Sezzle Review: An Updated Take on Buy Now, Pay Later
Sezzle is a buy now, pay later app that lets you purchase products immediately and pay for them over time.
Find banking solutions for bad credit
Discover your banking options. Learn how to open an account, minimize fees, and manger your finances.
How to open a bank account online with no deposit
Choose the right bank
Explore fintechs and online banks with no deposit requirements. Compare features via reviews.
Gather your information
Have your Social Security number, government-issued ID, and personal details ready.
Complete application
Fill out the online form with personal and financial information. Typically quick and easy.
Verify and access account
Verify your identity as required by the bank. Follow their instructions to access your new account.
Read the latest on banking
10 Irritating Bank Fees You Can Avoid
Most bank fees can be avoided entirely with a little strategic planning.
Can you open a bank account with bad credit?
You can open a bank account with bad credit. Most banks don’t consider your credit score. They may look into your ChexSystems report for past banking issues like overdrafts or unpaid fees.
What to do if you can't open a bank account? Consider second-chance bank accounts designed for people rebuilding their banking history. Look into prepaid debit cards or digital wallets as alternatives. These can help you manage money without a traditional account.
Do banks run a credit check when opening an account?
Most banks don’t run a full credit check when you open a checking or savings account. Many financial institutions will review your ChexSystems or Early Warning Services report. These reports track past banking issues like overdrafts or account closures.
You can open a checking account with bad credit unless your banking history shows serious issues. In that case, consider a second-chance account or a prepaid debit card as an alternative.
What you should know before applying for a new bank account?
Before applying for a new bank account, research the bank’s fees, minimum balance requirements, and account features. Some accounts charge monthly maintenance fees, overdraft fees, and ATM fees. Some offer accounts with no monthly fees if certain conditions are met, like setting up direct deposit or maintaining a minimum balance.
Consider the bank’s accessibility. Is it easy to access your funds and manage your account? Do they have a large fee-free ATM network? If you want physical branches, is there one near you?
Check if the bank reviews your ChexSystems report, especially if you’ve had issues with past accounts.?
If you are considering a savings account, consider the interest rates offered. Higher interest rates can help your savings grow faster.
Make sure the bank is FDIC-insured for added protection.
Frequently Asked Questions
Does opening a bank account affect your credit score?
Opening a bank account does not affect your credit score. Most banks do not perform a hard credit inquiry when you apply. Instead, they may check your ChexSystems report, which tracks banking activity, not credit history. Since this check is not reported to credit bureaus, it has no impact on your score.
Does closing a bank account hurt your credit?
Closing a bank account does not hurt your credit score because checking and savings accounts are not reported to credit bureaus. If the account has a negative balance or is closed with unpaid fees, it could be reported to ChexSystems. This may affect your ability to open accounts in the future.
Can bad credit affect opening a bank account?
A poor score does not impact your ability to open a bank account, but a negative banking history can. Banks often review your ChexSystems report, which tracks issues like overdrafts or unpaid fees. If your report shows frequent problems, you may be denied and need to look for a second-chance account instead.
Can I open a bank account without a credit check?
You can open a bank account without a credit check. The financial institution may check your banking history via ChexSystems or Early Warning Services. They will not conduct a credit check.
Can I get a bank account if I’m unemployed?
You can open a bank account if you’re unemployed. Most banks do not require employment. They may want you to show financial stability, which you can do through unemployment benefits, Social Security benefits, or any other form of financial support. Be sure to check the specific policies of the bank you are considering. Some accounts require an initial deposit or for you to maintain a minimum balance.
How long does it take to open a checking account?
Opening a checking account typically takes 15 to 30 minutes. Once approved, you can usually access your account right away. Some banks may take a day or two to verify your identity, especially if you’re opening an account online or have a complicated banking history.