Under the Bank Secrecy Act, banks and other financial institutions must report cash deposits greater than $10,000. But since many criminals are aware of that requirement, banks also are supposed to report any suspicious transactions, including deposit patterns below $10,000.
You'll need a government-issued ID and some basic information, and you might have to deposit $25 or so to get started. Whether you apply for a bank account online or in person, you'll need a government-issued ID and personal details, such as your Social Security number, on hand.
Chase Total Checking is a basic checking account. The monthly service fee for a Total Checking account is $12, but there are ways that you can get that service fee waived. Total Checking requires a minimum deposit of $25 to open an account.
Processing your application and issuing your account number could take a day or two. And you may have to wait seven to 10 business days to receive a debit card and some account information in the mail. If you'd prefer to open an account in-person, the process may take much longer (i.e. 30 minutes to an hour or more).
Banks and credit unions are required to verify your identity when you apply to open an account. If you don't have a driver's license, ask what other types of identification will be accepted. The most common way to verify your identity is with a driver's license.
You can speak directly with a bank representative at one of the branch locations. If you have the account number, the representative can verify if the account is active. Most banks also require you to bring an identification card, like a driver's license or state ID, to verify your identity.
You can open your Axis ASAP account within a few minutes using your Aadhaar & PAN details & you receive your account number immediately. ASAP customers can choose from any of Axis Bank's 4000 branches in India. Axis ASAP comes with a complimentary virtual debit card.
You can open a bank account in person by visiting the branch, or you can do it via phone or online – you'll still need to provide the above details, but you might still have to visit a local branch so they can make copies of your documents.
The best checking accounts of January 2021
| Checking account | APY | Next steps |
|---|
| Radius Bank Rewards Checking | 0.10% to 0.15% APY | Learn More |
| Axos Rewards Checking | Up to 1.25% APY | Learn More |
| Chime | None | Learn More |
| Alliant Credit Union | 0.25% APY | Learn More |
Top Bank Account Promotions (January 2021)
- TD Bank Beyond Checking℠ – $300 Cash Bonus.
- TD Bank Convenience Checking℠ – $150 Cash Bonus.
- Chase Total Checking® – $200 Bonus.
- HSBC Premier Checking – Up to $600 Cash Back.
- HSBC Premier Checking – $450 Welcome Offer.
- HSBC Advance Checking – Up to $240 Cash Back.
For a well-rounded current account that uses digital banking, Starling Bank is your best option. Their accounts offer a wide range of features, including in-credit interest, overdrafts, savings goals and fee-free spending abroad.
You'll need to meet the minimum balance requirement (and then some). Most traditional offline banks require you to maintain a minimum account balance to avoid monthly service charges. These typically range from $100 to $2,500 (though most are much closer to the lower end).
10 Free Online Bank Accounts You Can Open With No Deposit
- Ally Bank.
- Axos Bank Essential Checking.
- Betterment Checking.
- Capital One 360 Checking.
- Chime.
- Discover Bank.
- Navy Federal Credit Union EveryDay Checking Account.
- State Farm Bank Standard Checking.
Summary of Best Free Checking Accounts
| Bank/Institution | NerdWallet Rating | Monthly Fee |
|---|
| FNBO Direct Online Checking Read review | 5.0 /5 | $0 |
| Schwab Bank High Yield Investor Checking® Read review | 4.5 /5 | $0 |
| Discover Bank Cashback Debit Read review | 5.0 /5 | $0 |
| Capital One 360 Checking® Read review | 4.5 /5 | $0 |
Best no-fee checking accounts
- Best overall: Capital One 360® Checking Account.
- Runner-up: Ally Interest Checking Account.
- Best for rewards: Discover Cashback Debit Account.
- Best for out-of-network ATMs: Alliant Credit Union High-Rate Checking Account.
- Best for students: Chase College Checking℠ Account.
