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Can I Get a Savings Account if I Have No Credit?
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Erin El Issa writes data-driven studies about personal finance, credit cards, travel, investing, banking and student loans. She loves numbers and aims to demystify data sets to help consumers improve their financial lives. Before becoming a Nerd in 2014, she worked as a tax accountant and freelance personal finance writer. Erin's work has been cited by The New York Times, CNBC, the "Today" show, Forbes and elsewhere. In her spare time, Erin reads voraciously and tries in vain to keep up with her two kids. She is based in Ann Arbor, Michigan.
Although banks and credit unions are more likely to look into your banking history to determine your financial trustworthiness, some may also run a credit check on you. If you don’t have an established credit history to look at, these financial institutions may be reluctant to take you on as a customer.
The good news is that it’s not totally impossible to get a savings account when you have no credit. Here’s a closer look at your options.
Get a cosigner
Most teenagers have no way of establishing their credit histories. As a result, a young person can get a parent to cosign on a new bank account. Because the financial institution also takes the cosigner’s credit history into consideration when looking at the application, it’ll be more willing to offer the teen a savings account. There are no age restrictions for using a cosigner and he or she does not have to be a family member.
A cosigner won’t have access to the money in the account unless it’s set up as a joint account. He or she will, however, be responsible for any debts or balances the account holder owes. In the case of a savings account, these charges could include overdrafts or unpaid monthly fees. Before anyone signs on the dotted line, make sure a cosigner knows his or her responsibilities.
4.25%Annual Percentage Yield (APY) is accurate as of 01/09/2025. APY may change at any time before or after the account is opened. Available only online.
5.00%Start earning 2.50% APY (Annual Percentage Yield), then qualify to earn 5.00% APY. Earn 5.00% APY on your balance up to $5,000.00 for next month by meeting these two requirements this month: (1) Receive direct deposit(s) totaling $1,000 or more; and (2) End the month with a positive balance in both your Varo Bank Account and Savings Account. You’ll continue to earn 2.50% APY on any additional balance above $5,000.00. No fees, no minimum balance required.
4.00%Annual Percentage Yield (APY). APY may change at any time and fees may reduce earnings. Please visit etrade.com/ratesheet for more information.
Min. balance for APY
$0
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
4.50%*Current promotional rate; annual percentage yield (variable) is 4.00% as of 12/27/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .50% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks (www.betterment.com/cash-portfolio) conducted through clients’ brokerage accounts at Betterment Securities. FDIC insurance is subject to certain conditions.
Min. balance for APY
$0
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
4.50%All Bread Savings APYs are accurate as of 01/30/2025. APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. To open a CD, a minimum of $1,500 is required and must be deposited in a single transaction. A penalty will be imposed for early withdrawals on CDs. At maturity, your CD will automatically renew and earn the base interest rate in effect at that time. Rates are compared against competitor rates published by NerdWallet.com and the institutions themselves as of 01/30/2025. NerdWallet.com obtains the data from the various banks that it tracks and its accuracy cannot be guaranteed.
If you’ve been rejected by a financial institution due to your lack of a credit history and can’t get anyone to cosign on your account, you may want to consider enrolling in a so-called second-chance checking account. These accounts are geared toward customers who have had trouble managing past accounts, but could also come in handy for people without extensive credit histories. They typically carry monthly fees and minimum balance requirements, and most also come with a debit card.
Though the fees associated with second-chance checking accounts tend to be a little steeper than those of normal accounts, customers using them typically qualify for an upgrade to a regular checking account after one or two years. Most financial institutions will want to make sure you do a good job managing your second-chance account before extending you this type of offer.
No one is born with a strong credit history, and it takes time to build one. Fortunately, there are some helpful services in place to help you gain access to financial tools like savings and checking accounts while you improve your credit.
