Open a bank account online with ease and make money management simple. A bank account is a strangely with a bank that enables you to keep your money in the bank and do transactions. Read on to know how to open a bank account online with zero balance in the USA.
Key Takeaways:
- How Bank Account Works
- List Of Banks You Can Open A Bank Account Online For Free In the USA
- How To Open A Bank Account Online With Zero Balance
What Is A Bank Account?
A bank account is a financial account maintained by a bank or other financial institution whereby a financial transaction between the bank and the customers is recorded.
Each bank or financial institution sets the terms and conditions for each type of account.
A customer can open more than one account.
Types Of Bank Accounts
Below are the different types of bank accounts and their functions.
1. Savings Account
A savings account is a regular deposit account where you earn a minimum rate of interest.
The number of transactions you can make is limited because it has a particular age for such an account opening.
2. Current Account
It is a deposit account for traders, business owners, and entrepreneurs who make and receive payments often.
It holds more liquid deposits with no limitations ta o number of transactions per day.
Unlike savings accounts, current accounts enable overdrafts (withdrawing more than what is currently available in the account).
It has zero interest and to operate it you must have a minimum deposit into the account.
3. Fixed Deposit Account
It enables you to earn a fixed rate of interest for keeping a certain amount of money locked in for a specified time (until it matures).
The fixed deposit ranges between a maturity period of seven days to 10 years and the rate of interest you want varies depending on the tenure or term.
It does not allow premature withdrawal though some banks do, which accrues a lower interest rate.
4. Salary Account
It is the account where the salaries of every employee are credited at the beginning of the payment flow.
Reimbursement and allowances are credited to the salary account.
The Advantages Of Opening A Bank Account
Generally, having a bank account keeps our money and properties secured with no disturbance of theft.
It facilitates transactions and makes them easier to rectify.
Below are some of the advantages.
Collects Money: Bank can collect the customer’s money as salary, pension, and dividend, and deposit it into the customer’s bank account for security.
Streamlines Transactions: Having a can’t account makes it easier to conduct transactions, including business transactions beyond our region.
Offers Loan: Having a can’t account enables you to obtain over raft loans and other types of loans to support your emergency needs.
The Disadvantages Of Opening A Bank Account
The downside of opening a bank account is the fee involved which includes:
Payment Fee: Every transaction made from your account requires additional fees. The many numbers of transactions you make a day may deduct huge amounts of money from your account.
Maintenance Fee: There is always a fee charged to maintain your credit card. It may affect the money in the account. However, the bank borrows the maintenance fee if there is no money in your account and takes it when you deposit money.
How Bank Account Works
A bank account saves money and enables easy transactions.
A customer may open more than one account. Once the account is opened and funded, the financial institution takes a record of every transaction made with the account.
The financial transactions that occur on a bank account within a specified period are reported to the customers on a bank statement which defines the financial position of the user with the institution.
The List Of Banks You Can Open A Bank Account Online For Free In the USA.
The banks that allow opening accounts online for free in the US are discussed below.
1. Axos Bank
Axos Bank offers free online account opening and provides easy access to your funds-full-service banking and personalized services to help with your evolving needs.
2. Bank Of America
An American multinational investment bank and financial services that open free online bank accounts.
It was founded in 1998 and offers mutual funds, private equity, online banking, etc.
3. Alliant Credit Union
With Alliant Credit Union you can open a bank account online. It also provides credit cards, award-winning savings, checking accounts, and loans.
4. Ally
It was founded in 2009 and is a subordinate of Ally Servicing LLC.
With this bank, you can open a bank account online through the direct bank, mortgage loans, corporate lending, etc.
5. Citibank
It is the basic U.S banking subsidiary of Financial Services Multinational Citigroup, founded on 16 June 1812.
It supports free online bank account opening and gives credit cards, mortgage loans, personal loans, commercial banking, etc.
6. US Bancorp
US Bancorp is an American bank company that provides online banking, mortgage, investment, and other financial institutions.
It process and issues credit card transactions for petty credit unions and banks across the U.S.
7. Chase Bank
Chase Bank is a U.S bank that offers online bank account openings with a net income of $42.12 billion in 2022.
It has $3.31 trillion in assets (2022) which makes it the largest bank in the U.S with its various branches.
8. BayVanguard Bank
It is another financial institution that offers online bank account openings.
It was founded on 9th January 1873 and deals in the money market, commercial lending, certificate of deposit, etc.
9. Chine Bank
It provides online bank openings to assist customers to get ahead by facilitating money management.
It was founded in 2012 and has made total assets of $5.8 billion with $200 million in revenue in 2019.
10. Altamaha Bank
Altamaha Bank is a financial institution founded in 1977. It serves the needs of customers and businesses including cash management and online bank account opening.
Requirements To Open A Bank Account Online In the U.S.A
Open a bank account online is easy but there are certain criteria to consider which include:
Age: The customer must be 18 years and above.
You must provide your Social Security Number.
ID: The photo of your valid government-issued IDs such as a driver’s license, state or military ID, or Passport is required.
Minimum Deposit: You must have a minimum deposit of $25 to activate your account once the application is approved.
How To Open A Bank Account Online With Zero Balance
Zero balance means having no Initial deposit when you open a bank account.
However, to open a bank account online with a zero balance is streamlining-takes only a few minutes.
Here are the 2 ways to open a bank account online with a zero balance.
1. Decide On The Account
Before you open an account online, you have to conclude the type of account to open, whether savings, current, single or joint. It makes the process faster.
2. Fill Out The Application Form
Provide accurate information about yourself such as:
- Your Name
- Date Of Birth
- Contact information
- Address
- Occupation Status
- Marital Status, etc.
Thereafter, submit the form and get the account opened after approval.
Read Also:
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How To Build Credit Without A Credit Card (2022 Guide)
How To Accept Credit Card Payments In 7 Simple Ways
Conclusion
To open a bank account online with zero balance in the U.S is as easy as another account opening. Only provide accurate information about yourself to any U.S bank that enables online account opening with zero balance and get your bank account opened and active.
FAQs
Here are discussed some of the commonly asked questions about how to open a bank account online with zero balance.
What Bank Will Pay Me To Open An Account?
Citibank pays $2,000 to customers who open an account with them.
Can We Open Bank Account With Zero Balance?
Yes, you can open a bank account with zero balance by visiting the bank’s access point.
Can I Open Zero Balance Account In Axis Bank?
Yes.
Axis bank provides a zero-balance account to any customer that wants to open a zero-balance account.
What Bank Is Easy To Open Online?
HDFC bank is easy to open an account online.
Can I Open A Bank Account Totally Online?
You can open a bank account online within a few minutes unlike opening in the locality.
You can learn more from the video below:
About Author
- I am a writer and researcher, a practical digital marketer, and a copywriter who communicates value to a society based on years of experience and knowledge in the field.
