Opening a bank account with no money may sound impossible, but that’s only because you haven’t looked into these seven ways to open a bank account with no money yet! From direct deposit accounts to prepaid debit cards, your options for an account when you have no money are many and varied. With any of these accounts, you can be confident that your funds will be safe from identity theft and fraud, and there are even options that let you earn money just by keeping your account open.
Apply for an Account at an Online Bank
Online banks typically have fewer fees than traditional brick-and-mortar banks, making them a good option for people looking to save money. Plus, many online banks offer sign-up bonuses when you open an online bank account. According to the experts at SoFi, “There are no fees on overdraft, account open, minimum balance, dormant account or regular maintenance.”
Try Using Direct Deposit Accounts
One way to open an account with no money is to look for banks that offer direct deposit accounts. When you have an active checking account, your employer can set up payroll checks to be directly deposited into your checking account.
Look for a Bank That Provides Student Accounts
One way to open a bank account with no money is to look for a bank that provides student accounts. This is because many banks will waive the minimum balance requirements for students.
Some Banks Will Provide You With Your First Account for Free
Banks are in the business of making money, so it’s not in their best interest to charge you for something you can get for free elsewhere. However, sometimes banks will provide you with your first account for free if they see that you’re just starting and don’t have much experience with banking.
Consider Using Credit Unions
Credit unions are often more willing to work with people who don’t have a lot of money to open an account. Institutions may offer starter checking accounts, which typically come with low monthly fees, and they might even give you a savings account without requiring you to make any deposits.
Look Into Peer-To-Peer Banking
Peer-to-peer banking, also known as P2P banking, is a type of banking where individuals can borrow and lend money without visiting a traditional bank. The best part about peer-to-peer lending sites is that they don’t require any credit history or income verification.
Work in Exchange for an Account
You can start by finding a bank that offers work in exchange for an account. This is a great way to get started without putting any money down.
Deposit $5 to Open an Account at the ATM of Your Choice
When you open an account at the ATM of your choice, you’ll need to deposit $5. This will give you access to your account and allow you to start using it immediately. Deposit as much as you can afford: The more money you put in, the more interest you’ll earn on your money.
Prepaid Debit Cards
A prepaid debit card is one option for opening a bank account with no money. You can use the card to make purchases and withdraw cash; the funds are drawn from your account balance.
The best way to open a bank account with no money is to find a bank that doesn’t require a minimum balance. One of the best options for people with no money is an online-only bank, which often has lower fees and higher interest rates than traditional banks.