Open a Bank Account Online with No Deposit and Bad Credit

Can you open a bank account online with no deposit and bad credit? Seems like a major issue, but it’s not. There are banking options out there just for you. Building a good relationship with a bank is crucial.

Without a checking account, you can’t pay your bills or get paid in the most efficient and convenient ways. In addition, if you need a loan or a mortgage, it will be almost impossible to obtain when you can’t prove you have a checking account with a bank.

Do Banks Require a Credit Check to Open a Bank Account?

Not all banks, but some will perform a credit check before allowing someone to open a banking account with them. While this is a smart move from the bank’s perspective – it does mean that opening a regular bank account with a bad credit score can be challenging.

That said, having a bad credit score isn’t the end of the world! It can happen to anyone, and for several reasons, such as having too many negative balances or unpaid overdraft fees.

Most banks will however run a ChexSystems report, where they can view all of your banking history, this is completely different from your credit report, and you are entitled to receive one free copy of the report annually.

Banks know that some account holders with bad credit and a poor ChexSystems report need a bit of practice before properly using a bank account.

Many people have bad credit at first, and their relationship with the bank gets complicated. More often than not, you can resolve these problems over time.

8 Banks To Open a Bank Account Online With No Deposit And Bad Credit

Here are the 8 best banks to open a bank account online with no deposit and bad credit:

  1. Varo
  2. Chime
  3. Capital One 360
  4. Discover
  5. Ally Bank
  6. Alliant Credit Union
  7. Barclays
  8. Marcus by Goldman Sachs

1. Varo Varo bank logo

Varo is one of the newest chartered banks to hit the market. Varo doesn’t use ChexSystems to approve its account holders. In addition, Varo wants its account to be of high quality for everyone, without distinctions.

Some of the perks of a checking account with Varo are: a free debit card, payday comes up to 2 days early if you sign up for a direct deposit, and an 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, with Varo, you will be granted access to a network of more than 55,000 Allpoint fee-free ATMs.

  • Free debit card
  • No minimum balance
  • No monthly fee
  • High APY savings account
  • Allpoint ATM network
  • Online-only, can’t visit a local branch

2. Chime Chime bank logo

Unlike Varo, Chime is a financial technology company, not a bank, but it virtually offers all of the services a bank does. Its deposits are FDIC insured through the Bancorp Bank. It is a fully online financial app with no physical branches.

Chime doesn’t check credits through the ChexSystem so that anyone can open a checking account, even with a bad banking history.

Chime has many benefits, such as no opening deposit requirement, no monthly fee, no overdraft fees, and no foreign transaction fees.

Withdrawing money is also very easy. There are over 38,000 ATMs with Moneypass and Visa Plus Alliance ATM networks, which Chime account holders can use at no additional cost.

Depositing money could be a little more complicated since Chime has no brick-and-mortar locations. You can set up a direct deposit from your employer (you can get paid early, too!) or load your account at any of Chime’s partners, such as 7-Eleven, Walmart, or Walgreens.

Pay attention to the fees adding funds to your account may cost you and the $1000 maximum daily limit.

  • FDIC insured
  • Doesn’t check credit
  • 38,000 ATMs
  • No minimum opening deposit
  • No monthly fee, overdraft fee, or foreign transactions fees
  • Online-only, no branches
  • Depositing money can be a hassle

3. Capital One 360 Capital One Bank logo

Capital One is an excellent option if you are looking for an online bank to open an account with that requires no minimum deposit and no monthly maintenance fees. They also don’t check your ChexSystems record to let you open a checking account, so you’ll be able to open an account even if your credit score isn’t the best.

You’ll earn an interest rate of 1.00% APY, which is above the national average. That said, if you’re aiming to get a high annual percentage yield, I suggest you keep reading because you’ll likely find even better rates in this list.

Capital one also gives you access to a debit card you’ll be able to use at 39,000 ATMs, direct deposit, mobile banking, and online bill pay.

