What bank does not charge to open an account?
In many cases, banks that offer no-fee checking are online-only banks, small regional banks or credit unions. We found that Axos Bank, Discover, PenFed Credit Union, nbkc and EverBank are the best banks with no fees. They all offer some of the top no-fee checking accounts.
With IDFC FIRST Bank, you pay zero charges on all commonly used Savings Account services.
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.
A checking account provides a great tool for money management, keeping your money both safe and easily accessible. However, many banks and credit unions charge a fee to own a checking account. These fees generally range from $4 to $20 although they can reach higher depending on your bank and account type.
Of the four biggest banks in South Africa, FNB and Nedbank offer accounts that don't charge any fixed monthly fee, regardless of whether you use them.
We found that Axos Bank, Discover, PenFed Credit Union, nbkc and EverBank are the best banks with no fees. They all offer some of the top no-fee checking accounts. However, some may carry stop payment, overdraft or wire transfer fees.
Basic bank accounts are free to use and designed for people who don't have a bank account and don't qualify for a standard current account.
| Financial Institution | APY | Best for |
|---|---|---|
| Consumers Credit Union | 3.00% | Those who prefer a credit union |
| NBKC Bank | 1.75% | ATM access |
| American Express | 1.00% | Debit card rewards |
| Customers Bank | 2.00% | Those who rarely overdraft their account |
| Bank & account | Bonus amount | Direct deposit required |
|---|---|---|
| Valley Bank: All Access Rewards Checking | $240 ($20/month for first year) | $750/month |
| Chase: Chase Total Checking | $300 | $500 |
| Wells Fargo: Everyday Checking account | $300 | $1,000 |
| Key Bank: Key Smart Checking | $200 | $500 |
| 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 |
How much does it cost to open a bank account at Chase?
Except for the CD, Chase's accounts don't require a minimum opening deposit. Several accounts have a monthly fee, but there's often a way to waive it, such as keeping a minimum daily balance or having a linked Chase account. *APY accurate as of April 02, 2024.
Bank of America Advantage SafeBalance Banking
The account has a $25 minimum opening deposit and a $4.95 monthly maintenance fee. You can have the fee waived if you're a Preferred Rewards program member, a student under 25 or a minor.
HDFC Bank: Customers of HDFC Bank can avail ATM cards for free. You will have to pay an AMC ranging from Rs.200 to Rs.750 based on the card variant on redeeming or reissuing a hdfc debit card. State Bank of India: SBI offers a facility for depositing cash to the account linked with a debit card for free.
NAB Classic Banking account. Meet your everyday bank account. Easy access to your money everyday with no monthly account or overdrawn fees.
| Bank/Credit Union | Forbes Advisor Rating | Monthly Maintenance Fee |
|---|---|---|
| Discover® Cashback Debit Checking | 4.5 | $0 |
| EverBank Yield Pledge Checking | 4.5 | $0 |
| NBKC Bank Everything Account | 4.5 | $0 |
| Quontic Bank High Interest Checking | 4.4 | $0 |
- Best Overall: Axos Bank.
- Best for International ATMs: Needham Bank.
- Best for Debit Card Users: LendingClub.
- Best From a Credit Union: Alliant Credit Union.
- Best for Low Fees From a Big Bank: Ally Bank.
- Best for Overdrafts: Discover® Bank.
- Discover Bank, Cashback Debit Account: Earns 1% cash back on eligible debit card purchases, $0 minimum deposit.
- NBKC Bank, Everything Account: 1.75% APY; $0 minimum opening deposit.
- Ally Bank, Interest Checking Account: 0.10%-0.25% APY; $0 minimum opening deposit.
| Basic costs and minimum balance requirements | ||
|---|---|---|
| FNB PayU | R5.25 | R0.00 |
| Nedbank MiGoals Pay-as-you-use | R5.00 | R0.50 |
| Standard Bank MyMo | R6.95 | R0.30 |
| TymeBank | R0.00 | R0.50 |
| Account | Forbes Advisor Rating | Minimum Deposit Requirement |
|---|---|---|
| SoFi Checking and Savings Account | 4.6 | $0 |
| NBKC Bank Everything Account | 4.6 | $0 |
| Connexus Credit Union Xtraordinary Checking | 4.6 | $0 |
| Ally Bank Spending Account | 4.5 | $0 |
Ally Bank has no physical locations and relies on a top-notch digital customer experience to acquire business. Its Spending Account has no monthly fee or minimum balance stipulation. You can open the account with any amount of money and earn 0.10% APY on balances below $15,000 and 0.25% on balances over $15,000.
Can you open a bank account without money?
Yes, but only initially. You can open a bank account online without immediately making a deposit. Some banks don't have any minimum opening deposit requirement. However, if you don't make a deposit within a certain amount of time, the bank may close the account.
| TABLE_CELL_STYLE | Co-op Cashminder | Virgin Money M Account |
|---|---|---|
| Allows direct debits and standing orders | Yes | Yes |
| Free access to UK ATMs | Yes | Yes |
| In-credit interest | Nil | Nil, but has linked saver paying 3.03% |
| Unpaid direct debit charge | Nil | Nil |
Chase Total Checking®, the bank's basic checking account, has a monthly fee of $12, though you can get it waived by meeting one of a few requirements.
IDBI Bank Basic Savings Account Features and Benefits
Get an ATM cum Debit Card (free of cost) and cheque book on request.
$4.95 or $0
An account owner is a member of the Preferred Rewards program. For Preferred Rewards members in the Gold, Platinum, or Platinum Honors tiers, the monthly maintenance fee waiver applies to the first 4 checking and 4 savings accounts.
