10 Best Bank Accounts With No Opening Deposit Required

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All information about the Capital One 360 Checking and Performance Savings Account, Ally Spending Account, and Marcus Online Savings Account were collected independently by Slickdeals and has not been reviewed by the issuer.

Certain banks and credit unions have high minimum deposit requirements, which can be a hurdle for potential account holders. These requirements might prevent someone from opening a new account, or could result in costly fees for not maintaining a certain balance each month. Fortunately, more online banks have begun offering no opening deposit savings and checking accounts, removing this entry barrier and helping you keep more money in your pocket. 

If you’re looking to open a new savings or checking account with no minimum initial deposit and no ongoing minimum balance requirements, you’re in luck. We’ve rounded up some of the best accounts available to make it easier to find your ideal option. 

Best Bank Accounts With No Opening Deposit Needed

Bank	Monthly fee	Minimum Opening Deposit	Learn More
SoFi Checking and Savings Open Account Member FDIC Member FDIC	$0	N/A	Open Account
UFB Direct Portfolio Savings Account Open Account	$0	N/A	Open Account
Chase Total Checking® Account Open Account	$12 with options to waive More Info Chase Total Checking customers can have their monthly maintenance fee waived by receiving direct deposits totaling $500 or more in new money each monthly statement period, maintaining a daily balance of at least $1,500 at the beginning of each day, or maintaining an average beginning day balance of $5,000 or more in any combination of linked qualifying Chase checking, savings and other accounts	N/A	Open Account
Marcus Online Savings Account Open Account	$0	N/A	Open Account
Ally Spending Account Open Account	$0	N/A	Open Account
Discover Cashback Debit Account Open Account	$0	N/A	Open Account
Axos First Checking Account	$0	N/A	This product is currently not available via Slickdeals. All information about this product was collected by Slickdeals and has not been reviewed by the issuer.
Chime® Checking Account	$0	N/A	This product is currently not available via Slickdeals. All information about this product was collected by Slickdeals and has not been reviewed by the issuer.
Capital One 360 Checking Account Open Account	$0	N/A	Open Account

Methodology

To compile our list of the best bank accounts with no opening deposit, Slickdeals’ editors reviewed a range of banks and credit unions and made our picks based on the following factors: 

• Lack of fees: In addition to not having opening deposits, accounts on our list feature no monthly maintenance fee or offer attainable ways to waive those charges.
• Easy account opening: Our picks are easy and quick for most people to open online, without a lot of extra hoops to jump through.
• Helpful account perks: We looked for features that can improve customer experience, such as wide ATM access, the ability to earn interest on your balance, savings buckets and customer service options.

SoFi Checking and Savings

Open Account

Member FDIC

• Our Rating 5/5 How our ratings work
• APY0.50% - 4.00% More Info

  SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

• Minimum
  Deposit RequiredN/A
• Intro Bonus $50-$300Expires January 31, 2026 More Info

  New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 12/3/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

SoFi Checking and Savings boasts an impressive APY of up to 4.00% on savings balances for customers who set up direct deposit, or who deposit at least $5,000 each month. This account also offers 0.50% APY on checking balances. There are no monthly maintenance fees, and new customers can even earn a generous signup bonus worth up to $300. If you don’t care about physical bank locations, this is a great option.

• Overview
• Pros & Cons

Overview

SoFi Checking and Savings features remarkably strong interest rates for customers who receive recurring monthly direct deposit, or who deposit $5,000+ every 30 days. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $300.

Pros

• Accounts with monthly direct deposit earn interest
• No minimum opening balance or minimum monthly balance
• No maintenance fees, non-sufficient fund fees or overdraft fees
• Access to Allpoint’s worldwide ATM network
• Get paid up to two days early

Cons

• No physical branch locations

Why We Like It

SoFi® offers a high-yield checking and savings account with no fees and impressive APYs, and there’s no minimum balance to earn the maximum rates. New account holders can also get a nice bonus when they set up direct deposit. 

In addition to a lucrative rate and bonus, SoFi also lets you set aside money using its savings vault feature. Account holders can automatically deposit money into certain vaults for specific savings goals, such as a home or car down payment, vacation, or emergency fund. Vaults are available in the SoFi mobile app and desktop dashboard.

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: None
• ATM fees: Free ATM withdrawals at over 55,000 ATMs in the Allpoint network⁵

^{5. ATM Access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.}

UFB Direct Portfolio Savings Account

Open Account

at UFB

• Our Rating 5/5 How our ratings work
• APY4.01% More Info

  UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

• Minimum
  Deposit RequiredN/A
• Intro Bonus N/A

The UFB Direct Portfolio Savings Account has a solid interest rate of 4.01% APY. Plus, there are no monthly fees and no minimum balance to open.

