Easy Bank Accounts To Open in 2024
From quick mobile applications to lenient eligibility requirements, here’s a look at some of the easiest bank accounts to open right now. Account details and annual percentage rates (APYs) are accurate as of April 2, 2024.
Best for Easy Verification
Varo Bank Account
Annual Percentage Yield
N/A
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
N/A
$0
$0
Why We Picked It
We chose Varo’s online bank account because it’s a free account that doesn’t look at ChexSystems (your banking history) and has one of the shortest online and mobile applications. All you need to apply is your basic personal information, a valid photo ID and a selfie. The Varo Bank Account offers several top-tier perks, like early direct deposit, fee-free ATM access and no hidden fees.
Pros & Cons
- Early direct deposit feature
- Few fees
- Contactless Visa debit card offers cash back
- Deposit cash at more than 90,000 retail locations
- $3.50 fee for third-party ATM transactions
- Doesn’t pay interest
Details
In 2020, Varo became the first U.S. consumer fintech company to receive a national bank charter, allowing it to offer FDIC insurance and expand its banking services.
Varo doesn’t charge for depositing cash with the Green Dot Reload program, but a $5.95 service fee applies.
Varo maintains more than 40,000 surcharge-free ATMs—but there’s a $3.50 cash withdrawal fee for out-of-network ATM transactions. Account holders receive a contactless Visa debit card, which comes with zero liability for unauthorized charges. The Varo Visa debit card earns up to 6% cash back on select brands.
Account holders can deposit cash into their Varo account at more than 90,000 retail locations using Green Dot Reload. Many other online banks don’t accept cash deposits.
Best for Fast Applications
SoFi Checking and Savings Account
Annual Percentage Yield
Up to 4.60%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
On SoFi's Website
Up to 4.60%
$0
$0
Why We Picked It
We chose SoFi’s combined checking and savings account because you can open an account in a couple of minutes online or through the mobile app with basic personal information and a driver’s license or other valid photo ID.
This is an interest-bearing combined checking and savings account with no monthly fees or minimum balance requirements. Plus, anyone who opens an account gains access to SoFi member benefits, including rate discounts on loans, travel offers, financial and career planning services and invites to exclusive member events.
Pros & Cons
- Tiered bonus amounts
- Underlying accounts have no fees
- Accounts earn a competitive APY
- Must open a combined account to earn bonus
- Online-only, no physical branches
Details
To qualify for the $300 bonus, you must open a new SoFi Checking and Savings account and receive at least $5,000 in direct deposits by June 30, 2024, or within 25 days of receiving your first direct deposit, whichever comes first. So, if your first direct deposit is on June 1, you’d have until June 26 to reach the $5,000 minimum. But if your first direct deposit is on June 15, you’d have until June 30, which is the overall deadline for the promotion.
SoFi’s checking and savings account has no monthly fees or overdraft fees. You’ll earn a 4.60% APY on your savings balance, and direct deposits hit your checking account up to two days early. You can also earn up to 15% cashback on SoFi debit card purchases.
A direct deposit is an electronic deposit you receive from your employer, the government or a benefits provider. You’ll receive your bonus within seven business days after your direct deposit window closes.
Disclosure
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Best for Non-Residents
Wise
Annual Percentage Yield
4.85%
(requires activation)
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Why We Picked It
Wise made the top of our list because you can open an account in minutes by uploading a photo of a valid ID and providing some basic personal information. Plus, Wise accounts are available for U.S. residents and non-residents.
Wise is not a traditional bank account. Instead, the London-based fintech allows you to transfer money in 40 currencies and to 160 countries. Accounts work similarly to a bank account, including an option to earn interest, get a debit card (for a one-time $9 fee) and set aside funds for savings goals.
Pros & Cons
- Open to non-U.S. residents
- You can have up to 40 currencies in your account
- High interest on your balance if you opt-in
- Fees for money transfers
- $9 fee to get a debit card
Details
You can only have one personal Wise account. There’s no fee to open a Wise account, but the company charges fees for certain transactions. The fee for transfers and currency conversions varies between currencies and starts at 0.43%. Your first two ATM withdrawals each month are free if the amount withdrawn is less than $100. Three or more ATM withdrawals carry a $1.50 charge per withdrawal. ATM withdrawals over $100 per month carry a charge of 2% of the amount over $100.
