10 Best Online Bank Accounts with Instant Virtual Debit Cards

Want to know the best online bank accounts with instant virtual debit cards? then stay glued to this article as I will show you 10 of them.
Ketcha Brandon
Online Bank Accounts with Instant Virtual Debit Cards

We hear about bank and bank account almost everyday and we know what it means but can we give a valid definition of what a bank account is? Well, a bank account is referred to as a special arrangement between you and your chosen bank to deposit and use money.

There are main categories of bank accounts which are a savings account and a checking account (or current account in some cases). Depending on the one that suits you best and what you want to do with the money, you can decide which type of bank account you want to open.

Opening a bank account can either be online or at a physical branch of that bank and you are able to obtain an online bank account with an instant virtual debit card.

Just like the traditional system of banking, an online bank account allows you to manage your account online using your tablet, laptop, computer or smartphone.

Opening an online bank account is less complicated and straightforward since all you need is to enter the prompted details along side a few click on your device. Also, you will have to upload the required documents such as your ID card, passport size photos, etc in the correct format as required by the bank.

Note that when opening a bank account online, you have to  ensure that you are using a secure internet connection which can be a private Wi-Fi or cellular internet connection from your service provider.

The importance of a secure internet connection is to make sure that your information is safe especially from hackers who might get into your account withdraw all your money without your awareness.

Table of Contents

What is a Bank Account?

 A bank account is a financial account maintained by a bank or any other financial institution in which the financial transactions that takes place between the bank and the customer is being recorded.

Every bank or financial institution sets the terms and conditions for each type of account that it offers and these accounts are mostly classified into deposit accounts, credit card accounts, loan accounts, current accounts, etc.

What to Consider when Opening a Bank Account?

This is crucial part as there are many important factors that you have to take into consideration before opening a bank account and below, I am going to list you these factors.

It is necessary that you take into consideration these factors so that you will not find yourself opening an account in bank that will not favor you, therefore causing you to loose your money in one way or the other.

1. Monthly Fees

This is one way via which the bank makes its own money by charging their customers with some fees every month even though some banks do not have this fees. So if you are lucky enough to find a bank that does not charge monthly fees then you are good to go.

Also, some banks do not charge monthly fees but may charge you with heavy amounts for each of your transactions, thus is good to think in the 2 directions before making your choice.

2. Interest Rates

Once you have open a bank account, it is not surprising that you might find yourself borrowing loans so its is important that you open an account with a bank that does not fee a huge amount interest on the loans they give you so that you will not encounter difficulties when having to pay them back.

3. Opening Deposit

When you open a bank account, some banks require you to deposit some money. Others allow you to open an account and deposit funds later.

The deposit amount is still yours, and you will be able to access it at a later date. However, if you do not have enough cash to deposit into your account, opening an account that requires a deposit can be difficult.

As a result, you could select a bank account that does not require any initial deposit. You may be opening a bank account in order to receive your profits. As a result, there is no need for an opening deposit in any way. The majority of banks that offer second risk debts charge an opening deposit.

4. Annual Fees

Annual fees as the name implies, it refers to the amount of money that the bank charge you every after the end of  a year and since it takes a long time, such amounts are usually high and so it is good to open a bank account that does not charge annual fees.

5. Inactivity Fees

If your bank account remains dormant/inactive for some time, some banks will charge you with inactivity fees. Also several banks do not charge you with such fees and so you are able to resume using your account at any given time.

How to Open A Bank Account Online

It is easier to open a bank account than what you think. You will however need to assemble some documents before you can apply for a bank account from the bank. Every bank has its own requirements but below, I am going to provide you with the basic requirements that you need to open a bank account.

  • Email address
  • Physical address
  • Social Security Number - SSN
  • An identification document such as your government identity card, driver's license or passport
  • Phone number

The phone number is very important to help you bank communicate with you if there is any need to reach you. Your email address will also serve the same purpose but some times a phone call is most important to communicate with you the customer.

The physical address is also required from you so that bank knows where you actually are because you will have to receive your debit or credit cards from your bank on the address that you gave as well as our paper statement.

The SSN on its own, helps to track your tax payments and this also helps protect your account together with your identification documents.

Once you have all the required documents, you can now visit your chosen bank's website and then start your application process. Remember that when filling your bank account information, you have to enter your information in the space provided and then submit for verification. Do not forget to choose a password or PIN that you will always be able to recall anytime anywhere.

Once your application is successful, your bank will communicate it to you via the email address that you provided. Once your application is confirmed, you will be able to obtain an online bank account with instant Virtual debit cards.

Types of Bank Accounts

Even though, you will find numerous types of bank accounts with respect to the banking system of each country, we can say in a nut shell that there are 4 main types of bank accounts of which 2 are commonly known and they include - Checking and Savings account.

1. Checking Accounts

Checking account are the types of bank account that allows you to have access to you money any time during the day and as a result, it is an account that helps you manage your day to day transactions. This account also comes with a debit card that you can use to withdraw money at any ATM point when you need the money.

2. Savings Accounts

Savings accounts are issued in conjunction with checking accounts, and neither can be issued without the other. Each bank has a savings account where you can keep your money to use at a later time.

Savings accounts allow you to earn a small amount of interest on your saved funds, which you can withdraw at a later date with a small amount of earnings on pinnacle.

