Best Banks for Immigrants in USA

TOP 3 BANKS IN USA & TOP 3 BANKS MOST HELPFUL TO IMMIGRANTS

The matter of choosing a financial institution that you can entrust with your money (or related resources) is not one to be taken lightly. Some financial experts even suggest that the seemingly basic act of choosing a bank, and an accompanying account might be your only hindrance to attaining your financial goals.

If you’re looking for a good bank in the US, you will find a dizzying number of options from which to choose; The best bank however should have low charges, high interest rates and a lenient policy when you overdraft. But whether you’re looking to park your cash for the long or short term, the sea of options means that there are more ways than ever to do your banking on your own time and terms — not your banks.

Let’s cut right to the chase – Here are our top picks for Banks in the US and why;

  • TD Bank (Favorite)

TD Bank is particularly popular for its wide range of top-notch services and products from which customers can choose at will, their relatively high APY and tiered interest rates on savings accounts, and their competitive CD rates –  its stands out among its brick-and-mortar competitors especially for their availability and customer service and the added advantage that customers can stop by  one of their over 1,300 branch locations across the US and access their customer service representatives in person during bank hours or over the phone on a 24/7 basis.

  • Bank5 Connect (Close second)

Bank 5 connect is a great pick if you’re looking to open  checking account – which is must-have. opening one at Bank5 Connect offers unparalleled benefits from its high 0.76% interest rate, low minimum deposit, to lack of maintenance fees. as if we weren’t impressed already the bank offers customers an additional host of perks, ranging from free checks to ATM fee reimbursements. And Members earn rewards points for every $2 spent using their Bank5 Connect debit card, which are redeemable for gift cards and merchandise – absolutely wonderful if you ask me.

  • Synchrony Bank ( Not Bad Either)

Synchrony bank is a great choice for savings accounts – Those who stash their savings here enjoy up to  1.05% APY; without any minimum deposit or balance, there are no fees or service charges and loyal customers also take advantage of a wide range of perks that make the bank almost too good to be true; including ATM reimbursements and travel rewards.

 

*Best Online – Ally Bank:

If you’re looking for an online bank buddy that you could carry around in your pocket however, we recommend the 3-time winner, best online bank of the year – Ally Bank. The bank earned high marks for its high savings and CD yields, no checking account maintenance fee, top-notch customer service, and excellent app. Ally bank is online-only bank and offers up to 1.0% APY on savings accounts — which earns customers 100 times more interest than many of its traditional competitors — and up to 0.6% APY on its free checking accounts.

BEST BANKS FOR US IMMIGRANTS

Choosing a bank is hassle enough, but if you an US immigrant the playing field is even more riddled with obstacles from documentation, proof of origin/identification to credit scores – and to make the water even murkier, the process is further stifled if you aren’t British, Canadian, Australian or from and EU country.

However, where there is a will, there will never cease to be a way.

The very best option would be to find a U.S. bank, such as

  • Well Fargo
  • Citibank
  • Bank of America

All of these may already have locations locally in your country and will allow you to open up a U.S. bank account. The point here is to make the U.S. bank branch in your country provide the identification check in person procedure required by the Patriot Act by meeting them in person with the proper identification.

If this is out of the question however, you will find the list of our top pick for the best banks for US immigrants quite useful –

TD bank offers a vast number of account choices with perks that aid ease to the culture shock that an immigrant might encounter. you can open a bank account with a foreign passport and one of the following items:

  • Employment ID with photo and signature
  • State-issued ID or driver’s license with signature
  • Foreign driver’s license with photo
  • S. employment authorization card with photo, signature and expiration date
  • College ID with photo
  • Alien registration card with photo
  • Permanent resident card with photo
  • Capital One

An ITIN and proof of identity are sufficient to open an account at one of the bank’s branches.

  • Self-Help Federal Credit Union, which has branches in Northern California and Chicago, accepts the following forms of identification:
  • Valid driver’s license
  • Passport
  • Matricula
  • Residency card

A financial institution specifically credited for helping undocumented immigrants is;

Latino Credit Union and Self-Help FCU also offer products designed with the undocumented community in mind. DACA and citizenship loans, for example, are available to help members cover the cost of a deferred action or naturalization application.

Here’s what you need to open an account with Latino Credit Union:

  • Government-issued ID from any country
  • Valid ITIN or Social Security number
  • Proof of current address

Opening a bank account as an immigrant person can be slightly intimidating, but it’s a fear worth overcoming. It can help you establish a financial history in the U.S. and give you a safe place to store your hard-earned savings.