Best for Bad Credit
Chime® Checking Account
Annual Percentage Yield
None
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
On Chime's Website
None
$0
$0
Why We Picked It
We like Chime* because you can open a checking account in approximately two minutes online or through the Chime mobile app. Eligibility doesn’t include a credit check or ChexSystems check, so it’s easy to get approved. Chime’s online checking account comes with a highly rated mobile app and no fees or minimums.
Pros & Cons
- Highly rated mobile app
- Tools to automate savings goals
- Few fees
- Receive direct deposits up to two days early^
- SpotMe® feature allows for up to $200* in fee-free overdrafts
- Customer service is available 24/7
- Account doesn’t pay interest^^
Details
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Best for Debit Card Rewards
Current Savings Pod
Offer
Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.
4.00% bonus
if you receive monthly direct deposits of $200 or more; if not receive 0.25%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.
4.00% bonus
if you receive monthly direct deposits of $200 or more; if not receive 0.25%
$0
$0
Why We Picked It
The Current online banking app offers the best of checking and savings in one account, and its high APY and debit card rewards program helped it make our top 10 list. You can earn points, which are redeemable for cash back, on debit card purchases at over 14,000 merchants. Opening a Current account is as simple as downloading the app and providing some basic information to verify your identity. You can even get a virtual debit card instantly.
Pros & Cons
- High APY
- Early direct deposit
- Cash-back rewards
- Automatic savings tools
- Instant virtual debit card
- No-fee overdraft protection
- No physical locations
- Fee for cash deposits
Details
You can earn a 4.00% bonus if you receive monthly direct deposits of $200 or more; if not receive 0.25%. You can earn this rate on balances up to $2,000 per Savings Pod or $6,000 total. Balances over the limit and account holders that don’t meet direct deposit requirements earn the the lower bonus base rate. To qualify for fee-free overdraft protection, you must receive $500 or more in qualifying direct deposits over the previous 30 days.
Best for ATMs
Capital One 360 Checking Account
Annual Percentage Yield
0.10%
Monthly Maintenance Fee
$0
0.10%
$0
$0
Why We Picked It
Capital One made the list because it offers one of the easiest checking accounts to open at a big bank. The account has no minimums or fees, and customers have access to an impressive network of over 70,000 fee-free ATMs. It takes just a few minutes to open an account online or through the mobile app. For anyone with negative marks on their banking history, Capital One 360 is also one of the best banks that don’t use ChexSystems.
Pros & Cons
- No minimum opening deposit or balance requirements
- No monthly fee
- Highly rated mobile app
- Overdraft protection
- Cash deposits only at Capital One branded ATMs (not partners)
- APY not competitive with top checking accounts
Details
Interest is compounded and credited monthly for 360 Checking. You may incur fees for cashier’s checks, outgoing domestic wire transfers and additional checkbooks.
Best for Budgeting
Ally Bank Spending Account
Annual Percentage Yield
0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 minimum daily balance, and 0.25% APY for accounts with minimum daily balances of $15,000 or more
Up to 0.25%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
0.10% annual percentage yield (APY) on checking accounts with less than a $15,000 minimum daily balance, and 0.25% APY for accounts with minimum daily balances of $15,000 or more
Up to 0.25%
$0
$0
Why We Picked It
As one of the top online banks, Ally made our list for its easy-to-use website and mobile app and its lack of a minimum deposit requirement. The application takes a few minutes to complete and allows you to easily upload a photo ID.
With this interest-bearing checking account, customers can create spending buckets to help them budget and track spending. If you set up a free Ally savings account, you can also have spare change automatically transferred to savings where it will earn a much higher interest rate.
Pros & Cons
- High customer service satisfaction
- Customer service is widely available
- Low fees and minimums
- Out-of-network ATM fee reimbursem*nt up to $10 per statement cycle
- Lower app rating on Google Play
Details
Customers are eligible for $100 Coverdraft protection—Ally’s overdraft protection—30 days after depositing at least $100 in the account. To receive up to $250 in protection, you must set up qualifying direct deposits.
Best All-In-One App
Revolut
Annual Percentage Yield
Up to 4.25%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0 to $16.99
Up to 4.25%
$0
$0 to $16.99
Why We Picked It
Revolut came out as a top pick because one quick application gets you an all-in-one solution to digital banking, money management, investing and other financial services. Plus, you don’t need a Social Security number or Individual Taxpayer Identification Number (ITIN).
