Different types of accounts exist in financial institutions. Some of these accounts include savings accounts, money market accounts, and checking accounts, among others. A checking account is a type of account that allows access to money anytime from your bank. Many financial institutions offer a free online checking account no opening deposit to any willing customer within a very short time.
Having a checking account is very important to you since times come when you need money urgently. During that time, you can access your funds easily without difficulties. Some bank accounts, such as savings accounts, allow limited access to funds. It this means that you cannot rely on your savings account for emergency issues such as hospital bills or essential household goods.
Most checking accounts usually operate online. You have to open an online account with the concerned institution. However, other institutions allow you to access your account using either debit or credit card at ATM points. Using your checking account, you can send money to someone so long as you know how to transfer money using the routing number and account number.
How do I send money using a Checking Account?
Sending money using a checking account is the easiest thing ever. A small challenge may arise if you are a first time user of a checking account. However, as time goes on, you find it an amicable process since you do it step by step as per the given guidelines. For you to send money with checking account number, you need to have the account number of the recipient. You should also have the full names of the recipient to be sure that you are sending money to the right person.
When sending money to another account within your bank, the process usually is easy and less costly. Moreover, it takes a shorter time for the funds to reflect in the intended account. However, when sending money to another bank, it takes time because you have to establish a link between the banks. Moreover, you pay more fees as compared to transfer between accounts of the same bank.
In addition to the above, you must have both the account number and the routing number of the recipient. The routing number helps to identify the financial institution where the money is going to. For your information, if you have a checkbook, you will see that at the bottom left of each cheque, there is a nine-digit number. That is your routing number. On the right-hand side of the routing number is the account number.
How Can I Use a Checking Account?
There are many ways you can utilize a checking account. One of the significant uses of a checking account is accessing money for emergency uses at ATM points or at your bank agent centers. However, there are other uses of a checking account.
For instance, you can use a checking account to buy goods either at physical stores or online. At physical stores, you can use your credit or debit card to purchase products. The cashier inserts the card into a card reader, and upon imputing your PIN, you authorize a certain amount to move from your account to the merchant’s account. Some business people have card scanners that can read the barcode of your card to enable payments after you enter your PIN.
In addition, you can shop online with a checking account number. Online shops such as Amazon and Walmart allow you to pay online for goods and services so long as you have an online checking account. You only need to enter your card number as well as the amount to pay plus your PIN. Upon confirmation, you receive a notification in your email or phone number of whether the payment was successful. You then wait for your package at the address you provided within a few days.
You have heard of gift cards that help you to purchase goods from specific shops or even at any shop, depending on the issuer. If you intend to buy one, you can do it online or at your bank. Some companies such as Amazon allow you to buy gift cards online with a checking account and receive them in your address. So you do not have to walk to your bank to buy a gift card.
Which are the 9 Free Online Checking Accounts with No Opening Deposit?
Using my research techniques, I was able to identify many online checking accounts that you can open and apply for your financial situations. The accounts include;
1) Axos Bank Essentials Checking
The checking account comes from Axis Bank. It is one of the popular accounts in America bearing in mind that Axos Bank is an advanced financial institution in terms of technology. The bank’s Essential Checking account is under use by thousands of Americans due to its outstanding services.
The checking account has no minimum balance and no monthly fees. Moreover, there are no overdraft fees charged by the bank. Unlike some financial institutions that take advantage of overdraft charges to earn big profits, Axos bank seems contented with huge profits they make on other areas. Above all, the bank offers unlimited domestic ATM reimbursements. Although the account does not earn you interest or give any promotion, it serves you right in terms of financial needs.
One thing you have to remember is that the services of the bank are available nationwide. Whether you are in New York, New Jersey, California, or any other state, you can be sure of getting adequate services from the bank. To open Axos Essential Checking account, click here.
2) Radius Bank Rewards Checking
The bank is just on another level in that; you can earn interest on your money. That is the reason the account has the name Rewards Checking Account. You get interest as a reward for having your money in their account. You can get 1.00% APY on balances. The percentage applies to between $2,500 and $99,999. For balances over $100,000, you get 1.20% APY.
For you to earn interest, you must maintain a minimum balance of $2,500 every month. Again you can also make a direct deposit of $2,500 every month to ensure that you earn interest. The bank also gives you 1% cashback if you purchase goods using a debit card. Besides, the account allows you to have unlimited ATM reimbursements, as well as mobile check deposits. For more information about Radius Bank Rewards checking see here.
