The Ten Best Free Online Checking Account No Opening Deposit in 2021

Everyone needs a checking account these days to conduct their day-to-day financial transactions because checking accounts are easier to operate than most savings accounts. While checking accounts allow unlimited deposits and unlimited withdrawals, savings accounts have some restrictions. Most banks now have their free checking account online with no opening deposit. There are two versions of online checking accounts. the online banking operations of brick-and-mortar banks and online-only banks which have no physical branches. They are simple by design offering only a limited-service menu.

What is a Checking Account?

A checking account is an account opened at a bank or a financial institution, and a deposit made into it. There are many methods to access a checking account including using checks, ATM, using your debit card at a merchant store, and many more. Unlimited deposits can be made into a checking account. Similarly, unlimited withdrawals can also be made from it. An online checking account is a convenient way to keep your money. You can operate your online checking account with a computer connected to the internet or a smartphone.

You can perform multiple transactions online such as paying bills, transferring money between accounts, deposit or withdraw money, etc. Smartphones use apps that take pictures of both sides of a check and deposit it. Online banks also make arrangements with ATM companies so that their customers can use their machines to make cash deposits and withdrawals.

Advantage of Free Online Checking Account No Opening Deposit

There are many advantages of maintaining a free online account.

These are summarized below:

  • Higher Yields and Lower Fees: Online banks have lower overhead costs than brick-and-mortar banks. They pass these savings to their customers in the form of higher yields and lower charging a lower fee for their services. Many online banks are currently paying their customers @1% per annum or even higher.
  • Technology Features: Online checking accounts offer some high-tech features that their brick-and-mortar counterparts don’t. They are compatible with personal finance software such as Quicken and Microsoft Money. You can set up an automatic download of your information to such software that analyzes the information and gives you useful financial guidance including budgeting and filing your tax returns. You can schedule automatic transfers of money to and from other accounts.
  • No Credit Score Requirement: Many credit unions do not require a credit score to open a free checking account.
  • No Minimum Balance: Free checking accounts do not require you to maintain a minimum balance to continue to enjoy the benefits they offer. This allows you to maintain a checking account on your own terms.
  • Easy Access: Customers can access their checking accounts from anywhere through mobile apps and conduct their usual banking operations online.
  • NCUA Guarantee: National Credit Union Administration guarantees your account for up to $250,000 so you don’t have to worry about credit union closures.
  • Convenience: The biggest advantage of free online checking accounts that you’ll enjoy is the convenience of operating it, 24/7 service availability, ability to tap into other accounts, etc.

The Disadvantage of Free Online Checking Account No Opening Deposit

Everything isn’t hunky-dory with online checking accounts, as one would like to believe.

Along with their pluses, there are a number of accompanying minuses such as:

  • No Face to Face Contact: Since free online checking accounts lack face-to-face contact, you don’t have the luxury of your personal banker discussing issues with you that may surface with your account. You can only contact a customer services representative at a toll-free helpline.
  • Online security: Your financial information is sacred to you and if some unwanted person succeeds in finding access to it, nothing could cause you more trouble. Although your account information is encrypted to secure it some hackers may still steal your login and password details.

Top 10 Best Free Online Checking Account No Opening Deposit in 2021

Free Online Checking Account No Opening Deposit

If you are on the lookout for easy ways to trace, redial, and conduct a reverse number search for an international phone number, there’s good news for you. A number of free sources are available online that can help you do precisely that.

1. TD Bank Checking

Offers two online checking accounts: Convenience Checking and Beyond Checking.

Features:

  • $0 minimum deposit requirement.
  • ATM fee refunded for an account balance of $2,500.
  • $15 monthly fee waiver on the balance of $100 for Convenience Account.
  • $25 monthly fee waiver by making a deposit of $5,000/mo.
Pros

  • $150 bonus on $500 deposit during first 60 days.
  • $300 bonus on $ 2,500 deposit during first 60 days.
Cons

  • Low yield of up to 0.05%.

2. BBVA

Is a free online checking account n online tool that you can use to track any international number

Features:

  • No monthly service charges.
  • ATM fee waiver.
  • Free Visa Debit Card.
  • Free online banking, mobile banking & bill pay.
Pros

  • Cashback rewards.
Cons

  • Minimum deposit of $25.

3. Chime

Offers the benefits of both the checking account as well as savings account.

Features:

  • $0 opening deposit.
  • $0 minimum deposit requirement.
  • Free Chime Visa Debit Card.
  • No overdraft fees,
  • No network ATM fee.
Pros

  • High yield of 0.5%.
  • Reward points for every purchase made with Debit Card.
Cons

  • Fee for out of network ATM.

4. NBKC Bank Everything Account

Is a free checking account. They also offer mobile check deposit.

Features:

  • $0 opening deposit.
  • $0 minimum deposit requirement.
  • No monthly fee.
  • Nationwide availability.
  • Free Debit Card.
  • No network ATM fee.
Pros

  • High yield of 0.5%.
  • Free mobile check deposit.
  • Reward points for every purchase made with Debit Card.
Cons

  • Fee for out of network ATM.

5. Ally Bank

Is the best-known internet-only bank in America with an excellent checking account.

