The short answer is, yes. Banking today has been easier than ever, a process that involves tapping a few keys and voila! You’ve got a checking account. There are many banks that allow you to open a checking account online, a process that can come in handy if you have no time or if you find the actual task of going to a bank to personally open a checking account too demanding (which a lot of people do in 2018). So can you open a checking account online? Yes, you can do it from the convenience of your couch with the help of your smartphone or computer.

This article will provide you information about the process of choosing the right checking accounts and will compare offers from various banks. As you may imagine, there are many types of checking accounts and it is up to you to understand which one is the best for you.

There are a couple of things to consider before choosing the bank you’d wish to open a checking account with:

What type of online checking account do you need?

This is the first step – determining what you need your online checking account to do for you. You will find plenty of information on different banks’ websites: what kind of debit/ credit cards, online services, overdraft protection they offer. Your next mission should then be exclusively focusing on the cost of these banks’ services. You should check how much they charge for everything and find any potential hidden fee that you are not immediately aware of.

The type of checking account you need is very important. You should be aware of all the types of accounts out there. Are you eligible for a student account? Or is it a regular checking account and/ or a savings account that you need. If you are a student, a student’s account is ideal because most of them have very low maintenance fee. On the other hand, it wouldn’t make sense for a student to have a direct deposit checking account because these types of accounts are best suited for people with jobs.

You should definitely consider the services of an exclusively online bank. These are banks with no brick-and-mortar locations, everything is done online. Online banks often charge lower fees and can offer higher interest rates compared to more traditional banks on their checking/ savings accounts.

READ MORE ABOUT>> Online checking account interest rates

Banks that offer free checking account without deposits

Opening an account the traditional way (by physically going to a bank branch) can be devastating in terms of cost and fees as brick-and-mortar banks seem to charge a lot more fees than their online counterparts. One of the most popular (annoying) requirement is minimum deposits. So what can you do about it? Look for banks that offer you the option to open an online checking account with no deposits. This is a good way for teenagers, and many other people, to get cheap, reliable banking services at a lowered cost. You will find both online and brick-and-mortar banks with no deposits requirement.

Some of the banks that offer these services include:

  • Chase Total Checking
  • Go Bank
  • First National Checking

READ MORE>> How to open a free online checking account with no deposit

Free checking account banks

Don’t flush away your hard-earned money through regular maintenance and transaction account fees while you can find much better alternatives. There are quite a few banks that offer free checking accounts with no fees (and usually no deposits) such as the Capital One 360 Checking and Bank5 Connect High-Interest Checking. These banks can save you a lot of money. Some of these banks are:

Capital One 360 Checking

Capital One 360 comes with a lot of cool advantages such as a free debit card, online banking, mobile banking, overdraft forgiveness and access to over 40,000 ATMs across the US.

Its only setback is that it has a low APY for bank accounts with low amounts of cash. Accounts with $50,000 and below earn a 0.20% APY whereby those with $50,000- $99,999 earn 0.75% APY and those with over $100,000 earn an APY of 0.90%.

FNBO direct online checking account

This bank pays handsomely with a yield of 0.64% annually on all balances. There is minimum deposit requirement and their mobile application allows you to send money to friends and family at no charge.

But it does have one drawback: FNBO charge out-of-network ATM fees and charge heavy, daily overdraft fees in case you overdraft.

Bank of America Checking account

If you are looking for a more traditional institution and physical branches are important to you, Bank of America might be a good option. It offers two types of checking accounts:

Core checking: this is the basic checking account. It has a mandatory $25 deposit and a $12 monthly fee.

Interest checking: this type of checking account requires a mandatory deposit of $100 and a monthly fee of $25.

Opening an account with BoA is quite easy. You only need to go to their website and choose the type of checking account you need. You are then required to fill a bunch of forms: some personal identification and employer/ income information.

Different banks offer different services. You should, therefore, go through the information provided on different banking websites and check your options thoroughly. With every service, you will find (sometimes it’s well hidden) variety of fees. So make sure to read the small prints before opening a checking account with any bank. You should also go through different reviews (best if they are recent) posted by people about the banks you are interested by. These can be very valuable to ensure that you are putting your money in the right place.