Best Online Checking Account With No Opening Deposit And Monthly Fee

Do you want to get attached to the best online checking account with no opening deposit and no monthly fee? No worries then. We have come up with a well-researched review of the best online checking accounts where you can easily supervise your personal transactions and finances.

There is hardly anybody who likes terms like fees and minimum opening deposit when it comes to banking facilities. Everyone craves a checking account that does not call for minimum balance requirements, monthly fees, or opening deposits moreover you can get an instant debit card online.

Now, you might ask if it is possible to open an online checking account without any monthly fees and deposits. Yes, it is. There are plenty of banks offering fee-free checking accounts. They neither require an opening deposit nor ask for minimum balance requirements.

In the next sections, we will be reviewing the most prominent checking accounts with no monthly fees and opening deposits to help choose the best one for you. So stay tuned. What is an Online Checking Account?

An online checking account is a certain type of banking that allows consumers to take care of their funds without going to the bank physically. It lets you carry out your daily transactions online. It simplifies your day-to-day transactions like paying bills, withdrawing funds, transferring money, etc.

With the help of an online checking account, you can manage your finances any time, be it day or night, by sitting on your cozy chair. And thus, an online checking account saves your time by enabling you to avoid visiting the bank physically and standing in a line for your turn.

Online checking accounts with no opening deposit and no monthly fee have become popular for their user-friendly quality. It tends to charge consumers little to no fees. There are a lot of banks providing customers with online checking accounts which require no opening deposit or minimum balance requirements.

Additionally, online checking accounts providers have well-designed websites to let you execute your tradings smoothly. You can also enjoy some gorgeous mobile apps in order to run your banking online.

How To Choose The Best Online Checking Account?

You may wonder whether or not it is possible to find an online checking account with no opening deposit and no monthly fee that meets all your demands. Precisely speaking, yup. There are numerous perfect online checking accounts being provided by renowned banks. All you need to do is to choose the best one for you among them.

Now the query that may arise in you is how to choose the best online checking account for me. Choosing the right account is nothing mazy. Evaluate some considerations while doing the choice and get the best account for you. This is as simple as that.

In order to make the task easier for you, we have dedicated this section to mention some of the important considerations which you must inspect while picking up the best online checking account. So, let’s dive in.

Monthly Fees

The first factor which you should consider while choosing a checking account is its monthly fee. Before going for an online checking account, learn whether the bank charges any kind of monthly fees in the name of your account maintenance.

According to a survey, the average monthly maintenance cost in some of the banks in the US was recorded at around $11. It’s not something appreciated. Therefore, avoid choosing an account with monthly maintenance fees.

If there is no bank that doesn’t resort to monthly fees, try finding one that grants certain account activities to waive the monthly fees. That is, make choosing a fee-free checking account your chief criterion.

Minimum Deposit Requirements

Look for an online checking account that doesn’t demand a minimum deposit and no monthly fee. There are some banks calling for a fee when you have deposited less than their minimum deposit requirements. It’s something really irksome and not welcome at all. You should choose the best online checking account with no criteria for minimum deposit requirements.

Don’t think that it is too difficult to find an online bank account providing consumers with no minimum deposit requirements. Plenty of banks is available there to offer you accounts with no minimum deposit requirements. You just need to search for a good bank and initiate an online checking account there.

If a bank requires you to keep a minimum balance in the account, fight shy of that institution and take your money somewhere else. So to choose the best online checking account for you, find a financial institution that doesn’t fine you fees even when your account balance is zero.

Interest and Rewards

A famous saying goes like this: ‘Anything which offers you perks is nice’. This is appropriate for checking accounts also. When you go for the best online checking account, remember that the account has scopes for rewards or interests.

Money given by banks to consumers as interest or reward is not only in the case of saving accounts. Earning money in the form of reward or interest is possible in online checking accounts too.

But there is no denying the fact that the interest rate in both cases will be different. The rate tends to be higher in savings accounts while checking accounts provide lower interest rates.

ATM Network

A large fee-free ATM network is always preferred while choosing the best online checking account. Open an online checking account in a financial institution that provides a large ATM network with no fees.

