Yes, you can save money without a bank account, if you know how and what to do.

Thankfully reading this article will provide you with all the helpful information and tips you need to.

It also reveals as many as 15 of the very best ways to really save and grow your money without relying on a savings account from the banks.


Why Save Money Without a Bank Account?

For the sake of argument let us say that you want to travel from New York City, N.Y. and arrive in London, England. You want to get there as fast as possible.

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You are given a choice of transportation. Those choices are a ship, airline, or jet.

What would transportation method would you choose.

Most likely, the majority of us would opt for an airline or a jet.

Similarly, assuming we want to save money and we don’t have a bank account, how can we effectively save money without a banking account?


Personal Story

Having had never left home, as you can imagine, joining the Navy and being away from home for an extended period was quite an eye-opening experience.

Additionally, serving in the military allowed for a whole new world of vocabulary and phrases to be learned.

Some of those that I can mention included being a 4.0 sailor which meant that you were performing at the very top level of behavior, a field day was not a fun activity but when we were required to clean the barracks will work and scuttlebutt was idle talk or chatter.

I also learned that there were 3 ways of doing things.

There was the right way, the wrong way, and the Navy way.

And so it would seem, similar to the way of doing things in the Navy, that if an individual has investment dollars that they wanted to obtain the best return on their investment there are several ways that this can be accomplished.


15 Best Ways to Save Money Without a Bank Account


1. Strategize 

There may be a variety of reasons why an individual chooses not to utilize a bank account as it relates to their savings.

Some of those reasons could be a personal distrust of banks, a less than pleasant experience with a banking institution or you may be prevented from opening a checking account.

A reason why you may not be able to open a banking account may be due to a reporting system that banks utilize when an individual has abused a banking account.

This reporting system is called the ChexSystem.

Therefore, it is important to think through one’s decision on not having a savings or checking account.

It may prove to be difficult or somewhat challenging if the individual needs to cash a check or utilize other services rendered by not having an active banking account.

Also See: How to Do the No Spend Challenge to Save Money.


2. Direct Deposit

One of the ways that an individual can send their wages, earnings, pension, or other streams of revenue is by using the action of a direct deposit.

Once an investment vehicle has been set up, then the arrangements can be made for the various streams of revenue to be directly deposited into that account.

Normally what is required is the routing number of that financial vehicle and the individual’s account number.

Additionally, a form may need to be filled out giving the issuing payer of the monies to the individual permission to do so.

Often, to verify the account, a small amount of money, usually a very small amount is deposited into the individual’s account to verify that the information is accurate and does belong to the individual.


3. Cashing Checks

If an individual is issued a check, often, a bank will not cash a check from an individual who does not have an account with that banking institution.

Therefore, it is important to find other check-cashing options that may be available.

One such company that cashes checks for the customer is Walmart.


4. Money Market

An option that is available to an investor to have their money work for them is through a money market.

A money market generally offers higher interest rates on the money that is deposited into this type of account.

The other added benefit is that checks can be written against this account just as if it were a checking account.

It is important to read the terms of the agreement as sometimes there is a cap on how many checks can be written.

If the customer goes over that maximum amount of checks that they can write in a month they may be assessed a fee.


5. High-Yield Savings Account

A high interest-yielding savings account is best defined as a higher than average interest given on deposited money.

Transfers to and from this account would require that the individual have some sort of account set up in which they can transfer to and from this account.

Rather than opening a bank account, it would seem that having a money market account would be the best way of having an account available to handle deposits and withdrawals.

Talking about savings, below are some helpful guide to saving money:


6. Credit Union

A credit union is similar to a bank but the credit union, unlike a bank, is a not-for-profit entity with the shareholders being the actual credit union members.

A credit union offers the same services as most banks but often has lower associated fees and provides a higher interest rate on their interest-bearing accounts.

Additionally, credit unions are community-based rather than banks which are typically big businesses and the local branches are part of a larger conglomeration.


7. Pre-paid Credit Card

A prepaid credit card is like a credit card but rather than purchases being made on credit against the credit line offered by the issuing credit card, with a pre-paid card expenditures are offset against the money that is pre-loaded on the card.

The advantages of a prepaid card are that the individual can use the card to pay bills, make purchases anywhere that the card is accepted, and can add funding to the card as needed.

With this type of card utilized outside of a bank account, the individual doesn’t need to worry about overdraft fees or exceeding the balance that is available on the card.


8. Safe 

A very old-school way of saving money, other than stuffing it in one’s mattress, is to find a secure location within the home.

The best place to secure one’s cash in this type of situation is by placing it into a heavy-duty safe that is both waterproof and difficult to access or steal.

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Of course, the money is not working for the individual and will just simply sit there and be secure.

