Best Checking Accounts With No Minimum Balance

Too many American households (approx. 7.1 million) don't have a checking account -- or access to all the banking services that come with one. The most common reason households gave for not having a checking account was not having enough money to meet the minimum balance requirement.

The good news is there are plenty of excellent options for people looking for a checking account that doesn't require a minimum deposit or balance.

You may be wondering what financial institutions actually mean when they say there is "no minimum balance." The meaning can vary depending on the type of account you are dealing with. In most cases, "no minimum balance" is used by checking accounts that market themselves as "free" and want to highlight that you don't have to keep a minimum balance to enjoy free checking. This is the meaning we are using in this page.

However, "no minimum balance" is also used when referring to checking accounts that pay interest on the money you deposit and don't require a minimum amount to get it. This is in contrast with checking accounts with a tier system that pays higher interest based on how much money you deposit.

There are other uses of "minimum balance" and the exact meaning can vary depending on the institution, so -- as always -- it is important to check the terms and rates of each account before you make a decision.

It depends on your financial circumstances. If you have substantial savings and you want to use your checking account for your emergency fund, you may not care about having to keep a minimum balance to avoid fees. In such a case, you may want to consider a high-yield checking account so you can put your hard-earned money to work.

However, if you don't have the cash flow to tie up money in a checking account, a no-minimum balance account is the way to go.