9 Banks With No Credit Check Needed to Open an Account

Applying for a new bank account can be daunting when your credit is less than stellar. When I had credit issues in the past, I got very discouraged trying to open a bank account. That was before many of the account options on this list were available, though (not to show my age).

Today, getting a bank account without a credit check is easier than it’s ever been. Online-only banks and fintech companies like Discover and SoFi® offer excellent bank accounts that don’t involve a credit check. And in general, many banks no longer perform a hard credit check when you open an account, making it possible for you to truly get the best bank account for your needs.

I’ve rounded up the best options so you can focus on finding the account that makes the most sense for you and your wallet.

Featured checking account with no credit impact

Key takeaways

• Online banking options like Discover offer no monthly maintenance fees for customers looking for simple, easy-to-use accounts.
• Chime®⁴ is a good choice if your overall goal is improving your credit.
• Banks like GO2bank focus on offering high rewards and annual percentage yields (APYs) but typically charge fees.

Compare the best banks for bad credit

Bank	Best for	Minimum opening deposit	Monthly fees
Discover	Cash back on purchases	None	None
Chime®	Improving credit	None	None5
Truist	No overdraft fees	$50	$12 (can be waived)3
SoFi®	High savings APY	None	None
Bank of America	In-person banking	$1006	$0 or $12
Varo	Cash advances	None	None
Current7	Credit building	None	No membership fees8
GO2bank	High rewards	None	$5 per month unless enrolled in direct deposit
One	Walmart shoppers	None	None

Discover

Discover is my top pick because it’s really rare to find a debit card that offers cash back. With Discover’s Cashback Debit Account, you can earn 1% cash back on debit card purchases up to $3,000 each month.

I also like that it has no monthly fees, no fees for insufficient funds or overdrafts, and no minimum balance requirements. With direct deposit, you can even receive your paycheck up to two days early. You can access your money for no cost at over 60,000 fee-free ATMs, which is a very large ATM network.

It is an online-only account, and one of the downsides to that is figuring out how to deposit cash. Discover makes adding cash to your account relatively accessible, as you can make cash deposits into your Discover account at any Walmart location. The minimum cash deposit amount is $20, and within a 24-hour period, you can deposit up to $1,000 (except for Arizona and New Mexico, where the daily limit is $999.99).

Visit Discover or Read our Discover Checking review

Chime®

There’s a lot I like about Chime. It has no monthly service fees or overdraft fees. And its SpotMe feature offers a fee-free overdraft of up to $200 for eligible members. To be eligible, you have to receive a single deposit of $200 or more in qualifying direct deposits to a Chime checking account. For a lot of folks, having their paycheck direct deposited will take care of that requirement.

I especially like the Secured Chime Credit Builder Visa® Credit Card, and that definitely would have come in handy for me during the years I spent rebuilding my credit.¹¹ Additionally, their policy of not using ChexSystems for account openings provides a fresh start for those with past banking issues.

I don’t love that Chime’s savings account only has a 2.00% (as of Sept. 9, 2024) APY on savings account balances.¹² Note that you can’t open a savings account without opening a Chime checking account.¹³ There are higher savings APYs at online banks like SoFi, but if you want to keep all your funds in one place, it’s not the worst savings APY either.

Chime, like many financial institutions, offers FDIC insurance up to $250,000 per depositor through its banking partners, The Bancorp Bank and Stride Bank.

Visit Chime | Read our Chime review

Truist

I really like that Truist One Checking has in-person locations, but it doesn’t charge any overdraft fees (which is unusual in a brick-and-mortar bank). And its $100 Negative Balance Buffer can give your account an extra cushion of up to $100 for unexpected charges.

You do have to get a direct deposit from an employer or benefits program, and it has to be at least $100 per month to qualify for the buffer. Those requirements aren’t too bad, and they’re in line with what other banks require for similar benefits.

I don’t love the $12 monthly maintenance fee, but there are six ways to waive it:

• Maintain a combined monthly average balance of $500 or more across eligible Truist accounts
• Make $500 or more in total qualifying direct deposits per statement cycle
• Have a Truist credit card, mortgage, or loan (not Lightstream)
• Have a linked Small Business Checking account
• Be younger than age 25
• Be age 62 or older

Both the fee and the options to waive the fee are in line with other brick-and-mortar banks.

