First of all, what is a bank account? A bank account, basically is a contract between you and the bank in which the bank is made accountable for safekeeping your money. Your money is always available to you at any moment.
Secondly, why do I need a bank account?
- Your money is kept in a safe place (the bank).
- It allows you to make all kinds of transactions easily. Some of these are: payments, cash withdrawals at ATMs, and even receive your salary directly into your account.
- It allows you to make all kinds of transactions online, meaning you won’t have to leave your house and physically go to the bank to pay bills, deposit, or receive money.
- Your money is protected in any case something happens to the economy or the bank: US government has an insurance called the FIDC which will cover up to $250,000 in every account in case something happens to the bank and your money.
Now that you have a better idea of what bank accounts can be used for, we will explain what the different types are, and which of these is best suited for you depending on your particular situation.
Bank accounts with minimum balances from:
Return of interest for your savings up to:
Bank account options in our network:
How to open a bank account?
When you’re done shopping around for the best bank accounts for latinos in the USA in 2021 and are feeling ready to open one, you’ll find two options depending on the bank or institution you pick.
- Go the bank in person and speak to a teller who will help you set it up, or
- Opening it on your own by doing it online.
Keep reading to find out how to do this and what the requirements are to open your account both in person and online.
a) Creating your bank account online is free
Going to the bank in person is challenging most of the time. Their limited business hours make it hard to make it in the first place, and when you do have time, they’re usually packed full. This is why more and more persons are choosing to choosing to create their bank account online as it is often the most comfortable and time efficient way to go about it.
The requirements to open your bank account online, or in person, depend on the type of account and the bank or institution you pick. However, most of the times the general requirements are the same. These are:
b) Requirements to open a bank account
- Picture ID that has been emitted by the government of your country such as: passport, driver’s license, or any official document that proves your migratory status like a work or student visa.
- Valid Social Security Number, or Individual Taxpayer Identification Number (ITIN)
- Proof of Address. like copies of public services bills (electricity bill, phone bill, etc.), internet invoices, or any type of rent contract.
Make a deposit to activate the account. Depending on the amount of money you need to deposit to open your bank account and the way in which you make this deposit, (either thorough check or online transfer) the bank may ask for a document that proves that money is not linked to any criminal activity. These documents may be tax forms, salary invoices, or any bank statement from which you’d be transferring the funds.
4 Points: All You Need to Know About Bank Accounts
Aunque todos conocemos en general que es una cuenta bancaria, puede que hayan detalles que no conocías. Creamos esta guía para explicarte los puntos más importantes para enfocarte al momento de analizar las mejores cuentas bancarias para latinos en USA.
1. Different Types Of Bank Accounts
Not all bank accounts are the same. Some are best for day to day usage, other pay you money to keep your money in them, and some of the are more useful for businesses. In this section we will explain in depth what different types of back accounts are available in the US so that you can correctly pick the best one for your needs.
No todas las cuentas bancarias son iguales. Algunas son mejores para el día día, otras te pagan a ti por ahorrar tu dinero en ellas, mientras que otras son más útiles para empresas. En esta sección te explicaremos mejor los diferentes tipos de cuentas bancarias disponibles en U.S.A para que tu puedas escoger la ideal para tus necesidades:
a) Checking Bank Accounts
Checking accounts are the most popular type in the US. These allow you to deposit money in the bank and use it whenever through a debit card, checks, or online transactions. These are usually used by people and not businesses,
b) Savings Bank Accounts
Savings bank accounts are special bank accounts in which you deposit a certain amount of money and then are rewarded through interests for not withdrawing it for a certain amount of time. The benefit of this type of bank account is they offer a higher interest rate for you to profit from than for example a checking account would.
This type of account usually have some restrictions like for example: how many times you may withdraw money from it, you must keep a certain amount of money in it at all times, and the amount of money you need to deposit in the first place to create it, These amounts vary from bank to bank.
c) Personal Bank Accounts
Personal bank accounts are a banking contract where you deposit funds with the purpose of accessing them later. With one of these accounts, your money is easily accesible to you at anytime through ATMs or the bank’s front desk.
d) Business Bank Accounts
Businesses need a way to manage their money. A business bank account will permit you to handle the finances of your enterprise separately from you personal finances, making it much easier when it comes time to file taxes. It also permits you to apply for business loans in case you need one.
2. Bank Account Terms:
a) Bank Account Number
Every bank account has a number or code which is personal and unique to every client and account. This code is 20 digits long and identifies your account among all other accounts in the system.
In other words, this number is the standardized mechanism to mathematically code your account’s identity in the whole banking system’s network. It is also known as CCC or Customer Account Code.
b) Bank Routing Number
The bank routing number is another important code you should know. Also known as RTN, this 9 digit code can be found in one of your check’s corners. It is important specially when you need to make a payment or transfer to another account in your country or abroad.
c) Bank Account Statement
A bank statement is an official document emitted by your bank or institution in which all your expenses, transactions, and money movements in your account are recorded and reflected.
This helps to inform you as a client and permit you to keep tabs on your money and transactions,
3. Best Bank Accounts in The US
a) Chase Bank Accounts
Chase is one of the most popular banks and one of the places that offers the best bank accounts for Latinos in the USA in 2021 thanks to their solid financial service. Their service includes in person customer service in their shops, as well as online services.
They have very competitive prices and their extensive network reaches all across the country with more than 16,000 ATMs makes Chase one of the best options for opening your bank account. Furthermore, Chase clients can benefit from their online banking service through their app, making it possible to make purchases and transactions quickly and easily with your smartphone.
Some of Chase’s Pros and Cons are:
- You may receive up to $200 by opening your Chase Total Checking account and opting for the direct deposit option.
- You’re offered the Chase Mobile App that permits you to check your balances, transfers, and all other info right from your phone. You can even make payments and transfers easily through it.
- Applying to an account takes only minutes.
- Chase charges you $2.50 every time you use a non-Chase ATM.
- Some of your monthly charges may be a little high (when compared to others). You may waive these by selecting direct deposit option or maintaining a minimum balance in your account.
b) Axos Bank Accounts
Axos is a financial institution that operates completely online. This means they do not offer in person customer service. This may be considered one of their cons, however they do have pros like: no monthly fees in checking or savings accounts, 24/7 customer service, and up to 1.00% APY on your funds in checking accounts.
Some of their Pros and Cons are:
- Their saving accounts offer you up to 1.00% APY. This means that your money will increase by that percentage after a year of keeping it there.
- Their checking account with interest does not charge you a monthly fee.
- You get reimbursed the fee you pay for withdrawing from other ATMs.
- They don’t have an expense ATM network
- They don’t have face-to-face customer service.
Opening a bank account is nearly necessary for any independent adult in this day and time. If you still have some doubts about what the best bank accounts for Latinos in the USA 2021 are, or if you simply wish to have some more info on how to open your account with Chase, Axos, or any other bank or institution, give us a call!
Remember SuperDinero is here to help you make the best choices when it comes to your money and financial decisions or problems. This is why we are glad to offer immediate consultations at no cost! You may reach out to any of our agents to help you clear out any doubts or assist you in any way possible. Call us now at (855) 221-2006
5 BEST CHECKING AND SAVINGS ACCOUNTS
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