  • No minimum deposit
  • No monthly maintenance fees
  • Mobile direct deposit
  • Bill pay
  • Debit cards and ATMs
  • There are higher APY available at other banks.
  • No brick-and-mortar locations

4. Discover Discover Bank logo

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.

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. Still, unlike other online-only financial institutions mentioned in this list, it allows its customers to use an extensive network of ATMs, which is pretty great.

  • No minimum deposit
  • No monthly service fees required
  • ATMs available
  • Cashback
  • Savings and checking accounts
  • Online-only, no branches
  • Debit cards are not accepted everywhere

5. Ally Bank Ally Bank logo

Ally Bank has an excellent Interest Checking account with no fees and no minimum balance required. Your deposits are FDIC insured, plus 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. Ask a representative online for more information and guidance if you need to.

Ally’s Interest Checking account pays up to a 0.25% APY. You’ll get a 0.10% interest rate if you keep a daily balance below $15,000, and you’ll reach the 0.25% rate with a minimum daily balance of at least $15,000. Interest is compounded daily at Ally Bank for a better return on your investments (ROI).

They even have a unique “savings booster” to help you grow your savings as fast as possible, which will track eligible transactions and round them up to the nearest dollar before automatically transferring them to your savings account.

For this to happen, you’ll need to have both an online checking account and online savings account at Ally Bank, of course.

Ally Bank has some pretty exciting new features, such as controlling money transfers using your voice only (Ally partners with Alexa for this one) or deposit checks directly from your smartphones by taking a quick picture of them.

  • Innovative features
  • No minimum balance
  • No fees
  • Interest-bearing
  • ATMs and cards
  • “savings booster”
  • Some fees apply for extra services
  • no brick-and-mortar bank locations

6. Alliant Credit Union Alliant Credit Union logo

Alliant is an online credit union that has recently won the best bank online experience, best credit unions, and best checking accounts. Its high-interest checking account comes with a 0.25% APY, a contactless debit card with access to over 80,000 fee-free ATMs, and a very user-friendly app.

To pay with Alliant’s debit card, you’ll only need to connect it to the mobile app and tap on your mobile phone. It doesn’t get much easier than that.

You’ll also never have to worry about using the ATM too much with Alliant. They even offer up to $20 per month back in ATM fees, deposited right 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 but other standard fees will apply, such as the NSF (non-sufficient funds) fee.

If you are looking for a business checking account, Alliant doesn’t offer one at the moment, so you’ll have to bring your request to another financial institution for the time being.

  • No minimum balance
  • No monthly maintenance fee
  • ATM fees rebates
  • Contactless debit card
  • Award-winning mobile app
  • No business checking account
  • No physical branch locations
  • NSF fees and other standard fees apply

7. Barclays Barclays logo

Barclays is another online-only bank that asks for no minimum deposit or monthly service fees to open an online savings account. They offer direct deposit, online transfers, and a higher than average, 1.90% APY.

With Barclays, you should be comfortable performing all your banking operations online as you won’t have access to any branch locations.

You should also keep in mind that ACH transfers usually take 2 or 3 days, so you may be better off with another financial institution if you need immediately available funds.

Additional benefits you’ll get by opening an account with Barclays are direct deposits and online transfers, even from or towards other banks or credit unions.

  • No minimum balance
  • No monthly fees
  • Higher than average APY
  • Direct deposits
  • Online-only so no physical branches
  • Online transfers take 2 to 3 days

8. Marcus by Goldman Sachs Marcus by Goldman Sachs logo

Marcus by Goldman Sachs has an excellent online-only savings account option that’s worth considering. This savings account’s best quality is its high APY at 2.00%, on top of no minimum deposit or monthly service fees required.

You can only open this free savings account online, so keep in mind there will be no physical locations, ATMs, or debit cards included. If you prefer visiting a local branch to ask questions or want to withdraw money from ATMs, better look elsewhere for your personal finances.

