A study done by the FDIC shows that about 2.6% of households, or nearly 34,000 households, in Iowa are completely “unbanked”. This means that no one in the household has a checking or savings account. Compared to the rest of the country, this number is actually pretty low!
There are plenty of reasons why people live without a bank account. For one, there can definitely be a distrust in big banks and if they will truly keep your money safe. An increasing number of people are also being blacklisted from the majority of banks in Iowa because they’ve been reported to a consumer reporting agency called ChexSystems.
ChexSystems is used by the majority of banks and credit unions in the country and is supposed to protect banks by turning away anyone with a history of fraud or suspected identity theft. With that being said, a lot of other people are turned away for more common banking mistakes. If you’ve experienced an involuntary account closure or haven’t been able to pay debts at other banking institutions, there’s a good chance you have been reported to ChexSystems.
Instead of shooting in the dark with the big banks, it’s our job at CheckingExpert.com to give you the full scoop on all the banks in Iowa that truly want your business! Many of these banks offer second chance bank accounts that are tailored to people who have a checkered banking history. Other banks don’t use ChexSystems at all and will even overlook a bad credit score to help you get the checking account you deserve.
Second Chance Banking in Iowa for June 2023Open an account today!
Chime® is a fast-growing internet-only financial company and our top choice for a second chance bank account.
And, best of all, Chime accepts almost all customers who apply. Even if you have bad or poor credit or have been blacklisted by ChexSystems or the credit bureaus.
Features include mobile deposits, direct deposit, online bill payment, NO monthly or annual fees, NO overdrafts fees1, NO credit check, and NO CheckSystems. Opening an account is super easy. It takes about 2 minutes and you don’t have to make an initial deposit. Here’s what we like:
No Monthly Fees
For the past couple of years, Chime’s huge growth has come at the expense of the big banks and their outrageous fees. And it’s one of the best features of a Chime account. There are no monthly or annual service charges, no minimum balance requirement, no foreign transaction fees, no fees at over 60,000 ATMs2, and no fees for mobile and online bill pay.
Deposit Cash for FREE at Over 8,500 Walgreens
Having access to a physical location for cash deposits is important to Chime members. And now it’s easy. All you have to do is go into a Walgreens store, hand the cashier the cash you want to deposit along with your Chime card, and the deposit will show up in your account immediately. This offers Chime members more walk-in locations than any other bank in the U.S. With over 78% of the country within 5 miles of a Walgreens, this is a significant benefit for millions.3
Unlike big banks, Chime was created during the smartphone era and, therefore, features an app that is more than just a way for customers to review their bank accounts.
You can transfer funds to friends and family, Chime members or not… and they can claim their money instantly4 without any additional apps. The Chime app also has a series of notifications that you can turn on or turn off so you stay in complete control. Misplaced or lost your card? You can instantaneously turn off your card using the app. No wonder over 300,000 customers have given the app a 5-star review.
Chime was one of the first to offer a “round up” option. If you use your Chime card on a purchase of $10.65, Chime gives you the option of automatically rounding up to $11.00 and putting the remaining $.35 in your free Chime savings account. And that adds up over time! Plus, Chime pays 2.00% Annual Percentage Yield (APY)5 in interest on that savings account.
If you use direct deposit with your Chime account, you can get your paycheck up to 2 days early6. And Chime is just saying no to big bank NSF charges with a fee-free overdraft program up to $200. We don’t think there is another company innovating for their customers like Chime.Get a Chime Account Today!
Chime is a financial technology company, not a bank. Banking services and debit card issued by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. See additional disclaimers below.
U.S. Bank is the fifth largest bank in the country with the majority of its 2,000+ branches located in 26 states mostly located in the west and midwest. Their new Bank Smartly® Checking account offers a cash bonus up to $400 and comes with some great features:
- A U.S. Bank Visa debit card
- Online banking and bill pay
- Mobile banking with mobile check deposit
- Send money with Zelle®
- Access to U.S. Bank Smart Rewards™ to reap additional benefits
- No NSF charges for overdraft balances under $50
- No ATM fees at U.S. Bank ATMs
- No surcharge fees at 40,000 MoneyPass ATMs
- Member FDIC
To get an account, you’ll need to make an opening deposit of $25. The monthly service fee is $6.95 but can be waived if you maintain a minimum balance of $1,500 or by having a minimum monthly direct deposit of $1,000. You can also avoid the monthly fee if you are 24 and under, 65 and over, or a member of the military.
