Lifeline Account

A “lifeline account” is a super basic checking account with tiny or no monthly fees, no minimum balance, no direct deposit requirement, etc. These accounts are mainly designed for low-income folks who’d love to have a checking account, but can’t swing the steep fees that can sometimes come along with them.

Pretty much every major bank provides some sort of lifeline account, though they may not call them that. Some states even require banks to offer these types of accounts, because they know that having access to a checking account—and therefore checks and a debit card—can really help low-income folks not only keep on top of their current expenses, but hopefully also start planning and saving for a higher-income future.