Best Bank Accounts 2020 – 4 Best Bank Accounts with No Minimum Deposit and No Monthly Fees

Looking for the best Bank Accounts 2020? You’ve come to the right place. In this video, I share my top 4 bank accounts. These banks all have checking accounts, savings accounts, no opening deposit, no minimum balance requirements, and one of the list has absolutely no fees. You can truly bank for free using the banks on this list.

Hey you today we’re going to be talking about bank accounts i did a video of my top five online savings accounts and you guys loved it i also got a comment requesting me to do a video on my top picks for bank accounts in this video i’m going to go over my top four so if you are interested in getting the most out of your bank then stay tuned welcome to healthy wealthy

Skinny where we focus on the steps to help you live a healthy wealthy and skinny life i’m sean and if you are ready to start thriving and not just surviving go ahead and hit that like button smash that subscribe button and at the bell icon so you get a notification every week when i drop a new video and don’t forget to stay on to the end because as always i’ve got

Something special for you so let’s jump it to the content for today today we’re going to be talking about bank accounts and by bank accounts i mean checking accounts savings accounts and then some other features that these banks might be offering i’m going to give you my top four picks but before i jump into my list i want to go over a term that i’m going to be

Using a lot in this video and that is ap y and ap y stands for annual percentage yield ap y refers to the amount of money or interest that you will earn on your money in one year now let’s break down what ap y really means to you let’s use a sample a py of 1.5% if you have a bank account with an ap y of 1.5% that means for every $100 you have in your account you

Will earn one dollar and 50 cent per year if you have $5,000 in your bank account you will earn 75 dollars per year now this might not sound like a lot of money but earning interest on a bank account is really free money it’s money that you get for doing absolutely nothing now that we’ve got ap y squared away so you know how interest is calculated let’s jump into

My list all the accounts to my list have certain things in common they are all fdic insured and they all have strong online and mobile platforms as most of these are online banks another great thing about all of the banks of my list is they do offer both checking and savings accounts i think all the banks on my list are pretty awesome but i did try to rank them i’m

Going to start with bank number four and then do a countdown to the number one bank on my list so let’s get started number four on my list is chime chime is a fairly new establishment it was established in 2013 they’re based in san francisco california however they do not have any physical branches chimes banking services are provided by the bankrupt bank bankrupt

Bank provides private label banking services and they work with a lot of reputable financial companies and one of those companies is paypal so let’s take a look at chimes website here are my list of pros for chime they have no overdraft fees there is no minimum balance requirements and there’s no minimum balance to open an account there are no monthly service fees

Or no foreign transaction fees there are no transfer fees and you have free access to over 30,000 atms china also has an automatic savings feature that allows you to round up your purchases and that extra money goes directly into your savings account which is pretty awesome and chime also gives you a free debit card now we can’t have pros without cons so let’s

Go through a few cons that i have on my list for chime number one is that they have no physical branches now if you like me that’s not a big deal because i do not like going to a physical bank i’d rather do all of my banking online or with my smart phone another con for chime is that they have no interest on their checking account and you’ll see why this is a con

When i go through some of the other banks on my list and then when it comes through their savings account that a py on their savings account is pretty low which is similar to a lot of the larger banks and makes time not very competitive in their area with the other three banks on my list if you want to know more about chime and check out some of its features and

Get more details i will leave a link to the chyme website in the description next on my list is a lie bank and ally bank is one of my favorites even though it’s number three on my list it’s the bank that i actually use i love their online high-yield savings account and their customer service is awesome so let’s jump over to the ally website on my list of pros for

A life first up is no monthly maintenance fees that is awesome you can bank for free using ally ally has a zero minimum dollar opening deposit and a zero dollar minimum you do not have to keep a certain amount in your account to bank free with ally the apy on the allied checking account is slightly higher than traditional banks if your daily balance is less than

Fifteen thousand dollars then your apy ally will be 0.2 percent if you keep a daily balance over fifteen thousand dollars then your api a light will be 0.5% like i mentioned ala offers a high-yield online savings account and the apy for that account is 1.5 percent which is pretty good this apy is variable it is a little low right now but that can change when i

First started with ally it was a lot higher also on my list of pros for ally is that they are a full-service bank you’ve got checking savings there’s also an investment platform they also offer mortgages and car loans with ally you can use any allpoint atm for free in the us and a light also supports sale for easy transferring of money that was a lot of pros but