You can earn up to $400 when you open a new U.S. Bank Smartly Checking account and a Standard Savings account and complete qualifying activities. The offer is subject to certain terms and limitations and is valid through June 20, 2023.
The U.S. Bank Smartly Checking account comes with one of the best mobile apps on the market. Over one million customers have given the app an overall rating of five stars. You can manage your entire account from a computer or your smartphone.
U.S. Bank repeatedly makes the list of one of the best banks in the country.Open an account today!
Lili offers a checking account and Visa debit card with no initial deposit or minimum balance requirement, no hidden fees, no credit check, and no ChexSystems. Lili makes getting your account easy! Here’s more of what we like:
- FREE business VISA debit card
- FREE (and very user-friendly) mobile app
- NO minimum balance
- NO NSF charges or fees
- NO credit check or ChexSystems
- Receive direct deposit funds 2 days earlier than many banks
- Mobile check deposit
- Unlimited fee-free transactions
- Takes 3 minutes to apply
The Lili smartphone app gives you access to tools to manage your expenses and taxes. You assign a category for each expense by swiping left for “life” or personal expenses and right for “work” or business. You can also add receipts to transactions, download quarterly and annual expense reports, and track spending in real-time. Lili will automatically assign an expense category based on the merchant, but allows you to edit the category as needed.
Robust for Most
Lili is best for small business owners who want a no-frills, no cost, no minimum balance bank account. You can run all your business and personal expenses through the account and can easily identify and separate them out for accounting and tax purposes. After your account is set up, you can add a business name or DBA name to the account. And you manage everything from the touch of your smartphone.
But there are some limits, too. Lili doesn’t offer checks and you can’t set up your account with an employer identification number. Depositing cash at Green Dot locations can cost up to $4.95 and mobile check deposits are limited to $6,000 per month.
Lili recently announced a new set of features called Lili Pro. The cost is $9 per month and includes a no-fee overdraft up to $200 on debit card purchases and a robust and unlimited invoicing capability built into the smartphone app. On top of that, users receive 2.00% APY on savings account balances and a more robust expense tracking capability. The Pro version also offers cashback when you make purchases at over 14,000 merchants. If you’re not sure you want to sign up for Lili Pro, get Lili Standard (no cost) and you can upgrade later.
You can set up an account online. If you’re a freelancer, you should receive approval and account access almost instantly. All others (Sole Proprietor, Single-Member LLC, Multi-Member LLC, General Partnership, Limited Liability Partnership, or S Corp) can take a couple of days to get approved. You can fund your account using a mobile check deposit, direct deposit, ACH transfer, or by linking your Venmo, PayPal, or Cash App account.
Lili is open for business. Anyone who is their own boss: a sole proprietor, gigsters (ie. Uber and Lyft drivers), contractors, freelancers, or part-time entrepreneurs – you all qualify! Whether you opt for the fee-free Lili Standard account or the upgraded Lili Pro account, we think you’re going to like the way Lili helps you manage your growing business!Open a Lili account now!
For many people, having access to a local bank branch is paramount when setting up a checking account. With over 16,000 ATMs and 4,700 branches across the country, the Chase Secure Banking account might be the perfect fit.
Here are some of our favorite features with this account:
- NO credit check
- NO ChexSystems
- NO minimum deposit to open
- NO overdraft fees
- FREE access to over 16,000 Chase ATMs
- FREE Chase Online Bill Pay
- FREE money orders and cashier’s checks
What to Know About the Approval Process
Opening the Chase Secure Banking account has some important qualifiers. First, Chase verifies your name, address, and social security through Experian, but doesn’t pull a credit report or credit score. Chase doesn’t use ChexSystems for this account, but the bank does use Early Warning Services (EWS). Additionally, if you’ve had an account closed by Chase in the past, your application will not be approved. Past account closures can include missteps such as non-payment of fees, excessive overdrafts, or suspected fraud.
Finally, Chase gives you the opportunity to open your new account online or by taking a printable coupon to a branch location. We strongly recommend you apply online as branch locations have been known to use ChexSystems during the approval process.
