It’s common for banks and credit unions to review your banking history through ChexSystems or TeleCheck to see if you’re eligible for their accounts. Those with unresolved overdrafts, a history of negative balances or involuntary account closures may struggle to qualify for traditional checking or savings accounts.
If you’re struggling to open a bank account, a second-chance bank account might be the answer.
Capital One 360 Checking
An interest-bearing checking account with flexible overdraft options and international access.
Second-chance bank accounts are designed to be easy to open if you have a less-than-ideal banking history. Second-chance bank accounts either don’t look at your banking history when you apply, or the account has lenient requirements.
Other than the fact that second-chance accounts are typically easier to qualify for than “regular” accounts, they work pretty much the same way that traditional bank accounts do.
However, it’s typical for a second-chance account to not allow you to overdraft, and you might have to pay a monthly fee as a trade-off for the lax eligibility requirements.
These top second-chance bank accounts have no or low opening deposit requirements, making them some of the best options out there.
| Account | Opening deposit | Monthly fee | Learn more |
|---|---|---|---|
| Capital One 360 Checking Account | $0 | $0 | |
| SoFi Checking and Savings | $0 | $0 | |
| Varo bank account | $0 | $0 | |
| Bluevine Business Checking | $0 | $0 | |
| Chime® Checking Account | $0 | $0 | |
| Chase Secure Banking℠ | $0 | $4.95 (Can be waived) | |
| Wells Fargo Clear Access Banking | $25 | $5 | |
| Dave Checking Account | $0 | $0 | |
| PNC Simple Checking (previously Foundation Checking Account) | $0 | $5 | |
| U.S. Bank Safe Debit Account | $25 | $4.95 |
Most banks use the bureau ChexSystems to review your banking history. ChexSystems is a specialty reporting agency under the Fair Credit Reporting Act. It’s similar to the major credit bureaus, except it keeps track of your banking history instead of your borrowing history. You can request a copy of your own ChexSystems report at no charge once every 12 months.
There’s also TeleCheck, which is another consumer bureau that tracks banking histories. For example, Chase doesn’t use ChexSystems but it does use TeleCheck.
When deciding which to choose, look for some or all of the following features:
You could use a prepaid debit card instead of getting a second-chance bank account — but it’s likely to cost you more money in the long run. You have to load cash onto them, and prepaid cards tend to come with a bunch of fees you won’t find with traditional debit cards and checking accounts.
Fees you’re likely to find with many prepaid cards include:
If you’re in a tight spot and can’t get a bank account immediately, a prepaid debit card can help. However, in the long-term though, the extra fees can really add up.
Second-chance bank accounts can offer you a bank account until your ChexSystem report clears up, but they come with a few cons to watch out for.
If you’re not keen on opening a second-chance checking account, here are some alternatives to consider.
If past financial mistakes have made it difficult for you to open a new checking account, there’s still hope. There are several quality banks out there that offer second-chance checking accounts for those who have endured bankruptcy, bad credit or a poor history with ChexSystems. Compare your bank account options to find the right account for your needs.
Premium checking accounts offer better perks than standard checking accounts, but they usually have harder requirements.
SoFi wins the best checking account overall, with close runners-up: Chime, Upgrade, Chase, Bluevine, Step, Varo and Capital One.
Here’s how we rate checking accounts, spending apps and debit cards, covering what we look for in fees, ATM access and customer service.
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E*TRADE Max-Rate Checking is an interest-bearing checking account that offers up to 2% APY, but only if you can maintain a high balance.
Earn a little interest without limiting your transactions. But don’t expect it to replace your high-interest savings account.
Chime’s checking account has almost no fees and comes with great modern banking features.
Compare the best, free online checking accounts with low fees, high APYs and great perks.
If you’ve fallen victim to debit card fraud, you may be eligible to receive a refund.
