A savings account allows you to securely store money while earning interest over time. You can open free savings accounts online and manage them via automated phone lines for direct deposit verification and transfers. Here is some information on how to open a new savings account:
Account Selection
There are different types of free savings accounts that you can open, which are based on your needs. A minor savings account offers free online and mobile banking for teens and students. With a personal savings account, you can access a free ATM card. Your account is able to earn interest at a competitive rate, and the funds are accessible at any time. A premier money market account may offer higher interest rates with more flexibility.
Information Gathering
When opening a savings account, the bank needs your personal information to verify your identity; this information helps assess whether you meet the requirements for opening an account. Your personal details include your full name, date of birth, and contact information like your phone number and email address. An official form of identification, such as a government-issued ID or a driver’s license, is sometimes needed to verify your identity. The process is sometimes done online, so you may be able to scan the document and upload it.
Online Application Completion
You need to fill out an application form when opening a savings account online, so visit the bank’s website. Select the option to open a checking and savings account online, then select a branch location for your bank and the account type you need. Some websites ask for your social security number, physical address, and employment status. If you are employed, you should state the name of your employer; for self-employed individuals, you can provide your business name as your employer. You can choose to add a co-applicant or beneficiary to the account depending on your preference, which will determine the account ownership type, whether that be joint or payable on death.
To complete your account application, you must read the privacy policy and the account-specific disclosures. The bank needs to verify the information, and they may obtain your credit report. For an individual account ownership, typically only the named depositor is able to write checks for the account or withdraw funds. Once you acknowledge this information, you may be able to use electronic transactions. Read through all the permissions needed by your bank and submit your application.
Account Access
Once your application is verified and approved, the bank might ask you to make an initial deposit depending on your account type. Inquire if you are able to complete the deposit electronically or by visiting the bank’s branch in person. The first deposit may activate your account, allowing you to start managing your savings. Ask if your bank provides instructions on how to enroll in online banking, where you can monitor your balance and set up e-statements.
Learn More About Free Savings Accounts
For those who require assistance to set up an account, they may call the bank. Inquire if free savings accounts have no monthly service charges and provide access to free internet banking. Contact a reputable bank to learn more about their services.
