Which bank is best for low income people? (2024)

Which bank is best for low income people?

Both Wells Fargo and Bank of America can be good choices for low-income earners since the direct deposit minimums are not overly burdensome.

Key Bank's Key Select Checking account offers a generous $200 bonus with a low minimum opening deposit of $10. It also made the list because the requirement for the bonus are reasonable, with only $500 needed in direct deposits within 60 days of opening the account.

Chime Second Chance Banking

Chime is an online-only fintech company that offers banking services through The Bancorp Bank, N.A. or Stride Bank, N.A. Its Second Chance Banking option boasts no monthly fees and no credit or ChexSystems check.

What is the best bank with no monthly fees?

Ally Bank Spending Account

Ally offers interest on its free checking account as well as nationwide ATM fee reimbursem*nts of up to $10 a month. Interest rate: 0.10% or 0.25% APY, depending on balance. Minimum deposit to open: $0. Other pros: Ally customers have free access to more than 43,000 Allpoint ATMs nationally.

The Axos Bank Rewards Checking account offers a winning combination of features. There's no monthly maintenance fee or minimum balance requirement. and the bank provides unlimited reimbursem*nts for domestic out-of-network ATM charges. Axos doesn't charge a non-sufficient funds fee either.

Some accounts don't require you to make a deposit right away, but others ask that you have $25 to $100 on hand to open one. If you already have an account at a different bank or credit union, you can simply transfer money from that existing account into the new one. Otherwise, a check or cash will work.

Open a new eligible Bank of America business checking account and qualify for a $200 cash bonus offer. Access powerful digital tools, Small Business Specialists and security all in one place.

These are the bonus tiers: Earn $1,000 when you deposit $150,000 to $249,999.99. Earn $2,000 when you deposit $250,000 to $499,999.99. Earn $3,000 when you deposit at least $500,000.

How do I get $300 from Bank of America?

Similarly, people with a bad ChexSystems Consumer Score can still apply for a checking account. Many banks offer “second chance” checking accounts that give people with lousy banking history the chance to make good. You should also check out your local credit union, as many of them offer second chance checking as well.

Capital One's best second chance credit cards are the Capital One Quicksilver Secured Cash Rewards Credit Card and the Capital One Platinum Secured Credit Card. Both cards are available to people with bad credit and have a $0 annual fee.

You can be denied an account if you're in debt to another bank because of an overdrawn account or overdraw your account too often.