"No minimum balance" and "no fees" are not the same thing. A checking account can require zero minimum balance and still charge you $5 a month unless you meet certain conditions. Most people shopping for a low-cost account do not catch this until they see their first statement. A handful of banks offer accounts that clear both hurdles, though some require a direct deposit setup or a specific age bracket to make that happen.
Which accounts have no minimum balance requirement?
According to personal.chase.com and pnc.com, Chase Secure Banking and PNC Simple Checking both carry no minimum balance requirements. You do not need to keep a certain amount in the account to avoid a penalty or maintain eligibility.
Two other accounts round out the picture: TD Essential Banking from TD Bank and Fifth Third Momentum Checking from Fifth Third Bank. Their fee structures differ, and their overdraft policies are worth understanding before you pick one.
Chase Secure Banking: no overdraft fees, no minimum balance
According to Chase, Secure Banking is a checking account with no overdraft fees and no fees on most everyday transactions. No minimum balance is required.
The "no fees on most everyday transactions" phrasing is deliberate. Debit card purchases, online bill pay, and typical day-to-day spending are covered. It does not mean every possible bank charge disappears, but the things most people do regularly are included. On overdrafts, Chase declines the transaction if your balance falls short rather than processing it and adding a fee afterward. If you monitor your balance and do not depend on overdraft cushion, the account works simply: no balance floor to maintain, no penalty to worry about.
PNC Simple Checking: the $5 monthly fee and how to avoid it
PNC Simple Checking has no minimum balance requirement but carries a $5 monthly service charge, according to pnc.com. Three conditions can waive it:
How to waive the $5 monthly fee on PNC Simple Checking
- Set up a qualifying direct deposit
- Account holder is under 25 years of age
- Account holder is 62 years of age or older
If none of these apply, the $5 charge posts monthly. Source: pnc.com
If your employer pays via direct deposit, routing it to this account removes the fee entirely. Our guide on setting up direct deposit walks through how to request the change from payroll - most employers process it within one or two pay cycles.
PNC Simple Checking also holds Bank On certification, covered in the section below.
Free checking for customers under 25
According to PNC, customers under 25 pay no monthly charge on PNC Simple Checking, with no conditions attached. No direct deposit required, no minimum balance.
Once you turn 25, the $5 charge applies unless you have qualifying direct deposit or meet the 62-and-older threshold. The transition is a real thing to be aware of: free at first, then conditional. Setting up direct deposit before your 25th birthday removes that concern going forward.
TD Essential Banking: no overdraft fees by design
According to TD Bank, TD Essential Banking does not charge overdraft fees. If a transaction would overdraft the account, the bank declines or returns it rather than processing the charge and adding a fee.
That distinction matters for how you use the account day to day. No overdraft penalty for going over - but your card may be declined at the register if the balance is short. For people who keep a small buffer and check their balance regularly, the trade-off is fine. If you sometimes float a few days between paychecks with a small overdraft, the declined-transaction model is something to know about before you switch.
Fifth Third Momentum Checking: no monthly fees
According to Fifth Third Bank, Fifth Third Momentum Checking has no monthly fees. No conditions to meet, no direct deposit required.
Fifth Third operates mainly in the Midwest and Southeast, so branch access outside those regions is limited. Within them, it is a straightforward option for anyone who wants a no-fee account from a traditional bank without having to qualify for it every month.
What Bank On certification means for account access
According to PNC, Bank On certified accounts meet national standards for safe, affordable, and accessible banking, including for people who need a second chance. PNC Simple Checking holds that certification.
"Second chance" means applicants who have had a previous account closed due to unpaid fees or overdrafts. Banks typically check ChexSystems before approving new accounts, and a bad record there can lead to a denial. Bank On certified accounts are designed to work around that history. If ChexSystems is a concern for you, our guide on opening a bank account with bad credit goes into what to expect from the process.
Side-by-side comparison
| Account | Monthly fee | Overdraft fee | Min. balance |
|---|---|---|---|
| Chase Secure Banking | None on most everyday transactions | None | None required |
| PNC Simple Checking | $5 (waivable - see conditions) | Not specified in source | None required |
| TD Essential Banking | Not specified in source | None (transactions declined instead) | Not specified in source |
| Fifth Third Momentum Checking | None | Not specified in source | Not specified in source |
Before you apply
The table shows what each source explicitly confirms. Each bank may charge for things not listed here: out-of-network ATM use, wire transfers, paper statements. Check the full fee schedule directly before opening.
If you want to compare these against online banks without physical branches, our no-fee checking accounts review covers Chime, Ally, and others.
Frequently asked questions
Which checking accounts have no minimum balance requirements?
According to personal.chase.com and pnc.com, Chase Secure Banking and PNC Simple Checking both have no minimum balance requirements. TD Essential Banking and Fifth Third Momentum Checking are also low-barrier checking options from major banks.
What is Chase Secure Banking and what fees does it charge?
According to Chase, Secure Banking is a checking account with no overdraft fees and no fees on most everyday transactions. No minimum balance is required.
What is TD Essential Banking and does it charge overdraft fees?
According to TD Bank, TD Essential Banking does not charge overdraft fees. Rather than processing an overdraft and charging a fee, the bank may decline or return transactions that would result in a negative balance.
How can you avoid the monthly fee on PNC Simple Checking?
According to PNC, the $5 monthly service charge can be waived by setting up a qualifying direct deposit, or by being under 25 or 62 years of age or older.
What is Fifth Third Momentum Checking and does it have a monthly fee?
According to Fifth Third Bank, Fifth Third Momentum Checking carries no monthly fees.
What is a Bank On certified checking account?
According to PNC, a Bank On certified account meets national standards for safe, affordable, and accessible banking, including for people who need a second chance.
Can you get a free checking account with no minimum balance if you are under 25?
Yes. According to PNC, PNC Simple Checking offers free checking with no minimum balance requirements for customers under 25. After turning 25, a $5 monthly service charge applies unless other qualifying conditions are met.
References
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