I want an checking account that pays no interest.

[gadom]

I want a checking account that pays no interest.
Why?
Because I don’t want this account to generate a 1098.
Why?
I want to keep this money separate and not have others know it exists nor what i do with it.
Anybody know of a bank that does that?

[fivetalents]

I don’t know about any no interest checking accounts but, depending on how you plan to spend/use it, PayPal may be an option. If you get their no-fee debit MasterCard, you can load cash onto your PayPal account at large reatil stores like CVS, withdraw money fee-free from participating ATMs, and use the card like a credit card wherever MC is accepted… and of course you can just spend your PayPal balance on any website that accepts PayPal payments at checkout.

[jcantanixon]

I would think that every bank has at least one no-interest checking account option. Or am I not understanding the question?

Wells Fargo Everyday checking doesn’t pay interest either, but I couldn’t find a screenshot showing an empty box.like Chase and BofA.

[dangeRuss]

I would even go as far as to say most checking accounts don’t earn interest, that’s what differentiates them from savings accounts.

Now I know some banks have interest checking, but I’d like to think those are the exception, not the rule.

[Burgerwars]

There are tons of checking accounts that pay no interest, or so little (like 0.05%) that unless you carry a very large balance you’ll never hit the $10 1099 reporting requirement. Anyway, entering interest earned on your 1040 is the easiest thing to do, and all tax software programs do it. There shouldn’t be any problems.

As far as not having anyone know about your account, that’s separate from the interest issue. You’ll still need to provide the bank your ID information, whether the account earns interest or not.

You could hide your money in some bank out of the country, but if your balances total over $10,000 you still must report the existence of it via a FBAR to the government, even if it earns no interest.

[jtownsucks46]

Most banks have a no interest account which has no min balance or negligible balance and an interest bearing account(usually requires a $1,000-$3,000 min balance).

[atikovi]

@gadom said

I want to keep this money separate and not have others know it exists nor what i do with it.

How would anyone else know if it generated a 1098?

[ctgolfer]

Your mattress and buy money orders

[TheDiggler]

@gadom said in I want an checking account that pays no interest.:

I want a checking account that pays no interest.
…
Anybody know of a bank that does that?

Bank of Diggler!
Just send your CASH to the bank!
It’s DIG insured too (which is meaningless insurance!)

You won’t get issued a checkbook or an ATM card, but you can withdraw your funds by hand-writing your IOU’s. Be sure to list your account # on your IOU’s: 1MSCR3W3D

[gadom]

Thanks I guess I did not look far enough into the issue. I did not query google properly.
Much appreciated.