Features:

  • $0 minimum opening deposit.
  • $0 minimum deposit requirement.
  • Free Debit Card.
  • Nationwide availability.
  • Up to $10 ATM fee reimbursement.
Pros

  • High yield of up to 0.6%.
  • Reward points for every purchase made with Debit Card.
  • Good customer service.
  • Mobile app.
Cons

  • Fee for out of network ATM.

6. Betterment Checking

Has launched an array of banking services including a free checking account.

Features:

  • $0 minimum opening balance requirement.
  • $0 minimum deposit requirement.
  • Free Debit Card.
  • Nationwide availability.
  • Unlimited ATM fee reimbursement.
Pros

  • Can be linked with a saving account.
  • Mobile app.
Cons

  • No interest paid.

7. Nationwide Advantage Checking

Are rewards checking bank? The bank offers handsome rewards if you meet a certain criterion

Features:

  • $0 minimum deposit requirement.
  • No monthly fee.
  • Free Debit Card.
  • 80,000 ATM nationwide.
  • No network ATM fee.
Pros

  • High yield of up to 0.9%.
  • Reward points for every purchase made with Debit Card.
Cons

  • $50 minimum opening deposit.

8. FNBO Direct

Is originally an online bill pay account that has all the benefits of free online checking accounts.

Features:

  • $0 opening deposit.
  • $1 minimum deposit requirement.
  • Free Visa Debit Card.
  • No network ATM fee.
  • Free wire transfers.
  • Free pop-money transfers.
  • FDIC insured.
  • Physical checks are accepted.
  • Transfer money by email or phone call.
Pros

  • High yield of 0.65%.
  • Reward points for every purchase made with Debit Card.
Cons

  • Fee for foreign ATM transactions.

9. Axos Rewards Checking

Prides itself in being America most experienced digital bank.

Features:

  • $0 minimum opening balance.
  • $0 minimum deposit requirement.
  • Free Debit Card.
  • No overdraft fees.
  • Nationwide availability.
  • ATM fee reimbursement.
Pros

  • High yield of up to 1.25%.
  • Reward points for every purchase made with Debit Card.
Cons

  • You need to have a good banking history to be approved.

10. Aspiration

A checking account comes with a $100 cash bonus when you spend $1,000 in the first 60 days of opening an account

Features:

  • $0 opening balance.
  • $0 minimum deposit requirement.
  • A percentage of any fee charged goes to charities.
  • $100 welcome bonus.
  • No overdraft fees.
  • No ATM fee around the world for new users.
Pros

  • Cashback on debit card purchases.
  • Reward points for every purchase made with Debit Card.
Cons

  • None.

Free Online Checking Accounts: Things to Watch Out For

Here are a few important things to keep in mind when you choose to open a free, online, $0 opening deposit checking account:

  • Most checking accounts offer lower yields than their brick-and-mortar counterparts. If earning interest is important to you, check out the current interest rates your chosen bank offers and compare them with those offered by other online banks, and make an informed choice.
  • Some fee checking accounts do not offer uniform benefits to all of their account holders. They have a tier system, offering higher yields and other benefits to high-value customers and vice versa. If your chosen bank has a tier system, be sure to check the tier where stand on and find the details to avoid any misunderstandings.
  • Find out whether the bank offering you a free checking account has enough on net ATM in areas where you normally hang around. If you’ll have to use another network ATM, the transaction fee may not be reimbursed to you.
  • Some online banks do impose the restriction of maintaining a minimum balance in your account to be eligible for the benefits they offer or even to continue to operate the account itself. I that is the case with your chosen checking account, decide whether you’ll be able to meet that requirement.
  • Lastly, you should also check if your only free checking account is insured or not. This will keep your deposits secure in the event that your bank liquidates.

Frequently Asked Questions (FAQ)

Why should open a free online checking account?

A checking account makes it convenient to protect and access your money. Your paycheck gets automatically paid into your account and your bills, likewise, paid. Managing your money with a checking account becomes a lot easier with its many features such as a link with high-tech software, reports of your deposit and spending patterns, ascertaining your tax liabilities, etc.

Which is the best free online checking account?

Different checking accounts offer a host of similar features but some offer different ones as well such as link your checking account with Microsoft Money, a feature that helps you manage your finances well. The one which is best for you may not be the best for others. It entirely depends upon what your needs are.

Can I access my checking account while traveling to other countries?

You can access your checking account via email, mobile apps, or phone calls from anywhere in the world. Some banks also have cataracts with ATM networks in many countries which you can use to withdraw or deposit money in your checking accounts. However, you may have to incur a small fee for each deposit or withdrawal.

Can I deposit physical checks in my online checking account?

Yes. Technology has made it possible. Your checking accounts mobile app has the feature of taking photos of both sides of your check and make a deposit into your account. Please check whether your checking account app provides that feature.

Final Word

Free online checking accounts with a $0 opening deposit requirement are a great way to manage your finances, and help you grow financially. Despite their drawback of no physical contact with the bank and online security issues, they are getting popular for their being convenient to operate, linked with high-tech software to guide you in better managing your finances, and a host of other benefits.

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