4 commonly asked questions about opening a new bank account

Today, you no longer need to visit your local bank or credit union in person to open your first bank account. You can sit at home and apply for your first online bank account. Opening a new online bank account might intimidate you if it is your first time doing so. However, it isn’t as difficult as it seems if you know the right tricks.

If you are still confused about the procedure, read further and get acquainted with everything that you must know before you open an online bank account.

What must you decide before you open an online bank account?

• Firstly, you must decide what type of account you wish to open. If you want a bank account to pay your bills and write checks, then you must open a checking account. However, if your main aim is to save and build a fund that you can utilize in case of an emergency, opening a saving account is a smarter choice.
• Once you have decided on the type of account you want, you can compare the best banks and choose one that gives you the facilities and perks that you are looking for.

What do you need to open a new online bank account?

• After you choose the bank and the type of the account, you must start gathering all the documents that you will require to apply for the bank account. You will need to show an ID proof like a driver’s license or passport, along with other personal details like your date of birth, social security number, phone number, and email address.
• It is also important to decide who can have access to your bank account. If you have a partner with whom you share your finances, then you might want to get a joint account. People below the age of 18 will mostly need a parent or a guardian as a co-owner of the bank account as you need to be above 18 to sign the legal bank documents.

Do all the banks require you to make an initial minimum deposit?

• It all depends on the bank with which you are planning to open an account. Typically, you must make a minimum deposit of an amount that ranges from $25 to $100 to open a new bank account. The minimum deposit might be higher if you are planning to open an account which promises you high interest rates. If you are applying for your account online, then you can make the first deposit through your debit card, credit card, or net banking from another savings or checking account.
• However, today there are many banks that encourage people to open an account by offering free online bank accounts that you can open without any money.

Which are some of the top banks that offer bank accounts with no minimum deposit?

• While you are choosing a free checking account, you must make sure that you thoroughly go through the bank’s policies and are aware while you are signing up. While most of the free checking accounts offer you the usual perks, there are few gems that offer swoon-worthy features.
• There are free checking accounts that come with no deposit, no minimum balance, and no monthly maintenance fee, which makes them great for both individuals and for small business.
• Some of the top banks that offer checking accounts with no minimum deposits are Capital One, Ally Bank, Discover Bank, Charles Schwab Bank, Simple Bank, and First National Bank.

Opening a new online bank account is a huge financial step towards managing your wealth. So, don’t shy away from taking your own sweet time to research, do a comparative study, and to find a bank account that gives you the best perks. A great bank account will offer you the best interest rates as per the industry standards, low fees, and excellent customer service.

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