Best no-fee online accounts with no minimum balance in the US [2024]
You can get an account in the US which has no minimum deposit and no ongoing fees, from either a bank or a specialist alternative like Wise or Revolut. Account options can vary widely, but you’ll usually get a linked card for spending and withdrawals and ways to manage your money online and in app.
Different account providers have their own features and benefits. Choose a bank and you may be able to get face to face service, but you could find there are eligibility requirements to avoid ongoing fees. Look at a specialist alternatives and you could get a flexible account with multi-currency features – but you won’t usually be able to deposit cash.
This guide walks through some different options including specialist services like Wise or Revolut, so you can decide what might work for you.
Quick summary: Online free accounts with no deposit
| Providers | Great for: |
|---|---|
| Wise | Holding and exchanging 40+ currencies, with no minimum balance and no ongoing fees |
| Revolut | Holding and exchanging 25+ currencies, with no minimum balance and some plans which have no monthly fee |
| Chime | Few fees, free in network ATM use, no overdraft fees on amounts up to 200 USD |
| Bank of America | Easy ways to waive monthly fees with with the option to visit a branch to transact if needed |
| Chase | Very few fees, with ways to deposit cash at a convenience store if you want to |
| Discover | Cash back on some card spending, no minimum balance or ongoing fees |
Best fee-free online accounts with zero balance in the US
You’ve got a lot of choice when it comes to online accounts with no minimum balance, both from banks and fintech providers. Choosing which is right for you will require a bit of research. To help get you started, we’ll explore both some bank and alternative options which you might consider. We’ve selected to accounts we’ll feature here based on the following criteria:
- Account opening fee – any one time cost which applies when opening your account
- Maintenance fees – ongoing fees, often on a monthly basis
- Card order fees – costs to get your card, including card issue and delivery fees
- ATM fees – ATM usage fees, locally, internationally and in network
- Foreign transaction fees and rates – costs when you spend with your card in a foreign currency, in person or online
- International transfer fee – the fees for sending a payment abroad, where this service is available
No-fee online accounts from fintech companies
Banks are one option when you’re looking for an online account with no minimum balance. However, as you’ll be managing your money digitally anyway, you don’t necessarily need a bank with a branch network. Fintech firms – which are not banks, but which are safe to use for digital account services – can present a good alternative.
Here’s an overview of a few fintech providers we’ve picked out for this guide – there’s more detail on each in just a moment:
| Features: | Wise | Revolut | Chime |
|---|---|---|---|
| Account opening fee |  None for personal customers |  None |  None |
| Maintenance fees | None | 0 USD – 16.99 USD/month | None |
| Card order fees | 10 USD | None – delivery costs may apply | None |
| ATM fees | Some no fee withdrawals monthly, before low withdrawal fees apply | In network withdrawals have no fee Out of network withdrawals have fees of up to 2% | In network withdrawals have no fee Variable out of network fees may apply |
| Foreign transaction fees and rates | No foreign transaction fees – mid-market exchange rate | No foreign transaction fees – conversion uses the Revolut exchange rate to plan limit, before 0.5% fair usage fee begins 1% out of hours fee applies | No foreign transaction fees – network exchange rates |
| International transfer fee | From 0.33% | Variable, up to 5% | Not available |
*Data correct at time of research – 17th September 2024
Wise account
💡 Wise is not a bank, but offers powerful international accounts which can hold and exchange 40+ currencies – all with no opening deposit requirement, no monthly fees and no minimum balance.
Open your account online or in the Wise app, and you can order a linked Wise debit card for spending and withdrawals in the US, and in 150+ countries around the world.
You’ll also get ways to receive payments easily into Wise, in USD via ACH or wire, and a broad selection of other currencies with low-costs, and even for free in most currencies.
When you need to exchange currencies to send a payment, spend money with your card or make a cash withdrawal abroad, Wise uses the mid-market exchange rate with low conversion fees from 0.33%.
Best features to know about:
- No minimum balance requirement, no monthly fees
- Hold, receive, send and spend foreign currencies easily
- Mid-market exchange rates
| Wise pros | Wise cons |
|---|---|
| ✅ Hold and exchange 40+ currencies ✅ No ongoing fees to pay ✅ Some free ATM use monthly before any fee begins ✅ Receive foreign currency payments with local account details and SWIFT details for select currencies | ❌ Currency conversion fees from 0.33% ❌ One time fee to order a debit card |
Learn more: How to open a Wise account online
Revolut account
Revolut offers 3 different account tiers for US personal customers, including the Standard account which has no monthly fee to pay. You can stick with this account type, or upgrade to a Premium or Metal plan which has ongoing costs but gets you more features and higher no-fee transaction limits. There’s no minimum balance requirement with any plan.
