No ChexSystems Savings Accounts

As it becomes increasingly difficult for consumers with a Chexsystems record to open a regular checking account, a no Chexsystems savings account can be a good alternative.

Although there are alternative financial services for consumers without bank accounts such as check cashing stores, money orders or prepaid cards, these options are estimated to cost the unbanked up to $1,200 yearly according to the Federal Reserve Bank of St. Louis.

More importantly a check cashing store or prepaid card account does not afford consumers the opportunity to build wealth. It is very difficult to save money and build wealth or simply have a safety net for emergencies if you have nowhere to store your money.

Most savings accounts yield rates are not spectacular but they are better than just storing or loading money without yielding any interest. Online savings accounts typically have higher-yield interest rates due to the little overhead of having few, if any, local branches.

Below is are online no-chexsystems savings account which offer interest rates higher than the industry standard:

ING DIRECT Savings Account

The ING DIRECT Orange Savings Account does not run a Chexsystems report. Earn high interest. There are no maintenance fees and no minimum balance requirements. All of your money works to earn interest on your account. Deposits are FDIC–insured up to $250,000. Open a savings account in less than 5 minutes.

ING DIRECT Business Savings Account

The ING DIRECT Business Savings Account has a great interest rate of 0.50% APY. You can grow your business funds while enjoying no fees, no minimum balance and no service charges. All of your money goes to work for you. The Business Savings Accounts are available to sole proprietorships, partnerships, limited liability companies (LLCs), corporations, not-for-profits and small organizations and all accounts are FDIC Insured up to $250,000. Open a business savings account today.

ING DIRECT Kids Savings Account

Teach kids the benefits of saving with the ING DIRECT Kids Savings Account. The interest is the same as the regular savings account of 0.80% APY in addition to no fees, no minimum balance and online access so they can check their savings account regularly. Start a child saving today.