The 5 Best Banks With Free Checking Accounts with No Deposit

A checking account is a bank account that allows you to access your money anytime you need it. In other words, a checking account is an account you open with your favorite bank to save money for necessary daily usage. A checking account is also called a transactional account. You can use your saved money to pay electricity bills, school fees, house rent, and so on.

A checking account is the opposite of saving account. For a checking account, there is no limitation on the amount of money you can withdraw within a given period. On the other hand, a saving account has restrictions on the amount of money you can withdraw per day or month. You can’t go beyond a specific limit when withdrawing at an ATM point or the bank’s branch.

There are several ways you can access funds in your checking account. You can write checks when sending money to someone. You can also use your debit card or set up automatic transfers. To minimize expenditures, it is always wise to identify banks with free checking accounts with no deposit. By choosing a free account, you save a lot of money.

How do you choose the best free checking account?

Banks With Free Checking Accounts with No Deposit

There are several things you should consider before choosing a sound checking account. You should put in mind that you have to minimize costs as much as possible while getting the best benefits. Of course, at this stage, you should be a pro and already knowing what you need. You are in a position to lecture any newbie on how to transfer money using routing number and account number. This aspect applies so much with checking accounts.

First of all, keep in your mind that free doesn’t mean that nothing gets deducted from your account. Each bank has its regulations on what a free checking account is. Some banks will help you open an account for free but maintain a minimum balance.

During transactions, banks deduct some fees. It varies from bank to bank. So check the bank with the lowest transaction fees possible. Banks have ways of enticing people to the extent that you may fail to see such deductions.

The size and age of a financial institution also matter. Small and emerging institutions offer competitive services. These can give you a free checking account with a lot of benefits attached to you. They aim to lure as many customers as possible. Big and old banks mostly are geared towards making huge profits and thus are likely to be a bit expensive to transact with them.

Which are the best 5 banks that offer free checking accounts with no deposits?

There are several banks that offer free checking accounts. Most of them can give out no documentation of personal loans to account holders with excellent credit history.

 We have sampled the best five of these banks for your analysis.

1. Nbkc Bank

Nbkc Bank has a business account that is full of benefits. This account has no minimum opening deposit. It means you can decide to deposit something or ignore and wait until you plan to save your money. Moreover, nbkc bank business account allows you to have any balance in your account. There is no minimum balance requirement at all. If you want to withdraw all your cash to zero coins, then there is no restriction for that.

Remember that any bank will always have a way to earn from your account. When doing domestic money transactions, you will be charged $5 as the transaction fee. When doing an international money transfer, you will be billed $45 as the transaction fee. The prices apply for both receiving and sending of money.

You can access your nbkc business either online or at your bank’s branch. Additionally, they give you a free debit mastercard. With the debit card, you can do unlimited transactions.  

2. Axos Bank

Axos Bank was formerly called Bank of Internet. It has a Basic Business Account. The bank operates online. Although there are no compulsory monthly deposits for this account, there is some initial mandatory opening balance of $1000. After that, you will not be required to make monthly deposits.

This account comes with several benefits. They give you 50 free checks after opening your account. Again, every month, they give you 200 free transactions. They have an application for android and apple phones which you can use to carry out secure transactions.

3. Azlo Bank

Azlo is very efficient for small businesses. They offer a free online banking account for small businesses. They have a highly secured mobile app where you can send money with checking account number to clients. You can deposit checks, make direct deposits, and even send invoices using the app. Azlo has Azlo Visa Debit card. With this card, you can withdraw money at ATM points, or pay for goods and services at shops which accept credit cards.

Azlo doesn’t have a branch outlet. So you should not go asking people where the bank location is. Everything with them is online. With over 55,000 networks countrywide, you can access their services for free. For online shopping fans, Azlo integrates with online payment companies such as Stripe, PayPal, and QuickBooks, among others.

4. Novo Bank

Novo is a digital bank. It is very efficient for small business owners. Application for an account takes place online. Their account comes with a MasterCard debit card. They have a smartphone application where you can do all your transactions.

The card integrates with both Apple Pay and Google Pay. During the opening of your account, you have to part with $50 for account activation. However, after that, there will be no compulsory monthly fees or minimum balances.

Novo’s account shortcoming is that it can only accept online deposits. It doesn’t support cash deposits. It is a crucial thing to note before getting an account with them.

5. Chime Bank

Chime is one of the fastest-growing mobile banks. They have a banking app that allows for low-cost transactions. The online banking app is very convenient as you can do transactions anywhere as long as you connect with the internet.

They make fast deposits, and your money will reflect within the shortest time possible. So to be precise, their checking account is free. Chime has no minimum deposit. Again, they have no minimum balance whatsoever. 

Paying off bills and mobile check deposits are free with Chime Bank. The only shortcoming with their free checking account is that they don’t offer overdraft protection. If your transactions lead to negative account balance, then your transaction request is automatically declined.

Do we have free checking accounts for students?

There are several banks which offer free checking accounts for students. Most of them are in a position to give personal loans for students with no income. The opening is free and comes with a debit card. The most popular ones include the following.


Discover has a student account called Cash back Debit Checking Account. It is an excellent account in that, in every $3000 spent on the debit card every month, you get 1% Cash back. They don’t require a minimum balance at all. Again, the opening deposit is just zero. There are no monthly fees to maintain your account. You can use Discover bank services on your mobile phone with ease.

BBVA Free Checking

BBVA offers BBVA Free Checking account. They offer numerous free services, including free checking services nationwide. They don’t have minimum balances. The only known charged service is getting paper statements. They have a small account opening fee of $25. To make it more convenient, they support online banking services.

Ally Bank Checking

Ally bank has a very excellent free checking account for students. The bank is purely an online bank as they lack physical branches. They have no monthly maintenance fee. They also allow free checking. Their mobile application is so good, and it can enable mobile check deposit.

USAA Classic Checking

USAA Bank is an excellent option for a free checking account for students. However, its membership is limited to DOD employees and their family members. They have free checking services, free ATM reimbursements, and free online bill paying.

US Bank Student Checking

US Bank Student checking account has a minimum opening deposit of $25. After that, you receive several free checks. Unlike other banks mentioned above, US Bank charges $2 for monthly for maintenance. However, this monthly fee gets waived if you sign up for paperless statements.

As a student, you are eligible to get a loan from the mentioned banks. You must have a good credit record for you to qualify for a loan. Even if you lack employment, you should show proof that you will pay for a loan within the agreed time. Most of them allow online loan processing and can approve or decline within the shortest time possible.

Bottom line

If you wish to have a free checking account with no deposit, then you have an option from the banks as mentioned above. However, be careful when choosing your bank of interest as some have hidden fees. You will only realize later that they are not as free as purported. Be vigilant on the security measures to protect your money. Your bank of choice should have excellent customer care service and adequate security on the users’ accounts.