Truist is FDIC insured.

Visit Truist or Read our Truist review to learn more

SoFi®

SoFi offers a strong APY on its checking account — 0.50% (as of 10/31/24) with direct deposit.¹⁵ I know that might not look spectacular, but given that many checking accounts offer a 0.00% APY, it’s actually very good.

Its savings account is where it really shines, though. You earn up to a 4.20% APY on your savings as long as you have direct deposit or have $5,000 in qualifying deposits in a 30-day period. You won’t pay any fees for these accounts.

These accounts are opened together, so you can’t open either as a stand-alone account. Which is fine, really, as they work well together.

Read our SoFi® review

Bank of America

If you like being able to easily deposit cash or talk to a live human being, Bank of America is a good choice. It has thousands of ATMs and financial centers, so it’s also convenient if you’re someone who is often on the move.

Bank of America offers a few checking accounts, but the one I like the best is the Bank of America Advantage SafeBalance Banking®. It has a relatively modest monthly maintenance fee of $4.95, with options for a $0 monthly fee instead if you’re under 25, keep a minimum daily balance of $500, or are a member of Bank of America Preferred Rewards®. ¹⁸

But the best thing about it is that it doesn’t charge overdraft item fees. And those fees can really add up depending on the bank.

Visit Bank of America 

Varo

Like other companies on this list, Varo has no fees on either of its savings or checking accounts. And while its 5.00% (as of 07/01/24) APY promise on its savings account is inviting at first, do be aware that only the first $5,000 in deposits qualify.

Still, you’ll earn a decent APY of 3.00% (as of 6/14/24) on deposits after that threshold.

And you need to receive qualifying direct deposits of $1,000 or more each month to get the highest APY. Those are pretty steep requirements, especially compared to a bank like SoFi, which only requires direct deposit, but no specific amount.

More importantly, Varo offers a cash advance of up to $500, which is twice as much as competitor Chime. You start with anywhere from $20 to $250, based on your account history and other factors, then you could potentially work your way up to $500. You do need to have at least $800 in qualifying direct deposits during the current or previous month to qualify.

As for FDIC insurance, Varo provides each depositor with $250,000 in coverage.

Visit Varo  or read our Varo review

Current

For teens looking to start building credit while banking, Current is a strong choice.²¹ Using the Current Build Visa^® Credit Card, you could make regular monthly payments that get reported to the credit bureaus.²² Even ATM swipes count in some instances. Parents do need to open accounts for teens, though.

As you use your Current Visa secured credit card, you can earn 1X to 7X points, depending on the merchant (and as long as you opt in within the mobile app). Just prepare to do your banking completely online, as there are no in-person options.

You’ll qualify for $250,000 in FDIC insurance on your bank accounts through Choice Financial Group and Cross River Bank. FDIC insurance doesn’t extend to Current’s crypto offerings.

You’ll pay no monthly membership or annual account fees with Current, and you could earn up to a 4.00% (as of Nov. 21, 2023) bonus on your savings, but this requires a monthly $200 direct deposit. This is lower than Varo’s direct deposit requirement to earn the highest APY, so it's definitely competitive.

Visit Current  or read our Current review

GO2bank

GO2bank offers up to 7% off e-gift cards when you purchase them though its app, which is a very good rewards rate. GO2bank also offers a high 4.50% APY on its savings account on balances up to $5,000 and no minimum deposit requirements. That’s a very competitive rate, and one of the highest on this list.

While its mobile-first approach to banking is simple and straightforward, there are a few catches — GO2bank has many different fees. The primary one to keep in mind is the $5 monthly fee if you don’t have a payroll or government benefit direct deposit. It is open about these fees, but for customers looking for truly fee-free accounts, GO2bank may not work out.

GO2bank is insured through Green Dot Bank, Member FDIC, so your money is insured up to $250,000. Additionally, you could qualify for up to $200 in overdraft protection as long as you have direct deposit set up.

