What bank lets you open an account with no money?
Varo believes that everyone deserves access to secure, reliable banking. That's why we offer checking and savings accounts with zero minimum balance requirements and no initial deposits. We're on a mission to bring better banking for everyone. Get started today and open an account.
| Account | Forbes Advisor Rating | Annual Percentage Yield |
|---|---|---|
| Discover® Cashback Debit Checking | 5.0 | N/A |
| SoFi Checking and Savings Account | 4.6 | Up to 4.60% |
| NBKC Bank Everything Account | 4.6 | 1.75% |
| Connexus Credit Union Xtraordinary Checking | 4.6 | Up to 1.75% |
Can I start a bank with no money? In theory, yes, but you'd better have friends with deep pockets and in high places. Because of the lofty capitalization requirements, most banks are formed as corporations run by a board of directors, whose investors are often local business or community leaders.
- DCB Bank Basic Savings Bank Deposit Account.
- Future FIRST Savings Account.
- Equitas Selfe Savings Account.
- Indus Delite Savings Account (IndusInd Bank)
- Kotak 811 Full KYC Account (Kotak Mahindra Bank)
- Jupiter Savings Bank Account.
- SBI Savings Bank Deposit Account.
The idea is simple - you can open a Savings Account, but you don't have to maintain a minimum balance in it. As the name of the account implies, this is a zero-balance account. Therefore, you don't have to maintain a minimum balance. Consequently, there is no penalty in the case of zero balance.
An initial deposit is required by some banks, but other banks let you open an account without a deposit. Skip ahead to learn more about account funding. Depending on your circ*mstances, you might need a few other items, too.
| Name of Bank Account | Interest Rates |
|---|---|
| Kotak Mahindra Bank 811 Digital Savings Account | 3.50% |
| AU Digital Savings Account | 3.50% |
| IndusInd Bank Indus Delite savings account | 3.50% |
| Utkarsh Bank BSBDA | 4.00% |
If your account contains no money, the bank might close it. Simply because an account says there are no minimums, does not mean the account should remain empty for days or months. The time frame will vary based on your individual bank and its practices.
Can you open a bank account online for free? There are free online bank accounts—both checking and savings—that require no deposit. Some banks will require you to put a little money in your account when you create it. This is called a minimum opening deposit, and it can vary based on the type of account you choose.
- Key takeaways.
- What are the easiest bank accounts to open online?
- Discover: Best for getting cash back on purchases.
- SoFi Checking and Savings: Best for high APY.
- U.S. Bank: Best mobile app.
- Truist: Best for no overdraft fees.
- Bank of America: Best for flexible banking.
- Chime®: Best for bad credit.
What are 3 requirements for opening a bank account?
- Proof of U.S. residency. For example: U.S. government-issued photo ID, student/employer photo ID, current utility bill or rental agreement (documents must show your name and U.S. physical address).
- One primary photo ID. ...
- One secondary ID.
If you don't use your account for a long period of time the bank or building society may declare it dormant, but the length of time before this happens will vary between institutions. It could be as little as 12 months for a current account, three years for a savings account, or in some cases up to 15 years.
Chase Total Checking ranks on our list of best checking account bonuses because, in addition to the signing bonus, there is no minimum balance requirement to open a new account.
Bottom line. If you don't have a bank account, you could be paying unnecessary fees to pay your bills or otherwise manage your finances. Not only that, you may be missing out on some of the convenience and consumer protections that banks offer.
Not enough activity with your account
According to the deposit agreement accounts of major banks such as Chase, Wells Fargo and Bank of America, a bank may close your account if you maintain little to no activity and keep it at a zero balance.
Of course, the bank must return any remaining funds in your account but may hold on to them to cover any negative balance or fees. In some cases, the bank may hold the funds if your account is flagged for suspicious activities, which is increasingly common.
Best Savings Account Bonuses
TD Bank: Open a TD Signature Savings or TD Simple Savings account and earn $200 when you deposit at least $10,000 within 20 days and then maintain that balance for 90 additional days from the initial 20 days. The offer is good through June 30, 2024.
| Account | Annual Percentage Yield | Minimum Deposit Requirement |
|---|---|---|
| Navy Federal Credit Union Free EveryDay Checking | 0.01% | $0 |
| Capital One 360 Checking Account | 0.10% | $0 |
| Chase Secure Banking℠ | N/A | $0 |
| Chime® Checking Account | None | $0 |
Here are some online bank accounts with instant debit cards and no deposit requirements: Chime: Chime is a popular online bank account that offers a free checking account with an instant debit card. You can open a Chime account online in just a few minutes and get your debit card instantly.
Accounts like SoFi Checking and Savings, Discover Cashback Debit Account, Ally Spending Account, and Betterment Checking are accounts that we consider to be some of the easiest bank accounts to open online.
Can I open a bank account online and use it right away?
Once you're approved, you can usually use your account right away and transfer funds. You'll likely need to wait a few days or weeks for printed checks and ATM and debit cards to arrive.
Monzo: Monzo is a popular digital bank with an easy app and account opening. Its mobile app makes signup easy. Starling Bank: Like Monzo, Starling Bank has a quick account opening and mobile app.
| Account | Approximate time to complete application | Minimum opening deposit |
|---|---|---|
| Chime® Checking Account: Best for Bad Credit | 3 to 4 minutes | $0 |
| Current Savings Pod: Best for Debit Card Rewards | 3 to 4 minutes | $0 |
| Capital One 360 Checking Account: Best for ATMs | 3 to 4 minutes | $0 |
It makes banking more convenient. There are no minimum balance requirements or monthly service fees. And you can get started with only a $1 deposit.
- SoFi Checking and Savings. NerdWallet rating. ...
- Chime Checking Account. NerdWallet rating. ...
- Ally Bank Spending Account. NerdWallet rating. ...
- Alliant Credit Union High-Rate Checking. NerdWallet rating. ...
- One Debit Rewards. NerdWallet rating. ...
- Navy Federal Credit Union Free EveryDay Checking. NerdWallet rating.