Highly Rated Mobile App
Available for iOS and Android, the Chase Mobile app offers 24/7 access to your account. The app is highly rated, earning 4.8 stars out of 5 on the App Store and 4.4 stars out of 5 on Google Play.
You can transfer funds, deposit checks, send money with Zelle, set up account alerts and notifications, and lock your card if it’s been lost or stolen.
The app also has incredibly helpful budgeting tools, personalized insights, and the ability to check your credit score for free.
Chase doesn’t offer overdraft services with this account as you can only spend the money you have available and the account does not include paper checks. You should also know that using non-Chase ATMs can cost from $3.00 to $5.00 per transaction.
Chase Secure Banking carries a $4.95 monthly service fee that cannot be waived. But combined with all the free services and the $100 cash bonus when you use the card for 10 purchases within 60 days, the monthly fee doesn’t pose a problem for most customers. And, you’ll have peace of mind with Chase’s Zero Liability Protection if you detect and report unauthorized transactions.
Banking With A Leader
Chase claims to be involved with 40% of Americans in some way or another. There can be comfort in size, reach, and stability. Chase has all of that and the assurance they will be there for a long, long time.
If you’ve wanted to bank with Chase and wondered if you’d qualify, we think you’re going to be really happy with the Chase Secure Banking account.Get a Chase Secure Banking account today!
The SoFi Checking & Savings account is offered by SoFi Bank. It’s a checking AND savings account on steroids and we love that. Plus, they don’t use ChexSystems to approve accounts.
You get a debit MasterCard and a very slick smartphone app. You can make deposits, write checks, utilize electronic bill pay, and transfer money. You don’t need to make an opening deposit to get an account and SoFi never charges monthly maintenance fees. You’ll have access to a large and fee-free ATM network along with a generous cashback program.
Using the SoFi direct deposit option unlocks additional benefits. First, if you overspend a bit, SoFi will cover up to $50 with no overdraft fees. Second, you’ll receive a much higher interest amount of 4.20% APY on savings account balances and 2.50% APY on checking account balances. If you decide not to utilize direct deposit, you’ll receive 1.20% APY.
The $275 bonus comes in two parts. When you deposit at least $10, SoFi will credit your account $25. When you set up direct deposit from an employer, SoFi will credit your account up to $250 (depending on the amount of your direct deposit) and bump the interest rate you earn to 4.20% APY. The bonus and interest rate are some of the highest we’ve seen.
The sign-up process can take less than 60 seconds. With over 4 million members, SoFi is a bank you can count on!
SoFi has been great! The account was easy to open and I got my debit card a few days later. The smartphone app is easy to use and I can check everything from my computer, too. I’ve had some issues with ChexSystems in the past and SoFi seems to be the perfect bank.
Kevin M., SoFi CustomerGet a SoFi account today!
Want to earn cash back on Walmart purchases – up to $75 each year? Then you might love the Walmart MoneyCard. It’s a debit card that has some strong features such as cashback on Walmart purchases, overdraft protection, interest on your savings, and a mobile app that lets you track your purchases and deposit funds into your account.
Our favorite features include:
- Easy approval: no ChexSystems or credit check
- No initial deposit is required and there are no monthly minimums
- Deposit cash for free at any Walmart store and it shows up 10 minutes later
- Deposit checks using the Walmart MoneyCard smartphone app
- Easily request multiple cards for family use1
- Manage your account from your computer or the smartphone app
- 3% cashback on Walmart.com purchases, 2% cashback for Walmart fuel stations, and 1% cash back for use in-store2
- Earn 2.00% APY on money you set aside in a free savings account3
- With qualifying direct deposits4, you can opt-in and enjoy overdraft protection of up to $200 on eligible purchases5
- No monthly fee when you direct deposit $500+ in the previous monthly period. Otherwise, there’s a $5.94 monthly fee.6
The Walmart MoneyCard is available in all 50 states, Washington D.C., and Puerto Rico.Open an account today!
Few things are guaranteed in life, but the company behind the Zolve Azpire Credit Builder card is changing that. Part checking account and part credit card, the Azpire card helps customers use their account for everyday purchases and the payments are reported monthly to all three credit bureaus. Here’s what the Azpire account offers:
- No-hassle 2-minute application process
- Apply with SSN, ITIN, or Passport number
- No credit check
- No monthly or annual fees
- No minimum balance and no overdraft fees
- No security deposit
- Free withdrawals at over 67,000 partner ATMs
- Free smartphone app where you can manage your account
- Free international money transfers
- Free rewards and cashback program
- FDIC insured account up to $250,000
How Does The Azpire Credit Builder Card Work?
