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-only 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.

Axos Bank Offers Free Online Checking Accounts – No Opening Deposit

As one of the oldest online-only banks, Axos Bank has $11.8 billion in assets, offering a variety of products from free checking to savings accounts with high-interest rates plus mortgage loans and investment products.

Axos Bank was formed in 2000 with headquarters in San Diego, CA, offering full-service banking for individuals and businesses.

Customers who don’t mind online-only banking should take advantage of the many financial products offered by Axos Bank. All Axos checking accounts include free access to Green Dot® Reload @ the Register™, online bill pay, and mobile check deposit.

About Axos Bank Online Checking Accounts

Axos Bank offers several different types of checking accounts. There are no monthly maintenance fees.

1. Essential Checking

The Essential Checking account is a free online checking account with no opening deposit that has no overdraft fees and offers unlimited ATM fee reimbursement. Essential Checking account customers will not earn any interest or cashback. You won’t have to worry about overdraft or non-sufficient funds fees with this account. Customers can deposit cash through the Green Dot® Reload @ the Register™ program. Learn more.

Essential Checking Features:

  • $0 minimum opening deposit
  • No monthly maintenance fees
  • Unlimited domestic ATM refunds
  • Early direct deposit
  • Zero non-sufficient funds fee
  • Unlimited check writing privileges

2. Essential Checking

The Rewards Checking Account is similar to Essential Checking, with no overdraft, NSF or monthly maintenance fees but accountholders earn interest. The way customers can earn interest on this account is to meet a few requirements. For every requirement you meet, you earn 0.4166% APY. If you meet two requirements, you can earn 0.8332% APY. Meet these requirements and you’ll earn the highest rate of 1.25%. If you don’t meet those requirements, you will receive a reduced APY from what is advertised. Learn more.

Interest-Earning Requirements:

  • Receive monthly direct deposits totaling $1,000 or more (earn 0.4166% APY)
  • Use your debit card for a total of 15 transactions per month minimum of $3 per transaction (earn 0.4166% APY)
  • $50 minimum opening deposit
  • No monthly maintenance fees
  • Unlimited domestic ATM refunds
  • Earn up to 1.25% APY*
  • No overdraft or non-sufficient fund fees

3. CashBack Checking

This interest-free account requires a minimum of $1,500 for cashback rewards. Customers can earn cashback on purchases by using the Axos Visa debit card to make signature-based transactions. There is a balance tier that determines how much cashback you earn. If you maintain a balance over $1,500, the bank will afford you 1.00% in cashback.

But if your average daily collected balance falls below $1,500, you’ll earn just 0.50% cashback. For both tiers, there is a limit of $2,000 per month in cashback you can earn. Learn more.

CashBack Checking Features:

  • $50 minimum opening deposit
  • No monthly maintenance fees
  • Unlimited domestic ATM refunds
  • Earn up to 1.00% cashback on signature-based purchases
  • Unlimited check writing privileges

4. Golden Checking

The Axos Bank Golden Checking account for customers aged 55 and older earns 0.20% APY no matter the account balance. The Golden Checking Account doesn’t charge a monthly fee or require any minimum account balance. Golden Checking customers can also take advantage of Green Dot® Reload @ the Register™ which allows you to deposit cash into your account with your Axos Visa debit card. Account-holders get a free box of checks every six months. Learn more.

Golden Checking Features:

  • $50 minimum opening deposit
  • No monthly maintenance fees
  • Up to $8 domestic ATM fee reimbursements per month
  • 0.20% APY* on all balances
  • Free personal checks

5. First Checking

The First Checking Account at Axos Bank is for teens ages 13 to 17. An adult must be a joint-owner with teen in order to open the account. The joint owner of this account will need to apply as the “primary owner,” and the teen applicant will apply as the “secondary joint owner.” Teens can only withdraw up to $100 each day, while the account limits daily point-of-sale transactions to $500. There is no checking writing privileges with this account. Learn more.

First Checking Features:

  • For ages 13 – 17 years old
  • Earn 0.25% APY*
  • Up to $12 domestic ATM fee reimbursements per month
  • No monthly maintenance fees
  • No overdraft or non-sufficient funds fees

Pros of Axos Bank

Axos Bank offers free online checking accounts, no opening deposit but they also offer higher rates than the national average on savings accounts. Grow your savings faster with interest compounded daily. Savings accounts have no monthly maintenance fees, plus no minimum balance requirements.

In exchange for not having nationwide branch locations, customers can look forward to earning higher interest rates on interest checking accounts, high-yield savings accounts, and money market accounts.

Cons of Axos Bank

While Axos Bank offers convenient online and mobile features, it is a bank that operates entirely online. If you value having neighborhood branch locations this bank may not fit your needs unless you reside in one of these areas: San Diego, CA, Laguna Hills, CA; Los Angeles, CA; Overland Park, KS; Omaha, NB; Las Vegas, NV; New York, NY; Columbus, OH; and, Salt Lake City, UT.

Final thoughts

Axos Bank is known for its “banking evolved” services. Customers will enjoy full digital banking products along with the convenience of online banking. Axos Bank is focused on having up to date technology.

Because the bank operates primarily online, Axos can pass the savings onto customers in the form of free checking and higher than national average savings rates.

Customers can look forward to earning some of the best rates on certificates, checking accounts, savings accounts, auto loans, personal loans, home equity loans, mortgages, IRAs, auto insurance, homeowner's insurance, and investment services. Additionally, members can get unlimited domestic ATM fee reimbursements.

Axos Bank will reimburse all domestic ATM fees for the Rewards Checking, Cashback Checking, and Essential Checking accounts, and up to $8 a month for Golden Checking and First Checking account holders.

Axos checking accounts also include the Green Dot® Reload @ the Register feature. This makes it easier to deposit money into your internal accounts by allowing you to initiate deposits using your debit card at cash registers.

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