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The 10 Best Free Bank Accounts

islamic banking thesis

A checking account is the most basic personal finance tool. It’s a place to keep your money safe and track how much you spend it. If you’re watching your pennies and sticking to a budget, it doesn’t make sense to pay for the privilege of keeping your money in the bank. Stop giving your hard-earned cash away to the bank and look for a no-fees bank account. These bank accounts offer the services you need at no cost.

Put your money to work in Ally Bank’s Interest Checking Account with a generous APY of .6 percent. This personal bank account has no monthly maintenance fees and comes with standard features like online bill pay and a debit MasterCard. You also enjoy 24/7 live customer service, online and mobile banking and access to your money through Allpoint ATMs.

islamic banking thesis

Based in San Diego, California, Axos Bank offers its services across the United States. Its Essential Checking account is a fee-free option for anyone who doesn’t want to pay for the privilege of having an account. It comes with online bill pay and mobile deposit services. You also receive ATM fee reimbursements when you use non-network ATMs.

islamic banking thesis

BBVA Compass

You can open a free bank account with the ClearChoice Free Checking account at BBVA Compass for as little as $25. This full-service account offers the options you expect with any checking account, including online bill pay and deposit. You also have the ability to customize the account with additional services and get customizable alerts about what’s going on with your account.

islamic banking thesis

Capital Bank

If you prefer banking with a more traditional bank, consider Capital Bank’s Express Checking account. There’s no maintenance fee as long you have a direct deposit coming in each month. You also have access to digital banking services and online bill pay. It takes just a few minutes to apply for a bank account online and get a response.

islamic banking thesis

Capital One

Not only is Capital One’s 360 Checking account completely fee free, but it also earns interest. There are no minimum balance requirements, and you can access your money through one of the more than 39,000 free ATMs across the country. You can also set up transfers between your accounts at Capital One and other banks for no additional charges.

Chime Bank’s fee-free checking account offers more than checking services. Sign up for the automatic savings program that deposits 10 percent of your paycheck into your savings account each time you get paid. You also get real-time alerts for all transactions. All of this takes place in the bank’s award-winning mobile app that makes banking a breeze.

islamic banking thesis

First Citizens Bank

You can open a free checking account at this North Carolina-based bank with a $50 initial deposit. The account comes with access to the bank’s digital banking service where you can manage your accounts and budgets. You have access to 475 ATMs in the southeast and additional services like a Together Account, which is designed for teens.

islamic banking thesis

First Internet Bank

Originally named First Interest Bank of Indiana, First Internet Bank offers a completely free checking account for those who want a no-frills banking option. The account includes a free order of checks as well as access to statement and check copies for one year. You also receive a reimbursement for ATM fees up to $10 each month.

islamic banking thesis

Regions Bank

Regions Bank offers a couple of free checking accounts. Its LifeGreen eAccess account is ideal for individuals who prefer to do their banking online or through ATMs. You avoid a monthly maintenance fee by using your debit card for qualifying purchases. The LifeGreen Checking for Students is available to individuals under the age of 25. This account comes with all the features of the LifeGreen Checking account.

US Bank’s basic checking account comes with standard features you expect. It takes $25 to open, and you can avoid the maintenance fee with a direct deposit of $1,000 each month. There’s no cost to do your banking at ATMs or use the mobile banking app. If you or another account holder are at least 65 years old, you can take advantage of Premium Checking, a senior bank account with no fees for qualifying individuals.

islamic banking thesis


islamic banking thesis

How to Open a Bank Account

islamic banking thesis

To most people, the process of opening a bank account can be intimidating and tiresome. However, this doesn’t have to be the case, especially if you are aware of the basic banking requirements and formalities. With advancement in technology, you can simply complete the whole process online.

So how do you open a bank account? The following is a simple step-to-step guide that is used by almost all banks.

1. Ensure You Are Eligible to Open a Bank Account

You need to have a valid identification card. This is to provide proof that you are over eighteen years and a citizen of the country. Some banks, however, can allow minors to have an account provided their parents sign the necessary registration forms. Also bring any document that contains your name and address. This may be your driving license or even a phone bill.