Getting started is easy. You can add money from an existing checking account, PayPal, Venmo, CashApp, or any other account that allows you to transfer money to a bank account. The money you add to your Zolve Account becomes the credit limit on your Azpire card. You then use this for making everyday purchases like any other typical debit card or credit card. You can direct deposit your paycheck or add more money when your account balance gets low.
You’ll never be charged minimum balance or maintenance fees and there are no late fees or interest charges. And, if you use the Azpire card responsibly, you may qualify for a credit card with a limit of up to $5,000 in as little as four months.
The brilliance of the Azpire credit builder card is that it guarantees people will get a credit builder card and an FDIC-insured checking account while also reporting their daily transactions as positive credit-building history to all 3 credit bureaus. No regular checking account can do that. Plus, you get zero liability fraud and theft protection through Mastercard.
Azpire is a great way to give your aspirations a boost!Get an Azpire account in 2 minutes!
Acorns doesn’t use ChexSystems or a credit report to approve accounts and offers some strong benefits.
We love the heavy metal tungsten Visa debit card and the world-class smartphone app that allows you to manage every aspect of your new checking account such as budgeting, spending, and security.
Another nice option is the ability to round up on every purchase and Acorns will take that money and automatically put it in a savings account. This really helps build a nest egg.
It takes about 2-3 minutes to sign up and you get both a checking and savings account. Here’s more:
- FREE Visa® debit card
- FREE bank-to-bank transfers
- FREE physical check sending online or through the mobile app
- FREE mobile check deposits
- FREE or reimbursed ATM withdrawals nationwide
- NO minimum balance or overdraft fees
- NO credit check; ChexSystems OK
- FDIC insured
There is a $3 monthly fee that is easily covered by the ATM fee reimbursement and other goodies included with the account.
If you’ve struggled with poor credit or ChexSystems, Acorns might be the perfect account.Learn More
They offer a general Checking Account that comes with a mobile banking app with mobile check deposit, a free debit card, and overdraft protection services. This account is free to open and doesn’t have any monthly service fees or minimum balance requirements. You can also earn interest if your balance is over $500!
To get started, you will need to become a member of Cedar Falls Community CU first. They offer membership to anyone who lives or works in 20 eligible Iowa counties. You can also join if you have a relative that is already a member. Visit their website or one of their branches located in Cedar Falls or Waverly to get started.
Take2 Checking requires $50 as an opening deposit and has a moderate monthly service fee of $9.95. In return, you get a free Visa debit card, access to online and mobile banking, unlimited check writing, and unlimited transactions. We like this account because it allows you to upgrade to a traditional checking option after 12 months of good standing.
Collins Community CU extends membership to anyone who lives or works in one of over 35 eligible Iowa counties. You can also join if you have a family member who has already become a member or if you work for one of their select employee groups. Their branches can be found throughout Iowa in Des Moines, Cedar Rapids, Altoona, and several other cities.
Current is another web-only national bank that has some really great features… and has become one of the fastest-growing checking accounts for consumers who want it all without all the costs and hassles.
Why are we featuring Current on our website? It’s simple: they don’t use ChexSystems or your credit report to open a new account. Sign-up takes about 2 minutes and Current has extremely high acceptance rates. But what’s really cool are the incredible features offered with this account:
- NO minimum balance
- NO deposit required to open an account
- NO overdraft fees when you overdraw by up to $100 with Overdrive™
- NO fees at over 40,000 ATMs in the U.S.
- Get your paycheck up to 2 days early with direct deposit
- Earn 4.0% APY on your balance up to $6,000 with direct deposit; earn 0.25% APY without
- Earn points for unlimited cashback at participating retailers
- Send money instantly for free
- An elegant but simple smartphone app
- 24/7 member support
Current offers a really unique service it calls Gas Hold Removals. What’s a gas hold? Some gas stations may apply a hold from $50 to $100 when you use a debit card to pump gas. If you only pumped $10 of gas, but the gas station places a $100 hold on your funds, you won’t have access to the $90 difference for up to 3 business days! The Current debit card will immediately refund the hold so you have access to all your funds. We haven’t found that benefit anywhere in the marketplace.
