Top 5 Banks Offering No-Deposit Online Accounts

Top 5 Financial Institutions for Zero-Deposit Online Accounts

Thanks to modern technology, opening a bank account today is more convenient than ever. You can now set up an account online without stepping into a branch, even with no initial deposit required. Only a select few banks offer accounts with zero deposit, allowing you to earn interest on your savings without maintaining a minimum balance. Before opening an account online with no deposit, it’s wise to compare options and choose a bank that best fits your needs.

Once you've chosen a bank, complete the online or in-branch application form, providing necessary documents like a government-issued ID and personal details such as your social security number. Here are five banks that allow you to open an account online without an initial deposit:

Capital One – No deposit needed to open an account, making Capital One a popular choice. The process is quick and simple, requiring only essential identification documents. You can apply online for personal or joint accounts easily.

Ally Bank – Known for zero fees, no minimum deposit, and no minimum balance, Ally offers some of the best online account setup experiences.

Discover Bank – With no minimum balance or monthly charges, Discover Bank provides access to over 60,000 ATMs nationwide. The application process is straightforward with no hidden costs.

SimpleBank – Emphasizing fee-free banking, SimpleBank imposes no minimum balance or maintenance fees, and offers free transfers and card replacements.

Charles Schwab – Offers a high-yield checking account with no monthly fees, no minimum balance, and a quick, hassle-free application process.