All Revolut accounts can hold and exchange 25+ currencies and all get some weekday no fee currency conversion every month. Once you exhaust your plan limit you pay a fair usage fee. Out of hours charges also apply if you exchange currencies when global markets are closed.
Best features to know about:
- Different account tiers to suit varied customer needs
- Hold and exchange 25+ currencies
- All accounts offer some no-fee transactions monthly
| Revolut pros | Revolut cons |
|---|---|
| ✅ 3 different plan types ✅ Hold and exchange 25+ currencies ✅ No in network ATM fee ✅ No monthly fee to pay for Standard account | ❌ Ongoing fees apply to get the most features ❌ Fair usage and out of hours fees may apply to currency conversion |
Chime account
Chime has checking accounts, savings products and credit building account options There’s no minimum balance requirement, and there are no ongoing fees for a checking account. Accounts offer a debit card to use in 50,000+ ATMs with no fees.
One place where Chime differs from Wise or Revolut is that there are ways to deposit cash to your account. However, unlike Wise and Revolut, Chime only supports USD for holding, and does not allow international payments – this can be limiting if you need to send money to anybody abroad.
Best features to know about:
- Very few fees
- Get paid early with direct deposit
- Ways to add money in cash at a convenience store
| Chime pros | Chime cons |
|---|---|
| ✅ No monthly fee ✅ No overdraft fee ✅ No in network ATM fee ✅ Additional services for saving and credit building available | ❌ No multi-currency balance option ❌ No international payments |
Related: Alternatives to Chime
Fee free online checking accounts
The core checking account products from US banks may have monthly fees to pay – but they’ll often have a good selection of ways you can have the costs waived. Accounts which really have no minimum balance and no ongoing fees do still exist, but they may have some limitations in terms of the features available.
We’ve included both no minimum balance options, and some accounts here which have no minimum balance with ways to waive monthly fees, to give a flavor for what’s available:
| Bank of America (Advantage Plus) | Chase (360 Checking) | Discover (Checking) | |
|---|---|---|---|
| Account opening fee | None | None | None |
| Maintenance fees | 12 USD/month, with several ways to waive these costs | None | None |
| Card order fees | None | None | None |
| ATM fees | No in network fee; 2.5 USD for local out of network withdrawals, 5 USD overseas | None | None |
| Foreign transaction fees and rates | 3% foreign transaction fee – network rate applies | No foreign transaction fee – network rate applies | No foreign transaction fee – network rate applies |
| International transfer fee | No fee for foreign currency payments – exchange rate markup may apply | Not Available | 30 USD |
*Data correct at time of research – 17th September 2024
Bank of America account
Bank of America offers its Advantage Banking series of accounts, which have monthly fees which can be waived through various means including transacting frequently or holding a balance in your account.
We’ve picked out the Advantage Plus Banking option for this review, but there are also other options available. With the Advantage Plus account you can avoid the monthly fee by having a 250 USD monthly direct debit deposited to your account, or by enrolling as a member of the Preferred Rewards program – even if you don’t want to be tied to a minimum deposit requirement.
Best features:
- Multiple ways to have the monthly fee waived
- Budgeting tools and options for branch service if you need it
- Several different accounts with similar features, depending on your needs
| Bank of America pros | Bank of America cons |
|---|---|
| ✅ Lots of different account options, supported by a good branch and ATM network ✅ Waive monthly fees with incoming payments ✅ Overdraft protections available ✅ Digital account you can also operate in branch ✅ Large, well known bank | ❌ Monthly fees apply unless you need eligibility criteria ❌ Foreign transaction fees apply on overseas cards pending ❌ High overseas ATM fees |
If you’re not a US resident, these guide might help: How to open a Bank of America account as a non-resident
Chase account
The Chase 360 account is a very popular option which is flexible and has very few fees. There’s no monthly charge and Chase does not add on extra fees like a foreign transaction fee either, making this a low cost account from a major bank. You can deposit cash and make ATM withdrawals, as well as managing your account from your phone. The key drawback here is that you can’t have incoming or outgoing international payments which can be an issue for some customers.
