How to Open Free Checking & Savings Accounts
- 1). Visit banks and bank websites to gather information about free checking and savings accounts. Look for accounts that are advertised as "basic," "standard" or "online only," as they are most likely to be free.
- 2). Carefully read each account's terms to ensure it will be free of charges. Some bank accounts will charge a fee if your balance drops below a particular minimum. Make sure you can keep enough money in the account to avoid this fee. Many checking and savings accounts also have account maintenance fees, which are waived if you sign up for direct deposit. However, if you are unemployed, self-employed or otherwise don't receive a paycheck (and therefore can't receive direct deposit) you will be charged monthly.
- 3). Choose the account that best meets your needs. Fill out an application online or in-person. Have the required initial deposit and identification or other proof of address ready when you apply.
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