No ChexSystems Savings Accounts

no chexsystems savings accountsAs 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 on a prepaid debit card 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 are Online No-ChexSystems Savings Account:

Capital One 360 Savings Account

The Capital One 360 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. No changing banks – 360 Savings is linked to your existing checking account. Access your account instantly from your smart phone or online and Join over 7.5 million Savers. Open a savings account in less than 5 minutes.

USAA Savings Account

USAA is a privately held financial institution that serves U.S. military members but, USAA’s checking and savings products are available to the public if a spouse or parent has military affiliation. You must apply online and USAA will establish your eligibility.

The account can be opened online in about 15 minutes and the minimum opening balance is $25.  You will need to make your initial opening deposit with an existing checking account or a Mastercard. They do not accept mail in deposits when you first open an account.

Below are some features of the USAA Savings Account:

  • Access your money instantly with Free ATMs nationwide
  • Qualified members can deposit checks from their smartphone or scanner with Deposit@Home® or Deposit@Mobile®
  • Access your money instantly with Free ATMs nationwide
  • Easy Deposit your checks through more than 2,000 select locations of The UPS Store® nationwide
  • Mobile banking, USAA app for iPad®, and online access make it quick and easy to check your accounts
  • Goal Planning Tools makes it simple to set realistic goals and take action to achieve them
  • Transfer to your USAA accounts from any bank account nationwide

USAA does not run Chexsystems or a credit report. Open your USAA Savings or Checking Account today!



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