9 Banks With No Credit Check to Open an Account

BANKING - CHECKING ACCOUNTS
Many banks don’t require a hard credit check to open an account, but the best ones also offer rewards, high APYs, and easy-to-manage accounts.
Updated May 29, 2024
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Getting a bank account is easier than it’s ever been. Tons of banks have moved to online-only platforms, enhancing their security and making banking more accessible. Plus, 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.

As online banks, Discover and SoFi make their accounts as easy to use as possible, especially with no hard credit checks. That gives you the opportunity to focus on perks like earning cash back or interest and find an account that helps you strengthen your finances.

Featured checking account with no credit impact

Discover®️ Cashback Debit Benefits

  • Earn 1% cash back on up to $3,000 in debit card purchases each month1
  • No minimum deposit, no minimum balance, and no account fees
  • Access your paycheck up to 2 days early with Early Pay
  • 60K+ fee-free ATMs and make cash deposits at Walmart stores nationwide

In this article

Key takeaways

  • Online banking options like Discover and SoFi offer fee-free (no monthly maintenance fees) banking experiences for customers looking for simple, easy-to-use accounts.
  • Banks like GO2bank focus on offering high rewards and annual percentage yields (APYs) but typically charge fees.
  • Revolut is a stand-alone company offering multi-currency transactions and a long list of rewards.

The 9 best banks that don't check your credit

  1. Discover
  2. SoFi
  3. Bank of America
  4. Truist
  5. Chime®
  6. Varo
  7. Current
  8. GO2bank
  9. Revolut

Compare the best banks with no credit check

Bank Best for Minimum opening deposit Monthly fees
Discover Cash back on purchases None None
SoFi Extra FDIC insurance None None
Bank of America Flexible banking $1002 $0 or $12
Truist No overdraft fees $50 $12 (can be waived)3
Chime®4 Ease of use None None
Varo Cash advances None None
Current Credit building None No membership fees5
GO2bank High rewards None $5/month unless enrolled in direct deposit
Revolut Multi-currency use None None, but fees apply for premium plans

Discover

Pros
  • Application won't impact your credit score
  • No monthly fees or minimum balance requirement
  • 1% cash back on up to $3,000 in debit card purchases each month
  • FDIC insured
Cons
  • You can only have one Cashback Debit account
  • Minimum amount of cash you can add is $20
  • Daily limits on the amount of cash you can add

With Discover’s® Cashback Debit Account, you can earn 1% cash back on debit card purchases up to $3,000 each month. Opening the account requires no initial deposit, and it won't affect your credit score. However, it's important to note that you must deposit funds into the account within 45 days of opening it to keep it active.

Discover’s banking products come with several benefits. There are 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.

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 | Read our Discover® Bank review

Discover®️ Cashback Debit
Discover®️ Cashback Checking
Earn 1% cash back on up to $3,000 in debit card purchases each month.1 No minimum deposit or balance. FDIC Insured.

SoFi

Pros
  • No monthly service charge or overdraft fees
  • FDIC insurance up to $2 million
  • Up to 4.60% APY on savings with direct deposit6
Cons
  • Highest APY requires direct deposit or $5,000 in qualifying deposits
  • Overdraft coverage is relatively low

A well-known investing and loan company, SoFi also provides banking options. Its offerings are impressive, with a 4.60% APY on your savings as long as you have direct deposit or or $5,000 in qualifying deposits.6 You won’t pay any fees for these accounts.

SoFi does FDIC insurance a little differently than most companies. Customers can opt-in to SoFi’s insured deposit program at no cost. This program provides up to $2 million in coverage for your money. If you don’t opt into the program, you still have the standard $250,000 per depositor of FDIC insurance.7

Visit SoFi | Read our SoFi review

SoFi Checking and Savings
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit
Earn 4.60% APY8 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.9 FDIC Insured.

Bank of America

Pros
  • $200 bonus offer. See offer page for more details.
  • Application doesn’t impact your credit score
  • Peace of mind with a $0 Liability Guarantee10
  • FDIC insured
Cons
  • $12 monthly service fee unless you meet certain requirements
  • Doesn’t earn interest
  • Has overdraft fees

You can easily set up the Bank of America Advantage Plus Banking® account online and use it to make purchases with a debit card, digital wallet, or Zelle. The process to set up your account typically takes about 10 minutes.

This type of Bank of America Advantage Banking account charges a $12 monthly maintenance fee unless you meet one of the following requirements each statement cycle:

  • Have at least one qualifying direct deposit of $250 or more
  • Maintain a minimum daily balance of $1,500 in your account
  • Are enrolled in Bank of America Preferred Rewards®

New checking customers could qualify for a $200 bonus offer from Bank of America. You can qualify if you open a new Bank of America Advantage Banking account by 9/30/2024 and use the code ‘TWT200CIS’ to set up and receive Qualifying Direct Deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Additional terms apply. See offer page for more details.

