A bank account is a financial institution that allows you to deposit money. They offer safe places to secure your finances other than keeping them in your house. Keeping money in your house does not make sense since it is prone to destruction by fire and floods, among other calamities. Furthermore, thieves might come to your house and get away with it. We shall look at banks with free checking accounts with no deposit later.
Checking accounts are some of the products you get from banks. Others include savings accounts, Certificates of Deposit, credit cards, debit cards, brokerage accounts, personal loans, mortgages, and auto loans. The institutions offer avenues for financial growth whereby you can do a lot of financial activities with your account. Even though banks differ in their services, they all keep your finances safe. All banks in the country usually have FDIC insurance so that your money stays safe even if a bank collapses.
Banks usually operate online and at brick-and-mortar offices. Initially, you could only walk to a branch to carry out your transactions. However, nowadays, you can easily transact online. Even opening a bank account is possible online when you visit the website of the concerned institution. Online operations have saved financial institutions from the menace of employing too many workers to serve customers. You can do most activities without help, including checking, balances, statements, etc.
What is a checking account?
I mentioned that banks have various products they offer to their customers, and checking accounts are among them. But what is a checking account? If you wonder what checking accounts are, you are at the right place to get the relevant details concerning the product.
A checking account is a particular type of bank account that allows you to keep the money for your daily expenditure. Checking accounts allow you to access your finances 24/7 and are very effective when keeping money for emergency cases. Banks even allow you to access your funds online when you log into your bank account on your bank’s website or through a mobile app.
Checking accounts come with debit cards to access your money conveniently. Debit cards are payment tools that allow you to shop online from various places such as supermarkets, retail shops, filling stations, and restaurants, among others. You can use a debit card to shop online or at a physical store. When shopping online, you have to present the card number, the expiry date, and the security code. You can tap or swipe to pay on the card reader machine at the register at the physical shops.
How do you open a checking account?
Opening a checking account is not as hectic as some people think. You can get an account within minutes with the help of a bank official or on your own, depending on the method you choose. You can open an account online or at a physical branch. When opening your account at a branch, you have to carry the necessary documents and their photocopies to facilitate the process.
The procedure is usually short if you do not find many people in the queue. However, it can take you several hours if you find many people. The officials have to take a passport size photo, get your fingerprints, and have you fill out several forms.
On the other hand, you can open your account online using various devices such as smartphones, tablets, and computers. A smartphone is the most convenient device to open your account. You can take less than 10 minutes to open your account and start using it with most banks.
Usually, financial companies do not do credit checks when opening an account. However, you have to undergo a ChexSystem evaluation with most banks to check if you have poor banking histories, such as writing bouncing checks, closing your accounts with negative balances, and other unethical banking practices.
If you find yourself in the ChexSystems, you may find it challenging to get a bank account. However, we have financial companies that offer second chance checking with no opening deposit or ChexSystems.
What do you require to open a checking account?
It is important to note what you require to open an account to prepare yourself adequately. There are general things every bank should ask you when opening an account and not just a checking account. Some financial companies have other things that they may request you to provide. The federal government requires every financial company to obtain the following from those seeking to open accounts.
- An identification document that can be your ID, driver’s license, birth certificate, student ID, or passport
- Social Security Number
- An email address
- Phone number
- Physical address
Some financial companies that operate online require you to provide a bank account or payment card to fund your transactions. A good example is Chime, an online technology company that gives you services similar to those in banks.
Which are the 9 best banks with free checking accounts with no deposit?
If you are looking for a bank with no deposit to open an account, you have come to the right place. A deposit is the amount of money you put in your account so that you can spend it when necessary. We have numerous banks in the country that allow you to open an account without any deposit. I have come up with nine and am sure you will like them. Have a look.
1) Ally Bank Interest Checking
Ally Bank has a checking account by the name Interest Checking. It is one of the few checking accounts that pay interest with an APY of 0.25%, better than most savings accounts. The account also gives you standard checks, a debit card to use online and at stores when buying goods, and to withdraw money at ATMs as well as online bill pay. Interestingly, the Ally Bank Interest Checking account charges no overdraft fees.
The account is easy to open within minutes compared to some other bank accounts. Once you open an account, you get plenty of options to send and receive funds. You benefit from online bill pay to settle your bills quickly. The account is among the numerous free online checking accounts with no opening deposit that you can find around.
