Best No Minimum Deposit Checking Accounts
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Minimum deposits and the unbanked
What do we mean by “no minimum deposit”?
Do you need a checking account with no minimum deposit?
Pros & cons of checking accounts with no minimum deposit
- You don't need cash on hand or money in another online account to get started.
- Accounts that don't have a minimum deposit usually also have low fees.
- Much safer than keeping your cash under your mattress. In most cases your money is insured by the FDIC.
- Gives you access to a whole suite of banking benefits and services.
- Typically, checking accounts with no minimum deposit don't offer generous APYs.
- Most of these accounts don't offer many rewards either. Although, there are a couple of no-minimum deposit accounts that do.
- You won't find that much of a selection if you're looking for brick and mortar banks. Some major banks offer no minimum deposit accounts but there are often online-only accounts.
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