7 Best Bank Accounts Online With No Deposit Required: Fees, Online Banking, and Debit Cards Compared in 2024

American fintech apps are well known for requiring no minimum deposits and waiving monthly maintenance fees altogether.

Many Americans are even choosing to adopt these accounts because you don't need any money to open an account nor do you need to maintain a minimum balance.

In this comparison guide, Monito will take you through the seven best online US online accounts that require no deposit and connect you with powerful digital banking software at the same time.

Do I Need Money to Open a Bank Account?

The quick answer to this question is no. As a way to outcompete the traditional big banks, US neobanks are offering fee-free bank accounts that require no opening or minimum deposit.

Standard banks often require clients to maintain a minimum balance — anywhere from $25 to $100. This is because banks gather their clients' money and use it to issue loans and mortgages to debtors. To ensure that they have enough cash in their possession to issue loans, traditional banks set limits on how much money you are allowed to take out of your account.

US online banks, on the other hand, do not require their clients to maintain a minimum deposit in their accounts because their business model does not rely on charging interest on loans. For one, online banks operate no physical branches, saving them a tremendous amount of capital.

Plus, online banks often make a profit by simply passing interchange fees on to merchants (interchange fees are fees on transactions made using payment platforms, like Visa and Mastercard). This comes at no extra cost to you. They also earn money through ATM fees or paid membership tiers.

This is why online US banks allow you to open a bank account online with no money and charge no hidden fees, while many traditional banks require a minimum deposit.

Chime

Founded in 2013, Chime® is one of the most popular mobile financial apps and debit cards in the US, as its 12 million customers can attest. You can open an account online through Chime in just two minutes with no credit check or minimum balance.

Once you're signed up, Chime will charge you no monthly fees¹ and give you a panel of features, including overdraft on debit card purchases and cash withdrawals⁵ offered via a special optional service called SpotMe®. Chime also provides free in-network ATM withdrawals¹ and offers APY of 2.00% via its Chime Savings Account³ (to open this, you need to have opened a Chime Checking Account). There are a few downsides, most notably the fact that you won't be able to send or receive wire transfers, and you can pay a lot in fees if you need to add cash to the app. On the whole, though, Chime offers simple online checking that's well-liked by its users, and if you're looking for a mobile financial app and you don't need an extensive list of features, we believe that Chime is probably the best choice you could make.

Account: Chime Checking Account

Time to apply: 2 minutes

Time to verify: 1-2 business days

Information needed: Full name, date of birth, address, and SSN.

Credit check: No

More info: See our Chime review or visit their website.

Current

Current’s biggest selling point besides its no opening deposit requirement is its 4.00% APY rate, which helps you save 20x the national average. If you’re looking to open a monitored account for your teens, then Current is one of the better options on this list too.

Otherwise, the Current checking account doesn’t have as much functionality as some other accounts in this ranking. So, if you’re looking to make use of its premium features, it might be worth weighing other options.

Account: Current

Time to apply: 2 minutes

Time to verify: 1-5 business days

Documents needed: Address, SSN

Credit check: No

More info: See our Current review or visit their website.

Wise

Formerly known as TransferWise, Wise is a UK-based fintech that bypasses traditional SWIFT transfers and enables cheap and fast international money transfers instead. In fact, it is frequently featured in Monito’s comparison engine!

Wise also offers a multi-currency account, which comes with a debit MasterCard. Its main feature is that it allows you to hold money in more than 50 currencies and gives you account details for 10 countries, including USD, EUR or GBP (though note that you will have to pay a small fee actually to exchange money).

It is free to open an account and requires no minimum deposit for any of the 50+ currencies available.

Account: Multi-Currency Account

Time to apply: 10 minutes

Time to verify: 2 business days

Documents needed: Photo ID, a selfie holding the ID, and proof of address

Credit check: No

More info: See our Wise Account review or visit their website.

Revolut

Revolut is a UK-based fintech company that is also active in the US, offering its checking account and debit card in partnership with Metropolitan Commercial Bank, Member FDIC. With no minimum deposit required upon opening, Revolut gives you access to direct deposit, free ATM withdrawals, and an interest-earning savings account.

Revolut is also integrated with some of the industry's best international money transfer software. Get ten free foreign transfers a month, free foreign exchange up to $1000 a month, and the ability to hold a balance in 20+ foreign currencies.

Account: Standard

Time to apply: 5 minutes

Time to verify: 1-3 business days

Documents needed: National ID, passport, driver's license, and US visa (if you're not a US citizen)

Credit check: No

More info: See our Revolut review or visit their website.

Capital One

Capital One is easily one of the most tech-savvy of the big American banks. The 360 Checking Account provides US residents with a bank account with no monthly fees, no international transaction fees, and no opening or minimum deposit.

The account can be opened entirely online from either desktop or mobile app, making it a convenient and easy way to start banking at low cost.

Account: 360 Checking

Time to apply: 5 minutes

Time to verify: 1-3 business days

Information needed: Two ID documents (e.g. driver's license, Social Security card, passport, or birth certificate) and proof of address.

Credit check: Yes

More info: See our Capital One review or visit their website.

Majority

Known as the banking app for US immigrants, Majority is a secure digital platform that offers a US checking account with no minimum deposit required. Instead, it charges a flat $5.99 a month membership, which gets you multi-lingual support to its international clients and free international calling to the UK, Mexico, and dozens of other countries to help you connect with family back home. Also, access low-cost international money transfers with their app.

A great option for residents in the United States and those who get paid in US dollars, Majority is a debit card and current account for immigrants that we recommend, especially for newcomers and those with family living abroad.

Account: Majority Account

Time to apply: 5 minutes

Time to verify: 1-3 business days

Documents needed: ID and proof of address

Credit check: No

More info: See our Majority review or visit their website.

Juno

Juno is a checking account with impressive cryptocurrency capabilities, from trading to crypto rewards. While there is no minimum deposit required, if you do deposit cash, then you can earn a 5% annualized bonus on the first $10,000 deposited, and a 3% annualized bonus up to $250,000.

The account charges no monthly fees and even waives fees for out-of-network ATM withdrawals. As a nice bonus, it offers a cashback of 5% on five brands of your choosing and access to a crypto wallet.

Account: Juno Banking

Time to apply: 5 minutes

Time to verify: Minutes*

Information needed: Full name, mobile number, address, Social security number, ID document (e.g. driver's license, Social Security card).

Credit check: No

More info: See our Juno review or visit their website.

Disclaimers

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

¹ Out-of-network ATM withdrawal and over-the-counter advance fees may apply. See here for details.

² To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

³ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change anytime. The disclosed APY is effective as of September 20, 2023. No minimum balance is required. Must have $0.01 in savings to earn interest.

⁴ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.

⁵ SpotMe® on Credit is an optional, no-interest/no-fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Credit Builder Account. SpotMe on Debit is an optional, no-fee overdraft service attached to the Chime Checking Account available to qualifying members after Visa debit card activation. Both SpotMe on Credit and SpotMe on Debit are sometimes collectively referred to as "SpotMe" or, if you have signed up to use SpotMe with only one account, "SpotMe" means the elected service. To qualify for SpotMe, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account monthly. Qualifying members will be allowed to overdraw their Chime Checking Account and/or Secured Deposit Account (associated with your Chime Credit Builder credit card) up to $20 but may be later eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe Debit Terms and Conditions and SpotMe on Credit Terms and Conditions.