10 Best Bank Accounts for Bad Credit (No Deposits) Jan 2022

Having a bank account is very important. But, if you have bad credit, it is very difficult to open a new checking account. Some traditional banks may deny opening a checking account if you have bad credit because of unpaid overdraft fees, late or missed payments, and account closures.

If your credit score is not so good, you may find difficulties opening a checking account. A very bad credit score can even block you from opening a bank account.

Checking accounts for bad credit generally comes with fees. However, there are many banks with no credit check to open an account which is an ideal way to improve your credit score. It helps you to get back into the business if you have had financial problems in the past. Following are some of the banks with no credit check to open an account with their website links.

Best Online Banks with no Credit Check

Bank Name Minimum opening deposit Monthly fees Credit Check Link
BBVA $25 No monthly fees No Learn More
Sofi None None No Learn More
Discover None No monthly fees No Learn More
Capital One None None No Learn More
Chime None None No Learn More


The BBVA USA is a well-known bank that does not check your credit score to open a checking account. In this bank with no credit check, you can easily set up your checking account with various facilities. BBVA USA bank also offers an active bank account for bad credit.



  • It provides a facility for online banking, bill pay, and mobile deposits.
  • It offers cashback rewards for everyday debit card purchases and shopping.
  • No minimum deposit if you open an account in person at a branch location.
  • No monthly service charge is taken for bank accounts for bad credit.
  • This bank offers an automatic rebate of ATM fees charged by other banks.
  • It allows you to keep complete track of your purchases and get instant transaction alerts.
  • Robust mobile banking options for regular review of your banking history.
  • Good options for bad credit.
  • Cashback reward program on their website.


  • Not available in all the states.
  • ATM charge is taken when you perform a transaction out of the network.
  • Bank takes insufficient funds fee.
  • It charges a deposit item returned fee.

Key Statistics:

Monthly fees: No monthly fees.

Minimum opening deposit: $25.

Minimum balance: None.

Link: https://www.bbva.com/

2) Sofi

SoFi is a cash management account online, which is a good option to open an account with no credit check. You can access SoFi member benefits like career coaching and financial advising.


  • Unlimited reimbursed ATM fees.
  • No hidden bank charges.
  • This bank offers a bank account for bad credit with cash bonuses.
  • High-yield interest rates without a credit check.
  • Easy P2P payments at no cost.
  • It allows you to freeze your debit card on the go.


  • Currently only available to US residents.
  • Does not provide 24/7 phone support.

Key Statistics:

Monthly account fee: None.

Minimum deposit: None.

Minimum balance: None.

Link: https://www.sofi.com/

3) Discover

Discover is an online-only bank, so it does not have any physical location. It offers a full range of no deposit accounts for both checking and savings accounts. It helps you to open a bank account for bad credit. It offers an instant bank account for bad credit without a credit score check.



  • 1% cashback on up to $3000 spent using debit cards.
  • So many ATMs are available across various cities.
  • This bank also provides free checking account with no credit check and no deposit.


  • High transaction rates.

Key Statistics:

Mining opening balance: No.

Minimum opening deposit: $0.

Monthly fees: $0.

Link: https://www.discover.com/

4) Capital One

Capital One is a bank that offers bad credit checking accounts with many credit options. It includes fair credit cards, rebuilding bad credit, and no-deposit accounts.



  • More than 39,000 available ATMs.
  • Direct deposit and online transfers are allowed.
  • This bank offers a free checking account with no credit check and no deposit.
  • No balance or credit score is required to open a bank account.
  • It is one of the best banks that don’t do credit checks.


  • Not widely recognized.

Key Statistics:

Monthly fees: None.

Minimum deposit: None.

Minimum balance: None.

Link: https://www.capitalone.com/

5) Chime

Chime offers a mobile bank account and debit card without any credit check. There are no hidden charges and bank fees. Using this service, you will also get your paychecks up to 2 days earlier with a direct deposit.



  • It helps you to transfer money, send and deposit checks and pay bills.
  • Chime gives you access to cash across 38,000+ fee-free ATMs.
  • It provides an optional savings account that can earn 0.50% (APY) on your savings.
  • No monthly service charge or overdraft fees.
  • It provides mobile deposits and transfers.
  • Direct deposits for paychecks offered for bank accounts for bad credit.
  • Daily balance updates on the mobile app and its website.


  • Not very convincing customer care support.
  • No physical branches, so customer service is only available through the app, phone, or email.
  • It does not take out of network ATM withdrawals.

Key Statistics:

Minimum opening deposit: $0.

Monthly fees: $0.

Minimum deposit: None.

Minimum balance: None.

