An Easy Guide to Opening a Free Checking Account Fast: No Wait, No Monthly Fees & Opening Bonuses

You’re in luck! Below we’ve outlined the top offers for online checking accounts with no deposit requirement, free ATM usage, and more. Find the bank that suits your needs!

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Our Top 5 Picks for Free Online Checking Accounts

1. Capital One 360 Checking:

The Capital One 360 Checking account has no monthly charges and comes with a free checkbook. There’s no minimum balance requirement, no required initial deposit, and it offers interest on your money regardless of your account balance. Your money is at your fingertips and can be accessed online at any point. The account also comes with free ATM usage at all Capital One and Allpoint withdrawal machines.

You get a $25 opening bonus if you deposit at least $250, and either make 3 debit purchasese or Zelle payments. This must be done within 45 days of opening your account.

2. Ally Bank Interest Checking Account:

Ally interest checking accounts offer you an opportunity to save and spend your money at will, without having to worry about monthly or annual fees. The account also comes with a free debit card and checkbook. Like other Ally bank accounts, it doesn’t require a minimum opening balance and is fully compatible with mobile banking, and offers interest regardless of your account balance. Before you open an account, however, be aware that they do not take cash deposits because they are completely online.

3. Discover Bank Cashback Debit:

While cashback offers are usually associated with credit cards, the Discover Bank debit allows you to earn up to $360 in cashback offers per year. It also comes with the other usual perks of a checking account, such as no maintenance and online bill payment fees. In addition to these, you also get a free replacement debit card should you lose your instant one.

4. Simple Checking and Budgeting:

The simple checking and budgeting account combines the features of both savings and checking accounts. It works by helping you to budget how much of your money can be safely spent while giving you seamless access to your funds. As with most bank accounts, saving and spending can be managed online and set to automatic deductions on a periodical basis. This account doesn’t require the payment of a monthly fee and is centered towards individuals who are trying to build up capital or further control their earnings.

5. Chime Spending Account:

The Chime Spending account is another mobile-only bank account that helps to free your funds from monthly fees and maintenance charges that slowly eat at your funds. The account requires no initial deposits or minimum balance and provides faster and easier access to funds. Opening a Chime spending account qualifies you for an optional Chime savings account with a 1% annual yield. There are no charges on foreign transactions and ATM withdrawals are free within the bank’s network.

What Documents Do You Need to Open a Bank Account?

Whether you’re opening your bank account offline or online, certain documents have to be submitted or uploaded to the bank to facilitate the creation of a new account. These documents are necessary to validate your identity and secure your funds. While different documents may be required across various states in the U.S, the major documents required include the following:

● Your travelling passport, a driver’s license or identity card;

● Proof of residential address;

● Your social security number;

● Other immigration documents (if applicable)

If you’re opening your first bank account, it’s advisable to walk into a bank near you as online applications may be rejected or revoked due to several reasons that may be better sorted out in person. Similarly, your country of origin may play an important role in whether your application will be rejected or not. Applications from EU or U.S. nationals are more likely to be granted. How Long Does it Take to Open a Bank Account?

The period it takes to open a bank account in the U.S varies depending on factors such as whether you’re applying online or in-person at a bank branch. If you’re applying for a new bank account online, the process may take only 10 to 15 minutes to complete. However, it may take between 24 to 48 hours to process the application and issue you an account number.

On the other hand, if you’re applying in person at a bank branch, the application process may take a longer time to complete because of the filing and documentation involved. It’s advisable to schedule an appointment online before visiting the bank to save time. While it can be time-consuming, applying for a new bank account in person may speed up the issuance of your debit card and account number. You may even go home with a new debit card when you apply in person.

It should be noted that all of the above factors are secondary to having all the required documents for opening a bank account.

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Fees and Features Associated with Opening a Bank Account.

Perhaps the most important guide to which bank account to open is the fees and features that accompany each one. Having procured all the required documents, you’re probably wondering which institution to bank with. This choice is best made by considering the monthly fees, benefits of the different account options and transaction charges.

Most bank accounts in the US charge a monthly fee or require you to maintain or deposit a certain amount of money in your account each month. The minimum monthly fees charged on a bank account vary between $10-$15 while premium bank accounts are costlier and lie between $25-$100. You should also consider the ATM withdrawal fees and international transaction charges when opening a new bank account. This helps you to choose a bank that’s best suited to your needs and fits into your finances. The fees and features of your bank account also depend on the type of account you choose to open (ie. savings or checking accounts).

Are Initial Deposits Necessary to Open a Bank Account?

Initial deposits are payments made into your new bank account during the application process. While most banks don’t make initial deposits a prerequisite to opening a bank account, your bank may require you to make one. These payments are usually not hefty amounts of money and could be as little or $5 depending on how much you want to pay into it. The initial deposit made will be credited into your account once it’s opened and stays yours, so you have nothing to worry about. Online banks hardly require you to make initial deposits when applying for a new bank account. Thus, initial deposits are not necessary when opening a bank account.

There are different types of bank accounts and they all come with different features. As a result, it’s important to consider them individually to make a choice that’s best suited to your needs. Also, it may be necessary to open more than one bank account for prudent and efficient use of your finances. For further enquiries on bank accounts and their features, you should consult a customer service agent at a bank branch near you.