Customers can earn interest and rewards, access budgeting tools and send and request money with individuals in over 140 countries. Accounts come with a debit card and fee-free ATM access.
Pros & Cons
- Can open without a Social Security number
- Ability to earn interest and rewards
- Budgeting and investment features
- No overdraft protection
- Monthly fees for premium plans
Details
Revolut doesn’t charge a monthly maintenance fee. Instead, customers can sign up for a monthly plan based on the option that works best for them. Options include the Standard plan for $0 per month, the Premium plan for $9.99 per month and the Metal plan for $16.99.
Best for Second Chance Checking
U.S. Bank Safe Debit Account
Annual Percentage Yield
N/A
Minimum Deposit Requirement
$25
Monthly Maintenance Fee
$4.95
N/A
$25
$4.95
Why We Picked It
U.S. Bank Safe Debit Account is our top pick for individuals with poor banking history, which may prevent them from opening a more traditional checking account. The checkless checking account is designed for people who need a second chance checking account and features a monthly service fee, which cannot be waived, but has a relatively low opening deposit requirement and comes with a debit card.
Unlike other banks on this list, U.S. Bank has a large physical presence, with over 2,000 branches in 26 states. You can apply for an account online with a Social Security number, a valid photo ID and the minimum opening deposit.
Pros & Cons
- Doesn’t consider banking history
- Large branch and ATM network
- No overdraft fees
- Free credit score access
- Monthly maintenance fee
- No paper checks
Details
U.S. Bank does not charge overdraft fees for the Safe Debit Account. The account is not eligible for overdraft services. Transactions will be declined if you do not have sufficient funds in your account to cover the cost.
Best for Credit Unions
Alliant Credit Union High-Rate Checking
Annual Percentage Yield
0.25%
Minimum Deposit Requirement
$0
Monthly Maintenance Fee
$0
Learn More
Read Our Full Review
0.25%
$0
$0
Why We Picked It
Alliant Credit Union came out as the credit union with the easiest bank account to open, thanks to its simple online application. It’s also easy to qualify for membership by becoming a member of Foster Care to Success (FC2S) for a one-time $5 fee upon applying.
Alliant Credit Union High-Rate Checking earns above-average interest with no minimum balance requirements and no monthly fees. Also, members have access to 80,000 fee-free ATMs and $20 per month in out-of-network ATM fee rebates.
Pros & Cons
- Highly rated online banking and mobile app
- Access to more than 80,000 surcharge-free ATMs
- No monthly maintenance or minimum balance requirement
- Free overdraft protection
- Contactless Visa debit card and complimentary box of checks
- Requires membership in the credit union
- There are checking accounts with higher yields
Details
The yields earned on credit union accounts are referred to as dividends rather than interest. Dividends are compounded monthly and credited monthly. You can join Alliant Credit Union by becoming a member of Foster Care to Success (FC2S) for a $5 fee that is credited back to your account once it’s set up.
It’s relatively easy to qualify for membership (see Details). Members get a contactless Visa debit card and a complimentary box of standard checks with this account.
