8 easy-to-join banks

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There are thousands of banks in the US to choose from. Deciding which bank to join often depends on how easy it is to join. Online accessibility and minimal requirements for signup are key attributes of banks that make it easy to become a member.

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SuperMoney Content Director Andrew Latham said: “But if you’re looking for a bank that allows you to join online, doesn’t require a minimum deposit amount, and can offer a second checking account to someone with a checked banking history, look no further than TD Bank, Chime, United Bank, etc. Consider bank sync.”

Here’s what Chime, TD, United and Synchrony are looking for in their next member.

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chime

chime¹ Probably the easiest to join. New members simply enter their basic information online (first name, last name, email address, social security number) and voila!

TD Bank

To sign up for TD, users go online and enter basic information such as driver’s license number and state ID. You will also need to open an existing bank account to transfer funds.

More information: How to avoid common bank charges and fees

united bank

United Bank has the same requirements as TD. To open an account online, you will need basic information and a driver’s license or state ID. It also requires an initial deposit of just $50.

synchrony

In addition to providing basic information online, Synchrony requires prospective members to make an initial deposit of $100.

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In Latham’s view, the main reason these banks are the easiest to join is because you can open an account online with little to no minimum deposit. No starting deposit means you don’t need an existing bank account to transfer funds, making the process quicker.

“Also, they don’t offer second-chance checking accounts or check ChexSystems reports before opening an account. disqualification is not normal.”

Latham said that when Congress approved the coronavirus relief package in December 2020, it was the government that allowed people who previously had no accounts to open accounts and fund in economic impact payments. , TD, Chime, United, Synchrony, etc.

“The sign-up process varies slightly from bank to bank, but all require your name, social security number and email,” Latham said. “In some cases, like Chime, this is all the information you need to open an account.”

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These four banks aren’t the only ones considered easy for financiers to join.As Saqib Iqbal, editor of financial site SafeTradeBinaryOption, noticed that four other banks had even easier sign-on processes. Iqbal notes that Chase, Axos Bank, Ally and Wells Fargo are the easiest to join.

chase bank

Chase will ask users to provide basic information, two types of photo identification, and a utility bill with current address information. The minimum deposit amount (and whether you have to provide it) varies from bank to bank. Iqbal rates this bank as an easy bank due to its abundance of branches and the fact that it is the largest of the US financial institutions.

Learn: How to open a Chase checking account

Axos Bank

Axos is a completely online bank with no physical stores and requires all basic information and an initial deposit of $250. This is certainly a more “expensive” account to open, but its online-only nature makes it very compatible with the needs of digital natives.

Ally

Proclaiming it takes less than 5 minutes to open an account, Ally asks for all the fun basic information you know for sure by heart, and no opening deposit is required.

wells fargo

In addition to basic information, Wells Fargo requires new members to make an initial deposit of just $25.

See: How to Open a Savings Account: A Step-by-Step Guide

Online features make everything simple

All the banks making the most accessible list advertise their online banking capabilities. Enhanced digital and mobile access are key selling points for consumers today. Especially as the pandemic has increased the demand and adoption of online banking.

“While the pandemic did not create a demand for online-only banking, it has certainly facilitated the process in ways that have transformed the way financial institutions interact with their customers,” Latham said. “In the past, online banking was a nice-to-have feature. Social distancing, stay-at-home orders and health concerns have made it necessary. , but now people of all ages are making the transition.”

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This article was updated on May 2, 2022 to include additional disclosures from Chime.

¹Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, NA, Member FDIC. Chime Visa® debit cards are issued by The Bancorp Bank or Stride Bank under license from Visa USA Inc. and can be used anywhere Visa debit cards are accepted.