3) Nationwide My Checking
My Checking account is a recent launch by Nationwide. It is a fantastic checking account that allows you to deposit your Paycheck two days before the standard deposit time. Moreover, the account has no minimum balance, although you will always need to deposit not less than $100. Additionally, there are no monthly fees you should pay for this account. It shows that the checking account is free of charge!
However, it is not easy to get the My Checking account if you have a bad credit history. The good thing with this checking account is that you can combine it with your savings account to get good yields of your money. Again, it has unlimited ATM reimbursements. However, the account has no promotions. Despite that, it is available nationwide. You can thus access the bank’s services from whichever state irrespective of the place you opened your account. If you want to discover more on Nationwide My Checking, you can click here.
4) BBVA Free Checking
The account is not very known to Americans, although it is easily accessible due to its ATMs, which are available countrywide. The bank has over 55,000 ATMs well distributed countrywide. It offers a free checking account, just like several other banks in the US. There is no maintenance fee whatsoever. However, if you want paper statements, you have to pay a fee.
However, despite the fact the account is free, you have to make a $25 minimum deposit while opening the account. There afterward, you will not need minimum balances and monthly fees. There are no promotions for the account. Despite that, the benefits you get from the account are very many. So there is no need to get worried about promotions and interests. See more details here.
5) Capital One 360 Checking
Capital One 360 Checking account is not new in the market. Many current checking accounts may have emulated their outstanding services to attract more customers. The checking account is popular among the Americans presumably because of the attractive features absent in other banks. One of the most exciting things about ATM services is that they charge you nothing even when withdrawing money overseas.
In addition to the above, the bank allows you to get an overdraft for your loan. So they are with you when you have money and when you lack money. The bank is a good friend indeed! Moreover, you can earn an interest of up to 1.00% APY. You will not have any promotion from the bank since none is available. However, that should not worry you since the benefits you receive are many. More about Capital One 360 Checking can be found here.
6) Ally Bank Checking
Just as great as their account name sounds, the services are also outstanding. One exciting thing about the account is the nationwide distribution. The bank has over 43,000 ATMs distributed across all the US states. Another good thing with the account is the ability to earn interest of up to 0.60% APY. Unfortunately, no promotions available.
If you are looking for a great bank with excellent customer service, then you got Ally Bank and their excellent checking account. The fact that the account is internet-oriented makes it easy to use. You can download their application from the internet and have convenient banking experience. More good things with the account are the absence of monthly fees and free checking services. If you want to open Ally Bank Checking account, click here.
7) Chime Free Checking
When Chime came up with their mobile app, they wanted to make checking services more accessible as well as minimizing the transaction fees. Their banking app is easy to use, as it contains friendly features. Chime Free Checking Account earns interests of up to 0.01% APY. It means that your money does not just lie there without earning anything.
Funny enough, Chime has no physical offices where you can go to do your things. However, you do not need to visit their offices physically since their online services are more elaborate. After all, many people do not like visiting banks for simple functions such as withdrawing and sending of money. You can also access money countrywide via their ATMs. More details on Chime Free Checking Account are here.
8) Chase Total Checking
Chase Total Checking account is not free as it appears due to some fees applied on transactions. However, I will tell you how you can make it free later. Total Checking account has some minimum requirements that are easy to meet. Moreover, it is easily accessible to you nationwide so that you do not need to move far.
Chase Checking account requires you to pay a $12 maintenance fee per month. Despite that, you get a $200 bonus upon opening the account. To ensure that you get free services, maintain a minimum balance of $1,500 or more daily or have a monthly deposit of $500. Discover more here.
The bank account is friendly to users. In addition, it allows you to get 1% cashback if you spend $3000 or more when using your debit card every month. Again, the account has no minimum balance or monthly fees required every month. It is free.
In addition, it has guaranteed accessibility since the bank has over 60,000 ATM across the nation. You can also access the bank’s banking services via their application. It is very convenient since you only need to operate it on your smartphone. Checking services are free here. When looking at the bank’s services, the account is worthy of opening for your good.
Having a checking account is very important to anyone who understands the account’s convenience. Again, a free checking account is good since you do not incur any additional charges. Moreover, online checking accounts are the best since you can access your account anytime from your smartphone. Most importantly, your money is secure when in a bank account than when you keep it in your house.