7 Best Free Bank Accounts With No Opening Deposit Required

Both have monthly fees that can be waived if minimum deposits amounts are met. However, if you can easily meet the qualifications required for the new account bonus (and to waive its monthly fee), it’s a good option for those who want an entry-level account. It typically offers new customers a sign-up bonus, and it’s fairly simple to waive the monthly fee. Its accounts come with no monthly fees, no minimum balance requirements and competitive rates.

• SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums.
• These almost always require you to spend a certain amount using your new card, and you’re usually given a few months to meet that requirement.
• APYs are subject to change at any time without notice.
• Rates are variable, subject to change.
• Keep this in mind when you’re figuring out your total return on any given offer.
• This is very high if you’re deemed a high-risk customer, sometimes reaching 50% of your policy.

The Varo Bank Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement. The Schwab kickback Bank Investor Checking account has no minimum opening deposit, monthly service fee, or minimum balance requirement. The Capital One 360 Checking account has no minimum opening deposit, monthly maintenance fee, or minimum balance requirement.

• The Business Premium Savings signup offer requires you to deposit and maintain a minimum balance and make purchases using the account’s card in order to earn the $600 bonus.
• Picking the right no-fee checking account isn’t just about avoiding monthly fees.
• Flushing Bank allows new Complete Checking customers to earn up to $2,500 in a cash bonus when they maintain a minimum average balance for three months.
• Its CDs come with terms of either 6, 9, 12, 18, 24, 36, 48 or 60 months.
• Use our easy calculator to get a quick estimate and find the right plan for you—no commitment and no spam!
• After graduation, their Total Checking account waives the $12 monthly fee with $500 in direct deposits.

Bread Financial offers a high-yield savings account with a strong APY, which requires a minimum opening deposit of $100. If you’re looking to incorporate a CD alongside your savings account, Barclays is a solid choice. Its CDs come with terms of either 6, 9, 12, 18, 24, 36, 48 or 60 months.

ATM Access and Fee Policies

If you’re looking for a bank account with no monthly fee, many of the accounts we’ve featured here go one step further than just not having a monthly maintenance fee. If you’re looking to do your checking with no monthly fee, each of these checking accounts offers different benefits and perks. Any funds that are deposited at account opening to satisfy a minimum opening deposit requirement may be withdrawn at any time. The Key Smart Checking account is one of the only bank accounts like it from a traditional brick-and-mortar bank because it doesn’t have a monthly service fee you have to avoid. We’ve analyzed the top checking accounts available today to find the best-of-the-best in the no monthly fee bank accounts category.
All data is up to date as of Jan. 22, 2026, rates and fees subject to change. With fee-free checking and savings accounts, Capital One provides competitive rates and a large ATM network of over 70,000 locations. A savings account not only provides funds for your child, but can also help them learn the basics of personal finance. Some savings accounts are offering low annual percentage yields, while others are on par with the rates of high-yield savings accounts.

SoFi® Checking and Savings

The products on our list offer annual percentage yields of up to 4.15%. The best savings accounts offer high annual percentage yields (APYs), have low minimum balance requirements and charge few to no fees. 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. If you’re a server, bartender or small business owner who handles cash regularly, you’ll want to know your options for getting that money into your account.

Start Saving Today with No Deposit Car Insurance

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 massive traditional banks (like Chase or Bank of America) usually charge monthly fees, they do offer strict fee waivers if you set up direct deposit. If you are actively searching for accounts with no monthly fees, you have several fantastic options.

Chime makes it easy to make cash deposits and transfer money with its mobile app. New customers may qualify for a temporary APY boost that raises the savings rate to as much as 3.80% for up to six months. There’s no minimum opening deposit, monthly account fee, or minimum balance requirement.
If you’re interested in taking advantage of an offer, be sure to look into the fine print and figure out how long you have to sign up. Promotions can last anywhere from months to years, but they are almost always held to a certain timeframe. We explain why banks offer cash incentives, how to meet the requirements, and pitfalls to avoid – with helpful insider tips along the way. Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of your Citi Double Cash® card account opening.
The Bank of America® Business Advantage Banking signup offer requires you to deposit and maintain a minimum balance in order to earn the $750 bonus. The Self-Directed Investing signup offer requires you to deposit and maintain a minimum balance in order to earn the $1000 bonus. The Chase Private Client Checking℠ signup offer requires you to deposit and maintain a minimum balance in order to earn the $3000 bonus. The High Yield Savings signup offer requires you to deposit and maintain a minimum balance in order to earn the $1200 bonus. The HSBC Premier signup offer requires you to deposit and maintain a minimum balance in order to earn the $5000 bonus.