2) Axos Bank Essential Checking
Our second option among bank accounts you can open without any deposit is the Axos Bank Essential Checking. It offers a free checking account with excellent perks. It is one of the few banks that allows you to get early direct deposits through the Direct Deposit Express. That way, you can receive your paychecks up to two days earlier. The account comes with unlimited
domestic ATM fee reimbursements, and the account has no overdraft fees. Also, you can make peer-to-peer money transfers within the institution, which makes it very easy to send money to friends and relatives. Above all, you can earn through the institution’s referral program. Unfortunately, it earns you no APY.
3) Discover Checking
Discover is a reputable financial company that serves millions of customers in the United States. Interestingly, the Discover Checking account pays you up to $3,000 per month to use a checking account. You can get a 1% cash back for purchases you do with the debit card you get when you open your account. Again, the bank allows you to manage your account using a mobile app to see your balance, view your statement and transact on the go.
Another fantastic thing about the bank is that it allows you to benefit from 24-hour customer service if your account develops any issues. With 60,000 fee-free ATMs in the country, you can withdraw money for free with your card. It does not have any APY.
4) Capital One 360 Checking
The Capital One 360 Checking account is ideal if you want to open an account with no money to deposit. It charges no fees to open your account and has no minimum balance requirement when you open. It is also a fantastic account since it pays you interest on your money up to 0.10% APY.
Also, you can get a free debit card and use it without fees to withdraw money from your checking account in more than 70,000 fee-free ATMs. Interestingly, you will be able to enjoy online and mobile banking services such as mobile check deposits, bill payments, and so on.
With the checking account, you will be able to enjoy peer-to-peer payments with Zelle. You can also use the cashier’s check at $20 online and $10 at the physical branch. You can also contact an outgoing domestic wire transfer of $30.
5) Charles Schwab High Yield Investor Checking
You can get the Charles Schwab High Yield Investor Checking account which offers you a brokerage investment account. There are no fees to open a checking account, nor will you need to deposit any money. Also, you can earn from your money up to a 0.03% APY on your balance.
The account allows you to transfer money to your brokerage account and vice versa. Once you open an account, you get a free debit plus an online and mobile banking app plus a bill pay feature. Moreover, there are no foreign transaction fees, and you can get an Unlimited ATM rebate. Above all, you can send money with a checking account number instantly to other Charles Schwab checking accounts.
6) Nbkc Everything Account
Another excellent checking account is the Everything Account from nbkc bank. The account combines the checking and savings features to have two accounts in one, and that’s exceptionally fantastic. It is a no-fee account and pays interest on your balance. You can get 24/7 mobile banking with free bill pay.
Also, you can use your ATM to withdraw money for free at over 37,000 MoneyPass ATMs across the country. Again, you can set your savings goals using the savings feature. It is interesting to note that you can get no overdraft or return-item fees. Unfortunately, the APY from the account is too low since it is 0.00% which is nothing.
7) Chase College Checking
I will have made a big blunder if I do not include Chase College Checking in my article. The account is suitable for college students ages 17 to 24 and gives them free checking for five years or until after they graduate. It is one of the best high school student checking accounts you can opt for to cater to your financial needs.
Additionally, users can benefit from the free access to 16,000 ATMs and about 4,700 bank branches across the country. As a student, you can find affordable online courses, identify scholarship opportunities, and fill out your Application for Federal Student Aid.
For your understanding, the account allows peer-to-peer money transfers with Zelle. Also, it has a feature known as Quick Deposit that allows you to get money out of your deposited checks the next business day. It does not pay any APY.
8) Huntington Bank Asterisk-Free Checking
We are still one the best banks which do not require a minimum deposit when you open an account, and Asterisk-Free Checking from Huntington Bank is our eighth option you can use. The account has no minimum balance and has features like the $50 Safety Zone and 24-Hour Grace that help avoid overdraft fees.
Also, if you are eligible, you can qualify for a credit line of up to $1,000. The account gives you email and text alerts concerning your various transactions, and you can quickly know about any suspicious activity in your account. Unfortunately, you pay a $3 fee if you use out-of-network ATMs. the account pays no APY.
9) Chime Spending account
Chime is an online bank account with an instant debit card. It has no physical branches, and you can open your account online. The Chime checking account also allows you to get a free debit card that you can use to access your balance on the go. You can apply for an account online by visiting the platform’s website. The account allows you to disable your debit card to instantly avoid illegal usage.
Amazingly, you can use your account to receive direct deposits two days earlier than the traditional banks.
A bank account is a financial company that allows you to deposit and access money when the need arises. You can get numerous products from banks, including checking, savings, CDs, credit cards, and debit cards. A checking account allows one to deposit funds that they can access anytime. It comes with a debit card that you can use to buy goods and services and withdraw money at an ATM.