Do you have bad credit or want to open an account with no minimum deposit? Well, don’t freak out as we are here to help. Those days are a matter of the past users had to keep good credit conditions and minimum deposit to open a checking account as nowadays, you can apply for such accounts without fulfilling any of these two conditions.
However, keep in mind that you can open such an account with no minimum deposit only if you either opt for an online bank or go for a credit union. There, you need to submit some of your documents to verify your identity and you will have to make a deposit into the account within a month to carry forward the process.
So, are you ready? Here’s a comprehensive guide covering all essential information about opening a checking account with no deposit. Follow the step-by-step guide to avoid any trouble later on. Moreover, the guide also outlines some of the best online banks with no credit checks or minimum opening deposits. So, let’s get started!!
Checking Account – A Complete Overview!!
Before you get into the process to apply for a checking account, let’s first understand what these accounts actually are to get a complete understanding about the same. A checking account, also referred to as a Transaction Account, is primarily a deposit account held at a bank or other financial institution.
It is available to the account owner for frequency and immediate access.
Now, access can be done in a variety of ways, including debit cards, electronic transfers, cheques, and other forms of electronic transfer. Such accounts play a significant role in many aspects, whether for obtaining your paycheck or transferring money to someone else.
Checking accounts are one of the leading bank account types, which means that you have easy access to your money. They generally allow unlimited deposits and withdrawals and hold your money in a secure place for the short term, so that it’ll be available when you need it to pay bills. In addition to debit or credit cards, you can also have paychecks so you can easily move a portion of your earnings to a savings investment account.
However, one should remember the fact that such accounts are not meant for long-term use, since they offer a low-interest rate, averaging about 0.04%.
How to open a checking account with no deposits?
Now that you are fully aware of the checking accounts, it’s time to check out the complete process to apply for the same without any trouble. There’s no need to freak out as opening such accounts is not at all a hassle and you can carry out the process in a two-step process. So, let’s unwrap the step-by-step guide here.
Choose a bank or credit union
- First of all, the users need to find out the bank or credit union that allows zero deposit. As there are plenty of options to choose from, make sure to select the rightmost option that fit your needs well.
- The appropriate bank account may differ according to your needs and purpose. For example, if you prefer banking through a website or a mobile app, then online-only bank accounts are fine; but if you like face-to-face banking, then stick with a local or national bank with a physical branch.
All and all, you need to choose the appropriate option that goes well with your requirements and lets you open a free checking account with no deposit.
Complete the online application
- Once are done finding the bank account, much of your hard work is over. Now, all you have to do is complete the application form and wait until your application got approved.
- The application is just a button away from the account website or the bank’s app. Sign up with your desired bank and get started.
- While filling up the application form, you have to provide your personal information and contact details, including your legal name, physical address, phone number, email address, and others as asked. Make sure that you have filled in the accurate details and that nothing is misspelled to avoid any further troubles.
- Also, provide the most up-to-date information as this will avoid any issues that slow down the progress of your application.
- Financial institutions may ask for identification information as well when you open a new account, like your DL number, DOB, Social Security Number, or Tax ID number.
- Along with this, you might have to offer the funding information, based on your specific account. The funding methods depend on how you will fund your new bank account and these also vary by institution. That may include debit or prepaid cards, credit card, mobile check deposits, existing account transfers, and bank transfers.
- As soon as you complete the application form, cross-check the details and submit the same. The banks may take a while to process your information, so be patient and wait for until you receive any further notification.
A Guide to the Best Online Banks For Opening A Checking Account With No Deposit
Here’s a quick rundown of the online banks that let you open a checking account with no deposits. Check them out here and pick the option accordingly.
- Chime
It is one of the leading online banks that offer mobile bank accounts and debit cards without any credit checks. Chime has no hidden charges and bank fees.
- Current
Founded in 2015, this mobile banking app helps people save their money in a much better way. It gives great cash rewards and offers two days faster availability of your paycheck.
- Sable
Sable gives you exact match on cashback earned in the first year and doesn’t charge any hidden fees. You can easily apply for sable account with your passport.
- Discover
This online mobile bank is most known for its popular cash back credit cards and offers a full-range of deposit accounts. It charges no monthly fee and no minimum balance to open.
- BrightMoney
It is easy to use app that helps users pay down your credit card debt. The app is known for its 256-bit encryption.
Conclusion
Thats it!! There’s no denying that having a bank account is very important and but what if you have a bad credit or what you don’t have enough amount o deposit? That’s where Checking Accounts come into the picture. Opt for these accounts and get ready to enjoy banking services without any trouble.
We hope our guide has helped you know about these checking accounts so you can easily create the one. For more such guides, stay tuned with us.