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Best No Minimum Deposit Checking Accounts

February 2024

If you think you need a lot of money to open a checking account, think again. Here are some great checking accounts that don't require a minimum opening deposit.
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Opening a checking account can be the first step in your journey toward achieving your financial goals. The problem is not all of us have a ton of money lying around to cover the hefty minimum deposits some accounts require.
Thankfully, you no longer need to save up to open a checking account. Here are the best checking accounts around that don't have a minimum deposit.

Minimum deposits and the unbanked

It's amazing that at a time when you can pay bills online and deposit checks remotely with your smartphone, so many American households don't have a checking account. According to the latest FDIC report, there are approximately 7.1 million households that don't have a checking account. 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.

What do we mean by “no minimum deposit”?

You may be wondering if there is a catch when financial institutions claim you there is "no minimum deposit." Checking accounts that don't have a minimum deposit doesn't require you to deposit a single cent to open the account. That doesn't mean checking accounts that don't require an opening deposit will charge you exorbitant fees for the privilege. In general, there is no catch.
However, that doesn't mean some won't come with fees. You will need to check the terms and rates of each account to know what fees and terms they offer. The key takeaways and pros & cons we include in our account reviews are designed to help you identify the actual cost of each account. Make sure you understand the fees and terms involved before you choose an account.

Do you need a checking account with no minimum deposit?

It depends on your financial circumstances. If you have substantial savings and it's easy for you to transfer money from an existing account or enter into a branch with cash, then it may not be that important for you whether a checking account has or doesn't have a minimum opening deposit.
If you don't have cash available for a quick transfer or you prefer to wait until your next paycheck to fund your account, a no-minimum deposit account, can be a great perk.
However, if you are planning to park a lot of money in your checking account, you may want to consider a high-yield checking account so you can put your money to work.

Pros & cons of checking accounts with no minimum deposit

Here is a list of the benefits and the drawbacks to consider.
  • 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.

About the Author

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SuperMoney is the most comprehensive financial services comparison site around. We have published hundreds of personal finance articles and provide detailed reviews on thousands of financial products and services. Our unbiased advice and free comparison tools help consumers make smart financial decisions based on hard data, not marketing gimmicks.

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