Money transfers may also take a couple of days, just like with Barclays, so Marcus doesn’t offer immediately available funds, which is something to consider before opening an account.

  • No minimum balance required
  • No monthly service fees
  • High APY
  • No debit cards or ATMs
  • No local branch
  • No immediate transfers

Banks To Open An Account Online With a Small Opening Deposit and Bad Credit

  1. Wells Fargo
  2. Bank of America
  3. Axos
  4. GoBank
  5. OneUnited Bank
  6. Woodforest National Bank
  7. First American Bank
  8. Unify Financial Credit Union
  9. Aspire Federal Credit Union
  10. Corporate America Family Credit Union

1. Wells Fargo Wells Fargo

Wells Fargo’s Clear Access Bank Account is specifically for people who are new to banking or need extra help managing their funds. It has a $5 monthly fee, but account holders between 13 and 24 years old can waive it if they make a $25 minimum deposit.

The account has no overdraft or NSF (non-sufficient-funds) fees, which is pretty great, especially if you had problems with those before.

It offers mobile and online banking, Zelle money transfers, a debit card with contactless and chip technology, 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.

Clear Access Checking Account (opportunity checking) is an entirely online account, so it has no paper checks or paper statements.

Teenagers must open their account at a brick-and-mortar location, and if they are under 18, they will have to bring an adult as a joint owner of the account.

There is the option of adding a savings account to save for a specific goal, with budgeting and cash flow features.

  • Monthly fees waived for 13-24 year-olds
  • Brick-and-mortar and online
  • Many digital and mobile tools
  • No overdraft and NSF fees
  • Can add a savings account
  • Maintenance fees
  • Teens must open the account at a branch
  • Minimum deposit

2. Bank of America Bank of America

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.

To open a SafeBalance Checking Account, you have to deposit a minimum balance of $25 in the account and pay a monthly maintenance fee of $4.95.

With Bank of America, you will be able to use thousands of ATMs for free. If you want to access an out-of-network ATM, you will have to pay $2.50 per transaction.

  • Many ATMs
  • No overdraft
  • Mobile banking
  • Monthly fee and minimum deposit
  • Out-of-network ATM fees
  • No paper checks

3. Axos Axos

Founded in 2000, Axos prides itself on being one of the oldest and most trusted digital banks. Axos is primarily digital, with only a few brick-and-mortar locations based in California.

Though there’s a lack of physical branch locations, Axos has user-friendly mobile banking and a vast ATM network.

Axos offers various financial products, including checking accounts, high-yield savings, CD, and money market accounts. It is also a lender for mortgages and personal loans.

Axos has five different options when it comes to checking accounts, including one for those with bad credit.

Axos Second Chance Checking Account

Axos Second Chance Checking Account has a minimum opening deposit of $50 and a monthly service charge of $8.95. If you schedule a recurring direct deposit into your account, Axos will lower the service fee to $6.95.

This account earns no interest rates (APY) and has a daily limit for debit card transactions. It also limits the amount of cash you can withdraw from an ATM to $310. Overdraft protection is available for a fee, and account holders can also open a linked savings account.

There are many noticeable differences between this account to the regular Essential Checking Account at Axos Bank.

Still, there is a price to pay for the possibility of opening an account with bad credit and without going through a credit check.

  • Overdraft protection
  • Linked savings account
  • Limit on ATM withdrawal and debit card transactions
  • Service fee and opening deposit

4. GoBank

GoBank is another mobile bank with no physical branch location but an impressive ATM network to make up for it.

n-network ATMs are free, while out-of-network ATM withdrawals will set you back by $3 each time you use them.

GoBank is owned by Green Dot Bank and has an account option that doesn’t require you to go through any ChexSystems credit checks.

This account features a free debit card, online and mobile banking. If you lose your card, you will have to pay a replacement fee of $5.

