Open a Checking Account Online for Free: What to Consider?

In today’s fast paced environment, people have full plates and don’t have a lot of time to spare. When you are pressed for time and cannot actually visit the bank for setting up an account, there is no need for you to worry. Why? This is because the internet provides you with solutions for everything. Thus, you can also open a checking account online for free. A number of popular banks give you this option and once you to open a checking account online for free, you can request the bank to send you a debit card.

Is it easy to open a checking account online for free?

In most cases, you don’t have to deal with a lot of hassle when you decide to open a checking account online for free. But, there are some considerations that still have to be made. It should be noted that not every bank is going to waive the fee associated with checking accounts. Therefore, doing your research can make a lot of difference when it comes to opening a checking account.

Considerations to make to open a checking account online for free

The things that you need to consider when you want to open a checking account online for free are highlighted below:

Determine the features you want from your account

• Checking accounts can be found in a wide variety of sizes and shapes. You will find the average expenditure account to the high-interest investments for those who deposit frequently. Before you look for a bank to open checking account online for free, you will have to consider the following:
• If you are a student: Lots of banks enable students to pen a checking account online for free because they know that students don’t have huge funds. In fact, even after your student status has expired, some banks will extend the usage of the account to another year.
• If you want to accrue interest: Most of the banks that provide interest only do so when people maintain large account balances. Since some people consider it a risky endeavor to deposit and hold large sums of money in their account, they can opt for a savings one.
• If you don’t have a problem with an online-only bank: As opposed to brick and mortar banks, it is mostly online banks that enable you to open a checking account online for free. Make sure that you don’t have a problem with signing up with an online-only bank as these will not have any branches that you can visit.
• If your job offers direct deposit or not: Some banks allow you to open a checking account online for free when your checks are directly deposited into the account by your employer. If your job gives you the option, you will have no problem in doing so.

Look for banks with little or no fee

Many people prefer to open their accounts with a local and convenient branch, these banks have very high monthly fees, maintenance fees, ATM charges and a plenty more charges for covering their own expenses. It is highly unlikely that they will allow you to open a checking account online for free. It is best to search for online-only banks as they will charge little or no fee for the following services:

• Minimum balance maintenance: A monthly fee is typically charged by large banks if your checking account’s balance is less than a certain amount. If you have no plans of maintaining a specific balance in your checking account, it is best to look for banks that don’t have any maintenance fees. A number of student accounts meet this criteria.
• ATM withdrawal: There are some banks that will charge you for every ATM withdrawal, especially those that are non-local or obscure. Likewise, if you use your bank’s card in the ATM of a different ATM, then also a fee might be applicable. Look for banks that don’t have any ATM charges as it only increases your cost.
• Maximum number of transactions: Why do you want to open a checking account online for free? It is mostly because you want to spend money so it is a good idea to avoid banks that charge a fee after a certain number of transactions in a month.
• Overdraft: Overdrawing your checking account can incur a fee in some banks. Look for a bank that provides overdraft protection so you can avoid these unnecessary charges.

Cut down your bank options

After you have eliminated banks that have unwanted attributes or high fees, you can consider the remaining options to open a checking account online for free. In order to figure out the best one, you should consider the following:

• Check their reputation: You can take advantage of the internet to check the reputation of your bank options. Take a look at customer reviews and any relevant news articles. If the bank you are considering has negative reviews or poor press, it is best to avoid it.

• Read the fine print: Never open a checking account online for free with a bank without reviewing their policies. You don’t want to be surprised about any hidden charges or fee later on just because you didn’t read the fine print.

• Consider work-based incentives: There are cases where your job may provide you with the option to open a checking account online for free or getting an increased interest rate with a particular bank. Take a look at your company’s policies to see if they have any such offerings and take advantage in case they do.

• Check for mobile support: It has become extremely important for people to be able to access their account on the go, particularly when there is an emergency. Therefore, you need to open a checking account online for free with a bank that offers mobile app support for your convenience.

These are some of the vital considerations that you need to make in before you decide to open a checking account online for free in order to make the right decision for yourself.