The 4 best second-chance checking accounts of 2024

Unlike credit cards, banks typically don’t review your credit score when you open a bank account, such as a checking account or savings account. Instead, banks and credit unions will review your information with a reporting agency that tracks banking activity, such as ChexSystems. Your ChexSystems report includes information about account openings, closings, overdrafts and more.

If you have negative marks on your ChexSystems report, such as closing an account with a negative balance, it will be more difficult to be approved for a new deposit account. However, some checking accounts are designed for people in this situation. These accounts are usually referred to as second chance accounts, and your ChexSystem report usually isn’t reviewed as part of your application.

CNBC Select compared options from some of the top financial institutions to round up the best second-chance checking accounts. (See our methodology for more information on how we made this list.)

Who’s this for? Varo is great for those who want the convenience of mobile banking and an opportunity to earn cash back on select debit card purchases.

Standout benefits: With a Varo debit card, you can earn up to 6% cash back (up to $50 back per month) on eligible purchases with specific retailers. These offers vary, but in the past have included brands such as McDonald’s, Popeyes, Macy’s, PetSmart and Forever 21.

[ Jump to more details ]

Who’s this for? Chase Secure Banking℠ is a second-chance account that comes with a rare opportunity to earn a welcome bonus.

Standout benefits: New Chase Secure Banking account members can currently earn a $100 bonus after completing 10 qualifying transactions within the first 60 days after opening the account. Qualifying transactions include online bill payments, debit card purchases, ACH credits, Zelle transactions and Chase QuickDeposit activity.

[ Jump to more details ]

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. Although it has no physical branches, you can deposit cash for free at Walgreens locations.

Minimum balance requirement

None

Minimum opening deposit

None

Annual percentage yield (APY)

N/A

Important fees

• Overdraft fee: None
• Monthly maintenance fee: None
• Foreign transaction fee: None
• ATM fees: No transaction fees at MoneyPass ATMs at 7-Eleven locations and Allpoint or Visa Plus Alliance ATMs

[ Return to summary ]

Varo is an online-only national bank. It has no monthly fees, no overdraft fees and no minimum balance requirement. Customers have access to more than 40,000 fee-free ATMs, and those with direct deposits set up can get access to their funds up to two days early.

Minimum balance requirement

None

Minimum opening deposit

None

Annual percentage yield (APY)

N/A

Important fees

• Overdraft fee: None
• Monthly maintenance fee: None
• ATM fees: No fees at U.S.-based All-Point ATMs; $3.50 fee for cash withdrawals at non-All-Point ATMs and international ATMs

[ Return to summary ]

Chase Secure Banking℠ has a small monthly maintenance fee with no way to waive it, but the account’s welcome bonus can ease the sting of that fee significantly. As one of the biggest banks in the U.S., customers have access to a large ATM network and more than 4,700 physical branches. Other perks include Chase Credit Journey, allowing you access to your free credit score and identity fraud alerts.

Minimum balance requirement

None

Minimum opening deposit

None

Annual percentage yield (APY)

N/A

Important fees

• Overdraft fee: None
• Monthly maintenance fee: $4.95
• Foreign transaction fee: 3%
• ATM fees: None for Chase ATMs; $3 for non-Chase ATMs in the U.S.; $5 per withdrawal for non-Chase ATMs outside the U.S.

[ Return to summary ]

Wells Fargo Clear Access Banking offers a clear path to eventually to a standard bank account. After 365 days, customers can convert into any Wells Fargo consumer checking account available. Although the account has a low monthly fee, there are several ways to avoid it.

Minimum balance requirement

None

Minimum opening deposit

$25

Annual percentage yield (APY)

N/A

Important fees

• Overdraft fee: N/A
• Monthly maintenance fee: $5, can be waived by meeting certain requirements
• Foreign transaction fee: 3%
• ATM fees: $0 at Wells Fargo ATMs; $2.50 at non-Wells Fargo U.S. ATMs (including U.S. territories); Up to $5 at non-Wells Fargo ATMs outside the U.S.

[ Return to summary ]

If you struggled with overdraft charges, bounced checks or negative bank account balances, you’re likely to have a hard time getting approved for a new bank account. However, second-chance accounts provide an opportunity for a fresh start. There are even second-chance checking accounts available with no overdraft fees, no monthly fees and no minimum balance requirements.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every bank account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best second-chance checking accounts.

All of the accounts included on this list are covered by the Federal Deposit Insurance Corporation (FDIC) and insured up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit in the event your financial institution fails.

Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

*Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.