Open a Bank Account Online with No Deposit and Bad Credit

Opening a bank account with no deposit and bad credit can be challenging, but there are banking options available specifically for people with poor credit.

Without a checking account, managing your finances can be tough, as these accounts make it easier to pay your bills and receive your paychecks. In addition, checking accounts are often required when applying for car loans, personal loans, or mortgages. Without one, it can be almost impossible to qualify for these loans.

7 Bank Accounts That Don’t Require a Minimum Opening Deposit

If you’re struggling to get approved for a checking or savings account due to ChexSystems or bad credit, don’t worry, we’ve got you covered. Not only do the bank accounts below accept bad credit, but they also come with no minimum deposit, and you can open an account online in less than 5 minutes.

Can I open a bank account without a credit check?

While most banks do run a credit check or pull your ChexSystems report, some of them do not. Most banks use ChexSystems, which allows them to see your banking history.

This may make opening an account a little challenging for those with bad credit. However, the bank accounts we’ve listed above are just as good or better than any account you can get with good credit.

• Learn More
• Banks That Don’t Use ChexSystems
• Credit Unions That Don’t Use ChexSystems

Can I open a bank account with no money?

Yes, you can open a bank account with no money. Some banks and credit unions offer checking and savings accounts that require no deposit, and you can open one online easily.

However, some banks may charge monthly fees, so you may want to choose one that doesn’t. Before choosing a bank or credit union, carefully review all of their fees.

How to Choose a Bank Account With Bad Credit

If you’re opening a bank account with bad credit, focus on features that make banking easier and more affordable. Here’s what to look for:

• No credit check: Pick an account that doesn’t require a credit pull, so past issues won’t hold you back.
• Low or no opening deposit: Accounts with no minimum deposit are ideal if you’re starting from scratch.
• Low monthly fees: Steer clear of accounts with high service charges. Look for free accounts or ones with easy ways to waive fees.
• Online and mobile access: A strong mobile app and online banking make it easy to pay bills, transfer funds, and track spending anytime.
• Early direct deposit: Some banks release your paycheck up to two days early, giving you faster access to cash.
• Debit card included: Make sure the account provides a debit card for everyday purchases and ATM withdrawals.
• Wide ATM network: A large fee-free ATM network helps you avoid costly out-of-network withdrawal fees.
• Overdraft protection: Accounts that prevent or cover overdrafts can save you from unexpected charges.
• Reliable customer support: Good customer service ensures you can get quick help when issues come up.

Choosing an account with these features can help you save money, avoid fees, and rebuild your financial footing with confidence.

Steps for Opening a Bank Account Online With No Deposit and Bad Credit

Opening a bank account online is quick and convenient, even if you have bad credit or can’t make an initial deposit. Here’s how to get started:

1. Compare your options: Look for banks or credit unions that allow online applications with no minimum deposit, no credit check, and flexible approval. Many online-only banks are more accommodating than traditional institutions.
2. Prepare your documents: You’ll usually need a government-issued ID (driver’s license, state ID, or passport) and proof of address (like a utility bill, lease, or pay stub). Having these ready speeds up the process.
3. Fill out the online application: Provide your personal details—name, date of birth, address, Social Security number, and contact information. Some banks may also ask about your employment or income.
4. Submit and wait for approval: Most applications are reviewed instantly, though some may take a day or two. If approved, you’ll get login details and instructions for setting up your account.
5. Add money to your account: While no deposit is required to open the account, you’ll eventually want to fund it. Options include direct deposit from your employer, mobile check deposit, cash deposits at partner retailers, or transfers from another account.

By following these steps, you can open a fully functional checking account online without the stress of large upfront requirements.

Alternative Banking Options for Individuals with Bad Credit

Having bad credit can make it difficult to open a traditional bank account. However, aside from the great options listed above, there are other alternative options available.

Prepaid Debit Cards

A prepaid debit card is a type of payment card that can be loaded with money and used to make purchases or withdraw cash from ATMs. They work just like a regular debit card and can be used wherever the card’s network is accepted.

Some prepaid cards come with features such as direct deposit, online bill pay, and text or email alerts. Many of them have no monthly service charge. They are a suitable option for people who have been denied a traditional bank account due to bad credit.

Second Chance Checking Accounts

Second chance checking accounts are another alternative banking option for individuals with bad credit. These checking accounts are specifically designed for individuals who have been denied a traditional bank account because of a negative banking history.

They typically come with fewer restrictions and lower fees compared to traditional accounts, and may offer features such as online and mobile banking, cash deposits, mobile check deposits, and more.

Electronic Transfer Services

Electronic transfer services, such as PayPal, Venmo, Zelle, or Cash App, allow users to transfer money electronically. They can be a convenient alternative for making payments or sending and receiving money.

Digital Wallets

Digital wallets, such as Google Wallet or Apple Pay, allow you to store your debit or credit card information on your phone and use it to make purchases or pay bills.

Frequently Asked Questions

What is a no-credit-check bank account?

No-credit-check bank accounts are accounts that don’t require a credit check or review of your ChexSystems record. These accounts are helpful for people with poor credit or a negative banking history who still need access to essential financial services.

Can I open a free online checking account with no opening deposit?

Yes. Several online banks and credit unions offer checking accounts with no opening deposit and no monthly fees. They’re a viable option if you need a basic account but don’t have money to deposit upfront.

What types of accounts can I open online with no deposit and bad credit?

You can open checking, savings, or even some brokerage accounts online without a deposit—even with bad credit. Many of these accounts include features like direct deposit, mobile apps, and fee-free ATM access.

Why are online banks often better for bad credit?

Online banks have made banking more accessible by skipping credit checks, offering fewer fees, and paying higher interest on savings. Their growth has pushed traditional banks to improve their offerings too, giving consumers more choices and better deals overall.