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Today, opening a bank account online is easier than ever. Many financial institutions allow you to open an account without an opening deposit and don’t require you to maintain a certain balance amount. Some don’t even need to look at your credit and banking history before letting you open an account.
The financial institutions we recommend with bank accounts that are simple and quick to open online include Discover® Bank, SoFi®, U.S. Bank, and Bank of America. We especially like how Discover and SoFi® stand out from the crowd with their focus on online and mobile banking.
Based on our team's experience, these are the easiest bank account to open online.
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| Bank | Best for | Time to apply | Monthly fees | Minimum opening deposit |
| Discover | Getting cash back on purchases | About 5 minutes | $0 | $0 |
| SoFi Checking and Savings | High APY | About 5 minutes | $0 | $0 |
| U.S. Bank | Easy-to-use mobile app | About 5 minutes | $0 or $6.95 | $25 |
| Truist | No overdraft fees | About 10 minutes | $12 (can be waived) 2 | $50 |
| Bank of America | Flexible banking | About 10 minutes | $0 or $12 | $100 3 |
| Chime 4 | Bad credit | Under 5 minutes | $0 5 | $0 |
| Chase | Higher balances | About 10-15 minutes | $0 or $12 6 | $0 |
| Current | Debit card rewards | About 5 minutes | $0 in monthly fees | $0 |
| Ally | Earning interest | About 5 minutes | $0 | $0 |
| Capital One | Brick and mortar | About 5 minutes | $0 | $0 |
| Wells Fargo | College students | About 5 minutes | $0 or $10 | $25 |
| Wise | Multi-currency usage | About 5 minutes | Varies depending on where money is being transferred | $0 |
| Majority | Migrants to the U.S. | About 5 minutes | $5.99 | $0 |
With a Discover® Cashback Debit Account, you’ll earn 1% cash back on debit card purchases up to $3,000 each month. Opening a Cashback Debit account is easy to do online. There’s no initial deposit required to open the account, and your application won’t impact your credit score. However, you must deposit money into the account within 45 days of opening it, or else it will be closed.
Earn 1% cash back on up to $3,000 in debit card purchases each month. 1 No minimum deposit or balance. FDIC Insured.
SoFi's Checking and Savings account offers a seamless and user-friendly online banking experience. SoFi charges no account fees, which include no overdraft fees 9 , no fees to open an account, and no ATM withdrawal fees if you use one of the 55,000+ Allpoint ATMs worldwide. 10
"The online process with SoFi was super simple. I was able to link everything pretty seamlessly and was able to set up direct deposit with no issues. My checking account was open within minutes of signing up." —Liv Acker, Account Manager
U.S. Bank’s Bank Smartly Checking account can be set up quickly online, with its application taking only five minutes. It also offers specific perks for military members, including being automatically enrolled in the U.S. Bank Smart Rewards Plus tier and waiving the $6.95 monthly maintenance fee.
The monthly maintenance fee is also waived for customers aged 24 and under or 65 and over. The fee can also be dropped if you have monthly direct deposits totaling $1,000 or maintain a minimum balance of $1,500. 14
"It only took me a few minutes to open a U.S. Bank checking account. I was also able to add a joint account holder easily. I've been impressed with the account overall and the mobile app in particular." —Melinda Sineriz, Lead Editor
U.S. Bank Smartly®️ Checking Earn up to $450When you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through September 26, 2024. Member FDIC. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Truist One Checking doesn’t charge any overdraft fees, and its $100 Negative Balance Buffer can give your account an extra cushion of up to $100 for unexpected charges. 16
You have to pay a $12 monthly maintenance fee unless you meet one of five requirements to waive the fee. That includes maintaining a combined monthly average balance of $500 or more across eligible Truist accounts or making $500 or more in total qualifying direct deposits per statement cycle.
"I found it very easy to open a checking account. I like Truist's multi-factor authentication for security and clean interface so it's easy to look at my banking history and make transfers." —Jenna Kapes, Editorial Assistant
The Bank of America Advantage Plus Banking® account gives you the flexibility to make purchases using a variety of payment methods. And it’s easy to set up an Advantage Plus Banking account online. This account does charge a $12 monthly maintenance fee, but you can avoid it if you meet certain requirements:
Chime isn’t a bank but a fintech company with the motto, “We want to profit with our members, not from them.” 4 In line with that motto, Chime doesn’t charge overdraft fees, monthly service fees, foreign transaction fees, or have minimum balance requirements. 5
Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.
Chase Total Checking is the bank’s most popular account. Chase Total Checking has a monthly service fee of $12, but this fee is waived if you have electronic deposits totaling $500 each monthly statement period, a daily balance of $1,500, or an average beginning-day balance of $5,000 on all your Chase checking and savings accounts.
While many of the best online banks enable you to get your paycheck two days early with direct deposit, this service isn’t available with Chase Total Checking. Only Chase Secure Checking accounts offer this service.
