and link it to your online account. Load the card with cash through participating retailers to fund your new bank account. Get a good card that that doesn’t come with fees.
  • Using a linked ATM: If your banking institution is part of an ATM network, use the internet to find the nearest location. Bring your money to the ATM and complete the deposit slip before depositing your cash in the ATM. 
  • Purchasing a money order: It is not the best option if you are trying to avoid paying fees. If your online bank has an address for deposits, buy a money order from a retail store or post office and mail it to that address.

Frequently Asked Questions (FAQ)

What is the easiest bank to open a checking account?

It’s difficult to name one institution as the easiest to open a checking account. But any bank that doesn’t run credit checks with no minimum deposit and no hidden fees is a great option. In that case, online-only banks are a sure bet. They’re able to guarantee almost fee-free services thanks to savings in overhead costs.

What bank pays you to open an account?

Most banks offer bonuses to new customers, although the promos are only for a limited. Right now, for instance, Chase, Huntington, HSBC banks are offering a cashback of up to $500 to open an account. But Citibank is ahead of everyone with a bonus of up to $1,500 for qualifying new accounts. Subscribe to newsletters, coupons, and promo codes for the latest high-dollar bank-account-opening cashback deals. 

Does Wells Fargo pay you to open an account?

Sure. Wells Fargo offers up to $400 for opening an account. But not all new accounts qualify for this promo. Your account must receive at least 4 thousand dollars in eligible direct deposits, within the first 90 days of opening.

How much money do I need to open a bank account at Wells Fargo?

$25 is the least amount you can deposit to open a Wells Fargo amount. The figure can be as much as hundreds of dollars or as little as $0, depending on the account type. So, you’ll want to bring a check or pay with cash to deposit funds into your new Well Fargo account.

Can you set up a bank account without an ID?

Confirming your identity is a mandatory step when applying for a bank account. It means you can’t open it if you don’t have proper identification documents. But most banks accept different types of IDs, including driver’s license, passport, military ID, and more. While each bank reserves the right of the list of acceptable options, it must be a government-issued ID with your photo.

Final Thoughts

Access to banking services is an essential element of managing finances in life. Fortunately, you do not need an initial deposit when opening a bank account. There are tons of ways to open a bank account with no deposit required online. Even so, you must still check the fine print carefully before you select an account.