No ChexSystems Savings Accounts

savings-account-that-does-not-use-chexsystems

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.

Online No-ChexSystems Savings Account

1. Chime Savings Account

The Chime Savings Account earns 0.50% APY on all balances. However, you’ll need a Chime Spending Account to be eligible for the savings account. The Chime Spending Account is free, along with the free savings account. Plus, applying for will not impact your credit score or ChexSystems record.

Chime Spending Account Details

  • No monthly maintenance, service, overdraft or foreign transaction fees
  • No minimum to open or maintain
  • Access to 38,000 fee-free MoneyPass® and Visa Plus Alliance ATMs
  • Free Chime Visa® debit card
  • Receive direct deposits up to two days early
  • No interest rate

Chime Savings Account Details

  • Save by rounding up every purchase to the nearest dollar
  • Automatically transfer 10% of every paycheck to your savings
  • No monthly fees
  • No minimum to open or maintain
  • 0.50% APY

Learn More


2. BBVA Bank Money Market Account

bbva-online-checkingThe BBVA Money Market Account does not earn much interest, however, they do not use ChexSystems to screen new accounts. BBVA uses EWS for new customer screening. With a BBVA Money Market Account, you can earn interest while having the same benefits of a checking account. Set-up direct deposit, pay your bills, transfer money, check your balances and deposit checks quickly with the mobile app.

BBVA Money Market Account Details

  • Less than $10,000 ⏤ 0.02%
  • $10,000 to $19,999 ⏤ 0.05%
  • $20,000 to $99,999 ⏤ 0.08%
  • $100,000 to $999,999 ⏤ 0.09%
  • $1,000,000 to $5,000,000+ ⏤ 0.15%
  • $15 Monthly Service Charge ⏤ To waive the fee maintain a $10,000+ daily collected balance per quarter or set up a $25 automatic, recurring monthly transfer from a BBVA checking account
  • Minimum deposit to open is $25

Learn More

 

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