Bank of America is a Member FDIC.

Visit Bank of America

Bank of America Advantage Banking
Bank of America Advantage Banking
$200 bonus offer. Click 'Open Account' for more details. Bank of America, N.A. Member FDIC.

Truist

Pros
  • No overdraft fees
  • FDIC insured
  • Negative Balance Buffer of up to $10011
Cons
  • $12 monthly maintenance fee (can be waived)3
  • $50 minimum opening deposit

Truist One Checking doesn’t charge any overdraft fees, and its $100 Negative Balance Buffer can give your account an extra cushion of up to $100 for unexpected charges.11

You have to pay a $12 monthly maintenance fee unless you meet one of five requirements to waive the fee. That includes maintaining a combined monthly average balance of $500 or more across eligible Truist accounts or making $500 or more in total qualifying direct deposits per statement cycle.

With the Truist mobile app, you can send money with Zelle, pay bills online, and set up customized alerts to better manage your accounts.

Truist is FDIC insured.

Visit Truist

Chime®

Pros
  • No monthly maintenance fee or minimum balance requirement12
  • 2.00% (as of Oct. 25, 2023) APY on savings
  • Easily set up transaction and balance alerts
Cons
  • No in-person branches
  • SpotMe® overdraft feature only available to specific customers13

Signing up for an account through Chime is about as easy as it gets. It’s user-friendly and requires no minimum balance to open an account. There’s no credit check involved, even for the Secured Chime Credit Builder Visa® Credit Card.1415

Chime has rewarding accounts, too, offering 2.00% (as of Oct. 25, 2023) APY on savings account balances.16 Note that you can’t open a savings account without opening a Chime checking account.17

One of the only drawbacks to Chime as a company is that there are no in-person branches, so account holders should be ready to do all of their banking online. 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

Chime®
Chime® Checking4 - No Monthly Fees + Get paid up to 2 days early with direct deposit1213
Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.

Varo

Pros
  • No hidden fees
  • Get paid up to two days early18
  • Cash advances up to $500
  • A limited 5.00% (as of 6/14/24) APY on savings
Cons
  • 5.00% (as of 6/14/24) APY is limited on deposits up to $5,000

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 6/14/24) APY promise on its savings account is inviting at first, do be aware that only the first $5,000 in deposits qualify for that 5.00% (as of 6/14/24). Still, you’ll earn a decent APY on deposits after that threshold.

As for FDIC insurance, Varo provides each depositor with $250,000 in coverage. Other unique perks Varo offers include cash advances up to $500 (which is relatively high in the industry) and the option to get paid up to two days early.

Visit Varo | Read our Varo review

Current

Pros
  • Up to 4.00% (as of Nov. 21, 2023) bonus19
  • Earn up to 7x points at certain merchants
  • No monthly membership or annual account fees5
Cons
  • Minimums required to earn the highest bonus rate
  • No in-person banking options

For customers looking to build credit while banking, Current is a strong choice.20 Using the Current Build Visa® Credit Card, you could make regular monthly payments that get reported to the credit bureaus. Even ATM swipes count in some instances. 

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).21 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. Many banks don’t have this requirement, but with Current’s other strong features, many customers could look past this.

Visit Current | Read our Current review

GO2bank

Pros
  • Earn 4.50% (as of Mar. 19, 2024) APY on savings up to $5,000
  • No minimum balance is required to open an account
  • Up to $200 in overdraft protection22
Cons
  • Must pay monthly service fee if not enrolled in a qualifying direct deposit
  • Fees for cash deposits and other money moves

GO2bank offers a high 4.50% (as of Mar. 19, 2024) APY on its savings account on balances up to $5,000 and no minimum deposit requirements. While its mobile-first approach to banking is simple and straightforward, there are a few catches; GO2bank has many different fees. 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, customers could qualify for up to $200 in overdraft protection as long as they have direct deposit set up.

Visit GO2bank | Read our GO2bank review

Revolut

Pros
  • Send and receive money in over 25 currencies
  • Discounts and rewards at popular retailers
  • Budgeting and money-tracking tools available
  • Earn up to 3.25%-4.25% (as of Sep. 18, 2023) APY with a standard savings account
Cons
  • Best features are reserved for paid plans
  • No in-person branch options

Revolut takes a unique approach to banking, making it possible to send and receive multiple currencies easily through its mobile app.23 With over 25 options, frequent travelers, workers from abroad, and anyone else who needs to send money in multiple currencies can easily manage their money in one place. You could also earn up to 3.25%-4.25% (as of Sep. 18, 2023), depending on which Revolut plan you have.