Here’s what’s really important, though. Deposits are FDIC-insured up to the highest possible amount allowed: $250,000. We love the features, we love the smartphone app, and we love Current. That makes us think you’ll love them too.Learn More
The account only requires $25 to open and has no monthly service charges or minimum balance requirements. With Totally Free Checking you can set up direct deposit and use their online banking and bill pay tools. You will also get your first box of checks for free and a complimentary thank you gift!
To get started, visit their website or one of their branches located in DeWitt or Wilton.
All that is required to open this account is a low $25. You won’t have to worry about monthly fees if you enroll in eStatements and you also gain access to online banking, unlimited check writing, and money management tools.
You can fill out an online application or visit one of their branches located in Dubuque or Farley to get back on track with banking!
We recommend their Free Checking if you tend to keep an account balance of less than $5000. All that is needed to get started with the account is a $50 opening deposit. After that, you won’t need to worry about any monthly service charges or minimum balance requirements. You also get access to nice benefits including unlimited check writing, a free MasterCard debit card, and online banking access.
Everyone living and/or working in Iowa is eligible to join Dupaco Community CU. When you apply, you will need to deposit $25 into a savings account to establish membership. You can find branches across the state in Cedar Rapids, Dubuque, Cedar Falls, and several other cities.
We like their traditional Regular Checking account because it only has a low fee of $3.00 each month. This can be waived if your daily balance is above $100 or your monthly average balance is above $500. Although Exchange State Bank doesn’t have a huge internet presence or modern digital tools, this account can still be helpful for those that have been turned away from other banks in the past.
If you would like to get an account, contact one of their three branches in Ames, Collins, or Exira.
Free Checking requires an opening deposit of at least $100, but after that point the account is free and you won’t have to worry about any monthly service fees. This account also comes with the basics like a debit card and access to online and mobile banking.
To get started, you can apply for an account online or visit one of their locations in Iowa City, Lone Tree, or Nichols.
This account comes with all the necessities, including a free debit card, access to mobile banking with check deposit, and free eStatements each month. After you deposit $100 or more into your account at the time of opening, you won’t need to worry about any monthly service fees or balance requirements.
You can apply for this account online or visit one of their branches located in Cedar Falls, Dunkerton, Gilbertville, Jesup, Waterloo, Waverly, and Des Moines.
We like Everyday Checking because it has the fewest requirements and a low service fee of $4 each month if you are enrolled in eStatements. You can also avoid the fee if you enroll in direct deposit or keep a daily balance of $750 or more. This account is a great option if you value easy money management for day-to-day purchases.
Farmers Trust & Savings Bank is located in Spencer, Iowa. You can apply for an account online or contact their office to get started!
All checking accounts include internet banking, free bill pay, and free overdraft sweeps. Their Fresh Start Checking requires a steep $250 opening deposit and a $6 monthly service charge. If your balance falls below $250, you will incur a $2 miscellaneous fee. If you are eligible for Basic Checking, there are fewer fees and a lower opening deposit amount.
To get an account, you will need to contact Federation Bank directly. You can visit them at one of their branches located in Washington, Brighton, Welman, or Richland.
Out of their seven different account options, we recommend First Checking. This traditional account includes all the basics with no fees. You get access to free online banking and unlimited check writing without having to pay monthly service fees or worry about minimum balance requirements.
Unfortunately, you cannot apply for this account online, but you can contact one of their branches located in Wheatland, Dixon, Lost Nation, Calamus, Grand Mound, Donahue, or Eldridge to get started!
We like their Regular Checking account because it has the least requirements and is an easy way to manage your money. If your daily balance remains above $300, they will even waive your monthly maintenance fee! This account includes unlimited check writing, digital wallet capabilities, and a debit card for day-to-day use.
Glenwood State Bank is Iowa-based and has four locations in Council Bluffs, Glenwood, and Tabor. Stop by one of their convenient locations to open an account!
One significant drawback to many online-only bank accounts is that they have no way to accept cash deposits. But GO2bank accepts cash deposits at over 90,000 Green Dot locations nationwide. However, participating retailers may charge you a fee.
If you direct deposit over $500, your monthly maintenance fee of $5.00 is waived. And, they offer a pretty sweet overdraft protection program, but it has a gotcha charge of $15 if you don’t replace the funds within 24 hours.
