If you are in one of the 7.1 million U.S. households without a
bank account, and you are looking to open an account, there are
resources available to help you get started. Banking relationships
generally begin with a checking or savings account and may lead to
low-interest loans and mortgages.
Many FDIC-insured banks offer accounts with low (or no) monthly
maintenance fees when you have direct deposit or maintain a
minimum balance. They may also offer free access to in-network automated teller machines (ATMs). And, your deposits are insured up to $250,000. Learn more about the top reasons to open a bank account.
A “checkless” checking account could be a good option if you are
thinking about opening your first bank account. With a checkless
account, you can make purchases with a debit card instead of
writing checks. As an FDIC-insured bank account, a checkless
account may allow you to access your account and pay your bills
online or using a mobile app. Checkless accounts typically
enable customers to avoid spending more than the amount
available in the account, which means if there is not enough
money in your account to cover a transaction, the transaction
will not go through and you will not be charged a fee.
Many FDIC-insured banks have options to open an account online.
You can also schedule an appointment to open an account
in-person at your local bank branch.
Banks offer many types of accounts and programs, so there is
likely one that can meet your specific needs. This checklist can
help you choose the best type of account for your individual
Find a Bank
The FDIC’s BankFind tool can help you locate an FDIC-insured bank in your area. In
addition, the following organizations have compiled lists of
banks that offer accounts that can be opened online:
FDIC is collaborating with financial institutions, local government,
and community organizations in select cities to raise awareness of
the benefits of bank account ownership. These ads and radio spots
are helping unbanked consumers take action to open accounts.