In this article, we’re exploring whether you can open a savings account with a debit card. This is a popular question for people seeking various withdrawal methods tied to overseas accounts.
This article is part of our free series on accessing and benefiting from offshore debit cards, which you can access for free by clicking the link above.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- Savings Account With Debit Card
- Do US Savings Accounts Offer Debit Cards?
- Frequently Asked Questions
- Ready to Explore Your Options?
Savings Account With Debit Card
You can open a savings account with a debit card at a number of US and international banks. This includes US banks with national ATMs and branch networks. However, most major banks like Bank of America, Chase, and Wells Fargo do not offer cards with savings accounts. Instead, these banks only issue debit cards with checking accounts.
There are a number of reasons why certain banks may choose not to offer a card with a savings account. These reasons could range from promoting savings, forcing customers to open a second account, and keeping customer funds more captive.
That said, it’s also worth noting that credit cards are widely used and readily available in the United States. So, if a consumer is actively choosing to use a debit card instead of a credit card, they may want to consider the added security, consumer protection, and benefits that they could receive from using a credit card instead.
Also, on the off-chance that a debit card is lost or stolen, it is extremely important that the card is immediately reported by the client to the bank that issued the card. Otherwise, funds may be accessed and limited recourse may be available.
Do US Savings Accounts Offer Debit Cards?
Yes, certain US banks offer debit cards with savings accounts. However, this is not common practice for most major US banks that operate both domestically and internationally. Instead, these larger banks typically offer debit cards with a checking account in the United States.
In most cases, US banks that offer savings accounts and cards are smaller regional banks and credit unions. However, there are several banks with a national network of branches and ATMs that also offer this service.
Additionally, it is common for account holders to receive debit cards with a savings account in other countries, like Canada or the United Kingdom. So, if you are specifically looking for a card with a savings account, you may want to consider opening an international account.
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Frequently Asked Questions
Below are three of the most common questions that we receive from people looking into opening a savings account with a debit card. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can You Get a Debit Card for a Savings Account?
Most US banks do not issue a card for a savings account. However, you can get a card for a savings account in other countries, like Canada, the United Kingdom, and elsewhere.
Can You Open a Savings Account Without a Checking Account?
Yes, you can open a savings account without a checking account at most major banks. However, smaller banks may request that you also open a checking account before opening a savings account. Alternatively, they may request a higher deposit or charge monthly fees for you to open a savings account without a checking account.
Should I Link My Savings Account to My Debit Card?
Whether you should link your savings account to your debit card depends on your objectives. Importantly, most banks penalize transactions tied to savings accounts. So, it could be costly to use your card when withdrawing money from your savings account on a regular basis. With this in mind, most people open both a savings account and a checking (or current) account for regular withdrawals.
Ready to Explore Your Options?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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