I do have a few cons on my list for a life just like chime allied does not have physical locations again this is not a very big deal for me but it might be for you so i wanted to point it out con number two is that you cannot make cash deposits with a lie there are a number of ways that you can get money into your ally account but cash is not one of them so some of

The things you might be able to do is transfer money from another account using zel or you can cash checks electronically using their smart phone app and of course you can use direct deposit so this column may or may not be a big deal to you depending on how much you utilize cash and then finally ally does charge a twenty five dollar overdraft fee i do have banks

On this list that do not charge anything for insufficient funds or overdraft so i did have to mention that as a con for a lie if you want to know more about ally bank i will leave a link to their website in the description number two on my list is a very popular bank and it is capital one let’s check out their website some of the pros on my list for capital one is

That their 360 account has no fees there are no monthly maintenance fees and the minimum opening deposit is zero there are no monthly minimums and no foreign transaction fees the apy on the capital one checking account is slightly larger than traditional banks at point two percent and just like ally bank they do have a high-yield online savings account and the api

For their savings account is 1.5 percent at the time of the recording of this video and just like with their checking account they have no monthly maintenance fees on their savings account and no minimum opening deposit and no random fees with capital one you have access to over 39,000 all point atms that you can use for free and you get a free debit card one big

Difference then the other two banks that i’ve talked about so far chiming ally is that capital one does have physical locations they call them capital one cafes and you may have seen the commercials for these fairly recently but they look pretty cool on tv although i’ve never been to one unlike ally capital one does allow you to do cash deposits because they do have

Physical locations and they do support sale so for those reasons although i really love ally capital one came in at number two on my list when it comes to the cons for capital one i only have one on my list and that is that they do charge overdraft fees but they give you a few ways to avoid those and you can find out about those on their website i will leave a link

To it in the description and now we’re at the number one bank on my list and that is discover bank i’ve been hearing so much about discover bank lately and even got a few comments on my online savings account video as to why i didn’t mention discover and discover is pretty good it just did not make the cut in that video because i was only doing five but discover

Bank is awesome if you look at discover as a bank overall it is superb so let’s jump over to their website let’s go through my list of pros for discover bank there are no monthly fees on any account discovery we’re not charging any insufficient funds fees or overdraft fees and that is huge there’s also no minimum balance for having a discover account so really you

Were truly banking for free with discover discover gives you a free debit card like the other banks on my list but they give you one percent cashback up to three thousand dollars on all of your purchases with your debit card this is awesome if you’ve been around this channel for a while you know i love cashback i talk about a lot of cashback apps and i’ll leave

A link to that video above me in the card but cash back is great i don’t like leaving any free money on the table so i absolutely love cashback so with discover anytime you use your debit card you are getting free money up to three thousand dollars every month like i mentioned earlier discover does have a high yield savings account and the apy for that savings

Account right now is 1.4 percent with discovery you have access to over 60,000 atms and discover also supports sale for easy transferring of money the only con on my list that i have for discover is that you can’t make cash deposits you have to put money into your account using some of the other methods that i talked about earlier in the video meaning you can

Have direct deposit or you can use sale to transfer from other accounts so there you have it my list of the top four bank accounts there are other great accounts out there but for my list i want to focus on those that had very little or no fees that had high interest savings accounts no minimum opening balances and i have both a checking and a savings account and

Based on those qualifications the list that i’ve gone over are my favorites do you have any banks that you love that i did not mention in my list i would love for you to drop those in the comments tell us why you like them and some of their features and i may even do a follow-up video so i can share any standout banks that i did not cover in this video so now i

Want to give a special shout out to carey’s theories carrie reached out to me and asked if she can design some hws t-shirts and send them my way i thought that was an awesome idea i want to say thank you to carry your work was awesome and i’m going to be showing you guys some more of her t-shirt designs and some following videos i would love for you guys to look

In my description and click on the link and check out carrie’s instagram and look at some of her services again thank you so much carrie and i thought it would be really cool to feature any products that you guys would like me to feature so if you have something that you’d like me to show go ahead reach out to me using my email address i’ve got it down in the

Description and i’d be happy to feature your work now at the beginning of this video i promised you a special gift for watching it to the end and we are at that point if you look down in the description you’ll see a special link click on it give me your email address and i’ll send it your way but before you do that i’d like for you to watch this video right here

Because i chose it especially for you i’m gonna meet you over there and i’ll see you in the next video bye

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Best Bank Accounts 2020 – 4 Best Bank Accounts with No Minimum Deposit and No Monthly Fees By Healthy Wealthy Skinny