Read our GO2bank review

One

Walmart has some of the lowest prices around, and One offers a way to get cash back at Walmart without getting a credit card. The cash back is limited to $50 per year, but every little bit helps. To qualify for the cash back, you need to have received $500 or more in eligible direct deposits or have a total account balance of $5,000 or more.

One also offers 4.35% (as of 10/10/24) APY on Savings with eligible deposits. To qualify, you need to meet the same requirements as you do for the Walmart cash back.

And speaking of Walmart — That’s the only place you can add cash to your One account.²⁹

One is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank, Member FDIC.

Visit One | Read our One review

How to choose a bank

There are dozens and dozens of deposit account options, even for those looking to qualify without a credit check or need a second-chance bank. How do you find the one that fits all your needs? Consider each of these features to narrow down the list.

Fee structure

First things first — do you want to pay any fees? If not, eliminate banks that charge fees. Additionally, some banks only charge fees if you can’t meet requirements like setting up direct deposit. Many banks charge no fees to maintain your account and still provide worthwhile features.

Mobile and online setup

No-credit-check accounts typically are online bank accounts, so you want to ensure the bank of your choice includes easy-to-use mobile banking, including mobile check deposit and an online portal. You may also want to consider features like bill pay and transfers to family and friends through services like Zelle.

Account requirements

While the bank may not require a credit check, make sure there are no other requirements, such as a minimum opening deposit or a minimum balance required to earn interest.

Additional banking services

Many banks offer more than just checking and savings accounts, which you may (or may not) be interested in. Do you need investing help? Do you want to open a CD? Are you considering a personal loan? If you want to do your banking all in one place, check on the additional services the bank may offer.

Branch options

Do you want an in-person option? Or is an entirely online-based bank what you’re looking for? Thankfully, there’s a mix of both options out there.

ATM network

If you anticipate needing to withdraw cash, check to see if there are fee-free ATMs near you so you can make ATM withdrawals. Some banks and credit unions also offer ATM fee reimbursements if you use an out-of-network machine.

How to improve bad credit

Improving your credit score is a journey that requires patience, diligence, and a strategic approach. Whether you're looking to qualify for better loan rates, secure a rental agreement, or simply improve your financial well-being, taking steps to boost your creditworthiness can open doors to various opportunities. Here are a few ways that you can improve your credit score over time.

Pay your bills on time

Making timely payments on all bills, including credit card payments, utility bills, and loans, is crucial for improving your credit score. Payment history is a significant factor in determining your creditworthiness. 

Reduce your credit card balances where possible

Your credit utilization ratio, which is the amount of potential credit you have versus how much of that credit line you are actually using, also affects your score. Try to keep your credit card balances low relative to your credit limit, ideally no more than 30% of your available credit.

Avoid opening too many accounts

Opening multiple new credit accounts within a short period can lower your average account age and potentially cause a dip in your credit score. Be cautious about applying for new credit unless necessary.

Don’t cancel old accounts

Older accounts can help improve credit scores since they establish when you first began building your credit history. Closing old credit cards can also cause your credit utilization rate to go up since you have less available credit in your name. Even if you never use a line of credit, keeping it open can help mature your credit age over time.

Monitor your credit report

Regularly checking your credit report can help you identify any errors or fraudulent activity that may be affecting your credit score. You can request a free copy of your credit report from each of the three major credit bureaus once a year. You could also sign up for a credit monitoring tool such as Credit Karma or Credit Sesame, where you'll get free access to your credit score, reports, and monitoring.

Build a positive credit history

Establishing a positive credit history takes time. Consistently using credit responsibly by paying bills on time, keeping balances low, and avoiding unnecessary debt can help improve your credit score over time.

These tips, when followed consistently, can help you move from bad credit to good credit while working towards financial stability and better borrowing opportunities.

FAQ

Bottom line

When you have bad credit, you want a bank that understands and helps you make the most of your finances. You can find banks that won’t run your credit and offer additional perks.

And think through what you’re willing to pay in fees and if you want to earn interest. After all, a bank account needs to be all-inclusive for your needs, not just offer no credit checks.

Methodology

The companies we chose for our best banks with no credit checklist may be current or past FinanceBuzz partners. We did not review all the companies in the market. When evaluating these companies, we considered factors such as the minimum opening deposit, customer service, and monthly fees.