Every account below has no monthly fee and no minimum balance requirement. Savings accounts without minimum balance requirements might require you to deposit some funds within a couple of months to “break in” the account, even when they don’t have ongoing minimums. Many high-yield savings accounts available today have no minimum opening deposit requirements. Ally requires no minimum deposit and charges absolutely no monthly maintenance fees, overdraft fees, or minimum balance requirements.
In this comprehensive guide for 2026, we will break down exactly how to find a totally free bank account, what features to look for, and how you can open a checking account online with absolutely no fees. Rates are variable, subject to change. SoFi’s ATM policies are subject to change at our discretion at any time.
Our fee policy is subject to change at any time. Current may suit customers who also want credit-building tools, while Chime and Varo provide simple mobile banking without monthly maintenance fees. SoFi offers the strongest mix of checking, savings, interest, and bonus features. We reviewed accounts based on the costs and features that matter most to checking account customers. A bank may require a deposit later, close an inactive account, or limit certain features until money enters the account.
The account charges no monthly fees and even waives fees for out-of-network ATM withdrawals. The 360 Checking Account provides US residents with a bank account with no monthly fees, no international transaction fees, and no opening or minimum deposit. Chime® is an excellent mobile finance app with no monthly fees¹! No monthly fees and no minimum balance to open mean it’s accessible to everyone, while unlimited transfers and withdrawals let you manage your savings your way. Barclays Tiered Savings pays a competitive rate with no minimum balance to earn it, and no monthly fees. Many top online banks, such as Capital One 360, and SoFi, explicitly offer a “no deposit bank account.” This means the required minimum opening deposit is exactly $0.

We name the top accounts with no monthly fees and low (or no) minimum balance requirements.

Unlike traditional banks that may require direct deposit or debit card activity, Raisin’s offer is purely balance-based. The platform provides access to high-yield savings accounts, CDs, and money market products from over 75 banks and credit unions. We narrowed our selections to checking accounts with no monthly fee. To find the best checking accounts with no monthly maintenance fees, CNBC Select analyzed dozens of accounts offered by brick-and-mortar banks, credit unions and online institutions. In addition, most no-fee checking accounts are with online banks without physical branches. If you’re approved, you may be required to make a minimum opening deposit and create a PIN for your debit or ATM card.
Check writing limits exist at some online banks. Inactive account fees kick in after 6-12 months of no activity. Chime and SoFi have no minimum opening deposits and simple online applications. Chase provides round-the-clock customer service, while many online banks offer extended hours and quick response times. Marcus by Goldman Sachs and other online banks often pay times more interest than big banks. Most traditional banks pay almost nothing on checking balances.

Rewards Checking Plus via Upgrade

  • These days, even “traditional” banks make it easy to open free checking accounts online.
  • Many top online banks, such as Capital One 360, and SoFi, explicitly offer a “no deposit bank account.” This means the required minimum opening deposit is exactly $0.
  • MySavingsDirect’s MySavings Account has no minimum opening deposit or balance requirement, making it a smart option if you don’t have a lot to deposit.
  • Chase provides round-the-clock customer service, while many online banks offer extended hours and quick response times.
  • They all come with no minimum deposits, no monthly fees, and there’s no minimum balance required.

You get up to $50 in overdraft coverage on debit purchases (with eligible direct deposit), plus access to 55,000+ fee-free ATMs nationwide. SoFi requires no minimum deposit to open your account and charges zero monthly maintenance fees, making it completely free to maintain. The account can be opened entirely online from either desktop or mobile app, making it a convenient and easy way to start banking at low cost. So, if you’re looking to make use of its premium features, it might be worth weighing other options. This is why online US banks allow you to open a bank account online with no money and charge no hidden fees, while many traditional banks require a minimum deposit.

Top choice for bonus + APY

  • We reviewed accounts based on the costs and features that matter most to checking account customers.
  • However, brick-and-mortar institutions are more likely to charge monthly maintenance fees or require certain conditions to waive them.
  • Many of the high-yield savings accounts with no monthly fees don’t require direct deposit to earn the best APY, though a few accounts do (but are still well worth it).
  • While cash accounts aren’t quite the same as a high-yield savings account, they function similarly.
  • Chime® is an excellent mobile finance app with no monthly fees¹!
  • Money orders and cashier’s checks often cost $5-10 at traditional banks.

The content was clear and easy to understand I found exactly what I was looking for The page layout and design worked well SoFi is a personal finance company and online bank with products that include checking and savings accounts. Many online banks have partnerships that let you deposit cash at ATMs or retail stores nationwide.

Best online banks for cash deposits

A true no-fee checking account eliminates monthly maintenance fees completely. The first month with no monthly fee is effectively a free month of banking — and every month after that. I’m paying a crusado monthly fee right now and want to stop — what’s the fastest fix? Some accounts call themselves “free” but still charge a monthly fee unless you keep $500 or set up direct deposit — that is a conditional fee waiver, not a free account. A person paying the average monthly fee, one overdraft per quarter, and weekly out-of-network ATM use pays approximately $425 per year in avoidable fees.

Best Checking Accounts According To CompareAccounts™

Or if you need a checking account or ATM access, these are features to look for. Annual Percentage Yield (APY) is subject to change at any time without notice. It has no monthly fee and no minimum balance. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.