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Most brick and mortar banks today charge hefty fees and require a minimum deposit in order to qualify for a checking account. The great thing about online banks though, is that they are much easier to manage and as a result, many of them are completely fee-free. Free online checking account with no deposit is definitely something you should consider if you are low on cash or if you’re just tired of paying so much in bank fees.
We made a list of the best online banks with no fees and no minimum deposit. Not only do these banks offer totally free checking but they also have other checking account features that may come as a surprise! Check it out:
Types of free online checking accounts
Interest-Paying Accounts
Some online banks have checking accounts that pay you interest on your balance. Even if you are one of those people that have a highly fluctuating balance, it’s still nice to get even a little interest on your money since it’s completely free.
Unfortunately, the interest rates on these online checking accounts tend to be very small, so even you have a decent and steady balance in your account, don’t quit your job yet.
The following two banks are fee-free, require no minimum deposit and pay interest on your checking account balance:
Capital One 360 Checking
Capital One 360 checking account is great because it charges you no fees, has no minimum balance requirements and will even pay you simple interest on your balance. You can also get an ATM card to use with it and Capital One has over 39,000 ATM’s in the USA that you will be able to use for free. In addition, you will also get online banking privileges, mobile check deposit and mobile banking. For balances under $50,000 the APR is 0.20%.
Ally Bank Interest Checking
Ally Bank will also pay you interest on your online checking account. It has a slightly lower 0.10% interest than Capital One’s 0.20% APR. The kicker is if you have more than $25,000 in your bank account the APR jumps top 0.60%. With this Ally Bank account you get free checks, online bill paying privileges and a MasterCard debit card.
Related Article: Banks with No Fees
Online checking accounts that have unique features
Some online banks offer a few unique features on their free checking accounts that other banks do not offer. These include things like cashback on purchases, rewards points, linked investment accounts and more. Here they are:
Discover Bank Cashback Checking
Here is an online checking account with a twist. With it you get 10 cents back for each check you write, bill you pay online and each purchase you make with your debit card. It will pay you up to $10 per month for these things. Along with its special features you also get a free debit card that cost you nothing to use at over 60,000 ATM’s and a free checking account.
Charles Schwab Bank High Yield Investor Checking
Here is a high yield investor checking account from the popular Charles Schwab Bank that also includes a brokerage investment account along with it. There are no fees or minimum account deposit requirements with it either. You will also receive 0.15% on your balance and the ability to transfer money effortlessly between your checking and investment accounts. This account also includes a debit card, mobile banking, online banking and online bill paying privileges.
Bank of Internet USA Essential Checking
Here is an online bank that not only offers a checking account with no fees, no minimum balance and pays you interest but it also has a rewards program attached to its use. You will get cashback deposited directly into your account when you shop at specified merchants. Its online banking site also has a host of special tools to help you manage your account.
Basic free checking account with no minimum balance
The following banks allow you to open an online checking account with no fees and no minimum balance but beyond that they only offer very basic features:
Simple Bank Simple Checking
This account from Simple Bank is aptly named because it’s just that – a very simple and basic banking account. All you get with it is no fees, no minimum daily balance requirement and a debit card you can use at over 40,000 ATM’s free of charge. There is not even simple interest paid on your account balance. Its online banking site does include some useful budgeting tools such as its Safe-to-Spend tool. This feature factors in upcoming pre-planned deductions, payments and spending into your account balance.
First National Bank First National Checking
This online checking account from First National bank offers you an account with no fees attached and it does not require a minimum balance. There are no ATM fees with it either, if you use it at an approved ATM. Checks are free as well and you get one forgiveness per year on an overdraft or returned check. You also won’t be charged for cashier’s checks or paper statements like you will be at most banks. Once you are a customer with this bank, you are eligible for discount rates on auto loans, personal loans, Certificates of Deposit and IRA accounts. There are also eligible savings on safety deposit boxes and mortgage closing fees.
The Huntington National Bank Asterisk-Free Checking
Asterisk-Free Checking from this bank is void of fees, requires zero minimum balance and does not charge ATM fees at specified machines. There is a sizeable $3 fee for using a non-approved ATM. They have only 1800 approved ATMs so make sure there is one near you before you sign up to bank with them. With Huntington National bank you can also transfer money easily between any types of account you have with them. This bank will also automatically draw funds from another account you can link to save you money on overdrafts.
