Having bad credit doesn’t mean you have to go without a checking account. Since a bank account isn’t an extension of credit like a credit card or a loan, most banks allow you to open an account regardless of your credit history.
Unfortunately, most banks require a minimum deposit when you open an account. But if you’re looking to open a bank account online with no deposit and bad credit, you do have options.
In the post below, we’ve rounded up the top banks with no minimum deposit or credit requirements and provided a few alternatives with low opening deposits.
7 Best Banks To Open an Account Online with No Deposit And Bad Credit
Here are the top banks that let you open an account online with no deposit and bad credit:
1. Varo 
- Monthly fee: $0
- Account minimum: $0
- Opening deposit: $0
Varo is one of the newest chartered banks to hit the market. Varo doesn’t use ChexSystems to verify its accountholders’ banking history, nor does it have a minimum credit score.
Some of the perks of a checking account with Varo are a free debit card, 2-day early pay with direct deposits, and the option to add a high-yield savings account with automatic saving tools included.
Varo doesn’t ask for a minimum opening balance and has no monthly fee. Plus, it grants you access to a network of more than 55,000 fee-free Allpoint ATMs.
Pros
- Free debit card
- No minimum balance
- No monthly fee
- High APY savings account
- Allpoint ATM network
Cons
- No local branches
- No wire transfers
Learn More:
2. Current 
- Monthly fee: $0
- Account minimum: $0
- Opening deposit: $0
Current is one of our favorite tech-forward online banking platforms, with FDIC-insured accounts backed by Choice Financial Group and Cross River Bank.
Not only does Current avoid checking your credit score, but it helps you boost your credit as you spend money with your debit card. It also gives you up to 7x cashback points on purchases from certain retailers.
Current’s account is easy to open, with no monthly fee, account minimums, or opening deposit to worry about. In addition to the perks above, the account removes gas holds, offers mobile deposits, and gives you access to over 40,000 fee-free ATMs.
You can also earn competitive APY on money you set away in Savings Pods, and buy and sell crypto from your Current account.
Pros
- No minimum balance
- No monthly maintenance fees
- Extensive ATM network
- Credit building feature
- Competitive savings APY
Cons
- No CDs or MMAs
- No physical branch locations
Learn More:
3. Chime 
- Monthly fee: $0
- Account minimum: $0
- Opening deposit: $0
Chime is a financial technology company whose deposits are FDIC insured through the Bancorp Bank and Stride Bank.
According to the bank’s website, “If you’re opening an account through Chime, we won’t check your credit. What’s more, you can rest easy knowing we aren’t looking at your ChexSystems file…”
Chime has no opening deposit requirement, no monthly fee, no overdraft fees, and no foreign transaction fees.
Withdrawing money without fees is also easy with Chime’s expansive ATM network. Depositing money is a little more complicated. You can set up a direct deposit from your employer or load your account at Chime’s partner locations, such as 7-Eleven, Walmart, or Walgreens. Just note the fees and $1000 maximum daily limit.
Pros
- FDIC insured
- Doesn’t check credit
- 60,000 ATMs
- No minimum opening deposit
- Minimal fees
Cons
- No branches
- Only allows mobile check deposit with direct deposit
Learn More:
4. Capital One 360 
- Monthly fee: $0
- Account minimum: $0
- Opening deposit: $0
Capital One is an excellent option if you’re looking for an online bank with no minimum deposit and no monthly maintenance fees. The bank doesn’t state any credit score requirements, allowing you to open an account regardless of your score.
You’ll earn a small APY on your 360 Checking account balance, though it isn’t the most competitive rate on the market.
Capital One also gives you access to a debit card you can use at 70,000 ATMs, along with direct deposit, mobile banking, and online bill pay. You can also visit Capital One Cafes in select cities to work, have coffee, and meet with a bank ambassador.
Pros
- No minimum deposit
- No monthly maintenance fees
- Mobile direct deposit
- Bill pay
- Debit cards and ATMs
Cons
- Mediocre APY
- No longer offers money market accounts
Learn More:
5. Discover 
- Monthly fee: $0
- Account minimum: $0
- Opening deposit: $0
Discover® Bank offers both online checking and online savings accounts. Their top account is the Cashback Debit checking account, which you can open online without a minimum deposit or impact on your credit.
This checking account has no monthly fees, allows you to withdraw from an extensive network of 60,000 ATMs, and offers a 1% cashback each month on a maximum of $3,000 in debit card purchases.
This account receives a lot of praise from Discover customers, and it is probably their best offer currently available. Another great feature of Discover’s Cashback Debit checking account is that you can pair it with a high-interest savings account.
Discover’s banking services are only available online, but it has an extensive ATM network for free withdrawals.
Pros
- No minimum deposit
- No monthly service fees required
- ATMs available
- Cashback
- Savings and checking accounts
Cons
- No branches
- No interest-bearing checking options
Learn More:
6. Ally Bank 
- Monthly fee: $0
- Account minimum: $0
- Opening deposit: $0
Ally Bank has an excellent interest-bearing checking account with no fees or minimum balance requirements. Your deposits are FDIC-insured, and you get a debit card with access to more than 43,000 Allpoint ATMs.
It’s important to mention that some fees apply, such as for outgoing domestic wires, expedited deliveries, and some other specific services.
Ally’s Spending Account earns a competitive yield and offers free overdraft coverage, mobile deposits, and early pay. You can also open a high-yield savings account and instantly transfer money between the two accounts.
While Ally doesn’t have any branches, its online banking platform is intuitive and you can easily reach a live customer support representative.