• Overview
• Pros & Cons

Overview

With one of the strongest high-yield savings interest rates on the market, as well as no monthly fees or minimum opening deposit, UFB Direct’s Portfolio Savings Account is an extremely attractive package.

Pros

• Strong interest rate
• No maintenance fees or minimum monthly balances
• Free complimentary ATM card
• Mobile app and SMS banking

Cons

• No signup bonus

Why We Like It

While some no minimum deposit bank accounts don’t earn interest at all, the UFB Direct Portfolio Savings Account isn’t one of them. This account has an extremely generous annual percentage yield (APY), whether your balance is $100 or $100,000. Account holders also get debit card access, which is rare with a savings account, and can withdraw cash at a huge network of free ATMs nationwide.

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: None
• ATM fees: Free ATM withdrawals at 91,000 locations nationwide

Chase Total Checking® Account

Open Account

at Chase

• Our Rating 4/5 How our ratings work
• APYN/A
• Minimum
  Deposit RequiredN/A
• Intro Bonus $300Expires January 22, 2025 More Info

  New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities

Chase Total Checking® is among the best entry-level accounts. It typically offers new customers a sign-up bonus, and it’s fairly simple to waive the $12 monthly fee. However, it's worth noting that it doesn’t offer many valuable features or benefits and it’s not an interest-bearing checking account.

• Overview
• Pros & Cons

Overview

Chase Total Checking® is a basic checking account that doesn’t offer many premium features. 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.

Pros

• No minimum opening balance
• Multiple ways to waive monthly fee
• Access to nationwide Chase branches and ATM network

Cons

• Monthly maintenance fee
• Account does not earn interest

Why We Like It

For those seeking variety, Chase offers multiple savings and checking accounts with no initial deposit requirements, including their popular Chase Total Checking® Account Several accounts also come with a generous bonus for qualifying new savings and checking customers.

There’s one caveat, though. Most of Chase’s banking accounts have monthly fees. But if you meet certain requirements, such as maintaining a specific balance or making direct deposits over a set amount, Chase will waive those fees on most accounts. 

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: Varies by account, but can be up to $25
• ATM fees: Free access to over 15,000 Chase ATMs nationwide

Marcus by Goldman Sachs

Marcus by Goldman Sachs

Why We Like It

The Marcus Online Savings account also offers an impressive APY, making it an excellent choice if you’d like to earn a strong interest rate on your balance. As an account holder, you’ll also get 24/7 access to customer service, so if an issue arises, you can rest assured it’ll be addressed quickly.

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: None
• ATM fees: No ATM card available at this time

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Ally Spending Account

Ally

Why We Like It

Ally offers no minimum deposit savings and checking accounts. With an Ally Online Savings Account, you’ll earn generous interest on your balance no matter how much you have in your account. All balance tiers earn the same rate, and the Ally mobile app offers tools to help you visualize and work toward your savings goals. 

Ally’s checking account also earns interest, which is fairly uncommon among competitors. The rate is nominal for those with account balances under $15,000, though. 

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: None
• ATM fees: No ATM card available with the Ally Online Savings Account. With a companion Ally checking account, you can get access to 43,000 free Allpoint ATMs nationwide.

Synchrony Bank High-Yield Savings Account

Why We Like It

The Synchrony Bank High-Yield Savings Account offers a competitive 4.10% APY along with no monthly maintenance fees or minimum balance requirements. It’s rare to find a debit card with a savings account, but you can request one with this account to more easily access your funds. Because Synchrony is an online bank, you’ll also have round-the-clock access to your accounts from your devices.

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: None
• ATM fees: Up to $5 domestic ATM fees changed by other banks reimbursed per statement cycle

Discover Cashback Debit Account

Why We Like It

The Discover Cashback Debit account has no monthly maintenance fees or insufficient funds fees. The account is also notable for its 1% cash back on up to $3,000 in debit card purchases each month, making it easy to earn a little extra on your regular spending. Plus, Discover Cashback Debit offers early direct deposit, so those looking for a convenient checking account without a lot of fees will find a lot to like with this account.

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: None
• ATM fees: Free ATM withdrawals at 60,000 U.S. locations

Axos First Checking Account

This product is currently not available via Slickdeals. All information about this product was collected by Slickdeals and has not been reviewed by the issuer.

