Most products on this page are from partners who may compensate us. This may influence which products we write about and where and how they appear on the page. However, opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline or hotel chain.

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

$0 N/A
UFB Direct logo

UFB Direct Secure Savings Account

$0 N/A
Chase logo

Chase Total Checking® 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
Marcus by Goldman Sachs logo

Marcus Online Savings Account

$0 N/A
Ally Bank logo

Ally Spending Account

$0 N/A

Synchrony High-Yield Savings Account

$0 N/A
Discover Bank logo

Discover Cashback Debit Account

$0 N/A
Axos Bank logo

Axos First Checking Account

$0 N/A
$0 N/A
Capital One logo

Capital One 360 Checking Account

$0 N/A

SoFi Checking and Savings

Open Account

at SoFi

  • Our Rating 5/5 How our ratings work Read the review
  • APY0.50% - 4.60% More Info

    Customers earn 4.60% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.60% APY on your savings balance. Checking balances earn 0.50% APY

  • Minimum
    Deposit Required
    N/A
  • Intro Bonus $50-$300Expires June 30, 2024 More Info

    New customers can earn a $300 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.

SoFi Checking and Savings boasts an impressive 4.60% APY 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

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 network

UFB Direct Secure Savings Account

Open Account

at UFB

  • Our Rating 5/5 How our ratings work Read the review
  • APY5.25% More Info

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

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

The UFB Direct Secure Savings Account has one of the highest interest rates we’ve seen for a high-yield savings account at up to 5.25% APY. Plus, there are no monthly fees and no minimum balance to open.

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 Secure 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
  • No associated checking account

Why We Like It

While some no minimum deposit bank accounts don’t earn interest at all, the UFB Direct Secure 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 Read the review
  • APYN/A
  • Minimum
    Deposit Required
    N/A
  • Intro Bonus $300Expires April 17, 2024 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

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 logo

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 bank

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 High-Yield Savings Account

Synchrony offers an above-average interest rate on its High-Yield Savings Account. And with no minimum balance or opening deposit requirements, its easier to hold this account than many similar options. We also appreciate the inclusion of an ATM card for easy funds access.

Overview

With the Synchrony High-Yield Savings Account, you’ll earn a healthy APY on your deposits. While it’s not the highest interest rate you can find right now, Synchrony doesn’t require any minimum opening balance, which makes it more accessible than some similar accounts. Synchrony also makes it easy to access your funds on the go. Account holders receive an ATM card for this savings account. Plus, you can access your money via ATM, online or phone.

Pros

  • ATM fee reimbursements
  • No minimum opening balance
  • No monthly service fee

Cons

  • No corresponding checking account
  • No physical branch locations

Why We Like It

The Synchrony Bank High-Yield Savings Account offers a competitive 4.75% 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

Open Account

at Axos

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

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

Chime logo

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
person taking cash out of atm Related Article

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Capital One 360 Checking Account

Capital One logo

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.

JU

Jessica Ullrich

Jess is a freelance personal finance writer. She's been creating financial and business content for over a decade. Before venturing into freelance writing, Jess was on the editorial teams at Investopedia, The Balance, and FinanceBuzz. She's created content across several verticals, including budgeting, credit, debt, insurance, investing, loans, and side hustles. In her spare time, you can find Jess reading about money, working in her garden, or spending time with family.