Overdraft is not permitted, so at least you will never have to worry about overdraft fees.

GoBank’s saving account needs you to pay an $8.95 monthly service fee unless you agree to a minimum of $500 in monthly direct deposits.

There is also a $20 minimum opening balance and a fee of $2.95 to start the account. Both can be avoided while signing up for this account online.

Since there are no branch locations to add funds to your checking account, you can do it at some affiliated places such as 7-11 shops and Walmart.

  • Avoid opening balance and fee
  • Large ATM network
  • Debit card
  • Online and mobile banking
  • Maintenance fee and opening balance
  • No physical locations
  • Adding funds is not convenient

5. OneUnited Bank

OneUnited Bank was founded in Massachusetts. It has only five brick-and-mortar branches. Otherwise, it mainly offers online banking and mobile banking. Its accounts online are available nationwide.

The main perk of OneUnitedBank is its partnership with GreenDot, which allows this bank to offer its customers the possibility to add cash at more than 90,000 locations across the USA.

OneUnited Bank offers several options for checking accounts for people with poor credit.

U2 E-Checking account aims to help people with bad credit get back on track and improve their relationships with financial institutions.

The goal is to be able to apply for a less expensive and more complete regular checking account in the future.

Some characteristics of a U2 E-Checking Account are free online and mobile banking, cash withdrawals at free in-network ATMs without any surcharge, mobile check deposits, free bill pay, and a secured credit card.

You’ll need to make a $50 minimum deposit to open this account. Other fees you might have to pay are a $37 NSF fee and a $7.50 fee for each bill payment returned unpaid because of non-sufficient funds.

  • Partner with GreenDot
  • Online banking
  • Free ATMs
  • Bill pay
  • Credit card
  • Minimum deposit
  • NSF fee

6. Woodforest National Bank

A Woodforest national bank is an excellent option for those people who still prefer visiting a local branch to managing their accounts exclusively online or on their mobile phones.

It has over 747 branch locations, and it is present 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 with them, you will need a minimum opening deposit of $25. The monthly maintenance fee is $11.95, which can be lowered to $9.95 as long as you have signed up for recurring direct deposits.

Some additional fees are a $9 one-time fee when you open the checking account, $15 to get a debit card, and a $32 overdraft fee per item.

I’d say that Woodforest’s account is still a viable option if you need a checking account with a poor credit score – but not the best account if your goal is to avoid as many fees as possible.

  • Free e-statements
  • Many ATMs
  • Monthly fee and minimum deposit
  • Overdraft fees

7. First American Bank

First American Bank has some physical branch locations in Florida (Coral Gables area), Wisconsin, and Illinois (Chicago area), on top of the online banking option.

Its Fresh Start Checking Account might give you a chance even if the other banks have not let you open an account with them due to a poor credit score.

It has a $50 minimum starting balance requirement and a $9.95 monthly fee.

With this account, you get access to more than 55,000 free ATMs. First American Bank works with surcharge-free Allpoint and Presto! ATM networks.

Fresh Start Checking account also includes unlimited check writing, free check images online, and e-statements. It also comes with mobile banking with many useful digital tools.

  • Some physical locations plus online banking
  • Unlimited check writing
  • Digital tools
  • E-statements
  • 55,000 ATMs
  • Monthly fee
  • Minimum starting balance

8. Unify Financial Credit Union

You’ll have to become a member to open an account at Unify Financial Credit Union.

You can either join through Western Federal Credit Union directly or through one of its affiliate non-profit organizations (e.g., Friends of Hobbs or Surfrider Foundation). Most likely, the eligibility requirement will be a small donation.

Unify Financial Credit Union offers an account that is particularly suitable for first-time account holders. It can be an option for people with bad credit.

You can open the Right Start Checking Account with a low minimum starting balance of $25. It has no monthly maintenance fee, which is excellent.