Pros
- $10 monthly ATM reimbursements
- No minimum balance
- No fees
- Interest-bearing
- ATMs and cards
Cons
- No cash deposits
- No brick-and-mortar locations
Learn More:
7. Alliant Credit Union 
- Monthly fee: $0
- Account minimum: $0
- Opening deposit: $0
Alliant is one of our highest-rated digital credit unions, with a wealth of banking and lending products. Like the other institutions on our list, Alliant isn’t concerned with your credit history.
Its checking account earns a moderate APY and comes with a contactless debit card with access to over 80,000 fee-free ATMs, along with a user-friendly app.
It also offers $20 of ATM reimbursements per month, deposited directly into your account.
With Alliant’s checking account, you can expect no minimum balance requirement, no maximum balance limit, and no monthly fees. However, some other standard fees will apply, like an NSF (non-sufficient funds) fee.
Pros
- No minimum balance
- No monthly maintenance fee
- ATM fee rebates
- Contactless debit card
- Award-winning mobile app
Cons
- No business checking account
- No physical branch locations
Learn More:
Alternatives
As we mentioned earlier, there aren’t many bank accounts that don’t require at least a small deposit to open an account.
Here are the best banks to open an account online with a small opening deposit and bad credit.
Wells Fargo 
- Monthly fee: $5
- Account minimum: $0
- Opening deposit: $25
Wells Fargo’s Clear Access Bank Account is specifically designed for people who are new to banking or need extra help managing their funds. It has a $5 monthly fee that can be waived for younger students.
The account has no overdraft or NSF (non-sufficient-funds) fees, which is convenient if you’ve had problems with overdrafts before. It also offers mobile and online banking, Zelle money transfers, bill pay, and digital payments. On top of that, you can set up an alert to stop you from spending more than you intended to during a given month.
Pros
- Monthly fees waived for 13-24 year-olds
- Brick-and-mortar and online banking
- Large ATM network
- No overdraft and NSF fees
- Can add a savings account
Cons
- Maintenance fees
- Teens must apply at a branch
Learn More:
Bank of America 
- Monthly fee: $4.95, waivable
- Minimum balance: $0
- Opening deposit: $25
Bank of America is a large national bank that offers many bank accounts, including the SafeBalance Banking Account.
This bank helps you avoid overdraft fees by not allowing any overdraft in the first place. If you try to spend more than you have in your account, the debit card transaction will simply get declined.
It is a simple account with perks such as mobile banking, mobile check deposits, same-day cash wires, and deposit transfers, but no paper checks.
With Bank of America, you get access to thousands of free ATMs. If you want to access an out-of-network ATM, you will have to pay $2.50 per transaction.
Pros
- Many ATMs
- No overdraft
- Mobile banking
- Branch Access
- Waivablee monthly fee
Cons
- Monthly fee and minimum deposit
- Out-of-network ATM fees
- No paper checks
Learn More:
Woodforest National Bank
- Monthly fee: $9.95
- Minimum balance: $0
- Opening deposit: $25
Woodforest National Bank is an excellent option for people who prefer visiting a local branch to manage their accounts.
It has over 747 branch locations in 17 different U.S. states. If you have a low credit score or a bad banking history, Woodforest has an account for you.
Its second chance checking account includes benefits such as free e-statements and an extensive network of free ATMs.
To open this account, you’ll need a minimum opening deposit of $25. The monthly maintenance fee is $11.95, which can be lowered to $9.95 if you sign up for recurring direct deposits.
Woodforest’s account is a viable option for boosting your banking history but not the best account if your goal is to avoid as many fees as possible. You can also access several additional checking accounts from Woodforest, with some interest-bearing options.
Pros
- Free e-statements
- Extensive ATM network
- Several checking account options
- Offers interest-bearing accounts
- Large brick-and-mortar footprint
Cons
- Has a monthly fee and minimum deposit
- Charges overdraft fees
Learn More:
Do Banks Require a Credit Check to Open a Bank Account?
Most banks will run a ChexSystems report, where they can view all of your banking history, which is completely different from your credit report. You are entitled to receive one free copy of the report annually.
Banks know that some account holders with a poor ChexSystems report need a bit of practice before properly using a bank account.
As such, they offer flexible second-chance bank accounts to help clients improve their banking history and eventually advance to a more rewarding account.
Frequently Asked Questions
What banks do not require a credit check to open a checking account?
Banks don’t usually require a credit check to open a checking account. However, it’s always a good idea to read the fine print or contact a bank representative to learn what their specific eligibility requirements are.
For example, most banks vet applicants based on their ChexSystems report, which documents their banking history.
Learn More:
Can I use a prepaid card as an alternative to a checking account?
If you have problems opening a new account due to your credit score or banking history, you can opt for a prepaid debit card instead. These cards don’t require you to open a bank account but allow you to carry out operations like setting up direct deposits.
It could be a temporary fix to your checking account problem until you can establish a better relationship with financial institutions. Many stores sell prepaid debit cards, such as Walmart, Walgreens, CVS, and Seven-Eleven. Some service fees, ATM fees, or recharging fees may apply. Always pay attention to what each card’s requirements are.
Our Methodology
To provide our readers with reliable recommendations for banks and credit unions with no deposit or credit requirements, we evaluated dozens of online and traditional banks.
While it’s easy to find banks that don’t require a credit check, locating ones without an opening deposit requirement is more challenging. We closely reviewed opening deposit requirements, compiling a list of the most competitive checking accounts that don’t require you to deposit money when you apply.
In addition to those factors, we also looked into each bank’s branch and ATM accessibility, fees, banking features, and additional accounts offered.
We also included alternative banks that provide competitive features but didn’t quite make the cut due to their low opening deposit requirements.
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