Account-holders will appreciate the ability to budget their money with the help of a mobile app, budgeting tools, and a savings vault. In fact, they pay 4.50% on all money in the savings vault up to $5,000.
You can open a Second Chance Checking account by depositing $25 and paying the $10 monthly service fee. This checking account doesn’t require any minimum balance to be maintained, and there are no extra fees charged for not meeting it. You’ll receive a free debit card and have access to mobile banking, although the Bill Pay option is not included for Second Chance accounts.
After 60 days of maintaining a positive balance and meeting a few requirements, like taking a series of online financial classes, you can discuss changing your account type with Great Southern Bank. For more information or to sign up for a Second Chance Checking account, visit Great Southern Bank in Newton, Iowa.
With Fresh Start Checking, there is no required opening deposit and the monthly maintenance fee is a low $5 each month. This account does not come with mobile check deposit services, but it does offer online banking, free eStatements, and unlimited check writing capabilities. It’s also important to note that there is a $500 daily limit on your debit card.
Greater Iowa CU offers membership to anyone who has a connection to one of 33 eligible counties in Iowa. You can also join depending on your employer or if you are a relative of a current member. You can find convenient branches located in Ames, Ankeny, Denison, Greater Des Moines, Indianola, and Waukee. Visit their website or stop by a branch to see if you qualify!
GTE Financial is one of the largest credit unions in the US. Membership is open to anyone through easy requirements and an online application process. The Go Further account includes:
- Free EMV-equipped debit card with built-in rewards
- Online and mobile banking tools
- Free bill pay service
- Easy money transfers through the Popmoney service
Out of their eight checking account options, we think Free Checking is the most straightforward and easiest to manage. This account is truly free – meaning there is no required opening deposit, no monthly service fees, and no balance requirements. You will also get the necessities with this account like online banking, a debit card, and digital wallet capabilities.
Hills Bank and Trust Company has branches located mostly in eastern Iowa. You can find them in Cedar Rapids, Coralville, Hills, Iowa City, Lisbon, and several other cities. To get an account, you can either apply online or visit a branch nearest you!
Out of their several different checking accounts, we recommend $mart Rewards Checking. This account requires a $100 opening deposit and will charge a $5 monthly service fee if your average balance is less than $500. We like this account because it refunds you a few dollars each month just for using your debit card! You can also sign up for credit monitoring services to help you stay up to date on your finances.
Home State Bank has one main office located in Jefferson. You can contact them or stop by the branch to open an account.
If you’re looking for an account that avoids those pesky monthly service fees and still includes bonus features, we recommend their Eco Checking account. You can avoid the $5 monthly service fee if you enroll in eStatements and use your debit card 10 times each month. You will also be rewarded for using your debit card by receiving a 0.25% credit back for the amount you spend each month!
To apply for an account, you will need to visit one of their branches in Iowa Falls or Williams. Stop by the location nearest you today to take a step towards re-establishing yourself in the banking system.
Out of the different checking accounts they offer, we recommend Eco Checking if you want the basics with no fees or excessive requirements. Eco Checking doesn’t include any monthly service fees or minimum balance requirements. However, it’s important to note that there is a $100 minimum opening deposit.
Iowa State Bank & Trust Co is based in Fairfield, Iowa. Visit one of their branches in Fairfield to apply or open an account in minutes on their website!
They offer a traditional checking account called Economy Checking that doesn’t have any monthly service fees if you sign up for eStatements. You will also receive a free debit card and get access to online and mobile banking. All that is required to get started is at least $100 for the opening deposit.
They have an application for Economy Checking on their website, or you can apply in person at one of their locations in Keystone, Marengo, Center Point, Pleasant Hill, or Victor.
Credit Builder Checking is extremely affordable with only a $5 monthly service charge and a $55 opening deposit requirement. You will also get unlimited ATM access, online banking with bill pay, and a debit card. They also have several helpful articles on their website that can provide some valuable insight on how to build and manage your credit.
To become a member of Marine CU, you can visit their website to get started or one of their Iowa branches located in Davenport, Decorah, and West Des Moines.
This account requires a steep $100 opening deposit, but is fairly affordable beyond that. The $7 monthly service fee can be waived if you maintain a minimum balance of $100 or more. You will also get access to online banking, mobile check deposit, and a debit card for everyday purchases.
