Lifeline account

Lifeline account. A lifeline account is a basic checking account with low or no minimum deposit and balance requirements and very low or no monthly fees.

Most lifeline accounts, however, limit the number of checks that you can write and may otherwise restrict the banking services you receive.

Currently, certain states require banks to offer lifeline accounts, to ensure that lower-income people have access to banking services. However, you can find no-frills checking accounts in other states as well.