How to Open an Online Bank Account With No Required Deposit

Since the advent of the Internet, online bank accounts offer distinct advantages to consumers who choose them over traditional financial institutions. Some of the most common advantages include no costly banking fees, as well as higher interest rates so that individuals can save their money and reach their savings goals at a faster rate. Open an online bank account with no deposit required to immediately begin taking advantage of these perks.

Difficulty: Easy

Instructions

Things You'll Need:

• Social Insurance Number
• Mailing address

1. Consult your local financial institution, such as your bank or credit union, to discover whether they provide online banking services. Many traditional banks are beginning to offer online banking as a service to current customers and may provide you with a bonus or added incentive for using their service.

2. Research your online banking options that don't require a deposit. Check major national banks such as Ally bank (formerly GMAC) and Bank of America. Review their offerings, noting their interest rates and whether they charge hidden fees. Compare these offerings with other banks on data aggregators such as BankRate (see Resources).

3. Select an online bank that offers no fees and the highest interest rates. Solicit a customer service representative for a paper application, or fill out an online application. You will need to provide personally identifiable data, such as your name, mailing address and Social Security Number. Upon submission, the bank will process your application. You will receive confirmation within 30 days.

Tips & Warnings

• Most Internet-based financial institutions allow you to open a bank account with no deposit required.
• Some online banks offer a high interest rate for an introductory period before dropping to a much lower interest rate.

Resources

• Compare Online Banks on BankRate