Most checking accounts charge a monthly maintenance fee or have certain balance requirements. The average fee is around $5 per month. Hence, on an average, one can save around $60 every year by opening a bank account online with no money being charged. For those planning on opening a bank account online with no money, it is important to see there are no disguised costs associated. When someone goes for a direct deposit account, the monthly maintenance fee is waived off. However, there is a certain amount of money needs to be in the direct deposit account.
Often, a free checking account does not mean its free of cost; therefore, people who are about to open a bank account online with no money must check all the possible fee involved and the minimum balance required.
Finding a bank to open a bank account online with no money is an increasingly difficult task. Most free checking accounts that don’t come with a monthly maintenance fee have other conditions such as a fixed minimum balance, regular deposits, or a certain number of transactions over a statement period. It is, however, possible to find checking accounts that are absolutely free or as good as free, and one must know where to look for them. Before opening a bank account that charges no money, here are some of the top checking accounts everyone should know about.
Those looking for reasonable minimum balance requirement can rely on Bank5 Connect High-Interest Checking Account. This bank has a reasonable overdraft fee. Their reimbursement policy for third-party ATM fees is generous. The minimum deposit and balance are $10 for opening the account, and there is no requirement of a minimum daily balance.
Those who want to earn an interest need to keep a daily balance of at least $100. Account holders who look for high yield can expect a 0.76% yield with a minimum of $100 in balance. There is no charge for withdrawing money from any ATMs; moreover, the bank reimburses the surcharge the account holder pays while withdrawing from an ATM of another bank, which is up to $15 per month. People can expect certain fees such as returned deposit, stop payment, paper statements, and levies and garnishments. The fees, however, are reasonable and one can ask the bank to know the exact amount.
Those opting for a Discover Bank cashback checking account can expect cash back of 1% on purchases of up to $3000 on their debit card each month. There is no requirement of minimum balance in a Discover Bank cashback checking account. Account holders also get to enjoy the forgiving fee schedule with no check recorder, bill pay, bank check, replacement debit card, or wire fees. Users also enjoy no-fee access to more than 60,000 ATMs across the country.
There are multiple cash back offers Discover Bank provides on their credit cards. In this case, however, there is a cash back of 1% on spending of $3000 each month, but there is no cash back on P2P transfer, purchases on third-party money market, ATM transactions, and point-of-sale transactions.
People who want to open a bank account online with no money can check Ally Bank’s Interest Checking account. The account does not charge an ATM fee and does not have any minimum balance requirement. The bank also reimburses all third-party ATM fees. Account holders can also enjoy the overdraft fee that is as low as $9 per transaction.
There are few drawbacks involved, such as include a low yield on decent balances and a surcharge on every international transaction. The yield one can expect after opening an account with Ally Bank is 0.10% on an annual balance of less than $15,000, and around 0.60% on an annual balance of anything more than $15,000. Possible fees could be on stop payments, outgoing wires, and international transactions. The exact amount of fees can be learned by directly contacting the bank.
The 360 checking account by Capital One can be a good choice for those who are looking for opening a bank account with no money. There is no minimum balance this account requires, and there is an account opening bonus of $50. The mobile application of the 360 checking account by Capital One offers several useful features such as ATM finder, smooth P2P money transfer service, and mobile check deposit. New account holders can expect a fee on statement copies, non-sufficient funds checks, and stop payment.
There are several other banks wherein you can open a bank account online with no money charged. Examples of such include the Rewards Checking account by Bank of Internet USA, Free Rewards Checking account by Independent Bank, Direct Online Checking account by FNBO, Direct Interest Checking by TIAA, eOne Checking account by SalemFive, Direct Airline Rewards Checking by UFB, Free Checking account by First Internet Bank, and State Farm Bank Checking account.