Bank account maintenance fees are one thing, but minimum deposit requirements can really set you over the edge. Many types of bank accounts offered by mainstream banks require you to deposit a large sum of money just to open the account. Fortunately, you can find free checking accounts from a variety of banks that do not require you to deposit a minimum amount of money.
It may take some extra time to find a free online checking account that has no minimum deposit requirement, but it can be well worth your time. This type of account is ideal for anyone who may be rebuilding their financial status or those who do not have the funds to deposit upfront.
Waiving the minimum deposit requirement also benefits those who are trying to build up their savings account. There is no need to dip into it just to open a checking account.
Free checking accounts that feature no minimum deposit can also help you steer clear of pesky fees. Many banks and financial institutions charge fees when your balance dips below a certain amount. Some even charge you if your direct deposit does not meet a minimum amount.
However, it is important to note that many banks that advertise having no minimum deposit requirements are online only. It is rare to find a physical bank that offers checking accounts with this feature.
A free online bank account can be just as good as a bank account opened in person, just without the freedom to stop into a brick-and-mortar establishment. If you do most of your banking online and do not stop into a physical bank, online checking accounts might be best for you.
There are plenty of online banks and financial institutions to choose from. Before you open an account, consider the following:
· Do you want to bank with an app? Many online banks have smartphone apps you can use to transfer money, make deposits and even pay via touchless options.
· Do you frequently work with cash? If you constantly withdraw cash or deposit it at a physical bank, a free online checking account might cause more problems than solutions. Some banks are completely online, which means you can’t just pop in and make deposits as you please.
· Do you travel frequently? Opening a free online bank account offers many perks to those who are constantly on the go. You can typically access your money 24/7 and don’t need to base your transaction activities around physical bank locations.
Before starting your search for a bank account with no minimum deposit, be sure to explore all your options so you can make the best decision for your financial needs.