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Did you know your checking account is at the heart of your personal finances? Well, this is the main reason you should select the right bank catering to your needs. If you want banks with free checking accounts with no deposit, some bit of hunting is necessary while checking the following vital points off your list.
Monthly fees: This is the first place to look when hunting for a bank. The best banks should not only offer a free checking account without opening deposit, but also no minimum balances. You want to avoid costly monthly maintenance fees. In fact, there should not be any maintenance fee.
ATMs: Banks providing online services have large ATM networks. Even as you check for banks where you can open checking account online instantly, it is also essential to make sure the new checking accounts provide convenient ATM locations. Do you have any regular vacation areas? Well, you’ll want to be sure there are ATMs there too.
Depositing Cash: Cash deposits are the big sticklers when it comes to online-only accounts. Big traditional banks typically keep their branches open so clients can deposit cash. This is quite expensive. The free checking accounts do not need you to deposit cash. If that is vital to you, then you should consider a traditional branch bank or a credit union.
Having covered all the basics, below is a list of the best banks offering free checking accounts with no deposit. We hope you find the best fit for you.
The 7 Best Banks With Free Checking Accounts With No Deposit
1. Ally Bank
Ally Bank is an online-only bank that allows you to open a bank account online with no money. The bank has no fees and gives up to $10 every month as ATM fee reimbursements for transacting with other banks’ ATMs, mobile check deposit as well as paying some interest to make the deal more interesting.
Ally does not offer the best interest rates in the market. You will pay 0.10% APY on balances reaching $15,000 as well as 0.60% on balances exceeding $15,000. Nonetheless, when you combine no fees for regular activity plus some of the outstanding online banking options, you will never go wrong with this kind of checking account. The only thing you cannot do is depositing cash, unless you are in a profession with heavy tips.
2. Capital One
Choosing the Capital One 360 checking account comes with no fees. Further still, there are plenty of online and mobile banking features you can expect from any reputable online bank. Capital One gives four options relating to overdrafts. They include free savings transfers, overdraft credit line, as well as auto-decline. You can say goodbye to overdraft fees plus other fees big banks charge, with Capital One’s checking account.
The banks pay 0.20% interest for a balance of up to $50,000. This is an improvement to Ally’s lower balance accounts. Customers of Capital One 360 are able to access more 39,000 ATMs without fees. However, they do not offer any refunds to the other Banks for ATM charges like Ally Bank does. In addition, this bank is not completely online-based. There are chains of Capital One Cafes, which serve as bank branches and coffee shops as well.
3. Simple Bank
If you were to combine your best no-fee checking account with your favorite budgeting software, you would most likely end up with Simple Bank. This offers only one account. This is a free checking account, which is closely linked to the bank’s mobile and online banking app. The online banking systems, however, do not just stop at making transfers and paying bills. They have much more to offer.
Besides their online checking account with no deposit, Simple has their mobile banking app providing solid budgeting and spending tracking features. You do not have to worry whether you can afford something. Customers just look it up and get to know immediately whether the purchase is affordable. Simple continues to feature a savings goal component helping customers keep money for future expenses like trips and purchases.
While most other free checking accounts will charge fees for specific needs, Simple’s free checking account does not charge any fees at all.
4. Axos Bank
The internet might not be a physical location you can visit. However, it is real enough to have its own banks. Axos Bank is a purely online bank for anyone in the U.S. In fact, it offers six exceptional checking accounts from which you can choose. Three of the accounts actually charge no fees.
Rewards Checking is one of the no-fee accounts from Axos Bank. This account offers unlimited reimbursement for all domestic ATM fees. This is a great choice if you get paid via direct deposit and prefer using ATMs when spending cash. You must, however, meet their conditions to earn interest.
Platinum Checking is a better choice for those who use their ATMs less frequently. This account provides $8monthly reimbursements, as well as a minimum balance of $5,000 to earn interest.
Essential Checking is their basic account. This option does not have any interest offers but will give you unlimited reimbursements for ATM transactions as well as no minimum balance.
5. Bank5 Connect
If you are looking for online checking account no deposit offers, Bank5 Connect may just be the right pick for you. This bank has some of the most competitive interest rates for banks in this category. And you do not have to jump through loops. While the bank will ask for $10 minimum deposit to open their free account, and keeping $100 to earn interest, their interest rates are very competitive, currently at 0.76% APY. This leverages on the opening deposit and minimum balance for interest.
ATM fees reimbursements is one of the biggest benefits of opening an account with Bank5 Connect. Their reimbursement can go as high as $15 for every statement cycle. That is about four to five trips to any ATM without incurring any costs in terms of bank charges. In addition, you will get all the typical perks of online banking, including online statements, online bill payments, debit card rewards upon making non-PIN purchases of your daily spending, mobile banking, and initial order-free basic checks. Cash backs of this nature are very rare with debit these days. This makes it a highly valuable added benefit.
6. Discover Bank
Customers typically need a credit card for earning the best cash back. Furthermore, Discovers Bank has a very compelling 1% cash back deal for up to $3,000 monthly purchases. This amounts to $360 per year cash back with regard to your spending habits, as well as no fees for usual activity in their free checking account.
The account does not have monthly fees or minimum balances. Discover Bank provides 60,000 ATMs without fees as well as free check reorders when the checkbook is used up.