• Our Rating 4/5 How our ratings work
• APY0.10%
• Minimum
  Deposit RequiredN/A
• Intro Bonus N/A

While you don’t have to be an Axos customer to sign your 13-17 year old up for Axos First Checking, it does require an adult co-owner on the account. The APY is low, which is typical for children’s accounts, but there are no monthly maintenance fees or overdraft/non-sufficient fund fees, which is a plus.

• Overview
• Pros & Cons

Overview

Axos Bank’s First Checking Account is a good option for children between the ages of 13 and 17. Customers earn 0.10% APY on deposits, which is in-line with other youth accounts, and enjoy perks like monthly domestic ATM fee reimbursements (limit $12 per month).

Pros

• No monthly maintenance fees
• No overdraft/non-sufficient fund fees
• Up to $12 in domestic ATM fee reimbursement per month

Cons

• Low APY
• Daily transaction limits may frustrate older teens

Why We Like It

Axos Bank offers a lot of convenience including few fees and easy online access to funds, especially for those beginning their personal finance journey. The bank’s First Checking account provides a simple way for teens to get accustomed to banking and money management. This joint account has no monthly maintenance or overdraft fees, comes with a free debit card and earns a small APY to help ease kids into the world of finance.

It also offers the adult on the account some parental controls like the ability to view spending, lock the account’s debit card, set up alerts and more.

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: None
• ATM fees: Up to $12 domestic ATM fees reimbursed per month

Chime® Checking Account

Why We Like It

Chime is a financial technology company offering an online checking and savings account with several perks. Its accounts have no initial deposit or minimum balance requirements, and you’ll earn an APY much higher than the national average on your savings balance with Chime.

Account holders also get access to automated savings features, like the choice of rounding up your debit purchases to the nearest dollar and transferring the difference to savings or the option to save a percentage of your direct deposits on payday. 

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: None
• ATM fees: Free access to over 60,000 Allpoint, MoneyPass, and Visa Plus Alliance ATMs nationwide

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Best Checking Accounts That Waive or Reimburse Overdraft Fees

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Capital One 360 Checking Account

Why We Like It

You can open a Capital One 360 Checking or Performance Savings Account with no minimum deposit. Unlike some other banks that require that you open a combined checking and savings account, the Capital One 360 accounts are offered as standalone products. This is useful for those seeking flexibility with where they bank. 

Both accounts earn interest and have no monthly fees. While the 360 Checking Account comes with a nominal rate, the 360 Performance Savings Account has an APY that’s significantly higher than the national average. Account holders can bank digitally or in person at one of Capital One’s many physical branches.

• Minimum opening deposit: None
• Minimum balance requirement: None
• Monthly maintenance fees: None
• ATM fees: Free access to over 70,000 Capital One, Moneypass, and Allpoint ATMs nationwide

What Are Minimum Balance Requirements?

Certain banks require that account holders make a minimum initial deposit to open a new account and maintain a certain account balance over time. Minimum initial deposits and balance requirements vary widely by bank, though accounts with premium features often have higher deposit requirements. 

Banks are a business, and they make money from loans and assets held in accounts. Accounts with more services and features typically have higher overhead costs, which is why you’ll often see larger deposit and balance requirements with these accounts. The higher balances help offset the expenses of running the account.

Potential Drawbacks of Opening a Bank Account with No Deposit

While opening a bank account with no minimum deposit requirement can be a good thing, there are also a few potential drawbacks to consider.

• Interest earnings: Depending on the bank and account you choose, you may or may not earn interest on your balance. And if your account balance is zero, you won’t earn interest even if your account has a decent APY. 
• Limited features and services: No minimum deposit checking and savings accounts may come with limited features and services compared to accounts with higher balance requirements. For instance, you may have to pay for paper checks, or you might not get the benefit of early deposits. 
• Fees: Some banks may also charge monthly fees to help recoup any costs associated with no minimum deposit requirements. If you’re looking for a checking or savings account with no minimum balance or deposit requirements, be mindful of this as you compare options.
• No physical branch access: Many online banks and financial technologies offer no minimum balance and deposit accounts, thus, their physical footprint might be limited or non-existent. If you prefer to bank in person, keep this in mind before opening a new account.

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The Bottom Line

Checking and savings accounts with no minimum deposit requirements can be a convenient choice for those who want to open a new account without having to put down cash upfront. Many online banks and credit unions offer these accounts, and you can often sign up for one online in a matter of minutes. But no minimum deposit accounts often have few features, may or may not earn interest, and fees could apply. Despite this, they’re a decent option for those seeking a simple account without any fancy add-ons. Just ensure you compare fees and features before opening a new account.