Which banks have the fewest barriers to opening a checking account
Chime, LendingClub, and Varo are online banks that do not require a minimum deposit to open a checking account and do not pull a hard credit check. Capital One 360 and Ally Bank also have no minimum balance requirements and accept applicants with limited or no credit history. At traditional brick-and-mortar banks, Chase, Bank of America, and Wells Fargo all offer checking accounts with zero minimum opening deposit, though they may review your banking history through ChexSystems.
The real difference between banks is not whether they will open an account for you, but what happens after. Some charge monthly fees if you do not maintain a balance. Others charge overdraft fees that can stack up quickly. A few offer fee waivers if you set up direct deposit. The bank that is easiest for you depends on whether you want to walk into a physical branch, how much money you plan to keep in the account, and whether you have had banking problems before.
Key Takeaways
- Online banks like Chime, Varo, and LendingClub have no minimum deposit requirement and do not check your credit history.
- Traditional banks including Chase, Bank of America, and Wells Fargo allow you to open a checking account with zero dollars down.
- Monthly maintenance fees vary widely—some banks waive them if you receive direct deposit, while others charge $10 to $15 regardless.
- If you have been denied a bank account before, look for banks that do not use ChexSystems or that offer second-chance accounts.
Online banks versus traditional banks: what the difference means for opening
Online banks move faster. You can open an account in 5 to 10 minutes on your phone or computer, and the account is usually active the same day. You upload a photo of your ID, verify your Social Security number, and you are done. There is no waiting for a banker to call you back or sitting in a branch. Chime, Varo, and LendingClub all work this way.
Traditional banks require you to visit a branch or complete a longer online application. The process takes 15 to 30 minutes in person, or 20 to 45 minutes online if you do it yourself. You will need your ID, Social Security number, and proof of address (a utility bill or lease). Some branches can open the account on the spot; others mail you a debit card and take a few business days to activate it. Chase and Bank of America both allow online applications that complete the same day, but Wells Fargo may take longer depending on your location.
The trade-off is access. Online banks have no physical branches, so you cannot deposit cash or speak to someone face-to-face. Traditional banks let you walk in with questions and handle cash deposits at any branch. If you need to deposit checks or cash regularly, a traditional bank is more practical. If you mostly use your phone and direct deposit, an online bank is faster to set up.
Banks that accept people with banking problems or no credit history
If you have been denied a bank account in the past, the reason was usually ChexSystems—a database that tracks closed accounts, overdrafts, and fraud. Most traditional banks check ChexSystems before opening an account. If your name is on that list, you will be rejected by Chase, Bank of America, and Wells Fargo.
Online banks do not use ChexSystems. Chime, Varo, LendingClub, and Ally Bank all skip this check entirely. They look at your ID and Social Security number but do not care whether you had problems at another bank. If you were closed out of a traditional bank, an online bank is your fastest route back in.
Some traditional banks offer second-chance accounts specifically for people with banking history issues. These accounts may have higher fees or lower spending limits at first, but they let you rebuild. Chime also offers a "SpotMe" feature that covers small overdrafts without a fee, which can help if you are worried about going negative.
Monthly fees and how to avoid them
Most banks charge a monthly maintenance fee between $5 and $15, but many waive it if you meet one condition. The most common waiver is direct deposit—if your paycheck or government payment lands in the account each month, the fee disappears. Some banks waive the fee if you keep a minimum balance ($500 or $1,000), and a few waive it if you use your debit card a certain number of times per month.
Banks with no monthly fee at all are rare but they exist. Chime has no monthly fee and no minimum balance. Varo has no monthly fee. LendingClub has no monthly fee. Ally Bank has no monthly fee. If you want to avoid fees entirely, these four are your options. At traditional banks, you will almost always pay unless you set up direct deposit or maintain a balance.
Overdraft fees are separate from monthly fees and are where banks make the most money from checking accounts. If you spend more than you have, the bank charges $25 to $35 per overdraft, and some banks charge multiple times per day. Online banks tend to be gentler: Chime covers small overdrafts for free, and Varo does not charge overdraft fees at all. If you are worried about going negative, these are better choices than traditional banks.
What documents you need to open an account
You will need a government-issued photo ID (driver's license, passport, or state ID card) and your Social Security number. That is the minimum for any bank. Some banks also ask for proof of address—a recent utility bill, lease, or bank statement showing your name and current address. If you do not have proof of address, ask the bank whether they will accept a phone bill or government mail instead.
If you are opening an account online, you will upload a photo of your ID and type in your information. If you are opening in person, bring the physical ID and be ready to provide your Social Security number verbally. The whole process takes 15 to 30 minutes depending on the bank and whether they need to verify anything with you.
How long it takes to use your account after opening
Online banks are fastest. Chime, Varo, and LendingClub activate your account within hours of approval, and you can use your debit card number immediately for online purchases. A physical debit card arrives in 5 to 7 business days. You can start receiving direct deposits or transfers the same day the account opens.
Traditional banks vary. Chase and Bank of America can activate your account the same day you open it online, and you can use your debit card number right away. Wells Fargo may take 1 to 2 business days to activate. If you open in person at a branch, ask whether they can activate the account before you leave—many can. Your physical debit card arrives in 7 to 10 business days at most banks.
If you need to move money into the account immediately, use a transfer from another bank account you own, or ask about mobile check deposit if the bank offers it. Direct deposit takes one to two pay cycles to set up, so do not count on it for immediate access to funds.
Comparing the easiest banks side by side
| Bank | Minimum to Open | Monthly Fee | ChexSystems Check | Account Active |
|---|---|---|---|---|
| Chime | $0 | $0 | No | Same day |
| Varo | $0 | $0 | No | Same day |
| LendingClub | $0 | $0 | No | Same day |
| Ally Bank | $0 | $0 | No | 1 business day |
| Capital One 360 | $0 | $0 | No | 1 business day |
| Chase | $0 | $12/month (waived with direct deposit) | Yes | Same day |
| Bank of America | $0 | $12/month (waived with direct deposit) | Yes | Same day |
| Wells Fargo | $0 | $10/month (waived with direct deposit) | Yes | 1-2 business days |
Frequently Asked Questions
Can I open a checking account if I have no credit history?
Yes. Banks do not check your credit score to open a checking account—they check your identity and banking history. If you have never had a bank account before, you will be approved by any bank. Online banks like Chime and Varo are fastest because they do not use ChexSystems.
What happens if I was denied a bank account before?
You were likely rejected because of ChexSystems, which tracks closed accounts and overdrafts. Online banks do not use ChexSystems, so Chime, Varo, and LendingClub will open an account for you even if you were denied elsewhere. Call the bank that closed your account to ask why, so you know whether to avoid the same mistake.
Do I need to go to a branch to open a checking account?
No. Every major bank allows you to open a checking account online. Online-only banks like Chime and Varo are faster—5 to 10 minutes on your phone. Traditional banks take 20 to 45 minutes online. You only need to visit a branch if you want to deposit cash or prefer to speak to someone in person.
Which bank has the lowest fees?
Chime, Varo, LendingClub, Ally Bank, and Capital One 360 all have zero monthly fees and zero minimum balance. If you want a traditional bank with branches, you will pay $10 to $15 per month unless you set up direct deposit, which waives the fee at Chase, Bank of America, and Wells Fargo.
How soon can I use my debit card after opening?
You can use your debit card number for online purchases the same day your account opens at most banks. Your physical card arrives in 5 to 10 business days. If you need cash immediately, use an ATM at a bank branch or transfer money from another account you own.