You can also select an account that reimburses you for any ATM fees that have been deducted from your account. This type of online checking accounts is truly the best one.

Mobile App Features

Many online checking accounts feature apps for the convenience of their consumers. An account that accords to an excellent app to execute transactions should be given preference.

FDIC Insurance

When you initiate a bank account, be it a savings account or a checking one, you may find that the account is insured by FDIC. FDIC stands for Federal Deposit Insurance Corporation. What it does is that it works to protect your deposit.

Plus, it promises to reimburse you your deposit up to a certain limit if somehow your bank fails. All the good accounts are FDIC-insured. Therefore, keep the consideration of FDIC availability in your mind while going for an online checking account.

What Is APY And How Does It Work?

The abbreviation ‘APY’ denotes the Annual Percentage Yield. It refers to the return rate on your deposit over a period of one year. It is an amazing medium to calculate the amount of interest you will get on your money if you keep your deposit in your account for one year. The annual rate includes compound interest also.

APY estimates an annual interest rate that will accrue in your main account. After that, it focuses on compounding interest. It takes into account the frequency at which the stated interest will compound at. Basically, APY is calculated by following a formula known as APY =(1+r/n)°n -1

• r = interest rate
• n = number of years or months

All these factors involved in APY work together to determine the growth of your money kept in your account for one long year.

10 Best Online Checking Account No Monthly Fee And No Opening Deposit

Is it something labyrinthine to choose the best online checking account for you? Does the availability of so many financial institutions confuse you to settle upon the right bank? No more worries. In this section, we will be helping you to remove your confusion by citing the 10 best online checking accounts. This will make you able to choose among them the most convenient one for you.

Checking accounts are considered to be an essential tool to manage your day-to-day transactions and finances. So, it is important to select the best online checking account. Let’s have a look at the top 10 best online checking accounts.

01. Chime: The Saving Booster And Best For Checking

Chime is such an online financial institution that believes that an account with no opening deposit or monthly fees should be available to everyone. To fulfill this aim, Chime started providing customers with online checking accounts with no minimum balance requirements or any overdraft fees.

Without any monthly maintenance fees, you can transfer money worldwide using chime online banking. Plus, you can enjoy foreign transactions for no fees with Chime. Moreover, Chime is one of the best banking services that have a large network of fee-free ATM facilities. It also provides consumers with fee-free debit card replacements.

On top of that chime gives a $50 bonus for signup and referrals.

02. Axos Bank: Best For Interest Earning

Axos, an online banking solution, provides a limited number of online checking accounts. But their checking accounts are totally devoid of any monthly maintenance fees or overdraft fees. They don’t believe that there should be any hard and fast rules in case of minimum deposit requirements. Moreover doesn’t require any minimum balance in your account.

Moreover, Axos is always there to reimburse you for your deposit. It also features a wide range of fee-free ATM networks. It has a remarkable interest rate.

03. Ally: The Highly Rated And Easy-going Banking

Ally, a well-appreciated banking solution, is very convenient and user-friendly. It doesn’t require any monthly maintenance fees. Ally checking accounts feature a large ATM network where you can cash out anytime. It is also bereft of minimum deposit requirements.

A notable amount of interest is provided in ally online checking accounts. Ally is popular for its excellent customer service. One thing that ally lacks is a physical branch. So, if you have no problem opening an online account in a bank without a physical branch, go for it.

04. Capital One 360 Checking

Looking for a bank account that charges no opening deposit no monthly maintenance fees rather pay interest? Then Capital one 360 Checking account can be a good choice for you. Requiring no minimum balance, this online checking account grants a debit card to its consumers. And it enables you to use its vast range of ATMs without any kind of charges.

Capital one 360 has a beautifully designed mobile app to check funds in your account. Consumers like this banking solution for its facilities which make it easy to run the account.

05. Discover: Best for ATM Access

Discover is an outstanding banking solution that requires you to pay no initiative deposit and no monthly maintenance fees are required here. It doesn’t agree with any minimum balance requirements. Overdraft fees are zero. Rewards are very often obtainable in Discover online checking accounts.