Link: https://www.chime.com/

6) Radius Bank

Radius Bank is a banking service provider that offers an instant online checking account with bad credit. It also offers a second chance banking account called essential checking. It allows account holders to upgrade to rewards checking accounts after one year.



  • You don’t require a minimum balance to open an account.
  • Provides free access to personal finance tracking and radius budgeting apps.
  • It is available for mobile and online banking.
  • Provides second-chance banking and mortgage services.


  • High monthly maintenance fee.
  • $500 debit card limit.
  • It offers a 1,000 daily deposit limit.
  • The mobile check deposit limit is $2,000 per 10 days.
  • $5 overdraft fee charge remains overdrawn for each and every account.

Key Statistics:

Minimum opening deposit: $0.

Monthly fees: $9.

Link: https://radiusbank.com/

7) Woodforest

Woodforest National Bank allows you to open a bank account without a credit check. It has approximately 747 branch locations spread across 17 states, so it is a good choice for people who wants the option of visiting their bank in person. It also provides a second chance checking account for poor credit or a bad banking history record.



  • Free electronic bank statement offered for a bank account for bad credit.
  • Large network of participating ATMs.
  • Offers free ATM transactions as long as you visit an in-network ATM.


  • $25 minimum deposit to open an account.
  • $9.95 monthly maintenance fee.
  • $9 one-time account setup fee.
  • $32 overdraft fee.
  • $15 fee to set up your debit card.

Link: https://www.woodforest.com/

8) GoBank

GoBank is an online-only bank that helps you to open a checking account online. This financial federal credit union bank is surely a good choice if you have bad credit because it has no credit check to open an account.



  • Provides a checking account that comes with a free debit card.
  • It offers mobile banking.
  • Overdrafts are not permitted, so you do not have to worry about overdraft fees.
  • It offers secure cash withdrawal from 42,000+ ATMs in-network.
  • Provides a minimum deposit when you open your instant online account with bad credit.


  • $8.95 monthly fee, or you need to make monthly direct deposits totaling $500.
  • No overdraft facility.
  • $3 fee for out-of-network ATM withdrawals.
  • $5 fee if you lose your card and need a replacement.
  • Cash deposits at participating retailers can cost up to $4.95 per deposit.

Link: https://www.gobank.com/

9) Green Dot

Green Dot is one of the well-known banks with no credit check to open an account with bad credit. Green Dot also offers a prepaid debit card, with no credit check required.



  • No credit check is required to open an account.
  • It offers free payroll direct deposits and easy check deposits.
  • Allows you to review and pay your bills online.
  • It provides secured personal banking.


  • You need to pay charges for cash reloads.

Key Statistics:

Minimum deposit: None.

Monthly fees: $7.95 unless you load $1,000 or more on the card during the previous month.

Minimum balance: None.

Link: https://www.greendot.com/

10) Fifth Third Bank

Fifth Third Express Banking® offers a simple way to manage your funds. This bank with no credit check offers a Visa debit card for immediate access to your money along with the convenience and security of a banking relationship.



  • No balance requirement or overdraft fees.
  • Provides easy check cashing and deposits at Fifth Third branch locations.
  • Support for mobile deposit with immediate funds availability.
  • Mobile and Online Banking.


  • No check writing.
  • No ATM check deposits.
  • No online bill payments.

Link: https://www.53.com/

11) Axos Bank

Axos Bank is one of the oldest and most trusted digital banks. This bank offers an instant online checking account for bad credit. It also offers different checking accounts, including a second chance checking account.



  • Overdraft protection is available.
  • Option to open second chance savings accounts along with regular checking account.
  • It offers bank accounts for bad credit.
  • Offers online mobile banking.


  • Minimum $50 deposit to open an account.
  • No interest on checking accounts.
  • Daily limits on debit card transactions.

Link: https://www.axosbank.com/

12) Varo money

Varo is one of the best banks with no credit checks. They offer little to no fees and convenient transactions. This bank also provides instant online checking account for bad credit. With Varo, you can run and review your credit bureau report to determine whether you have bad creditworthiness or not.

Varo money


  • It helps you to enhance your credit score by creating bank accounts for bad credit.
  • No credit check.
  • No minimum balance.
  • No overdraft fees.


  • Cash deposit only available through a third party that charges fees.
  • Only two deposit accounts are available.

Key Statistics:

Monthly maintenance fees: None.

Minimum deposit: None.

Minimum balance: None.

Link: https://www.varomoney.com/

How to open a business bank account with bad credit?

Step 1) Look for banks with no credit checks

If bank accounts for bad credit are not an option, then the next alternative is to look for banks that do not check your credit for bad credit.

