In this technological world it’s no wonder that more and more people are turning to the convenience offered through online banking.  Many reputable and well-known banks offer free savings accounts without deposits, but did you know that you could open a saving account without an initial deposit?  The answer may surprise you.  As more and more banks begin to offer online services, more and more banks offer free savings accounts without deposits.


When opening free savings accounts it is important to choose a reputable bank that meets all of your needs.  A few well-known and easy to access banks are Bank of America, ING, Chase and Citibank.  Consider how easy it will be to access those funds when considering a bank.  Will you be issued a debit card?  Are there local branches where you can go in person if needed?  Are there monthly or transaction fees involved?  These are important things to consider when opening your free savings accounts.

Opening a Saving Accounts

Once you’ve decided which bank is best for you, then you can move forward with the application process.  There are several things required to open a saving account without a deposit.  You will need your social security number, driver’s license number, a physical street address (no P.O. Boxes), a working phone number, your employment information (history), and usually two to three personal references.  You’ll also want a valid email address of an account that you check often.  Double check your application before you submit it for any errors.  The smallest error can result in a delay or denial of your application.  Once your application for free savings accounts without a deposit is approved, the bank will notify you via email.  Be aware that some banks will require a deposit within 30 days of opening free savings accounts.


Recurring Deposit Accounts?

Depending on the bank, you have a few different options when it comes to making a deposit in your free savings accounts.  The first and most common is direct deposit.  If your company offers direct deposit you can designate how much of each pay check is deposited into your saving account.  This is a surefire and easy way to save money, especially if you have a separate checking account for monthly expenses.  The second is bank transfers.  If you have another account at the same (or separate) financial institution you can set up a recurring transfer or a one-time transfer depending on your needs.  Finally if your bank has a local branch you can simply bring cash or check to be deposited during regular business hours.



If you choose to utilize the convenience of online banking by opening free savings accounts without a deposit you should consider basic internet safety precautions to protect your identity and money.  Keep your saving account without deposit information, login, and password in a safe place.  Never perform online transactions in a public place.  Be sure to have firewall and other anti-virus software on your computer.  By following these simple guidelines, your saving account without deposit will be a valuable asset.