If you have recently moved to the US, one thing that you will certainly need to do is to open a bank account, where you can safely store your hard-earned savings. However, for newcomers to the US who don’t have a credit history and the necessary proofs in the US, opening a bank account can be slightly intimidating.
Fortunately, there are a number of banks that are ready to handhold new immigrants through the process of opening an account and help them attain their financial goals. In fact, these banks also ensure that minimum documentation is required, while maximum benefits can be gained by the account holder.
Here are my four top picks of banks that are great options for newcomers to the US wanting to open a bank account.
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TD Bank, or The Toronto-Dominion Bank, is a Canadian multinational banking and financial services corporation that is headquartered in Toronto, Ontario. This bank has more than 1,300 branches across the US. TD Bank is a highly popular institution in the US, mainly due to its wide range of services and products. The major reasons why this bank can be an obvious choice for newcomers to America is its tiered interest rates on savings accounts, no monthly fees, no foreign debit card transaction fees, relatively high Annual Percentage Yield (APY) and competitive CD rates. The bank’s customer service is accessible 24/7. More than 1,200 of its branches are open all seven days of the week.
Another bank in my top picks is Synchrony Bank, which operates as a subsidiary of Synchrony Financial. This bank too has gained massive popularity amongst immigrants to the US due to its wide range of perks. The bank offers CDs, high yield savings accounts, IRA CDs and money market accounts. There is no requirement for a minimum deposit or balance in the account either. Savings account holders can enjoy up to 1.05% APY on their savings.
Who said that the best bank needs to have brick and mortar branches? Have you heard of Bank5 Connect? Those who are interested in opening a checking account can look at Bank5 Connect, an online-only bank. The bank offers high interest on checking and savings accounts. The minimum deposit is low and there is no maintenance fee. Other benefits include ATM fee reimbursement and free checks. What’s more, users of Bank5 Connect debit card get rewarded with points each time they make a transaction using the card. The points can be further redeemed for merchandise and gift cards. This online bank is further desirable due to its amazing customer service.
Turns out the young generation, who always have a smartphone in hand, are becoming increasingly attracted to virtual banks, in the form of an app that offers comfortable banking without giving access to a real branch. Ally Bank is an online-only bank. This Kiplinger-rated bank can be the best choice for millennials. The bank requires no minimum balance, carries no monthly maintenance fees and offers competitive APYs. For budget conscious millennials, the bank offers high rewards.
No doubt, choosing a bank might seem daunting in the US, especially if you are a newcomer. However, the above-mentioned options can be a good starting point for your research into preferred banks.
1 thought on “Best Bank Accounts for Newcomers to USA”
Bank5 Connect and Ally Bank both require between 2 and 5 years of checkable US addresses.
As an employed, new, legal resident of only 3 months, these banks are inaccessible. Trying to secure any account with these two banks leads to frustration and confusion.