You need to have a social service number or taxpayer identification number that proves you are in government records.

2. Choosing a Bank

You will need to visit your preferred bank or if you have none, you will need to shop around to find one that suits your needs.There are many different banks available and they can be generally categorized into large chain banks and local banks.

Large chain banks are available in almost all cities and towns. Their advantage is that they are financially stable and have a trusted reputation. You will receive the same service no matter the branch.

Local banks   are located in certain areas only and they tend to offer more personal one-on-one experience. Local banks tend to charge a smaller fee and invest in local community projects rather than national ones. Credit unions, which are non-profitable institutions, can be considered as local banks.

3. Choosing the Type of Account You Want

Banks have a way of selling their services by giving their products unique names, but the basic available accounts are checking accounts and savings accounts.

Checking accounts are simple accounts used to make day-to-day payments (like paying bills) and direct deposits. The amount in the account is determined by the amount you deposit. The user will get a checkbook and a debit card upon opening this account.

In savings accounts money is saved for long-term use. Money deposited in this accounts earns interests from the bank. You can withdraw money from the bank or at an ATM, but it can never be used to make payments directly. 

4. Visit the Preferred Bank and Ask to Open an Account

Once you have identified your preferred bank and account, you need to visit the bank where you will be asked to fill in forms and upon completion, you will receive a confirmation. The advantage of visiting the bank is that you can get clarification of a number of issues including;

• Saving accounts interest rates

• Minimum balance that should be left in the account

• Monthly fee, if any, to maintain the account

• Transaction limit, if any

• If the account is insured under the Deposit Guarantee Scheme

Some banks offer online services, where you can open an account of the comfort of your home. It is, however, important to visit the bank’s website to identify if the bank offers online services.

Upon completion, you will be provided with an account number and a four-digit PIN for your debit card.

5. Make an Initial Deposit

On completion of filling the necessary forms, most banks will require you to make an initial deposit to activate your account. This amount differs from bank to bank and the type of account opened, and therefore it is important to know the terms and conditions.

Once you’ve completed this step you’re all set. Congratulations, you have opened a bank account and can now make deposits and withdrawals as per the banks’ terms and conditions.


islamic banking thesis

Islamic finance: a vehicle for economic development



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Scholarship @ Claremont


CMC Senior Theses

The Role of Islamic Banking in Economic Growth

Katherine Johnson , Claremont McKenna College Follow

Graduation Year

Spring 2013

Document Type

Open Access Senior Thesis

Degree Name

Bachelor of Arts

Cameron Shelton

Terms of Use & License Information

Terms of Use for work posted in [email protected] .

Rights Information

© 2013 Katherine Johnson

Islamic banking is currently one of the fastest growing segments of the financial market industry, operating in over 75 countries through 300 institutions. While past literature has established the development of financial institutions as a determinant of economic growth, research on the correlation of the diffusion of Islamic banking with economic growth is limited. This study seeks to add to the literature by empirically analyzing the economic growth determinative power of Islamic banks. Confirming past research, Muslim prevalence in a population is found to be the most significant determinant of the diffusion of Islamic banks. Using this exogenous instrument in 2SLS regressions, results show that Islamic banks are not significantly correlated with economic growth. Most notably, including the Islamic banking instrument affects the strength of beta-convergence. Basic Solovian specifications show that convergence occurs; countries with higher initial GDP per capita grow more slowly. After accounting for the intensity of Islamic banking, this effect becomes much less statistically significant, suggesting that some of the effect of convergence may operate through the propensity to adopt Islamic banking. Empirical analysis disaffirms the hypothesis that Islamic banks minimize the explanatory power of legal origin on economic growth due to their independent implementation of Shariah law; the results show that accounting for Islamic banks has no effect on the determinative power of legal origin. Finally, the correlation of Islamic banking and financial deepening is largely dependent on legal origin, resulting in negative effects for countries with British legal origin and positive for those with French legal origin.

Recommended Citation

Johnson, Katherine, "The Role of Islamic Banking in Economic Growth" (2013). CMC Senior Theses . 642.

Since May 22, 2013

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