One of the biggest downsides of this account is that they have Discover branded debit cards. This means you cannot use the cards for purchases as wide as you can use Mastercard or Visa branded debit cards. Nonetheless, with nearly no fees apart from stopping payments, overdrafts, and sending a wire, you will be in a position to enjoy all other perks the account offers without fees payments.
7. Schwab Bank
This is one of the most reputable discount brokerages around. Charles Schwab Bank has a secret: The bank offers one of the most recommended free checking accounts with no deposit. Customers need a brokerage account so they can open the bank’s Investor Checking account. As such, this account is not for everyone. If you have the hacks for investments, however, you may want to sign up to this free checking account as your bonus.
This bank has a small amount of interest. However, the most remarkable feature for typical travelers is the unlimited reimbursement for ATM fees to other banks. This includes banks from other countries. Travelers don’t have to worry about getting pesos when heading to Mexico, for instance. You just go to the nearest ATM in your favorite travel destination and you get reimbursements for any fees they will charge. They also provide some of the most competitive exchange rates with the ATMs.
This table shows the 9 best free checking accounts
|Account||Interest||Minimum deposit to open|
|Discover Cashback Debit||1% cash back||$0|
|Ally Bank Interest Checking||0.10% on balances of less than $15K||$0|
|Consumers Credit Union Free Rewards Checking||Up to 5.09%||$0|
|Capital One 360 Checking||0.20% on balances of less than $50K||$0|
|Alliant Credit Union High-Rate Checking||0.65%||$0|
|Axos Bank Rewards Checking||Up to 1.25%||$0|
|Charles Schwab High Yield Investor Checking||0.37%||$0|
|Aspiration Spend & Save Account||2.00%||$10|
|Bank5 Connect High-Interest Checking||0.76% on balances of more than $100||$10|
Summary of the banks: best banks with free checking
|Bank||Why We Choose It/ Best For:|
|Consumers Credit Union Free Rewards Checking:||credit union|
|Capital One 360 Checking||overdraft policy|
|Axos Bank Rewards Checking||interest rate|
|Charles Schwab High Yield Investor Checking||ATM reimbursement|
|Discover Cashback Debit||rewards program|
|Bank5 Connect High-Interest Checking||interest rate|
|Aspiration Spend & Save Account||interest rate|
|Ally Interest Checking||digital experience|
|Alliant Credit Union High-Rate Checking||credit union|
Tips For Choosing A Great Checking Account
Despite your personal opinion about banks, they still a safe place to stash your cash compared to under the mattresses, buying money in the yard, or even stashing in the freezer. However, all persons need to be skeptical about banks. Their flashy offers on bonuses, as well as interest rate offers should be taken with a caveat. Before signing up on that dotted line to open your free checking account, follow the tips below.
FIDC Insurance Is Essential : Prior to selecting a bank, you will want to check that they are insured by FIDC. This will help protect your money up to $250,000. In the event the bank gets under, the federal government will ensure your money is refunded. Unfortunately, your mattress cannot say the same.
Avoid Fees : While most checking accounts are better protection for your cash than stashing under the mattress, you might still need to shield yourself from bank fees. Both credit unions and banks function with multiple fee traps for clients. They include overdraft protection fees, overdraft charges, monthly maintenance charges, extended overdrawn balance fees, and minimum deposit requirement, among others.
Thankfully, not all accounts are the same.
- The Bank of America has a Core Checking Account charging customers $35 for one overdraft. This is an incident with a total of 4 charges per day totaling to $140. Even when enrolling in overdraft protection, this bank will still impose a $10 fee to transfer cash from savings to checking.
- Ally Bank has a charge of $9 for a single overdraft. This is incident with a total of one overdraft per day.
- Chase Bank charges $2 when clients use ATMs from other banks. That is besides the charges the ATM terminal will deduct.
- Charles Schwab, Fidelity, Ally, and Bank of Internet USA do not charge ATM fees. They also reimburse other banks’ charges.
Therefore, use your due diligence before getting into a relationship with a financial services provider. Both you and your cash deserve the best treatment from banks.
Read The Policy Statement : Most customers don’t read the fine print anymore. It is just huge amounts of text that you scroll over and click on “I agree” before moving on without thinking. However, when singing agreements relating to your cash, it is vital to check the fine print. You should at least review different ways the bank could impose fees and look for mechanisms to avoid them.
Watch Out For Interest Rate Offers and Bonus Deals : Establishing a relationship with your bank is similar to a romantic relationship. The bank will lure customers in with gifts and promising a lasting relationship. After some time, these gifts fade away and both partners stop appreciating one another.
If you want to enjoy the relationship with your bank, find one that offers free overdraft protection, reimburses ATM fees, and does not have monthly charges. Avoid going for the flashiest bonus offers as they might set you up for heartache.
Easy Deposit Options : Many credit unions and banks today have mobile deposit features. When you take a picture of your check with a smartphone and deposit in the checking account, you can save both cash and gas money. While you may enjoy walking down the bank and chatting with tellers, it is still essential to select a checking account that has a mobile deposit option.
If you want the most competitive market deals for free checking accounts, internet-only banks eliminate many of the charges associated with brick-and-mortar financial service providers. Nonetheless, if you primarily deal in cash, you might still require a physical bank in your area for making deposits. Whether you are choosing a credit union, community bank, online-only bank, or a renowned national bank, do your homework first.