Banking

How to Open a Checking Account Online Instantly With No Deposit

An online checking account is the easiest to open as compared to visiting a bank’s physical branch to open one. You only need to visit the bank’s website and find the section that allows you to open a bank account. Opening an online account with most banks is very fast. You can open a checking account online instantly with no deposit right from your palm using your smartphone.

Some banks operate only online and have no physical branches while others operate both online and have physical branches where customers can visit to carry out various transactions. Having no physical branches, online banks do not incur many operational costs. Banks with physical branches have to pay rent for the rented business houses. This makes their services a bit costly as compared to online banks.

There are various bank accounts that you can open in a financial institution. The main ones are open a free business checking account online with no deposit and savings accounts. A checking account allows you to access funds any time of the day via ATMs or over the counter withdrawals. You can also purchase goods and services online using a checking account. A savings account is mainly for saving your money for future use as it earns interest.

What is a bank account?

How to Open a Checking Account Online Instantly With No Deposit

A bank account is a special arrangement with your bank whereby you can deposit and withdraw money. Banks help to keep your money safe instead of keeping it in your house whereby it can be risky if thieves find about it or incase there is a fire outbreak.

Classification of online bank accounts

Online bank accounts can be classified into various categories according to how they operate. The most common bank accounts include the following.

i) Checking accounts

A checking account allows easy access to funds 24/7. Such accounts allow you to write checks and hence they take the name, checking accounts. Also, you can get an ATM card once you open a checking account.

Checking accounts are manageable online via an app. You can send money with checking account number and deposit checks using such accounts. Checking accounts allows you to shop online from various stores such as Amazon, Walmart, and eBay.

ii) Savings accounts

A savings account helps you to save money that you do not intend to use for the time being. The money earns some interest within a certain period and you can withdraw at a later date with the additional money. Checking accounts also earn interest but are a little lower than the savings account.

A savings account has no ATM card nor does it have the opinion to write checks and this makes accessing the money difficult. However, you can withdraw the money at a physical branch if you need it for unavoidable expenditures.

iii) Money market accounts

These accounts can be termed as a cross between the savings and checking accounts. They earn higher interest rates and withdrawals from such accounts are limited to six times per month. You can access your money via checks and debit cards. The interest rate depends on the amount you deposit in the accounts.

iv) Certificates of deposit (CDs)

Certificates of deposit accounts allow you to invest your money for a certain period at a fixed or variable interest rate. Your savings matures at a later day as agreed during deposits and that is the time to get what belongs to you. Certificates of deposit accounts can be termed as lock accounts since you cannot withdraw from them unless the specified period is over. It can be months or years.

v) Brokerage accounts

Brokerage accounts allow you to invest your money in businesses such as bonds and stocks. You can buy stocks, sell them later at a higher price, and make some profits. However, the accounts have higher risks since the prices of the stocks can go down thus leading to loss of your money.

vi) Individual retirement arrangements (IRAs)

These accounts allow you to save for your retirement. You can save at most $5,500 per year. However, if you are 50 years old or older, you can invest an extra$1,000 each year. Money in an IRA account is intended to stay there until you turn 59½ years of age. If you do early withdrawals, then you must pay some sort of penalty charges.

There are two main types of IRAs which include Roth IRA and traditional IRA. For Roth IRA, you make deposits after taxes and are not tax-deductible. Secondly, the accounts have no age limit on when to start withdrawing from your account.

On the other hand, traditional Ira’s savings can be tax-deductible. Again, account earnings are tax-deferred and withdrawals are taxed. After 70½ years, you should start withdrawing your contributions as you are not allowed to contribute any further.

How to open a bank account online

Online checking account no opening deposit is the easiest of all since you can open it anywhere using your smartphone. However, you have to decide on various aspects before opening a bank account. These include the following.

1. Select your bank account type

You should know the kind of bank account. If you want an account to keep the money for daily use, you can open a checking account. However, if you want to save money for future use, you can consider a savings account. An IRA will be suitable for retirement.

2. Choose your bank

Once you determine the kind of account you need, choose the bank you want to open the account with. Compare various features such as interest rates, and fees and choose the best.

4. Gather required documentation

Once you have chosen the right bank, you need to check what the account requires. Find all those documents and be ready with them to start applying. These include documents like the ID or passport, and Social Security Number. You will also need to disclose your physical address among other necessities.

5. Complete the online application process

Once every document is ready, start your online application and fill all the necessary fields. Upload any document if the need arises. Your bank will send you a notification of a successful account application via your email address.

What is the difference between a business current account and a personal checking account?

A business checking account keeps your business transactions separate from your personal ones. Thus, the difference between a business current account and the personal checking accounts is that the personal checking account is for personal expenditure while a business current account is for business-related expenditure.

Do banks check credit reports for checking accounts?

Banks do not check credit reports unless you are applying for a credit card. However, you can open business checking account online no chexsystems to evaluate your previous banking activities. This helps them to decide whether to offer you a bank account or not.

The best free checking account approval online instantly with no deposit

Some of the best free checking accounts that you can open online with no deposit include;

1) Chime Bank

Chime provides fee-free financial services online via an app. Chime allow you to grow your savings with time. The bank has no overdraft, no minimum balance, and no monthly fees. Also, there are no foreign transaction fees. You can access over 38,000+ fee-free MoneyPass® and Visa plus Alliance ATMs. The Out-of-network ATM withdrawal fee may apply. Learn more

2) Axos Bank

You can open any of the various accounts including a retirement account. The bank allows you to do mobile banking, internet banking, UPI banking, and SMS banking. Learn more

3) Chase Bank

Chase Bank is headquartered in Manhattan, New York City. It offers business accounts, checking accounts, savings accounts, and even home loans. The bank also offers credit cards. Furthermore, to operate their account online is so easy and you can deposit checks online. Learn more

4) Bank of America

The Bank of America offers credit cards, checking accounts, savings accounts, home loans, and others. A checking account from the Bank of America has $0 liability. Also, you can get up to 10% cashback deals with BankAmeriDeals. Learn more

5) Capital One 360 Checking

The account opening is free. The company has over 40,000 ATMs countrywide so that you can withdraw money if the need arises. Banking services are accessible 24/7. The account has no monthly or maintenance fees. Learn more

6) Barclays Online Savings

Barclays offers safe 24/7 access to banking services. There are no monthly maintenance fees. The bank allows the direct deposit to make saving simple and easy. Also, the account has no minimum balances to open. Learn more

7) NBKC Bank

Get either a savings or a checking account with NBKC Bank. Services are easy to access online whereby you can get loans. The bank allows you to earn 0.80% APY. With this bank, there are no minimum balance fees, no overdraft fees, maintenance fees, or foreign transaction fees. The bank also offers debit cards. Learn more

8) Radius Bank

At Radius, you can open an account online. Businesses can apply for checking accounts, savings accounts, trusts, and CDs. The bank gives you overdraft protection. Also, you will benefit from free ATMs countrywide. In addition, the account will be able to earn you 1% cashback. Learn more

9) S. Bank

Access your account on the go using the bank’s mobile phone app. You can also deposit checks, manage bills, and transfer money using routing number and account number or receive money online. ATM branches are all over. Get a credit card, a checking account, a savings account, or any other type of account you may wish to have. Learn more

Bottom line

The fact that various banks can allow you to open accounts online with no deposit makes them convenient. You have to consider various factors before applying for a bank account and most importantly, the purpose of the account. Online accounts are easy to manage using smartphones. When opening bank accounts, remember to open one for your retirement so that you will not suffer at old age when unable to work.

Similar Posts