When you open a new Chase Total Checking® account with qualifying activities. 23 FDIC Insured. Offer valid through October 16, 2024.
Current 25 is a financial technology company that charges no monthly balance fees and includes a rewards debit card via its Spend account. Its rewards program has 14,000 participating merchants, and you could earn up to 7X the points when you use your card at these retailers. 24
Opening a bank account online with Ally is easy, and no initial deposit is required to get started. Ally doesn’t charge monthly or overdraft fees and has no minimum balance requirements. However, Ally falls short if you want to deposit cash or visit the bank in person. It is an entirely online bank with no physical locations, and it also doesn’t support cash deposits.
"I've opened many checking accounts and an HYSA with Ally. I did it all from my laptop and it was all set up within a matter of minutes. Super easy, no minimum balances for any of them, and a good user experience on the app and website." —Maya Siman, Senior Digital P.R. Strategist
There aren’t many drawbacks to banking with Capital One. We think Capital One is the best brick-and-mortar bank for ease in opening an account because you can open an account with no initial deposit, and there are no monthly maintenance fees, no overdraft fees, no foreign transaction fees, and no minimum balance requirements. You’ll just need to make a deposit within 60 days of opening the account to prevent it from closing.
Wells Fargo offers four different checking accounts, but its most popular is its Everyday Checking. If you are 18 or older, you can open an Everyday Checking account online with just a $25 deposit, and if you keep the daily minimum balance of that account at $500 or more, you won’t have to pay a $10 monthly service fee.
Wise stands out because it focuses on facilitating currency exchange and cross-border transactions. Rather than limiting you to USD, Wise lets you work with a wide range of currencies.
Majority focuses on a key group of people who many banks don’t necessarily consider: migrants. For a $5.99 per month fee, you’ll get access to a spending account, a debit card, and, uniquely, free international calling through the app.
Many bank accounts are easy to open these days, taking just minutes to apply for and set up your account. But there are other features the best banks offer that make them strong contenders. When choosing a financial institution, look for one that offers:
You can open an account online without a deposit at Chase, Chime, Ally, Albert, Discover, and Capital One. However, when opening an account online with no initial deposit, some banks will require you to deposit money into the account within a certain number of days, or the account will be closed.
For example, Capital One requires that you deposit funds into your account within 60 days, while Discover requires the deposit to be made within 45 days.
The best banks to open an account online are either Ally or Capital One. Neither requires an initial deposit to open an account or charges monthly maintenance fees or overdraft fees.
You also aren’t required to maintain a minimum balance at these two banks. The choice between which one is the best bank for you depends on whether you want to earn higher interest on your checking (Ally) or if you want an account with no foreign transaction fees (Capital One).
In our opinion, Discover® Cashback Debit stands out as the easiest bank account to open online. The application process is swift and straightforward, typically taking about five minutes. Once your application is approved, you can expect to receive your debit card within 10 business days.
Yes, with most of the financial institutions we’ve mentioned in this article, you can use your bank account right after opening it. If the bank account includes a debit card, you'll typically receive it in 7 to 10 days.
Most banks offer basic checking or savings accounts that have no credit requirement. It's best to ask the bank directly to understand their specific requirements and policies for opening an account for someone with bad credit.
Earn 1% cash back on up to $3,000 in debit card purchases each month. 1 No minimum deposit or balance. FDIC Insured.
Earn up to $450When you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through September 26, 2024. Member FDIC. Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
As more online banks enter the marketplace, it gets easier and easier to open a bank account without ever stepping foot into a branch. Many of these banks or financial companies allow you to open an account with no initial deposit.
The best bank accounts to open online are those that require little to no initial deposits, don’t charge monthly fees (or offer ways to waive the fees), enable you to get paid early with direct deposit, and have no minimum balance requirements. Features like overdraft protection, no foreign transaction fees, and interest-earning checking accounts are added benefits.
Of the 15 financial institutions we looked at for this article, the best and easiest bank accounts to open online are Discover and SoFi. As online banks, these financial institutions stand out because they're easy to use from just about anywhere. And without the overhead costs of brick-and-mortar locations, you have fewer fees to worry about.
The banks we chose for our list of bank accounts that are easy to open online may be current or past FinanceBuzz partners. This list is not reflective of all banks in the market. When evaluating these companies, we considered factors such as the application process, monthly fees, minimum opening deposit, and more.
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The Monthly Maintenance Fee (MMF) can be waived for the Truist One Checking account for each statement cycle by:
Option 1: Making $500 or more in total qualifying Direct Deposits per statement cycle. A qualifying direct deposit is an electronic credit via ACH deposited to your account during the current statement cycle. Pre-authorized transfers made from one account to another or deposits made via a branch, ATM, online transfer, mobile device, debit card/prepaid card number or the mail are not eligible to meet this requirement.
