5 Banks to Open an Online Account with No Deposit

5 Banks to Open an Online Account with No Deposit

30th November 2022

Today, thanks to the technological advancements, the process of opening a bank account has become extremely easy. You no longer need to visit the bank for the same. Even if you wish to open a bank account online with no deposit, it is not any different. However, there are only a few banks that let you open an account with zero deposit. These banks allow you to earn interest on your savings without having to maintain a minimum deposit.

Before you open a bank account online with no deposit, it is recommended that you compare the banks and shortlist the ones which meet your requirements. Once you finalize on a bank, you will need to fill in the online or the physical application form and furnish details such as that of a government-issued ID and your personal details like the social security number.

To make your job easier, here is a list of five banks which allow you to open a bank account online with no deposit.

  • CapitalOne – With no deposit required to open an account, CapitalOne is one of the most preferred banks. It has a quick and simple process of account opening and only requires basic identification documents for the same. You may visit the bank’s website and create either a single account or a joint account as per your preference. Once you submit the verification documents and they are validated, your account gets activated.
  • Ally Bank – Ally Bank has a $0 fee, $0 minimum deposit, and $0 minimum balance requirement. It offers one of the best online account opening services.
  • Discover Bank – Discover Bank has a no minimum balance requirement and no monthly fees. It gives you access to more than 60,000 ATMs in the country. There are no hidden fees and the entire process of account opening is quite straightforward.
  • SimpleBank – SimpleBank makes fee-free banking possible with no minimum balance requirement, no maintenance fees, and monthly fees associated with the account. You may enjoy transfers for free and also get the benefit of a free card replacement.
  • Charles Schwab – You may open a high-yield checking account with zero monthly fees, zero minimum balance, and no hidden fees. Like the others, here also, the process of account opening is quick and convenient.