Best Free Online Checking Account: No Opening Deposit Required

You can definitely open a free online checking account – no opening deposit but be prepared to make a deposit within 30 days or the account may be closed.

It’s fairly simple to open a checking account online nowadays. Not having the initial deposit does not have to prevent you from opening a checking account.

While most banks require a minimum opening deposit that can range up to $100, we have found an online bank that does not require an opening deposit.

But first, to open a free online checking account with no deposit you'll need a few things:

  • Name
  • Home address
  • Date of birth
  • Citizenship status
  • Social security number
  • Phone number
  • Email address

You should also set aside 10-15 minutes of uninterrupted time because most bank sites will automatically log you off after a few minutes of inactivity.

5 Free Online Checking Accounts – No Opening Deposit

1. SoFi Cash Management Account

The SoFi Money Cash Management Account offered by SoFi Securities LLC, a FINRA registered broker dealer. With SoFi Money Cash Management account you can make deposits, write checks, utilize electronic bill pay and transfer money, there are no monthly fees or overdraft fees. Plus, you earn a competitive 1.80% APY on all deposits. The funds in your SoFi Money account are subject to FDIC coverage once they are deposited at one of our partner banks.

SoFi Cash Management Account Features

  • No account fees
  • Unlimited reimbursed ATM fees
  • High-yield interest rate
  • Access to SoFi member benefits like career coaching and financial advising
  • Automated bill pay
  • Easy P2P payments at no cost
  • Freeze debit card on-the-go
  • FDIC-insured deposits up to $1.5MM through the SoFi Money sweep program with partner banks.

Click here to get started with SoFi Money.

2. Chime Spending Account

Chime is an online-only with no monthly fees, no overdraft fees, and no foreign transaction fees. Chime will round up purchases to the next dollar and save the remainder – although the interest rate is low. The absence of physical branches allows Chime to offer banking that is almost entirely fee-free. Chime offers mobile check deposits but cash can be difficult to deposit. You can deposit at Green Dot locations, which may charge a fee. Because Chime has experienced several outages this year alone, you might want to use it as a secondary account.

Chime Spending Account Features

  • Get paid up to 2 days early with Early Direct Deposit.
  • No monthly fees, no foreign transaction fees, no minimum balances, or overdraft fees.
  • Save money on auto-pilot with Automatic Savings.
  • Access over 30,000 fee-free MoneyPass ATM's and 30,000 cashback locations.
  • Mobile app for iOS and Android
  • Get real-time transaction alerts.
  • Pay bills with Chime Checkbook.

Click here to get started with Chime.

3. Capital One 360 Checking Account

Capital One is an online bank offering monthly free checking, check writing, free ATMs, free online banking, mobile deposits and an overdraft line of credit. And their accounts pay a small interest on your balance as well. Higher balances can tap into bigger rates.

Capital One 360 Spending Account Features

  • Ability to write checks (checks must be ordered from Capital One)
  • Free ATM/debit card provided
  • Free online bill pay
  • Remote check deposit using a mobile device or scanner
  • An overdraft line of credit
  • Free Person2Person Payments so you can pay friends and other individuals

Click here to get started with Capital One 360 Checking.

4. Ally Bank Interest Checking Account

If you want an easy-to-use, no-fee checking account, Ally Bank’s Interest Checking Account is a top choice. This online banking account is simple to use and does not charge any fees for regular checking account activity.

This account pays a modest interest rate and offers free Allpoint ATM uses and up to $10 in monthly reimbursements for other bank ATM fees. It also offers quick online transfers with Zelle and has great customer service where it is easy to reach a human on the phone (which is pretty rare nowadays).

There are no monthly fees, plus no fees for ACH transfers to or from other banks, no fees for cashier’s checks and no fees for incoming wires. This account also offers free checks, which come in handy for your landlord or anyo
Capital One 360 Spending Account Features

  • Earn 0.10 percent on balances of less than $15,000
  • Earn 0.60 percent on balances greater than $15,000
  • No monthly maintenance fees
  • Free ATMs Nationwide
  • Receive up to $10 per statement cycle in ATM fee rebate charges at other U.S. ATMs
  • Send payments to friends and family with Zelle
  • Deposit checks to your account with the mobile app

Click here to get started with Capital One 360 Checking.

Final thoughts

The availability of funds from checks deposited may
be delayed for a longer period of time to ensure that
the funds have cleared the institution on which they
were drawn and under circumstances including, but not
limited to, the following:

New Customers
The following chart describes the longer holds that may apply
to the Accounts of new customers during the frst 30 days after
your Account is opened:

There is no minimum opening deposit required and there is no minimum balance requirement.

Why banks hold deposits: When you deposit funds into your account, the bank often puts a hold on those deposits, requiring you to wait for at least one business day before you can use the money. Especially with checks and money orders, banks cannot be sure that a payment is legitimate. Plus, the money doesn’t actually arrive at your bank for several business days (or more) after your deposit. The hold is intended to protect the bank from losing money.

Holds protect you, as well: Holds can also help you avoid problems, but you are ultimately responsible for any deposit you make to your account. If your bank allows you to cash a check that later bounces (which can happen several weeks after you make the deposit), you may have to pay fees, and you’ll have to repay the bank for the money they gave you. Even though a bad check isn’t your fault, it’s still your problem, unfortunately. That’s why it’s critical to verify funds on suspect checks, and avoid taking payments from anybody you don’t trust.

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