Revolut is another financial institution with FDIC insurance up to $250,000 per depositor through Metropolitan Commercial Bank. Revolut’s list of interesting features continues with its discounts and cashback available when you use common brands you love. Plus, you can take advantage of Revolut’s investing platform and invest with no commissions on stocks and ETFs.24

Visit Revolut

How to choose a bank

There are dozens and dozens of deposit account options, even for those looki—ng to qualify without a credit check. 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 based only online, 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.

And in the long term, consider taking steps to improve your credit history. Check your credit report for any errors and report those. Set up automatic payments for bills when you can. And consider credit-building products like secured credit cards.

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.
  • Tip
    If you’re having trouble keeping track of your spending, consider signing up for a budgeting app like Rocket Money. This app provides an overview of your finances by tracking your account transactions, making it easy to see all your spending and recurring bills in one place.

  • 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 about banks that don't check your credit

What is the minimum deposit to open a bank account?

Most bank accounts have no minimum deposit to open your account. The ones that do often charge anywhere from a few dollars to a few hundred dollars.

Can I open a bank account without a credit check?

Yes, you absolutely can open a bank account without a credit check. Many banks use ChexSystems, a consumer reporting agency that focuses on banking history, to assess an individual's risk when opening a new account. 

While a poor credit score may not necessarily prevent you from opening a bank account, negative marks in your ChexSystems report (such as a history of unpaid fees or fraudulent activities) could potentially pose challenges in the account opening process.

What is ChexSystems?

ChexSystems is like a report card for your banking behavior. It tracks things like bounced checks, overdrafts, and account closures and reports that information to banks, credit unions, and other entities that request it. Banks use this information to assess the risk of allowing new customers to open bank accounts.

What is the difference between a checking and a savings account?

Checking and savings accounts are both bank accounts everyone should have, but they help with two different purposes: spending and savings. The best checking account for you gives you easy access to your money through a robust ATM network and limited fees. The best savings accounts offer high interest rates and minimal fees so you can save as much as possible.

Best banks if you have bad credit: 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. This includes:

  1. DiscoverDiscover offers a cash back checking account with no minimum deposit, no monthly fees, and no impact on your credit score.
  2. SoFiSoFi provides checking and savings accounts with up to $2 million in FDIC insurance, no monthly fees, and high APY on savings balances.
  3. Bank of AmericaBank of America offers a checking account with no credit impact and a $0 Liability Guarantee but it has a $12 monthly fee unless certain requirements are met.
  4. TruistTruist One Checking has no overdraft fees, a $100 Negative Balance Buffer, and five ways to waive the $12 monthly maintenance fee.
  5. Chime®Chime® is an online-only financial technology company that offers no monthly fees, no minimum balance, and 2.00% (as of Oct. 25, 2023) APY on savings.
  6. VaroVaro provides a checking account with no hidden fees, the ability to get paid up to two days early, and a 5.00% (as of 6/14/24)  APY on savings up to $5,000.
  7. CurrentCurrent offers up to 4.00% (as of Nov. 21, 2023) APY on savings, earns up to 7x points at certain merchants, and has no monthly or annual fees.
  8. GO2bankGO2bank pays a high 4.50% (as of Mar. 19, 2024) APY on savings up to $5,000 but has several fees for various account activities.
  9. RevolutRevolut allows you to move money in over 25 currencies, earn up to 3.25%-4.25% (as of Sep. 18, 2023) APY on savings, and access discounts and rewards.

When considering the best banks, think through all of the features offered. Also, think through what you’re willing to pay in fees and if you want to earn interest. A bank account needs to be all-inclusive for your needs, not just offer no credit checks.

Featured Checking Accounts

Discover®️ Cashback Checking

Earn 1% cash back on up to $3,000 in debit card purchases each month.1 No minimum deposit or balance. FDIC Insured.

Learn More
Earn up to $700

When you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC. Offer may not be available if you live outside of the U.S. Bank footprint or are an existing client of U.S. Bank or State Farm.

Open and fund your accounts to earn up to $700
SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Earn 4.60% APY8 and collect up to a $300 cash bonus with direct deposit or $5,000 or more in qualifying deposits.9 FDIC Insured.

Open Account

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.


Discover®️ Cashback Debit Benefits

  • Earn 1% cash back on up to $3,000 in debit card purchases each month1
  • No minimum deposit, no minimum balance, and no account fees
  • Access your paycheck up to 2 days early with Early Pay
  • 60K+ fee-free ATMs and make cash deposits at Walmart stores nationwide

Author Details

Christopher Murray Christopher Murray is a seasoned personal finance writer with a passion for empowering individuals to achieve financial independence while embracing sustainable practices. Over the last few years, he has focused on various facets of personal finance—specifically saving, budgeting, investing (with an emphasis on alternative investments), credit building, and sustainability.