12 Best Bank Accounts With No Deposit Required

While cash accounts aren’t quite the same as a high-yield savings account, they function similarly. It’s worth noting that UFB changes the names and details of its savings accounts more than other banks, but it always offers some version of a high-yield savings account that’s always competitive. But the reason we chose it for this list is that, in addition to regularly offering a good rate even when the market is in flux, this account is designed for quick, easy transfers to and from other accounts. Even though this account doesn’t have a minimum balance requirement to open and earn interest, it does require monthly deposits as one option to unlock the highest rate. SoFi Checking and Savings is a joint account that earns interest on your checking and savings balances, and it stood out in our research because you can earn interest on all your money. Unlike some of the other high-yield savings accounts we recommend, the Synchrony Bank High Yield Savings account doesn’t have any minimums to open or earn the highest interest rate.
We’ve researched and rounded up several of the best no-minimum savings accounts without monthly fees, with our picks offering varied but competitive annual percentage yields (APYs), features, other fees, and more. The Ally Spending Account is an FDIC-insured checking account with no monthly fees or minimum balance requirements. To choose the best high-yield savings accounts with no minimum balance requirements, we analyzed dozens of accounts that offer competitive APYs without requiring a minimum opening deposit or ongoing balance. Many of the high-yield savings accounts with no monthly fees don’t require direct deposit to earn the best APY, though a few accounts do (but are still well worth it).
If you are actively searching for accounts with no monthly fees, you have several fantastic options. SoFi redefines banking with a commitment to no fees—no monthly fees, no overdraft fees, and no account minimums. American Express Rewards Checking has no minimum opening deposit, monthly account fee, or minimum balance requirement. They all come with no minimum deposits, no monthly fees, and there’s no minimum balance required. It has no minimum opening deposit, monthly maintenance fee, or minimum balance requirement. The nbkc Everything Account combines checking and savings features in one interest-bearing account.

Annual Percentage Yield (APY)

The Ally Bank Spending Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement. The Varo Bank Account has no minimum opening deposit, monthly maintenance fee, overdraft fee, or minimum balance requirement. The Schwab Bank Investor Checking account has no minimum opening deposit, monthly service fee, or minimum balance requirement. The Capital One 360 Checking account has no minimum opening deposit, monthly maintenance fee, or minimum balance requirement. The Chime crusado Checking Account boasts no monthly fees, no overdraft fees, and no foreign transaction fees.

How to Choose a Bank Account With No Fees

CNBC Select has chosen the best savings accounts with no monthly maintenance fees, excessive transaction fees, overdraft charges or insufficient/non-sufficient funds fees. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. You receive a free debit card with access to over 15,000 ATMs and 4,700+ branches, plus early direct deposit and mobile banking features. Citi offers multiple checking options with no minimum opening deposit required, but monthly service fees range from $5-$15 depending on the account type. The $15 monthly fee on their most popular account can be easily waived with just $500 in direct deposits, a $500 minimum daily balance, or by linking accounts with a combined $5,000 balance. Monthly fees range from $0-$25 depending on the account type, but most can be waived with direct deposits or minimum balance requirements.

• These no-minimum-deposit high-yield savings accounts could help you rake in the interest returns.
• Marcus by Goldman Sachs and other online banks often pay times more interest than big banks.
• 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.
• These are a lot easier to find than they used to be, especially with online banks, fintechs, and credit unions.
• APYs are subject to change at any time without notice.
• The Capital One 360 Checking account has no minimum opening deposit, monthly maintenance fee, or minimum balance requirement.
• While the interest-bearing NBKC Everything Account has a very competitive APY, it doesn’t have a minimum opening deposit or balance requirement.

After that, you can avoid the $10 monthly fee with a $500 minimum daily balance or $500 in qualifying direct deposits. Online banks are crushing traditional banks with their no-fee game. They can afford to waive charges that traditional banks love collecting.
In this comprehensive guide for 2026, we will break down exactly how to find a totally free bank account, what features to look for, and how you can open a checking account online with absolutely no fees. Rates are variable, subject to change. SoFi’s ATM policies are subject to change at our discretion at any time.

Compare Savings Accounts

Indeed, many online banks and a few choice brick-and-mortar stores still offer legitimately free, FDIC-insured accounts with few restrictions and plenty of sweeteners. New users get a 30-day free trial before the first monthly fee applies. Plans range from $5.99/month for the core banking and budgeting features up to $19.98/month for the plan with investing tools and additional protections. The account does come with a $1 monthly fee, but considering the ease of earning the bonus, it can still be worthwhile. That means you’ll pay three months of Stash’s $3 subscription fee — a total of $9.

Check out online banks like Ally or SoFi for high-tech features and ATM fee reimbursements. Picking the right no-fee checking account isn’t just about avoiding monthly fees. They offer features traditional banks can’t match—like early direct deposit and automatic savings programs. Their 360 Checking account also has no monthly fees, no minimum balance, and reimburses ATM fees. Most digital banks offer checking accounts with zero monthly fees, period. Then close the old account in writing (not just by stopping use — a zero-balance fee account can still accrue monthly fees and overdraft charges).

• SoFi offers the strongest mix of checking, savings, interest, and bonus features.
• Quontic High Interest Checking makes earning category-leading interest on eligible checking account balances easy.
• She helps readers track down the best high-yield savings accounts, decide if they’re in between banks, and take their first steps into investing.
• 3.00%¹ annual percentage yield as of .
• Well, some high-yield savings accounts offer high returns and no minimums, allowing you to earn big interest without having a big deposit saved up.
• We do prefer comprehensive options, though — institutions that make it easy to spend, save, invest, and plan from the same app.
• Free checking accounts are available at both online banks and traditional brick-and-mortar institutions, but the experience can differ.

However, brick-and-mortar institutions are more likely to charge monthly maintenance fees or require certain conditions to waive them. Free checking accounts are available at both online banks and traditional brick-and-mortar institutions, but the experience can differ. Make sure its website and mobile app are easy to use and provide the services you want.