Best Bank Accounts For Bad Credit Of December 2023 (2024)

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On SoFi's Website

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

Along with a chance to 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 make direct deposits or deposit $5,000 or more every 30 days earn 1.20% APY on account balances, you’ll pay no account fees and have fee-free access to more than 55,000 ATMs. Other potential benefits of this account include cash-back rewards on eligible debit card purchases and the ability to receive direct deposits up to two days early. SoFi often offers sign-up bonuses as well—a perk not always found in second chance banking. Don’t let bad credit stop you from applying if this seems like a good fit.

Read our full SoFi Bank Review.

SoFi doesn’t offer separate checking or savings accounts at this time—only the combined “Checking and Savings” account. Up to 4.60% APY on checking and savings account balances can be yours when you set up direct deposit or by depositing $5,000 or more every 30 days. Members without direct deposit earn 1.20% APY on checking and savings balances.

When you open an account, you become a SoFi member, which comes with access to additional benefits like rate reductions on loan products, financial planning services, estate planning discounts, access to exclusive SoFi events and more.

We picked the Navy Federal Credit Union Free EveryDay Checking Account because it has no monthly fees and no balance requirements, and it uses a screening system separate from ChexSystems to filter applications. With an APY of just 0.01%, it’s not ideal for saving, but it’s a solid option for everyday use and includes three overdraft protection choices. If you’ve overdrawn accounts in the past, overdraft protection can help you avoid negative marks and fees of this kind in the future.

You’ll be able to transfer or receive money using Zelle, withdraw cash for free at over 30,000 ATMs or Navy Federal branches and get basic checks with this account. Consider this option if you prefer credit unions or in-person banking and qualify for membership with the credit union (see Details).

Read our full Navy Federal Credit Union Review.

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 won’t charge any one-time or monthly service fees, and there are no foreign transaction fees when you travel. Capital One also 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.

Read our full Capital One 360 Banking Review.

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Via Chase.com

Chase Secure Banking made our list because the bank has among the largest branch networks in the U.S. However, this account is unlike other bank accounts for bad credit in that it has a monthly fee, but the small fee of $4.95 per month may be worth it for the increased access Chase offers. There are over 16,000 Chase ATMs and 4,700 branches, making this ideal for those who value in-person banking.

You can pay bills, deposit checks and send money with this account. 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.

There are no overdraft fees for this account because you will only be able to spend what you have, and transactions that would cause your account to have a negative balance are declined.

Read our full Chase Secure Banking Review.

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On Chime's Website

We chose digital fintech Chime®* as one of the best bank accounts for bad credit because it offers fee-free checking with mobile banking tools designed to make managing your account easier. You can apply with no impact on your credit and no peek at your ChexSystems file, and the Chime Checking Account includes a host of convenient features.

Chime’s SpotMe®^{[ ]} 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 account^^{[ ]}. There are no minimums^{[ ]}, no service fees and no overdraft fees.

Chime doesn’t have any branches, but it does offer an extensive ATM network of more than 60,000˜^{[ ]} locations. You can also deposit cash at Walgreens locations without a fee.

Read our full Chime Review.

Banking services and debit card 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.