Step 2) Study your credit report and dispute error

If you think there is some calculation issue in your credit report generated by the credit bureau, you can file a dispute for the same and get it corrected.

Step 3) Ask the bank to reconsider your application

If your bank has denied your application for a checking account, you can ask the bank to have another look at your application. In some cases, banks may overlook some negative points if you explain them nicely.

Step 4) Open a second chance banking account.

Opening a second chance banking account allows you to enjoy facilities like a normal bank account. However, you may need to pay extra fees for the same.


❓ Which are the Best Banks to open an Account with Bad Credit?

Following are the best banks with no credit check to open an account:

  • BBVA
  • Sofi
  • Discover
  • Capital One
  • Chime
  • Radius Bank

⚡ Why you still need a Bank Account?

Having a bank account can be a great way to manage your finances. Account statements help you determine how and where you are spending your money. You can also use banking facilities like debit and credit cards, mobile banking, secured loans, investment, etc.

❗ What are the Pros and Cons of a Second Chance Checking Account?

Here are some pros and cons of a second chance checking account:

Pros of a Second Chance Checking Account:

  • Repair your banking history: A second chance checking account allows you to rebuild your banking history, but you need to practice good money management in the future. If you make the same mistakes you did in the past; you could make your situation worse.
  • Avoid excessive fees: Second chance banking lets you avoid accumulating fees that come with prepaid debit cards, money orders, cashier’s checks, etc.
  • Reestablish your relationship with the Bank: While you mainly focus on repairing your bad banking history. In this case, there is a greater chance you will be able to apply for a secured car loan or get a mortgage loan.

Cons of a Second Chance Checking Account:

  • High maintenance fees: Many banks with no credit check offers secured credit checking accounts that come with monthly maintenance fees.
  • No overdraft protection: Second chance checking account does not offer overdraft protection. No one indeed wants to overdraft their account. Some people also feel peace of mind knowing they can temporarily overdraw their funds to meet their daily expenses.
  • Does not repair bad credit: A second chance checking account does not do anything to help repair bad credit. If you have bad credit, any denied opening account, or a loan, you will need to take separate steps to improve it.

🏅 What do you need to open a Business bank account with Bad Credit?

To open an account with bad credit, you will require your social security number or individual tax ID number. The bank will ask some questions during the application process that helps them to verify your identity to open bad credit checking accounts.

🚀 What to Look for in a Checking Account for Bad Credit?

Here are important things you should look for in a Checking Account:

  • The amount of minimum initial deposit if one is needed.
  • Minimum ongoing balance required.
  • Monthly maintenance fees which are generally lower than the traditional bank accounts.
  • The bank should provide a debit card for cash withdrawals and online purchases.
  • Banks with no credit check mostly impose limits on how much you can money you can withdraw and how much you should spend on your debit card. You should look for a bank with higher limits.

❗ Can I get a debit card without a bank account?

Yes, you can get a prepaid debit card without having a bank account. You just need to apply for it and load the card from the bank’s official website or a specific store. It is similar to a normal debit card that you can use to deposit online checks, send money to someone and withdraw money from ATMs.

👉 Can you get an overdraft with Bad Credit?

Each bank has its own point of view for customers they want to give overdraft to. If you hav a bad credit score, it will be hard to get a standard bank account with an overdraft facility. In such a case, you can open a basic bank account with an arranged overdraft which is mainly given to people with a poor credit score.

💥 How can you improve your credit rating to get a better bank account?

Here are some useful tips which help you to improve your credit rating:

  • Check for errors or fraudulent activity.
  • Always pay the credit back on time.
  • Get some credit if you do not have any.
  • End any negative financial associations.
  • Do not apply for too much new credit.

🌟 What features to look for while choosing a bank account?

Here are some important features to look for while selecting your bank account:

  • Monthly service fees: The first thing you need to check is the monthly service fees. When you have bad credit, a monthly service fee may be mandatory unless you meet certain criteria. Most banks allow customers to avoid monthly fees by keeping their balance above a certain amount.
  • No Minimum Balance Requirements: Avoid accounts that require a minimum balance. Look for a bank that does not require you to keep a certain amount of funds in your checking account. Therefore you will not require to worry about dipping below the minimum deposit limit and getting hit with fees.
  • Free Perks: Some banks offer new clients free checking account perks. Cashback rewards are the best perk offered by banks. Some banks also offer unlimited cash back rewards for purchasing daily need items.
  • Mobile Banking: Mobile banking gives customers a convenient way to connect with their Bank. Mobile banking also allows banks to create a closer banking relationship with their customers.