MBT Bank is Iowa-based and has branches located in Forest City, Lake Mills, and Clear Lake. Visit a branch nearest you to get started!
They offer their Midland Difference Checking account that has no monthly service fees. We like this account because it gives you the opportunity to earn dividends on balances greater than $500! In addition, you will also be provided with the necessities such as free eStatements, a debit card with fraud protection, and access to online banking.
There are a few requirements in order to become a member of Midland Credit Union. You can join if you live or work in one of 18 eligible Iowa counties or if you work for an authorized employee group. Visit their website or stop by one of their branches in Urbandale or Pleasant Hill to see if you are eligible!
Both account options come with a free NFCU debit card. There is no monthly service fee with direct deposit. Your account is protected from overdrafts with free savings transfers, a checking line of credit or an optional overdraft protection service. You also receive:
- Free mobile deposits
- Free bill pay
- Free traditional name-only checks
- Dividends credited monthly
We like this account because it will not allow you to overdraw your account. By removing check writing abilities, there’s less of a chance you will overspend and have to pay expensive overdraft fees. You will also get a free debit card and receive access to online banking.
If North Iowa Community CU sounds like a good fit for you, contact one of their branches in Mason City to join the credit union and apply for an account!
NorthOne is a fast-growing company built specifically around business banking solutions for freelancers, entrepreneurs, and small business owners. In addition to streamlining the application process, NorthOne doesn’t check your credit and doesn’t use ChexSystems. Here’s a recap:
- FREE business Mastercard debit card
- FREE access at over 40,000 ATMs nationwide
- FREE online and mobile app
- FREE live chat (not a chatbot), telephone, or email support
- FREE in-app invoice creator
- NO minimum monthly balance requirement
- NO NSF fees
- NO ACH transfer fees
- NO credit check or ChexSystems
NorthOne doesn’t require a minimum account balance and charges a $10 monthly fee that includes unlimited transactions in your account. These include ACH payments, bill pay, debit card usage, mobile deposits, and transfers. The only other fee is $15 for wire transfers.
You can also grant read-only access to employees or your accountant or bookkeeper. This keeps your account safe while also giving access to those who need it.
NorthOne targets account approvals within one to two business days. Information required to open an account includes name, address, and social security number or tax identification number. If applicable, NorthOne may ask for a copy of your business license and business formation documents. After you’re approved, you’ll need to make a $50 minimum opening deposit.Learn More
Their general Share Draft Checking account doesn’t have a minimum balance and has an extremely low monthly service charge of $3.21. We like this option because it pays you monthly dividends on your account balance! You will also receive a free ATM card or debit card as well as 50 free checks.
To become a member at North Star Community CU, you will need to live or work in one of their 14 eligible Iowa counties. To see if you are eligible, visit their website or contact one of their branches located in Cherokee, Ida Grove, or Sheldon.
One of the most important steps to taking your business to the next level is the need to set up a business bank account. And if you get the right business account, it can give your growing business all the tools much larger businesses enjoy… without all the big business costs.
Novo understands small business owners and makes it easy to open and manage an account. As an online-only bank, you’ll find Novo strikes the right balance between technology, human touch, and real-world benefits. Here are some of our favorite features for Novo Business Checking:
- NO monthly fees
- NO minimum balance requirement
- NO ATM fees
- NO credit check or ChexSystems
- FREE Mastercard debit card
- FREE mobile app
- FREE transfers, mailed checks, and incoming wires
- FREE invoicing to create, send, and track invoices
- FREE mobile check deposit
It takes about 10 minutes to sign up for a Novo account. You’ll need personal and business information, which may include a social security number, business tax ID, and business formation documents. They do not check your credit or use ChexSystems.
Novo is growing quickly. Their offering is popular with small business owners. The account approval process is currently taking 1-2 business days and once you’re approved, you can get full access to your account with a simple $50 deposit.
We like Novo. We think you’ll like it, too.Learn More
Out of their several different account options, we like Basic Checking the best. This account is a simple, low-cost way to manage your money. With a low opening deposit of $25, you will get access to online banking with bill pay as well as a MasterCard debit card. You also have the ability to write 40 checks per month free of charge.