You will also pay no fees for writing checks, and the account is protected against overdrafts of up to $250. So, if you owe your bad credit to repeated unpaid overdrafts, this is pretty great news!

Unfortunately, there are some fees with this account: $30 non-sufficient-funds fee and $25 for each returned deposit item. It’s easy to avoid them by keeping an eye on your account.

By opening a Right Start Checking Account, you’ll get access to Unify offices and online banking.

  • Best for first-time account holders
  • No monthly fees
  • Online banking
  • Overdraft protection
  • NSF fee
  • Starting balance

9. Aspire Federal Credit Union

Aspire Federal Credit Union allows you to open a checking account if you’ve been previously rejected from other financial institutions due to bad credit.

Aspire’s Fresh Start Checking is straightforward to join. You’ll only need to donate $5 to any one of the 15 affiliated organizations, such as the Land Trust of North Alabama.

There is a catch: you have to deposit your whole paycheck every month to qualify for this account. If you can’t do that, you better choose another financial institution.

You also probably won’t be able to open this account if you have a history of fraudulent conduct in your ChexSystems, EWS, or any other consumer report. They forgive you for your low credit score, but not for fraud.

Aspire has no monthly service fee, and it offers a free debit card linked to your account. It also has an extensive ATM network which includes over 70,000 machines.

Withdrawing money is surcharge-free if you use in-network ATMs.

You can check your balance and access customer service also online and by phone.

  • Free checking account
  • Over 70,000 fee-free ATMs
  • Free debit card
  • Have to deposit your entire paycheck
  • No history of fraudulent conduct

10. Corporate America Family Credit Union

Corporate America, just like Aspire, offers a Fresh Start Checking Account, which could be a first step toward rebuilding good credit history. Qualifying for this account requires becoming a member of the credit union, which you can do through the Hope Group.

Corporate America has a minimum balance requirement of $100, plus you will have to face a $10 monthly service fee. Corporate America’s Fresh Start Checking Account features are Popmoney, bill pay, and debit card purchases.

You also get a free online course called “Get in Balance” about how to manage your checking account using the right financial tools.

  • Bill pay
  • Free debit card
  • Free personal finance course
  • Minimum balance
  • Monthly fee

What About a Prepaid Debit Card Instead?

If you have problems opening a new account due to your low credit score, you can opt for a prepaid debit card instead.

These cards don’t require you to open a bank account but are very convenient and allow you to do many operations, such as 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.

You only need to buy one and charge money on it to use it. Visa debit cards and Mastercard are available. Each card will allow you to access different ATM networks, depending on the provider.

Everything is pretty straightforward, and there is no risk of overdraft, NSF fees, or other unexpected hidden fees.

Some service fees, ATM fees, or recharging fees may apply. Always pay attention to what each card’s requirements are.


What banks do not require a credit check to open a checking account?

Some financial institutions don’t require a credit check, like newer online banking solutions such as Chime and Varo.

Most banks require a credit report and use ChexSystems or credit bureaus to check your credit history before approving your request to open an account with them.

Luckily, most of them also offer a multitude of options when it comes to checking accounts. There is also usually one option dedicated to people with bad credit, so you shouldn’t worry too much about that.

Can I open a bank account if I have bad credit?

Yes, you absolutely can open a bank account with bad credit. Usually, you will open a specific kind of account called the second chance banking account.

What bank will accept me with bad credit?

Don’t worry – many banks will accept you with bad credit.

Sometimes you will have to start from a straightforward no-frills account dedicated to people with bad credit, often having limitations such as not allowing overdraft. Still, over time you will have the chance to work your way up to a regular account.

In the article above, we made a list of the best checking accounts you will be able to open even with bad credit, and we analyzed every single one. Feel free to check it out if you want to learn more.

Can I open a bank account online with no money?

Yes, you can definitely open a bank account online with no monthly fees or minimum deposit required.

One of the online banks that will let you easily do this is Varo, which is just one of the many options available on the market.