Big Banks
Larger land based banks do usually offer totally free checking but there is a laundry list of stipulations with them. For example: with Wells Fargo, if you don’t maintain a minimum balance of $1,500 in your checking account you will be charged a $10 fee each month. Other banks such as Chase and Bank of America also have $1,500 minimum balance requirements that have even higher $12 fees when you don’t meet this requirement each month.
So what’s the bottom line here? It’s a fact that if you pick the right online checking account which fits your banking needs you can save over $100 per year and get other nice benefits too.
Between tax refunds and direct deposits from employers, it seems like everyone wants your checking account information these days. And many checking accounts seem to require that you have the funds to make a big deposit in order to get one.
But you can get that valuable checking account number without putting up your hard-earned cash with an instant checking account with no deposit. You just need to know where to look, and MoneyLion has you covered. You only need five minutes to set up our RoarMoney mobile banking account, and then you’ll have immediate access to your account and routing number.
Just download the MoneyLion app, add funds if you want, and set up direct deposit or link your government benefits so you can get paid.
What Is Included in a RoarMoney Account?
You probably think opening an instant checking account with no deposit means you can forget about features. That’s what’s so neat about RoarMoney.
Your RoarMoney account offers so much more than a safe and secure place to keep your money, although that shouldn’t be discounted. When you open your account, you’ll also get:
- No minimum balance requirements
- Access to over 55,000 no-fee Allpoint ATMs
- An instant virtual debit card
- A physical debit card that allows for contactless Tap & Go payments
- Debit card rewards
- Price protection so you can request a refund if the price drops after you buy.
- A spend tracker report every week
Think of this as a checking account and then some.
Is There a Minimum Balance With RoarMoney?
The minimum balance is one of the most frustrating aspects of banking. So many banks won’t even consider taking you on as a customer unless you have $50 or $100 to fund the account. And if your account dips below a certain amount, you pay a fee.
Fortunately, RoarMoney doesn’t have a minimum balance for opening or maintaining the account. You also won’t get charged fees if your balance drops to zero.
Does RoarMoney Come With Access to Cash Advances?
We understand that it can be frustrating when you need cash to spend. Something might come up before payday, or you just might feel like treating yourself to a nice dinner, but your bank balance is looking thin.
We have a solution for that too. We also offer access to Instacash, so you can get cash in an instant. This service will be here for you anytime you need up to $250 in your account. It’s credited to your account and you pay it back at 0% APR.
What if your credit is bad? It’s not an issue with Instacash. Just set up your account, direct your check to be deposited, and unlock Instacash without undergoing a credit check.
If you set up direct deposits into your RoarMoney account, you can unlock the highest amounts of Instacash. The extra $250 can be a real lifesaver when times are tough, so check it out today!
How Soon Can I Use My Instant Checking Account?
You probably equate opening a checking account with playing the waiting game, but that isn’t the case with RoarMoney. Your account is ready to use as soon as you open it.
If you have an external checking account, you can use it to fund your RoarMoney account. As soon as you deposit funds with a direct deposit, external account transfer, or cash deposit, you can use your virtual debit card and we’ll pop your debit card in the mail to you.
We even have you covered if you have a paper check. Use the Ingo Money app to snap a picture, and we’ll deposit the check for you.
Do you need to fund your account with cash? We have a solution for you.
You can add funds at one of over 90,000 Green Dot locations. Green Dot is available at retailers such as Walmart and Dollar General. Give the cashier cash and then swipe or tap your MoneyLion Debit Mastercard to load it. It takes about 10 minutes for the cash to appear.
Online Virtual Bank Account Instant
Get Ready for Financial freedom With an Instant Checking Account
A RoarMoney account provides the change you need to get your finances on track. Instead of worrying about minimum deposits and hidden fees, you are in control and have more spending power.
Open A Bank Account Online For Free
Begin by opening a RoarMoney account. Set up direct deposit so that you’ll have access to Instacash, and then you never have to worry about hidden expenses derailing your financial future.