Best Bank Accounts For Bad Credit Of July 2024

We picked SoFi Checking and Savings because it combines the best features of savings and checking accounts with competitive interest rates and convenient spending perks. It’s a solid bank account for people who want more than the basics, and it doesn’t use ChexSystems to screen applications.

Why We Like It

We like this account because you can earn a 0.50% APY on checking and 4.60% APY on savings if you set up direct deposit or by depositing $5,000 or more every 30 days. Customers who don’t meet this criteria earn 1.20% APY on savings balances, with no account fees and fee-free access to over 55,000 ATMs. Other potential benefits of this account include cash-back rewards on eligible debit card purchases, the ability to receive direct deposits up to two days early and sign-up bonuses—a perk not always found in second-chance banking.

What We Don’t Like

If you’re primarily using this account for savings, consider stashing your funds elsewhere to earn better yields. Some of the best high-yield savings accounts offer 5.00% APY or more.

Who It’s Best For

SoFi Checking and Savings is best for those who want a combined checking and savings account and don’t mind only banking online. And if you want to earn interest and avoid fees, don’t let bad credit stop you from applying for this account.

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.

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.

We picked the Navy Federal Credit Union Free EveryDay Checking Account because it has no monthly fees and no balance requirements, and it filters applications using a screening system separate from ChexSystems.

Why We Like It

We like that this account provides three overdraft protection choices to help you avoid trouble when money is tight. If you’ve overdrawn accounts in the past, overdraft protection can help you avoid negative marks and fees of this kind in the future. This account also offers convenience in the form of Zelle transfers, surcharge-free access to over 30,000 ATMs and basic checks.

What We Don’t Like

We don’t like that this bank account isn’t available to everyone. Navy Federal membership is restricted to active-duty service members, veterans, retired service members and immediate family members of these individuals, and you won’t be eligible to join unless you meet the qualifications.

Who It’s Best For

The Free EveryDay Checking Account is best for those who meet membership eligibility and are looking for a simple, free checking account at a full-service credit union.

You’ll need to join Navy Federal Credit Union to open an account. Eligibility is open to service members, veterans of any branch of the armed forces, Department of Defense employees and immediate family members or household members of these individuals. Applications are accepted online, over the phone and at Navy Federal branches.

We chose the Capital One 360 Checking Account as one of the best bank accounts for those who want to avoid ChexSystems because it won’t cost you a penny to use. This no-fee checking account doesn’t charge monthly service fees or many incidental banking fees, and there are no foreign transaction fees when you travel.

Why We Like It

We like that Capital One makes it easy to add, move and access funds. You can withdraw cash at more than 70,000 fee-free ATMs or in person at Capital One branch and Cafe locations. You’ll also be able to add cash to your account at any CVS, Walgreens or Duane Reade by Walgreens location, and the 360 Checking Account works with Zelle for easy transfers.

What We Don’t Like

We don’t like that you can’t deposit funds at any ATM with Capital One. You must deposit cash at a Capital One-branded ATM only.

Who It’s Best For

Capital One 360 Checking is best for those who want an account with no fees and could also be a good fit for those who want to do all their banking at one institution. Capital One is a full-service bank with an extensive product suite that includes standout credit cards.

Interest is compounded and credited monthly for 360 Checking. You may incur fees for cashier’s checks, outgoing domestic wire transfers and additional checkbooks.

Chase Secure Banking made our list because Chase has one of the largest branch networks in the U.S. The bank operates over 16,000 ATMs and 4,700 branches, making it ideal for those who value in-person banking. This account also offers basic tools to help you manage your finances and save.

Why We Like It

We like this account because you can use it to pay bills, deposit checks and send money. And while you won’t earn interest, you will get access to some valuable in-app benefits to help you save. The Chase Spending Planner tool, for example, lets you track your spending, set a budget and follow your progress. This account has no overdraft fees because you can only spend what you have.

What We Don’t Like

This account is unlike other bank accounts for bad credit in that it has a monthly fee, and we don’t like that this isn’t offset by interest earnings. However, the small fee of banking_product_maintenance_fee_description pid=”279485″] per month may be worth it for the increased access Chase offers.

Who It’s Best For

Chase Secure Banking is best for those who prefer to do their banking in person and want support with budgeting and not spending more than they have.

Certain services are not available with Chase Secure Banking. These include overdrafts, check writing, wire transfers and access to a safe deposit box. There are no fees on money orders or cashier’s checks and no fees to transfer money with Zelle. JPMorgan Chase Bank, N.A. Member FDIC.

We chose fintech Chime’s Checking Account®* as one of the best bank accounts for bad credit because it offers fee-free banking with easy-to-use mobile tools. You can apply for this account with no impact on your credit and no peek at your ChexSystems file, and it includes a host of helpful features.

Why We Like It

Chime’s SpotMe®¹ feature is a unique overdraft service that lets you overdraw your account up to $200 fee-free, and it’s available to anyone who meets direct deposit requirements. You can also get paid up to two days early with this account². It has no minimums³, no service fees, no overdraft fees and no ATM fees at more than 60,000˜⁴ locations. You can also deposit cash at Walgreens locations without a fee.

What We Don’t Like

Chime doesn’t offer a full suite of banking products, so if you want to do all your banking in one place, you should look elsewhere.

Who It’s Best For

The Chime Checking Account is best for those who need additional overdraft protection and those who want to open a second-chance savings account with the same bank as their checking account.

Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

Customer service is available seven days a week by email or phone.

You can receive direct deposits up to two days early², and this account works with Google Pay and Apple Pay.

Chime customers get access to more than 60,000 surcharge-free ATMs³. It charges $2.50 per transaction at out-of-network ATMs. 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.