Best Banks That Don’t Use ChexSystems

Current is a modern mobile and online banking platform that doesn’t require a ChexSystems report for its fee-free savings account. What separates Current from other online banks is that it’s not technically a bank - it’s what’s known as a “neobank.” This means that it doesn’t have a traditional banking infrastructure but instead relies on innovative technology to provide its services. All Current’s financial services are provided by FDIC-insured Choice Financial Group.

Current offers a savings account with three savings pods that you can use to save for specific goals, like an emergency fund or a new car. You also get a fee-free debit card and access to 40,000 fee-free Allpoint ATMs. Account holders can enjoy free standard withdrawals and deposits, as well as early paydays with direct deposit. Accounts can be accessed via Current's cutting-edge mobile app, too.

Current is one of the no-ChexSystems banks with the highest APY in the industry - 4.00%, which is 40 times the national average. Even though there isn’t a minimum balance required, you should have at least  $0.01 to earn Current Interest on up to $2000 per Pod ($6,000 tops for all three pods).   

Current thinks of your teenagers as future customers and offers them a fee-free Teen Account with a parental co-signer and a Visa chip debit card in their name. With it, parents can send automated allowance, create and approve chores, or limit their teen’s spending.

Current has a Gas Hold Removal feature that automatically removes those pesky $50+ gas holds from your account balance so you can have access to your money right away. On top of that, as a holder of your Current’s non-ChexSystems account, whenever you swipe your card, you can earn up to 15 cash back points that you can redeem for cash.

Finally, Current doesn’t charge any overdraft, bank transfer, minimum balance, or in-network ATM withdrawal fees. Also, you won’t have to pay instant transfer fees to Current members or worry about minimum deposit requirements.

Savings Account, Teen Account, Visa debit card

Go2bank is a mobile-only neobank that tries to provide the underbanked with an affordable alternative. Green Dot’s flagship digital bank was launched in 2021, but Green Dot Corporation itself has a history of 22 years in business. 

Go2bank is an online bank that doesn’t use ChexSystems, so if you have a bad credit history, you can open a checking account without worrying about being denied.

The Go2bank checking account comes with a linked Visa debit card that gives you free access to over 19,000 fee-free in-network ATMs worldwide. You’ll have to pay $3 for out-network withdrawals, though. If you wish, you can also apply for a Go2bank Secured Visa credit builder card that will help you create healthy financial habits and improve your credit score.

Depending on the Overdraft protection plans and direct deposit amount, users can get up to $200 coverage. The monthly fee for the checking account is $5, but it can be waived if you set monthly direct deposits. Unlike most ChexSystems banks and credit unions, Go2bank doesn’t require a minimum balance and lets you get your paycheck two days earlier with direct deposits. 

With a Go2bank account, you’ll put your money to work, as it offers a rate of 1% APY on balances up to $5,000, paid out quarterly. On top of that, you can earn up to 7% instant cash back when buying selected gift cards.

Checking account, GO2bank Secured Visa credit card

Chime is an online-only bank that offers fee-free checking and savings accounts with no minimum balance requirements. Established in 2013, Chime is headquartered in San Francisco, California, and aims to democratize financial services and make them accessible to everyone, especially those with poor credit who may have been denied a traditional bank account.

Chime’s online checking account with no ChexSystems allows you to open an account even if you have bad credit. Also, there are no monthly or maintenance fees, and you can get paid up to two days early with a direct deposit. You also get a free Visa debit card and can make domestic withdrawals at any of the 60,000+ fee-free ATMs. 

Chime’s round-up feature helps you save money without thinking about it by rounding up your purchases to the nearest dollar and transferring the difference into your savings account. Finally, the SpotMe feature lets you get a fee-free overdraft of up to $200. 

If you want to open a savings account with a bank that doesn’t use ChexSystems, Chime’s high-interest savings account might be the best choice. With 0.50% APY, which is eight times the national average, the Automatic Savings feature, and all the funds held at FDIC-insured banks, it’s one of the top high-yield savings accounts on the market. 

If you’re looking for a way to build credit, Chime has you covered with its Credit Builder Visa credit card. When you open your Chime Checking account and make a monthly deposit of $200 or more, Chime reports your payment history to the major credit bureaus - Experian, Equifax, and TransUnion. 

Instead of hiring a company to repair your credit score, Chime Credit Builder will help you bypass a negative ChexSystems report. How? It will work on building your credit by paying on time so you can qualify for better interest rates on loans and credit cards in the future. Chime boasts an average increase of 30 points, should you use the card for everyday purchases and on-time payments.

Checking Account, Savings Account, Credit Builder card

Yet another bank with no ChexSystems, Wells Fargo has been serving customers ever since 1852 and is one of the oldest and most well-known banks in the US. The bank has over 8,000 locations across the country and more than 13,000 ATMs. Even though Wells Fargo doesn't use ChexSystems for its checking accounts, it does use Experian reports.

Apart from banking services, Wells Fargo offers a wide range of financial products like credit cards, loans, and investment services.

Out of a huge selection of accounts you can open with Wells Fargo, we’ll select the one that best suits users with bad credit who are looking to avoid ChexSystems and get second chance banking products: The Wells Fargo Clear Access Banking, designed for those with lower balances and those who need help managing their money.