R.I.A. FCU offers membership to anyone who lives or works within 30 miles of their Iowa branch locations in Davenport or Wilton. You can also join if you work for one of their select employee groups or are a relative of a current member.
This account provides all the necessities for everyday spending. They offer a Visa Debit/ATM card for no monthly fees or minimum balance requirements. This account is truly a no-frills checking option that doesn’t offer any unnecessary benefits or overcomplicated requirements.
To get started, you can apply for membership to River Community CU on their website or visit their only located on Ottumwa.
Opening an account is easy and Varo doesn’t check your credit or use ChexSystems. Varo doesn’t even require an initial deposit to open an account, either. There are never any monthly maintenance fees, account balance minimums, overdraft fees, foreign transaction fees, transfer fees, or debit card replacement fees.
Varo’s recent bank charter has them innovating more than ever. They have a very strong cashback program, a payroll advance option, and have started to offer their customers a secured credit card called Varo Believe.
Finally, if Varo receives a payroll notification before your payday, it can deposit your money more quickly than many banks.
There is a $5 monthly fee, but that is be waived for account holders 24 years old and younger. This account is available to residents in all 50 states.
- The largest number of branches in the U.S.
- Minimum deposit of $25 to open an account
- Online bill pay and smartphone app
- Mobile check deposit
- Includes a Visa debit card
- Send and receive money through Zelle
- Additional features include account alerts, 24/7 fraud monitoring, and zero liability protection for your debit card
With Basic Checking you won’t have to worry about an initial deposit requirement. Plus, if you keep your balance above $100, the $5 service fee will be waived. This account includes unlimited free deposits, a debit card, and online banking access. It is important to note that after the first 20 transactions each month, there will be a $0.25 fee for each excess transaction.
White State Bank is Iowa-based and has one location in South English. Visit their branch to get started with an account!
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Chime is a financial technology company, not a bank. Banking services and debit card issued by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1Eligibility requirements apply. Overdraft only applies to debit card purchases and cash withdrawals. Limits start at $20 and may be increased up to $200 by Chime. See chime.com/spotme.
2Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM. Cash deposit or other third-party fees may apply.
3Customers are limited to three $1,000 cash deposits at Walgreens each day and $10,000 each month.
4Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. Once you are approved for a Chime Checking Account, see your issuing bank’s Deposit Account Agreement for full Pay Anyone Transfers details. Please see the back of your Chime debit card for your issuing bank. See Terms and Conditions.
5The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of May 22, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
6Early 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.
1Family Accounts: Activated, personalized card required. Other fees apply to the additional account. Family members age 13 years and over are eligible. Limit 4 cards per account. See Deposit Account Agreement for details.
2Cash back, up to $75 per year, is credited to card balance at end of reward year and is subject to successful activation and other eligibility requirements. Redeem rewards using our website or app. You will earn cash back of three percent (3%) on qualifying purchases made at Walmart.com and in the Walmart app using your card or your card number, two percent (2%) at Walmart fuel stations, and one percent (1%) on qualifying purchases at Walmart stores in the United States (less returns and credits) posted to your Card during each reward year. Grocery delivery and pickup purchases made on Walmart.com or the Walmart app earn 1%. For the purposes of cash back rewards, a “reward year” is twelve (12) monthly periods in which you have paid your monthly fee or had it waived. See account agreement for details.
3Interest is paid annually on each enrollment anniversary based on the average daily balance of the prior 365 days, up to a maximum average daily balance of $1,000, if the account is in good standing and has a positive balance. 2.00% Annual Percentage Yield may change at any time before or after account is opened. Annual Percentage Yield is accurate as of 3/1/2022.
4Direct Deposit: Early availability of direct deposit depends on timing of payroll’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. Make sure the name and social security number on file with your employer or benefits provider matches what’s on your Walmart MoneyCard account exactly. We will not be able to deposit your payment if we are unable to match recipients.
5Opt-in required. $15 fee may apply to each eligible purchase transaction that brings your account negative. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid the fee. We require immediate payment of each overdraft and overdraft fee. Overdrafts paid at our discretion, and we do not guarantee that we will authorize and pay any transaction. Learn more about overdraft protection.
6No monthly fee with qualifying direct deposit, otherwise $5.94 a month. Waived when $500+ is loaded in the previous monthly period. First monthly fee occurs upon first use, the day after card activation or 90 days after card purchase, whichever is earlier.