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.
Stop 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
BBVA Money Market Savings Account. BBVA pays a higher National Savings Average. Customers earn .85% interest compared to bigger banks like Bank of America and Chase which offer customers 0.01% annual percentage yield. BBVA requires a $25 minimum deposit to open but you are not required to maintain that balance once the account is open. With no monthly fees and no monthly balance requirements to earn .85% interest you cannot go wrong with BBVA. Set-up direct deposit, pay your bills, transfer money, check your balances and deposit checks quickly with the mobile app. Open the BBVA Money Market Savings today.