A credit score is a crucial element in banking that decides your credibility and if you own a huge pile of overdraft fees or if you are in the negative remarks for late or missed payments, this clearly defines that you are not holding up a great credit score. Having bad credit can put you in a big trap. So, here you will find a list of Banks For Bad Credit.
Some traditional banks generally deny your application to open a new check account and this may hamper your basic banking life, and according to the recent FDIC report, approximately 7.1 million households were unbanked. So does this mean that you cannot continue your banking now? Are you blocked from exercising the primary services that you deserve to do? No, there are many second-chance checking accounts (also referred to as opportunity checking or fresh start checking accounts) that allow you to resume your banking but with high fees and limited services.
However, a lot has changed over the years and we will bring into the limelight the best banks for you that provide an ideal way to restart your banking and improve your credit score with a better deal. Read this article below and check out the listed options we have for you.
Best Banks For Bad Credit
|Bank name||Minimum balance||Monthly fees||Credit check||Specialty|
|Capital one 360||No||No||Yes||Offers bad credit checking accounts with multiple credit options.|
|Chime||No||No||No||No hidden charges and a secure financial system|
|Acorns||No||Yes||Yes||Good investment functionality|
|Sofi||No||No||No||Provides benefits like career coaching and financial advising|
|Bank of America||_||Yes||Yes||No interest is paid on account and allows online bill payments|
|Wells Fargo||_||Yes||Yes||Clear access banking and protects you from any irrelevant overdraft fee|
|Discover||No||No||No||Online-only bank with no physical location|
|Varo Bank||No||No||No||Open for everybody irrespective of their net worth|
|GO2 Bank||_||Yes||Yes||The monthly fee is omitted with a certain qualifying direct deposit|
1. Capital One 360
Capital One bank operates with the sole aim to change banking behavior by introducing humanity, originality, and simplicity to banking. It offers 360 checking accounts with no minimum deposit limit or fees, 24/7 mobile banking availability, and 70,000+ fee-free ATMs.
With high-security measures and 60,000 + fee-free ATMs, Chime is the strongest financial technology company. It has a user-friendly online banking system that makes it exclusive from others. No minimum deposit, monthly fee, or overdraft fee is required.
Acorns Bank is one of the best banks for bad credit as apart from having flexible banking services, it also motivates its customers to start their investing journey. By providing them with a reliable platform, it plants a seed of trust and faith in the hearts of its clients. With its practices to avoid the applicability of hidden fees and fraud protection, this bank is extending a safe and secure future to its customers.
GoBank is an exclusive brand of Green Dot Bank, a Member of FDIC, and is considered as a good option for people who are searching for the best banks for bad credit. It offers a free sign-up online or via the GoBank app but if you are looking at the participating retail stores then you have to pay $2.95 or less to avail that.
You can start your account for as little as $20, which goes up to $500. You can also avail of free monthly membership when your direct deposits reach up to $500 otherwise you have to pay $8.95 each month.
Sofi is an online cash management account that is a go-to option for people who are also seeking some career coaching or financial advice. It offers a bank account for bad credit with cash bonuses and high-yield interest rates without a credit check. You can also freeze your debit card on the go.
6. Bank of America
Although Bank of America charges a monthly fee of $4.95, its easy peer-to-peer transfer and mobile check deposit make it a feasible platform for customers. So if you are looking for a bank for bad credit that offers an interest-free account then it is. With a 4.6 rating on google and multiple branches, this bank speaks for its steadiness.
7. Wells Fargo Bank
Wells Fargo Bank is known for its high-security measures and flexible ways to perform transactions (make deposits or payments). To guard their customers against overdraft fees, they reject the transaction request if that particular account does not hold sufficient funds. This bank also requires a monthly fee of worth $5 for customers above age 24.
If you are up for an online-based bank with no physical locus then Discover can be that bank for your bad credit because it doesn’t check the credit score before offering you the one. It credits your account with 1% cash back on up to $3000 spent using debit cards and also allows a free checking account with no credit check and no deposit. But it does have high transaction rates.
9. Varo Bank
Varo Bank uses cutting-edge technology and puts a wide variety of financial products into your basket. It visions to form a healthy financial environment among the people by offering them numerous services like no credit check, no minimum balance required, zero monthly and overdraft fees, free visa debit card, and 55,000 + fee-free.
Allpoint ATMs to each and every customer they have in their list irrespective of their net worth, gender, age, disability or sexual, orientation with sheer transparency. It is one of those top-most banks for bad credit.
10. GO2 Bank
GO2 Bank is another online bank from Green Dot, with a monthly fee of $5. This fee is omitted if an account has a qualifying direct deposit within the last month. It also owns other features like availability on google pay, apple pay, and lock card.
Having a bad credit score cannot cease your banking life as the above banks listed for bad credit can surely help you in revamping your credit score. Search out what is the suitable one for you and in case you seek an answer, PathofEx is happy to help. Drop your comment below and we will reach out to you as soon as possible.
Have a Good Banking!