Free Savings Account General Information

These days, more and more people are relying on the convenience provided by Internet banking; it is difficult to find a respectable bank without a ‘free savings accounts’. But, did you know that you could open a savings account without having to open a current or primary account? More banks are now offering the benefit to the general population to open a savings account without a deposit; many of these extra services are thanks to the internet and online banking. Until recent years this was not possible and in order to open a savings account, a primary account was needed, in some cases your salary needed to be paid into your primary account.

In order to enjoy the benefits of both worlds (free saving accounts plus a good interest rate) you must open the account in a well-known and reputable bank that suits all your needs – there are many but the more recognized around the world are Citibank, ING and HSBC. Another important consideration when selecting the bank of your preference is to identify how straightforward the process to open, transfer and access your funds is; you don’t want to open an account and then find out that you cannot move your funds for an specific period of time.

There are many answers you need to find before making your final decision – will they be issued a debit card for you? Where is your nearest branch? Do they charge a monthly maintenance fee? Although these questions are quite important, they are normally overlooked by many people and sometimes are not brought up to your attention by the bank officer you are dealing with; that is if you are not opening an online saving accounts of course. Once you have chosen which bank is the most appropriate one based on your particular requirements then you may proceed with the opening of your saving bank account.

Standard Requirements

The requirements to open a savings account will vary from bank to bank and in some cases from one branch to the other; however, the most essentials are your driver’s license or passport, your social security number, proof of your current residence and if you have not lived there long enough you might have to present proof of residence from your previous home; some banks might also ask you for proof of income (salary slips or tax details) and in some cases, two or more recommendations. Additionally, if you are opening an online account you will have to provide an email address as well as an account that you access on a regular basis.

It is highly recommended to review your application several times before you finally submit it just in case there are errors; even the slightest mistake might be enough to deny or delay your application. Once your free savings account with no deposit is finally approved you will receive an email; but be aware that some banks might ask you to deposit some money into the account within a specific period of time which could vary between 30 to 60 days.