In addition to checking accounts with many associated fees, there are many banks that require an outrageous minimum deposit amount in order to open an account with them. Luckily, there are banks that offer no minimum deposit checking accounts with little to no fees.
Having no minimum deposit to open a new checking account with a bank is risky for many major banks, so not many larger chains have this as an option for those looking to open a new account. Opening an account with no minimum deposit is a great option for those who may not have the best financial situation, but are looking to start organizing their finances.
Having no minimum deposit amount also helps those on a tight budget not worry about how much money they need to invest just to open a bank account.
No minimum deposit checking accounts also help people avoid any subsequent fees that may be associated with that checking account, such as being charged a fee for falling below a certain amount of money in your account.
As far as the cons of having a no minimum deposit checking account, the only outstanding con is the lack of brick and mortar establishments that offer this service.
Most no minimum deposit checking accounts are mainly online and require very little interaction with physical banks, and.
This can have both its benefits and setbacks depending on what you need out of your banking experience.
Before you go on the hunt for a no minimum deposit checking account, be sure to review your options, as well as the pros and cons listed above, and make the right choice for your financial needs.