The Wells Fargo Clear Access Banking account has a low $5 monthly fee, although it doesn’t apply to those aged 13 to 24. To open the account, you’ll have to deposit at least $25, but you won’t have to worry about a minimum daily balance as it’s not required. Also, Wells Fargo doesn’t charge overdraft fees or ATM fees within the Wells Fargo bank; however, if you withdraw money outside the network, you’ll be charged $2.50 (within the US) or $5 (outside the US).

With your Clear Access Banking account, you’ll get a contactless debit card that you can use to make purchases or withdraw cash from in-network ATMs. On the flip side, unlike other no-ChexSystems banks, Wells Fargo Clear Access Banking account doesn’t offer interest rates or check-writing privileges. 

Checking accounts, savings, and CDs, credit cards, home loans, personal loans, auto loans, investing

Acorns is a mobile brokerage and Robo-advisor service that helps people save and invest their spare change. The company was founded in 2012, and it serves over 8 million customers. Even though it's primarily set up for investing, Acorns offers a free Checking account that doesn't look at your ChexSystems records.

The Acorns checking account comes with all your investment and retirement accounts, making it a one-stop shop for all your financial needs. With it, you’ll also get a free tungsten metal Visa debit card that you can use on 55,000+ fee-free ATMs within the AllPoint Network.

Also, all the funds you deposit onto your account will be FDIC-insured through Lincoln Savings Bank. As for the fees, Acorns doesn’t charge overdraft fees, maintenance fees, or ATM fees for cash withdrawals from in-network ATMs. However, you’ll have to pay a monthly fee, depending on the type of your account; personal accounts are charged $3, while family accounts cost $5 per month.

Unlike most of the ChexSystems-free banks on our list, Acorns puts your spare change to work while you swipe with its real-time Round-Ups investment feature. Also, a part of every paycheck will be invested automatically with Smart Deposit before you get a chance to spend it.

Like other banks, Acorns also lets you get your paycheck up to two days earlier when you set up your direct deposit.

Acorns investment account, IRA, Early UTMA / UGMA account, Acorns Sustainable Portfolios, Bitcoin-linked ETFs, checking account, Acorns Visa debit card

If you’re looking for a way to stay off the reporting agencies’ radar and sidestep your ChexSystems history, SoFi could be your best bet. Founded back in 2011, the bank deals primarily with loans, mortgages, and investing. The newest addition to its vast collection of financial products is a checking and savings account that doesn't use ChexSystems.

The SoFi checking and savings account is a great way to manage your money without any fees. You get zero-fee overdrafts, no minimum deposit, and no monthly service fees whatsoever. In addition, there are no ATM fees at over 55,000 Allpoint cash machines. 

Whatsmore, SoFi is one of the rare banks with no ChexSystems that offers a cash bonus of up to $300 for those who make the first deposit of at least $1,000.

The SoFi checking and saving account has a great interest rate. Although it's not the highest on our list, you'll still earn 1.50% APY on your account balance. At the same time, members without direct deposits will earn a significantly lower APY of 0.90%.

In case you overspend, SoFi has you covered up to $50 with no fees, but only if you have monthly direct deposits of $1,000 or more.

Finally, once you open your savings and checking account that doesn’t use ChexSystems, you’ll get your SoFi debit card that you can use to get up to 15% cash back at local retailers. 

But there’s more to it: with SoFi, you’ll get your paycheck two days earlier with direct deposits. And if you’re not sure how to best save money, its automatic saving features will organize your funds and keep your change for you. But the best part is that you can do all that while you’re on the go with SoFi’s robust mobile app.

SoFi Checking and Savings, Student Loan Refinancing, Private Student Loans, Personal Loans, Mortgages, SoFi Invest, SoFi Protect (insurance), SoFi credit card, SoFi at Work (Business Solutions), Small Business Financing

The next on our list of banks that don't use ChexSystems is Varo. Founded in 2015 as a fintech company, it officially launched its banking services in 2020. If you choose Varo, all your deposits will be insured by FDIC for up to $250,000, and you’ll get a free Visa debit card along with your account. For those who wish to build their credit history while spending and earning cash back, there’s the no-fees Varo Believe card.

If you purchase with your Varo debit card or the Varo Believe card at select brands, you’ll be able to earn up to 6% cash back.

Speaking of accounts, Varo offers an online bank account, a savings account, as well a Varo Advance account. Accounts come at no monthly costs, with zero transfer fees, zero foreign transaction fees, and free access to over 55,000 Allpoint ATMs. Also, the bank doesn’t require a minimum balance or minimum deposit.

Varo boasts one of the best checking accounts that don’t use ChexSystems. You can get your paycheck up to two days early with direct deposit, and there are no fees whatsoever. 

However, the real winner is its savings account. With it, you'll earn a solid 1.20% APY on your balance. If you get direct deposits totaling $1,000 or more, your balance isn't higher than $5,000 at the end of each business day, and you have $0.00 or more in your Varo accounts at the end of the qualifying period, you can qualify for a sky-high APY of 5.00%. Such high APY makes Varo one of the top banks that don’t use ChexSystems.

Finally, if you have an active Varo Bank Account with at least $1,000 and a Varo debit card linked to the account, you can qualify for Varo Advance. This is a low-fee cash advance of up to $100 that you can access any time you need to stretch your paycheck.

Bank account (checking), savings account, Varo Advance program, Varo Believe card, Visa debit card