Most importantly Discover charges consumers nothing for facilities like debit card replacements, funds’ insufficiency, standard checks, etc. It has a huge ATM network nationwide. To talk about its customer services, their customer service line opens 24/7 and it is satisfactory.

06. NBKC Bank: Best for High APY

Wondering if there is an online checking account with high APY and no notable fees? A good number of such banks are available today. NBKC is the most preferred one among them. Almost all your demands will get fulfillment in an NBKC online checking account.

It requires no minimum balance and monthly are avoidable. Moreover, you do not need any opening deposit when opening an online checking account in NBKC.

07. Radius Bank: A Low-Fee Online Banking

Radius is the best online checking account for people who has no problem with minimum balance requirements and crave an account with lower fees. It is popular for its reimbursement and interest rate. That’s why this account is also known as a checking account with rewards.

If you agree with the minimum balance requirements and keep $2500 in the account, you get rewards. The APY varies depending on the balance you have in your account.

08. Consumers Credit Union: Nationwide Free Checking

Consumers’ credit union is renowned for its high rate of APY. As a reward checking account, it provides consumers with rewards and interests depending on their amount of deposit. There are criteria that you should meet if you want to get more rewards and a higher APY rate.

The consumers’ credit union doesn’t require you a minimum balance in your account but you need a $5 deposit while initiating the account and they do not charge maintenance fees. Therefore, take $5 as a deposit and open an online checking account on Consumers credit union.

09. Simple Online Checking: An Updated Money Management Tool

As a famous online banking service, Simple online checking focuses mainly on payments along with budgeting. This wonderful checking account is FDIC(Federal Deposit Insurance Corporation) insured and helps to manage the account and save funds.

You can view your monthly expenses with the help of automated budgeting tools in Simple. It gives competitive interest. Whenever money is transacted from your account, you get a mobile alert in Simple.

We have so far mentioned all the advantages and disadvantages of the best online checking accounts. Some online checking accounts as we have already mentioned, offer free debit card replacements. So to avail of that opportunity you need to learn how to send money online using a debit card.

Lastly, Consider your demands, go through the review above and choose the best account for you. However, our preference goes for Chime, Radius, and Axos online checking accounts.

10. Schwab Bank: Best for High Yield and Customer Service

Schwab online checking accounts have nationwide availability. Though they have no physical branch, they come with mobile banking facilities. They require no opening deposit, no monthly fees, and no minimum balance.

Schwab has given access to any debit cards which support ATMs. On top of that, It has achieved renown for its customer service.

How to Transfer Money using Account and Routing number

There are several ways of transferring money. One of the easiest ways to do that is to use an account and routing number. Let’s now briefly discuss how to transfer money using an account and routing number.

We transfer funds now and then from one account to another person’s bank account. To do that easily, you can normally use your check.

At the bottom of your paper check, you will find the account and routing number. Read the instructions of money transactions and use those account and routing numbers in order to transfer money.

What Is Second Chance Checking With No Opening Deposit

A second chance checking account is a kind of account that is offered as a second opportunity to hold an online checking account in a financial institution. When you misbehave or dodge any fees, your account generally gets closed. Still, some banks give you a second opportunity to hold an account in that bank.

A second chance checking account plays an important role in restoring your credit records. Notwithstanding, in this kind of account, you don’t find so many facilities, still you can go for it because something is better than nothing.

However, it is possible to find a second chance checking with no opening deposit. What you need to do for that is to search for such banks which offer the type of account stated above.

Final Thoughts

An online checking account with no monthly fee and no opening deposit is an essential tool for taking care of the balance in the account and paying bills. It is not a Herculean task to find the best online checking account with no opening deposit or no monthly maintenance fees. You just need to weigh the good bad aspects of different bank accounts and choose one that meets all your demands.

To facilitate the process of selecting a convenient online checking account, we have stated above the different aspects of some of the best online checking accounts. We recommend that you have a close look at the review and unerringly pick the best one for you.