7 Banks With No Credit Check to Open an Account

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, there are many banks that no longer run your credit when you open an account, making it possible for you to truly get the best bank account for your needs.

Banks like Chime and SoFi make their accounts as easy to use as possible, while Current and Varo focus on providing high interest rates. Without credit checks standing in the way, you can focus on perks like these and find an account that helps you strengthen your finances.

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Key takeaways

• Online banking options like SoFi offer fee-free banking experiences for customers looking for simple, easy-to-use accounts.
• Banks like GO2bank focus on offering high rewards and APYs but typically charge fees.
• Revolut is a stand-alone company offering multi-currency transactions and a long list of rewards.

The 7 best banks with no credit check

• SoFi
• Discover
• Chime®
• Varo
• Current
• GO2bank
• Revolut

Best banks with no credit check comparison

Bank	Best for	Minimum opening deposit	Monthly fees
SoFi	Extra FDIC insurance	None	None
Discover	Cash back on purchases	None	None
Chime	Ease of use	None	None
Varo	Cash advances	None	None
Current	Credit building	None	None
GO2bank	High rewards	None	$5/month unless enrolled in direct deposit
Revolut	Multi-currency use	None	None, but fees apply for premium plans

SoFi

A well-known investing and loan company, SoFi also provides banking options. Its offerings are impressive, with a 0.50% (as of Oct. 24, 2023) APY on your savings as long as you have direct deposit.⁴ You won’t pay any fees for these accounts, and you can earn 15% cash back through your SoFi debit card purchases at select stores.

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.¹

Visit SoFi | Read our SoFi review

Discover

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 review

Chime®

Signing up for an account through Chime is about as easy as it gets.¹³ 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.^{15 14}

Chime has rewarding accounts, too, offering 2.00% (as of Oct. 25, 2023) APY on savings account balances.⁶ Note that you can’t open a savings account without opening a Chime checking account.⁷

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

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 Oct. 3, 2023) 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 Oct. 3, 2023). Still, you’ll earn a decent APY on deposits about 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 $250 (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

For customers looking to build credit while banking, Current is a strong choice.⁹ Using your debit card, you could make regular monthly payments that get reported to the credit bureaus. Even ATM swipes count in some instances. Your card also earns you 7x points at 14,000+ retailers. 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 or annual fees with Current, and you could earn up to a 4.00% (as of Nov. 21, 2023) APY 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.

You can also withdraw funds without a fee at any ATM in the Allpoint network.¹¹

Visit Current | Read our Current review

GO2bank

GO2bank offers a high 4.50% (as of May 9, 2023) 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

Revolut takes a unique approach to banking, making it possible to send and receive multiple currencies easily through its mobile app.¹² With over 28 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 Jun. 15, 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.⁸

Visit Revolut

How to choose a bank with no credit check

There are dozens and dozens of deposit account options, even for those looking to qualify without a credit check. How do you find the one that fits every one of your needs? To narrow down the list, consider each of these features.

• 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 like 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.

FAQ about banks with no credit checks

Best banks with no credit check: 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.

When considering the best banks, think through all of the features offered. Also t hink 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.

Methodology

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