Option 2: Maintaining a total combined ledger balance of $500 or more in any Truist related accounts across personal deposits and all investments as reflected on the business day before your statement cycle end date. A Ledger Balance is the actual balance in your account on a specific day and does not reflect any holds or pending transactions. Your Total Combined Balance is the sum of all balances within the Truist personal deposit accounts (checking, savings, money market or CDs), IRAs or brokerage accounts introduced through Truist Investment Services, Inc. Related Accounts automatically includes all applicable accounts associated with primary and secondary account holders.
Option 3: Having a personal Truist credit card, mortgage or consumer loan, excluding LightStream®.
Option 4: Having a linked Small Business Checking Account. Eligible Small Business account types include: Truist Dynamic Checking, Business Interest Checking, Simple Business Checking and Business Value 200.
Option 5: Maintenance fees waived for students under the age of 25. Waiver for a student under the age of 25 requires that they are listed as the primary owner. The waiver is applied automatically at account opening and expires on the 25th birthdate of the student or their stated graduation date, whichever comes later. On this date, the account is subject to all applicable fees, including the Monthly Maintenance Fee unless at least one waiver criterion is satisfied.
Minimum opening deposit: $25 for Bank of America Advantage SafeBalance Banking®, $100 for Bank of America Advantage Plus Banking ® and Bank of America Advantage Relationship Banking®.
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.
There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
$12 Monthly Service Fee OR $0 with one of the following, each monthly statement period:
Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment network, or (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,
OR a balance at the beginning of each day of $1,500 or more in this account,
OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% 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 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
Our account fee policy is subject to change at any time.
Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
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.
The product and annual percentage yield (APY) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your area. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. Always verify account details and availability with the financial institution before opening an account.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms See list of participating banks at SoFi.com/banking/fdic/receivingbanks
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 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 12/31/24. 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 4.50% 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 4.50% 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 Aug. 27, 2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet
No Monthly Maintenance Fee for the U.S. Bank Smartly® Checking account with one of the following: Combined monthly direct deposit totaling $1,000+, an average account balance of $1,500 or greater, the presence of an eligible U.S. Bank credit card, are 24 and under, 65 and over, or a member of the military (must self-disclose), or qualify for one of the four Smart Rewards® tiers. No Monthly Maintenance Fee for the U.S. Bank Standard Savings account with one of the following: Maintain a $300 minimum daily balance, have a $1,000 average monthly collected balance, hold the account with an individual age 17 and under, or open a U.S. Bank Smartly® Checking account and enroll in the Smart Rewards® Primary tier or above.
If you have linked eligible accounts and the negative Available Balance in your checking account is $5.01 or more, the advance amount will transfer in multiples of $50. If, however, the negative Available Balance is $5 or less, the amount advanced will be $5. The Overdraft Protection Transfer Fee is waived if the negative Available Balance in your checking account is $50 or less.
Note: If you have Overdraft Protection and your account becomes overdrawn, Overdraft Protection funds will be accessed before the account is eligible for U.S. Bank Overdraft Fee Forgiven.
Consumer checking accounts (excluding Safe Debit accounts) assessed an Overdraft Paid Fee may qualify for a fee waiver. The Overdraft Fee Forgiven period starts the first day your Available Balance becomes negative and you were charged an Overdraft Paid Fee(s). U.S. Bank will review your account at the end of the Overdraft Fee Forgiven period (11 p.m. ET) and if your Available Balance (excluding the Overdraft Paid Fees and including immediate and same day deposits), is at least $0 we will waive Overdraft Paid Fee(s) charged. Deposits that generally will qualify for Overdraft Fee Forgiven include: ACH and electronic deposits, cash deposits, wire transfers, ATM deposits at U.S. Bank ATMs, check deposits in branch and internal transfers from another U.S. Bank account. Deposits that generally will not qualify for Overdraft Fee Forgiven include: Mobile check deposit, extended hold placed on a deposit and deposits into new accounts opened less than 30 days where funds are generally made available the fifth business day after the day of your deposit.
The $100 Negative Balance Buffer is only available with Truist One Checking and allows clients to overdraw their account up to $100. There is no decision required as this feature is automatically available when a client qualifies.
To INITIALLY QUALIFY for the $100 Negative Balance Buffer, the requirements below must be met:
To REMAIN QUALIFIED for the $100 Negative Balance Buffer, the requirement below must be met:
For accounts that qualify for the $100 Negative Balance Buffer and also have Overdraft Protection, Truist will use the $100 Negative Balance Buffer first. If the account has neither, transactions that exceed the account balance will typically be declined or returned.
After qualifying, if two months pass without a Direct Deposit of at least $100, you will no longer have access to $100 Negative Balance Buffer.
Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account.
Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.
The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
Chime Checking Account is required to be eligible for a Savings Account.
SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Credit Builder Terms and Conditions.
Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.
You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.
Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
Out of network cash withdrawal fees, third-party, and cash load fees may apply.
Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.
Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa®️ Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa®️ secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa®️ secured charge card. Independent approval required.
Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved or otherwise endorsed by these entities.
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