Bad credit can have a huge effect on your life. It will affect the types of loans you are offered, the type of employment you are qualified for, and even where you can live. Some banks will not allow prospective customers with poor credit to open business and personal checking accounts. However, if you simply need to open a savings account, you can easily find either a brick-and-mortar or an online bank that does not perform credit checks.
Use your existing banking connections, if you have any, to begin your search. Speak with a customer service representative at your bank, credit union or money market account. Ask if they perform a credit check when setting up a savings account.
Visit a branch office of your local bank, regardless of whether or not you do business with them. Speak with an account manager, not a teller. Ask if credit checks are required to open savings accounts. If the answer is "yes," ask for referrals to institutions that do not check credit.
Find out if your employer is associated with any local credit union. Trade unions often have relationships with credit unions. Credit unions sometimes will look more favorably on a bad credit score for just a savings account than if you are attempting to open a checking account. This is especially true if you have some association with the union.
Research online banks that do not perform credit checks. Some examples of online banks that do not require a credit check include ING.com, FNBO Direct (First National Bank of Omaha) and American Express Bank.
Choose the institution that best meets your needs. This could be a bank that offers a low minimum balance requirement, a high interest rate yield or simply convenience.
- Bargaineering: Top Online Banks
- Bankrate: Do-it-Yourself Guide to Credit Repair
- Experian. "Top 10 Reasons People Love Credit Unions." Accessed March 4, 2020.
- NCUA. "Comparison of Average Savings, Deposits and Loan Rates at Credit Unions (CUs) and Banks." Accessed March 4, 2020.
- Experian. "Can I Get a Loan From a Credit Union With Bad Credit?" Accessed March 4, 2020.
- NCUA. "How Your Accounts Are Federally Insured." Accessed March 4, 2020.
Based in Eugene, Ore., Duncan Jenkins has been writing finance-related articles since 2008. His specialties include personal finance advice, mortgage/equity loans and credit management. Jenkins obtained his bachelor's degree in English from Clark University.