Best features:
- No monthly fees, no minimum deposit
- Deposit cash to your account easily
- No overdraft fees
| Chase pros | Chase cons |
|---|---|
| ✅ Very few fees and no minimum balance ✅ Huge ATM network, with no Chase fees for out of network use ✅ No overdraft fee ✅ Use Zelle for local transfers to friends and family ✅ Add cash at a convenience store | ❌ No incoming or outgoing international payments ❌ ATM operators may impose fees on withdrawals
|
Discover account
Discover’s checking account has very few fees and no minimum balance.
You can get a Discover card for spending and withdrawals, with no Discover fee for card use.
The account is flexible and easy to use – but it’s worth noting that Discover isn’t always a preferred network when you’re overseas, so you may find places which won’t accept your card.
This isn’t common, but it’s worth having a card from another network like Visa or Mastercard as well, just in case.
Best features:
- Cash back options on card spending
- Very few fees to pay
- Overdraft protection is available
| Discover pros | Discover cons |
|---|---|
| ✅ No monthly fee, no minimum balance ✅ Large ATM network ✅ No foreign transaction fee for card use ✅ Send money in USD with Zelle ✅ Deposit cash to your account when you need to | ❌ Discover card is not always globally accepted ❌ 30 USD fee for wire transfers
|
Which account has the lowest minimum balance requirement?
None of the providers and banks we covered in this guide have any minimum balance requirements.
The only thing to bear in mind is that if you pick a Bank of America Advantage Banking account, you’ll need to fulfill some eligibility requirements to avoid ongoing fees – one option here is to keep a minimum deposit. There are other options, though – so you can use this account with no monthly fee even if you do not want to keep money in it all the time.
Accounts with no monthly fees
All of the accounts we’ve selected have ways to avoid monthly fees. This may depend on the specific account you pick or how you use your account. Here’s a roundup:
- Wise – no monthly fee for any account
- Revolut – 0 USD to 16.99 USD/month depending on the account you select
- Chime – no monthly fee for checking account
- Bank of America – monthly fees apply, which can be avoided by meeting eligibility requirements
- Chase – no monthly fee for 360 account
- Discover – no monthly fee for checking account
How to choose a no-fee online checking account?
- As this is a digital account you’ll want to take a look at the app or online site to make sure you like the interface
- Make sure your preferred provider has all the features you need – if you need international functions, a provider like Wise or Revolut may fit
- Read the fee document carefully to make sure you understand costs – transaction fees can apply even where there are no ongoing costs
- Pick a licensed and regulated provider you trust
How to open an online checking account without fees
How to open your online account can vary between different banks and providers – but the steps you’ll usually need to take are broadly similar, whichever service you decide on.
Here is how to open a bank account online:
- Download your preferred bank or provider’s app or visit their desktop site
- Select the Open account option
- Give your personal and contact information
- Complete the required verification steps
- Fund your account – and you’re ready to go
Conclusion: Free online checking accounts with no opening deposit
There’s no single best online account with no minimum deposit – which works for you will depend on your preferences and specific needs. The good news is that there’s plenty of choice so you can find the right one for you with a bit of research. Here’s a reminder of the options we’ve explored in this guide:
Wise – great for holding and exchanging 40+ currencies, and getting paid in foreign currencies from other countries. Learn more on How to use Wise account
Revolut – great for holding 25+ currencies, with some no fee conversion and ATM use available monthly
Chime – great for very few fees, free in network ATM use, and no overdraft fees on amounts up to 200 USD
Bank of America – great for easy ways to waive ongoing fees while still using your money as you like
Chase – great for very low costs for a popular account you can use to deposit cash to
Discover – great for no ongoing fees or minimum balance, with cash back on some card spend
Free online accounts with no deposit FAQs
Which online accounts have no monthly fees?
All of the providers we’ve covered today have some ways to open an account with no monthly fees. If you want a flexible international account with no ongoing costs take a look at Wise – or if you want a digital account from a US bank with no monthly charges, Chase’s 360 account may be worth a try.
How to keep an online checking account fee free?
Read your account’s terms and conditions carefully to make sure there are no eligibility rules to maintain no monthly fee status – after that you’ll need to think about how you transact, to avoid service fees where possible. Some banks still charge transaction fees even with low cost accounts, to review your fee schedule before you sign up.
Do online checking accounts pay interest?
This can vary a lot between providers. Interest is variable where it’s paid, so you’ll need to check the account you’re planning on opening and also their rate sheet to see if you can earn a balance on your deposit.
