Top Personal Checking Accounts in New Hampshire — What Star

Top Personal Checking Accounts in New Hampshire — What Startups Should Know

When starting a new business in New Hampshire, selecting the right personal checking account is crucial for managing finances effectively. This article provides a comparative review of various banks and account types available in the state, highlighting their pros and cons, eligibility requirements, and typical fees.

Quick Summary

New Hampshire offers a variety of personal checking accounts from traditional banks, credit unions, and online institutions. Key factors to consider when choosing an account include monthly fees, minimum balance requirements, ATM access, and mobile banking features. Below is a comparative overview of some of the top options available in the state.

Popular Banks and Their Offerings

1. Bank of New Hampshire (BNH)
- Account Type: BNH Free Checking
- Pros: No monthly fee, no minimum balance requirement, free online banking.
- Cons: Limited ATM network.

2. TD Bank
- Account Type: TD Convenience Checking
- Pros: Wide ATM network, easy mobile banking features, no monthly fee for students.
- Cons: Monthly fee of $15 if balance falls below $100.

3. Santander Bank
- Account Type: Santander Basic Checking
- Pros: No monthly fee for the first year, access to thousands of ATMs.
- Cons: $3 monthly fee after the first year unless certain conditions are met.

4. Northeast Credit Union
- Account Type: Free Checking
- Pros: No monthly fees, access to shared branch networks.
- Cons: Limited physical branches.

5. Chime (Digital Bank)
- Account Type: Chime Checking Account
- Pros: No monthly fees, early direct deposit, user-friendly app.
- Cons: No physical branches, limited customer service options.

Eligibility & Requirements

Eligibility requirements for personal checking accounts can vary by institution. Generally, applicants must provide:

- A valid government-issued ID (e.g., driver’s license or passport).
- Social Security number or Individual Taxpayer Identification Number (ITIN).
- Proof of address (e.g., utility bill).
- Minimum deposit (if applicable).

Some banks may have specific requirements for students or seniors. For instance, TD Bank offers fee waivers for students under 24 years old, while some credit unions may require membership criteria to be met.

Step-by-Step Opening Process

Opening a personal checking account in New Hampshire typically involves the following steps:

1. Research: Compare different banks and account types based on fees, features, and eligibility.
2. Gather Documentation: Prepare the necessary documents, including identification and proof of address.
3. Visit a Branch or Apply Online: Depending on the bank, you can either visit a local branch or complete the application online.
4. Complete the Application: Fill out the application form with the required details.
5. Initial Deposit: Fund the account with the minimum deposit if required.
6. Receive Confirmation: Once approved, you will receive account details and instructions for accessing your account.

Typical Fees & Timelines

Fees associated with personal checking accounts can vary significantly. Below are typical fee ranges for various accounts, but it is essential to verify with official sources:

- Monthly Maintenance Fees: $0 to $15, often waived with a minimum balance or direct deposit.
- ATM Fees: $0 to $3 per transaction for non-network ATMs; some banks offer fee reimbursement.
- Overdraft Fees: $30 to $35 per transaction, though some institutions provide overdraft protection options.
- Wire Transfer Fees: $15 to $30 for domestic transfers, higher for international.

Timelines for account opening can range from immediate activation for online applications to a few days for in-branch applications, depending on verification processes.

Alternatives & Digital Banks

In addition to traditional banks, several digital banks and fintech companies offer competitive checking account options. Here are a few notable alternatives:

1. Chime: As mentioned, Chime offers a fee-free checking account with features like early direct deposit and automatic savings.
2. Ally Bank: Known for high-interest rates on savings, Ally also provides a checking account with no monthly fees and access to a large ATM network.
3. Aspiration: Offers a socially conscious banking option with no monthly fees and a rewards program for sustainable spending.

These digital banks often provide user-friendly mobile apps, making them appealing for tech-savvy startups.

FAQs

1. What is the minimum balance requirement for personal checking accounts in New Hampshire?
Most accounts have no minimum balance requirement, but some may require a balance of $100 to $500 to avoid fees.

2. How can I avoid monthly maintenance fees?
You can often avoid fees by maintaining a minimum balance, enrolling in direct deposit, or meeting other bank-specific criteria.

3. Are there any fees for using ATMs?
Yes, depending on the bank, there may be fees for using ATMs outside of their network. Some banks will reimburse these fees.

4. Can I open a checking account online?
Yes, many banks and credit unions offer online applications for checking accounts, making it convenient to open an account from anywhere.

5. What should I do if I overdraft my account?
Contact your bank immediately to discuss options for covering the overdraft. Some banks offer overdraft protection services.

6. Are there any benefits to using a credit union for a checking account?
Credit unions often offer lower fees and better interest rates compared to traditional banks, as they are member-owned and not-for-profit.

7. How long does it take to receive my debit card?
Typically, it takes about 7 to 10 business days to receive a debit card after opening your account.

8. Is online banking safe?
Most banks use robust security measures, like encryption and two-factor authentication, to protect your personal and financial information.

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Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles