You may have already heard of the possibility to open a bank account online with no deposit money. But is it really possible ? As we’ll explain here, it is not really possible to open a bank account without a deposit of money, and this, for simple reasons that we will detail in this article. We will explain what you need to understand when you read of an offer of a current account «no deposit» in order not to let yourself be influenced by aggressive advertising.
Online banks can refuse to open a bank account without a deposit ?
Of course, and like all other banks, online banks have a perfect right to refuse to open a bank account if no deposit of money is made. In effect, the bank, whatever it may be, is there to provide a service of managing your money which is not free and is implementing to this of devices, tools and persons in charge of the smooth functioning of the various operations performed. To meet these expenses, the banks need the money paid by the account holders, and of which a small part will be used to pay what is called bank fees. Among these costs were the costs of opening and account maintenance or closing fees, as well as, of course, the costs related to the granting and the use of different means of payment made available to the user.
In fact, the opening of an account without deposit is therefore absolutely not an acquired right and, if such an opening exists, it is most often subject to special conditions relating to the domiciliation of revenue or a minimum income to justify it. Some banks also offer an alternative to put in place a welcome offer for new customers, including the amount, paid as a bonus directly on the current account, the office of first filing. But be careful ! Again, these offers are subject to certain conditions that it is advisable to know before opening this type of account.
What is the deposit required by most banks online ?
You probably have the question to know what is actually the first mandatory filing, as requested by some banks online and that is a prerequisite to opening a bank account. The response has been referred to above, since it is in reality a guarantee for the bank to obtain the payment of the various fees associated with the opening of the bank account and its operation.
More specifically, it is for the banks to ensure that the costs incurred in providing its services may be paid by the customer. Opening a bank account gives the right to u number of common operations such as transfers, withdrawals, edition of the RIB or consultation accounts, and to obtain means of payment such as a credit card or a checkbook. Without counting the costs necessary to compensate the different employees of the bank in charge of the administrative and accounts management of their customers.
When a bank does not require domiciliation of income, or allows you to open a bank account without the need to justify a minimum income monthly, this deposit assures him of recovering costs and there is no loss in the case where the holder is in turn obtains its supplies ultimately not his account.
It is easier to understand why it is essential that a bank account is supplied by means of a deposit, a salary or any other cash inflow, before working normally.
What the account offers no deposit ?
By conducting a simple search on the Internet about opening of bank accounts without filing, you may have stumbled on an advertisement or an offer of an account online without making a deposit. But what is really this type of offer ?
Some banks, such as Hello Bank, Boursorama or Monabanq have found a parade to the requirement of a money deposit on the account when it is opened. For this, they offer in reality a welcome bonus in the form of cash. To be clear, when you open a current account with a bank in one of these banks, you see you offer an amount ranging from 50 to 120€ and that is credited directly into your new account. In this way, your current account is beautiful and well stocked and can function properly without that you will not be required to make a deposit.
However, these welcome offers are not without condition ! In effect, it is necessary to prove that you are going to credit your own bank account by the following to benefit from it. This happens, for example by the direct debit mandatory income in the selected bank or even also a minimum income.
These conditions could not be more logical since once again, it is necessary for the bank to recover his costs. A bank that would offer such a sum to its new customers without the guarantee of receiving money and without asking the slightest deposit, may lose even more money than a bank offering just account without deposit.
Make a deposit of money in his current account is essential to benefit from the means of payment ?
As we quickly mentioned earlier, online banks require more often than a deposit of money with the opening of a current account with a bank or the direct debit of the income of the account holder in order to have the guarantee of being able to cover the expenses related to the operation of the account but also and especially to the means of payment.
Thus, an account on which there is no money can not give a right to the means of payment. This is quite logical since it should not be possible to use a checkbook or a bank card from an account that is not-provisioned and therefore have no money. The bank will allow you never to use any means of payment without money on your account. The only exception to this common rule regarding the use of an overdraft authorized. However, this deficit is not, as you may already know, granted when the income is domiciled in the bank. These revenues and their amount will determine the amount of the fee discovered.
This also applies to the cost of the means of payment. The edition of a credit card or a cheque book is not free, and the use of these two means of payment entails also some costs. However, if the account is not sufficiently funded, these costs will not be honoured and the bank will, therefore, losses.
This is the reason why banks do not send the payment means of their customers, once they have concretely supplied their bank account through a deposit or payment of a salary or any other income.
If you do domiciliez not your income in your bank online, and even if you make a first deposit, it is possible that the bank will not grant credit or debit card or a certain type of credit card only as the card authorization routine. There is, however, an interesting alternative consisting in the use of a credit card prepaid. Thus, you bypass the problem of the fees payable to the bank. This type of card works by reloading, in the same way as prepaid cards, phone and can even be totally independent of your bank account. But however, it will be more convenient to use and reload these cards if you have a minimum amount of money on your account.
Bank accounts without deposits but with direct debit and justification of income :
If you want to open a bank account online without having to make any deposit and even if you use a welcome offer as those of which we have spoken above, you have no other choice than to domicile your income with the online bank you chose. In this case, it is of course necessary to show a minimum amount of monthly income. According to banks, the minimum monthly income requirement may vary from 1 000€ per month as for Boursorama to 1 600€ per month as at BforBank.
But the opening of a bank account in justifying and domiciliant its income has many advantages, particularly in respect of the services and proposed fees. Thus, accounts with income domiciled give the most often means of payment free of charge as the bank card with immediate debit or deferred for the range Visa or Mastercard, as well as virtually free of the most common operations.
Moreover, the type of credit card generally varies depending on the income of the user. Thus, the lowest incomes will have maps entry so that the most revenue will be entitled to a Gold card or Platinum with many benefits, but whose cost is of course also much higher.
It is also important to note that some banks, such as Monabanq, or ING Direct, does not require a direct debit to income or minimum income but offer their clients not fulfilling these conditions to pay each month in banking fees, ranging between 2€ chez Monabanq and 5€ at ING Direct while other customers are receiving free of the same products and services.
How to open a bank account online with or without a deposit ?
Opening a bank account online, with or without deposit is a simple procedure but the terms of which may vary in function of the chosen solution (with deposit or with direct debit income). Here are some explanations to help you learn how to proceed and what documents are required.
In both cases, you’ll have to do the opening of your online bank account directly on the website of the online bank that you have chosen. For this, you just need to use a form made available for this purpose and in which you will need to fill out your personal information such as your name, address or date of birth and choose an account type from among the proposed packages, or some of the options available.
You will then receive a contract by post or by electronic means that you’ll have to check, complete if necessary and return with all required documents. Among these documents, one finds :
- One piece of identification which may be a national identity card or a passport in your name and valid.
- A proof of residence dated within three months as a rent receipt or an electricity bill or telephone in order to prove that you are resident in France.
- In the case where you open a bank account without making a deposit, you will also need to provide other supporting documents and mandatory documents such as :
- One or more pay slips or any other proof of regular income (attestation ASSEDIC or CAF, for example).
- Income tax.
- IBAN of your current account.
For bank accounts with a deposit, then you can deposit a sum at least equal to the minimum amount required to activate your account and its various services. You will receive your payment once the account has been provisioned (credit Card, bank details, IBAN or cheque book..)
In the case of a bank account opened without a deposit first and even in the case of a welcome offer from to credit the account, this last will not actually be active and can be used only once money has been paid through the payment of wages, salary or any other income. Again, your services, and your means of payment will not be available at this time. To be clear, the faster you set up your bank account, and the faster you will be able to use it.
What is the amount of the first deposit required by the banks in line ?
As we have just mentioned, most online banks require an initial deposit when opening a bank account. But what is the amount of the deposit ?
According to banks, this amount varies more or less strongly. In effect, you will need to for example make a first deposit of only€ 150 to open a bank account online at Monabanq while other banks such as Boursorama Bank, Fortunéo, BforBank, ING Direct or Hello Bank will require a first deposit of 300€ at least.
These are, however, are still relatively reasonable given the quality and diversity of services offered by these online banks, and in particular the free many bank fees, such as those related to the means of payment.
You can deposit through different means of money transfer such as :
- By credit card if you have another current account at another bank.
- By bank transfer from another account.
- By sampling among the banks that offer it.
- Cash by doing a Cash order.
Is it worth to open a bank account without a deposit ?
In conclusion of this article completely on the bank account opening without a deposit, we can wonder about the interest to conduct such an approach. There are several arguments that favour the opening of an account with a deposit of which :
The fact that your account will be activated once it will be credited in one way or another. Make a deposit when opening will allow you to immediately benefit from your current account without having to wait for the payment of any income.
On the other hand, knowing that the money you deposit in your account belongs to you, and can be used by you as seems good to you, this is not an additional fee and it is not a loss.
Also remember that if you do not make your first deposit on your bank account opening, you will not be able to take advantage of your means of payment. Also, what serves you as an online account if you can’t use it to pay for your purchases ?
Finally, whether you choose to open your online banking account by making a deposit or domiciliant your income, you will need to sooner or later, and for logical reasons that we have discussed here, credit this account with the money. In fact, it is not possible to use the money that you do not like by means of a short authorized without having justified your income as is the case with the established loan. Although the term «account deposit» is alive and well in the banking world, it does not mean that there are actually accounts with no deposit.