Summary: Easiest Bank Accounts To Open in 2024
| Account | Company - Logo | Approximate time to complete application | Documents required | Minimum opening deposit | Monthly fees | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|
| Varo Bank Account: Best for Cash Advances |  | 2 to 3 minutes | Valid photo ID, Social Security number, physical mailing address, selfie | $0 | $0 | Learn More | Read Our Full Review | |
| SoFi Checking and Savings Account: Best for Member Perks |  | 1 to 3 minutes | Valid photo ID, name, date of birth, Social Security number, home address, citizenship status, Phone number, email address | $0 | $0 | Learn More | On SoFi's Website | |
| Wise: Best for Non-Residents |  | 1 to 3 minutes | Legal name, date of birth, address, country of residence, email address | $0 | $0 | |||
| Chime® Checking Account: Best for Bad Credit |  | 3 to 4 minutes | Valid photo ID, name, date of birth, home address, Social Security number | $0 | $0 | Learn More | On Chime's Website | |
| Current Savings Pod: Best for Debit Card Rewards |  | 3 to 4 minutes | Valid photo ID, Social Security number, U.S. residential address, smartphone | $0 | $0 | |||
| Capital One 360 Checking Account: Best for ATMs |  | 3 to 4 minutes | 2 forms of valid identification, proof of address | $0 | $0 | |||
| Ally Bank Spending Account: Best for Automatic Savings |  | 2 to 3 minutes | Valid photo ID, Social Security number or taxpayer identification number, U.S. street address | $0 | $0 | Learn More | Read Our Full Review | |
| Revolut: Best All-In-One App |  | 5 minutes | Valid photo ID, selfie, Social Security number, Individual Taxpayer Identification Number or U.S. Visa | $0 | $0 to $16.99 | |||
| U.S. Bank Safe Debit Account: Best for Second Chance Checking |  | 3 minutes | Government-issued photo ID, Social Security number | $25 | $4.95 | |||
| Alliant Credit Union High-Rate Checking: Best for Credit Unions |  | 5 minutes | Valid photo ID, Social Security number or Individual Taxpayer Identification Number, proof of address | $0 | $0 | Learn More | Read Our Full Review |
Methodology
To create this list, Forbes Advisor analyzed 25 bank accounts at a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 11 data points in the following categories:
- Ease of application and account funding
- Speed of application and verification process
- Time to receive debit card
- Ease of approval
- Fees and opening deposit
Specific characteristics taken into consideration within each category included online and mobile application availability, time to complete the online application, time to verify the account, membership requirements, documents required to apply, time to receive a debit card, availability of an instant or virtual debit card, ways to fund the account and whether or not the account pulls an applicant’s ChexSystems report.
Bank accounts with the fastest online applications and low or no fees and minimums scored the highest, as did those that made it easier to verify your identity and fund your account. Accounts that offered instant or virtual debit cards were preferred as well. Finally, accounts that can be opened without a Social Security number and accounts that don’t check ChexSystems reports received extra points.
To learn more about our rating and review methodology and editorial process, check out our guide onHow Forbes Advisor Reviews Banks.
How Easy Is It To Open a Business Bank Account?
Opening a business bank account is similar to opening a personal bank account but may require additional documentation. If your business is a sole proprietorship, you’ll provide your Social Security number, just like you would for a personal account. For other types of businesses, you must provide an Employer Identification Number (EIN). Many banks ask you to provide other business documentation, which may include:
- Business formation documents
- Ownership agreements
- A business license
The specific information and documentation required may depend on your business entity type. As with the personal accounts listed above, business accounts will also require you to provide a valid government-issued photo ID and other documentation to verify your identity.
How Easy Is It To Change Bank Accounts?
Switching bank accounts is relatively simple but can take some time, especially if you have outstanding transactions. If you are switching accounts within the same bank, you can simply open a new account and transfer funds from the old account to the new one. If you have direct deposits or automatic withdrawals set up, you will need to switch them over to the new account going forward.
If you are switching banks, you must first open an account at the new bank or credit union. It’s helpful to make a list of outstanding transactions, such as direct deposits, automatic withdrawals and other payments, so you account for every cent.
Once you’ve done this, transfer over your remaining account balance to your new bank account. You could leave some extra funds in the account as a cushion in case you miss any transactions. Then, switch your deposits and payments to the new bank account.
Leave the old account open temporarily to ensure that all transactions have cleared before you close the account.
How Easy Is It To Switch Business Bank Accounts?
Closing a business bank account involves going through the same process you would for a personal account. Once you’ve chosen a bank, open your new account. Stop using your old account and transfer any automatic transactions, including payments, to the new account.
Finally, transfer funds to your new account, leaving enough money in the old account to ensure any outstanding transactions are covered. Once all transactions have cleared, close the old account.
Find The Best Banks Of 2024
Learn More
How Many Bank Accounts Can You Open in a Year?
There are few limits on how many bank accounts you can open or how many banks or credit unions you can hold accounts at. You can open as many bank accounts as you like, provided the bank approves each application.
Individual financial institutions may set limits on the number of accounts you can hold at one time. For example, Capital One allows you to have up to 25 savings accounts open at any given time. However, you can extend beyond any individual bank limits by opening bank accounts through other banks.
*Chime is a financial technology company, not a bank. Banking services and debit cards provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
˜Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven location, or any Allpoint or Visa Plus Alliance ATM.
^Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
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