Which bank is best for zero balance account?
What banks have free checking with no minimum balance? Ally Bank, Axos Bank, Capital One, Discover, E-Trade, FNBO Direct and Varo are all banks that offer free checking accounts with no minimum balance requirement.
- IDFC FIRST Bank Pratham Savings Account.
- Equitas Selfe Savings Account.
- Axis Bank PRIME Savings Account.
- Indus Delite Savings Account (IndusInd Bank)
- Kotak 811 Full KYC Account (Kotak Mahindra Bank)
- Jupiter Savings Bank Account.
- SBI Savings Bank Deposit Account.
| Account | Forbes Advisor Rating | Learn More CTA text |
|---|---|---|
| Discover® Cashback Debit Checking | 5.0 | Learn More |
| SoFi Checking and Savings Account | 4.6 | Learn More |
| nbkc bank Everything Account | 4.6 | Learn More |
| Connexus Credit Union Xtraordinary Checking | 4.6 | Learn More |
What banks have free checking with no minimum balance? Ally Bank, Axos Bank, Capital One, Discover, E-Trade, FNBO Direct and Varo are all banks that offer free checking accounts with no minimum balance requirement.
All transactions and deposits in the account can be done free of charge, but charges will be levied under certain conditions. You have to make sure that your balance does not exceed Rs 50,000 or that the total credit in the account remains within Rs 1,00,000 or below it in a year.
| Institution | APY | MINIMUM OPENING DEPOSIT |
|---|---|---|
| Discover | 0.00% | $0 |
| Dream First Bank | 1.01% | $100 |
| E*Trade | 1.50% | $0 |
| Everbank | 0.45% | $100 |
A dormant checking account which has a zero balance would most likely accrue monthly fees until the bank voids the fees and closes the account.
- Discover Bank, Cashback Debit Account: Earns 1% cash back on eligible debit card purchases, $0 minimum deposit.
- NBKC Bank, Everything Account: 1.75% APY; $0 minimum opening deposit.
- Ally Bank, Interest Checking Account: 0.10%-0.25% APY; $0 minimum opening deposit.
| Sr.No. | Bank Name | Rates of Interest(p.a.) |
|---|---|---|
| 1 | State Bank of India | 2.70% - 3.00% |
| 2 | Union Bank of India | 2.75% - 3.55% |
| 3 | HDFC Bank | 3.00% - 3.50% |
| 4 | ICICI Bank | 3.00% |
IDBI Bank Basic Savings Account Features and Benefits
Get an ATM cum Debit Card (free of cost) and cheque book on request.
What is the best online bank?
Our picks for the best online banks are SoFi Bank, Discover Bank, Ally Bank, Varo Bank, LendingClub, Upgrade, Alliant Credit Union, FNBO Direct, Zynlo Bank and Quorum Federal Credit Union. You may get a higher annual percentage yield (APY) compared to traditional banks when you choose an online-only bank.
There is no minimum balance required to have a Chase checking account, but keeping a certain balance is one way to avoid a monthly fee on some accounts — for example, the $12 monthly fee for Chase Total Checking® is waived if you maintain a $1,500 balance at the beginning of each day.
- At a glance: The best free checking accounts.
- Switch to an online bank.
- Consider a local credit union.
- Meet the bank's waiver requirements.
Some of the disadvantages of a zero balance account include limited features, lower interest rates, higher transaction fees, limited customer support, and difficulty in receiving payments.
Zero-balance accounts have a limit on the number of transactions you can make per month. Usually, banks allow only four monthly withdrawals. If you do make more than the permitted number of withdrawals, the bank will convert your zero-balance account into a regular Savings Account.
When it comes to selecting a Savings Account, a Zero Balance Account may not possibly be the best choice. This is primarily because even though it saves you the hassle of maintaining an average balance every month, it is crucial that you look at all facets of the account before you opt for it.
The Axos Bank Rewards Checking account offers a winning combination of features: Not only can you expect no monthly maintenance fee and no minimum balance requirement, but the bank also provides unlimited reimbursem*nts for domestic out-of-network ATM charges and does not charge a non-sufficient funds fee for ...
| Bank | Forbes Advisor Rating | ATM Network |
|---|---|---|
| Bank of America | 4.2 | 16,000+ ATMs in the U.S. |
| Wells Fargo Bank | 4.0 | 11,000 |
| Citi® | 4.0 | 65,000 |
| Barclays | 3.4 | N/A |
| Account | Approximate time to complete application |
|---|---|
| Varo Bank Account: Best for Cash Advances | 2 to 3 minutes |
| SoFi Checking and Savings Account: Best for Member Perks | 1 to 3 minutes |
| Wise: Best for Non-Residents | 1 to 3 minutes |
| Chime® Checking Account: Best for Bad Credit | 3 to 4 minutes |
How much is too much cash in savings? An amount exceeding $250,000 could be considered too much cash to have in a savings account. That's because $250,000 is the limit for standard deposit insurance coverage per depositor, per FDIC-insured bank, per ownership category.
What happens if I never use my bank account?
Your bank account could become dormant if you make no transactions for a period of time. At that point, your bank might charge you an inactivity fee or close your account. In some cases, your funds could end up being turned over to your state.
For financial security, keep some cash in the bank. Double emphasis on some, because there are good reasons not to keep too much money in cash, too. Inflation decreases the value of any money you hold in cash. Inflation, aka rising prices over time, reduces your purchasing power.
- Best online bank: Ally Bank.
- Top online bank: TIAA Bank.
- Top online bank: Quontic.
- Top online bank: LendingClub.
- Top online bank: CIBC USA.
- Top online bank: First Internet Bank of Indiana.
- Top online bank: Rising Bank.
- Top online bank: Varo Bank.
Instant account opening is easy with HDFC Bank. All you need is a working mobile number, Aadhaar number and a PAN number to open an account.
| Bank | The Ascent's Rating |
|---|---|
| Western Alliance Bank | 4.25 |
| SoFi | 4.00 |
| Wells Fargo | 4.00 |
| Axos Bank | 3.50 |