Given that savings accounts are intended to help you save money, most banks do not issue debit cards on owed balances. When you need to withdraw funds, banks frequently impose a slew of restrictions.

Best Online Bank Accounts with Instant Virtual Debits Cards

There are several bank accounts that you can open and obtain an instant debit card to begin enjoying the benefits of having money in your account.

You can quickly open an online bank account and receive an instant debit card, which you can receive at your physical address and activate according to the instructions. The bank accounts listed below can be opened online and will provide you with an instant debit card so take a look at these banks as listed below:

1. Capital One 360 Checking

This bank account charges you with a Zero monthly fee when you open an account. More to that, you are able to get 0.10% APY with a $0 minimum balance. But its unfortunate that you are not going to get any bonus when you open the account.

The bank is FDIC insured, which means that your money will be safe even if the bank fails. You will be able to access your funds through the bank's user-friendly app. You can also use the ATMs at the bank for free.

2. Axos Bank® Rewards Checking

When you open an Axos Bank Rewards checking account, you can get a 1.00% APY with a $0 minimum balance. An advantage of this bank is that it has $0 month-to-month costs, and also there are not any overdraft fees neither.

This financial institution is being offered 5 stars and be sure that it will serve you just as it suits you. Your money is safe since this financial institution is an FDIC member.

3. Varo Bank Account

Here comes one of the best online banks that you can make use for your everyday transaction activities and it has no hidden expenses like some other banks that will cut your funds without letting you know the reason for that.

This financial institution has no monthly fees, so you'll be able to save a lot of money. Unfortunately, there is no APY on the account's bank account. Again, the Varo bank Account does not offer a bonus when you open an account with them.

4. Discover Bank Cashback Debit

Nerdwallet gives this bank 5 stars because of its numerous features. It no longer has monthly fees, and with this account, you will be able to save a significant amount of money. There will be no bonus if you open an account with the bank.

You will, however, benefit from various features provided by the bank. Surprisingly, you will be able to earn cash-back rewards while using the card for various types of transactions. You can get 11 percent cash back on purchases of up to $3,000 with the debit card.

5. nbkc bank Everything Account

This bank account gives you a 0.15% APY with a $0 minimal stability to your price range and you are able to earn large quantities of money especially if you are the type that deposits large amounts of money.

More to that, the nbkc bank account has no month to month fees and the account does not also offer their customers with an account opening bonus.

6. Ally Bank Interest Checking Account

When you open an Ally bank interest checking account, you will be given a debit card. It offers 0.10 percent APY and has a $0 minimum balance.

More to that, there are no monthly fees associated with the bank account. Once again, you will not receive a bonus when you create your account. However, you may encounter various account-related functions.

7. Bank5 Connect High Interest Checking

The Bank5 Connect High-Interest Checking bank account offers a 0.20 percent APY with a minimum balance of $100. It has no monthly fees and no start-up bonus. You can be certain to obtain a debit card that you can use for a variety of transactions.

8. Nationwide Interest Checking

The account has a 0.10 percent APY and a $zero minimum balance. It does not charge monthly fees, and you will be able to save a significant amount of money.

The monthly fees for the nationwide interest checking account are nil. Unfortunately, there is no welcome bonus with nationwide interest Checking.

9. TIAA Bank Pledge Checking

TIAA bank Yield Pledge® Checking is a fantastic bank that provides you with a debit card when you open an account. It requires no initial deposit, and you can take advantage of additional features that come with the TIAA bank Yield Pledge® Checking account.

The bank account offers 0.10 percent APY with a minimum balance of $100. Regrettably, there is no initial bonus with the account.

10. USAA Bank Classic Checking

The USAA Bank Classic Checking account offers an APY of 0.01 percent with a minimum balance of $1,000. It does not charge any monthly fees. Unfortunately, the USAA bank classic checking account does not come with a welcome bonus.

How Can I Use a Bank Account ?

You are able to use a bank for numerous reasons such as to pay bills or purchase goods and services online. Having a bank account is advantageous as it helps you save up time and also money in one way or the other. below are what you can do with a bank account:

  1. Send Money
  2. Save Money
  3. Buy goods and services
  4. Receive your payments

Final Thoughts On 10 Best Online Bank Accounts with Instant Virtual Debit Cards

Note that when opening a bank account online, you have to  ensure that you are using a secure internet connection which can be a private Wi-Fi or cellular internet connection from your service provider.

The importance of a secure internet connection is to make sure that your information is safe especially from hackers who might get into your account withdraw all your money without your awareness.

Frequently Asked Questions on Best Online Bank Accounts With Instant Virtual Debit Cards

Which bank gives virtual debit card instantly?

Only three banks in the United States offer virtual credit cards to their customers. They are Citibank, Bank of America, and Capital One.

What credit cards give you an instant card number?

The only cards offered by Synchrony that gives instant access to your card number are: eBay Mastercard. PayPal Cashback Mastercard. Rakuten Cash Back Visa® Card.

Does PayPal have Virtual cards?

A virtual card number from PayPal Key allowed you to make purchases online everywhere Mastercard is accepted. Users only needed to enter the virtual card number, expiration date, and security code while making phone purchases, just like they would when using a regular credit card.

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