Also See: How to Save Money as a Stay at Home Wife.


9. Apps

For those who wish to be involved with a higher degree of technology, there are apps that you can use to save their money.

One such app is called Chip. This app will help you to determine how much money you can comfortably set aside.

It offers savings suggestions by taking into account the entry of your bills into the app as well as automatic withdrawals and other budget transactions.

Through this app, the money is saved automatically.

The individual doesn’t have to search for the best return on their money. The app, through technology, performs this action automatically.

The use of this app, however, would require that an individual have an account from which the money can be drawn and invested.

The money market or high-interest yielding account may be the answer if the return on investment is higher.

There is a charge to utilize this savings technology.


10. Bonds

A popular and somewhat secure investment outside of a bank account is the purchasing of bonds.

Bonds can either be issued by businesses in the corporate world or government entities.

A bond is issued to an investor upon the company or government offering bonds for sale.

Rather than borrowing money from financial institutions, bonds are offered to individuals who give the money to the borrowing organization.

Usually companies or municipalities that issue bonds are trying to raise monies for capital improvements or for growing their business.

The return to the investor is not only an agreed-upon rate of interest on the bonds that are purchased but when the bond is mature, the full amount of the investment is returned to the individual as well.


How to Save Money Without a Bank Account


11. Stock Market

A tried and proven method of getting a good return on one’s money as an investment without the use of a bank is by investing in the stock market.

The return of one’s investment in the stock market isn’t a guarantee but over the years it certainly has proven to be the investment vehicle of choice even despite the ups and downs of the market.

It is important to determine your risk and based on that assessment it can inform your decision on how and where to invest your dollars.

Additionally, the stock market is better invested when the money is invested for the long term.


12. IRA

Some banks do offer the investment opportunity of investing in an Individual Retirement Account or IRA.

However, many of the interest rates offered are not as competitive as if you went through a retirement company that specializes in investing people’s money to get the best return.


13. Precious Metals

A proven method of getting a return on one’s money without having a bank account is through the purchase of precious metals.

Those precious metals can be gold, silver, platinum, etc.

The individual can purchase coins or bars of the precious metal of their choice or can buy actual certificates that reflect the purchase of these metals.


14. Be a Lender

A way to circumvent the use of a bank account to save money is to become a lender yourself.

This can be accomplished by several peer-to-peer lending sites that will take your investment and go through a process to approve individuals to borrow money against your investment.

These peer-to-peer lending organizations fully vet the individual who is requesting a loan and therefore help to minimize the individual’s risk.


15. Certificate of Deposit

One good way of saving money without having a banking account is through a certificate of deposit.

A certificate of deposit is an investment option that an individual buys and can be purchased in a variety of increments.

Generally, those increments range anywhere from 3 months, 6 months, one year, or 5 years.

Depending upon how much you deposit and for what length of time, is in direct proportion to the interest that is returned on your investment.

The only challenge with a certificate of deposit is that the money is tied up for that particular length of time until the maturity date is reached.

If the individual cashes in that certificate of deposit before the maturity date is reached, they may be assessed a fee.

Below are some other helpful guide to saving money:


Saving Money Without Bank Account FAQs


Why Do Bank Saving Accounts Offer Such Low Interest?

One reason why saving accounts interest rates with banks are so low is that the money they lend to borrowers is a lower rate of interest.

Therefore, the banks offer low-interest rates on savings accounts so that the bank maximizes their revenue.

Another way another reason why banks offer low-interest rates is that they don’t often compete for your business as it relates to savings accounts.


How Do I Find the Best Interest Rates for My Money?

There are a variety of websites out there that do comparative that provide comparative tables on their websites that show what the various investment vehicles are, the companies that offer them, and what their rate of return is.

One such site is Bank Rate.


You Can Do It

Whether you choose to save money with or without a bank account is your personal decision.

The focus should not be on the accounts themselves but on the investment and savings actions that are taken.

You should endeavor to utilize the best vehicle available to maximize the return on your investment.



To arrive towards a destination goal, the focus should be on the best vehicle available to match your goals and strategy as it relates to putting your hard-earned money to work.

If the vehicle of getting you to that destination is either a boat, airline, or jet plane, that is your decision and your decision alone.

The main thing is that you as the committed and laser-focused individual get on board with your chosen vehicle.

As it relates to which way is best, there is neither the right way nor the wrong way but the investment way.

Again, this company has paid $25+ million to members:

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Apart from being a seasoned Personal Finance expert who has written for top publications around the world, I bring significant personal financial experience. Long story short... through bad financial choices... I found myself $100,000 plus in debt. I was able to dissolve this indebtedness and regain financial solvency. This financial turn around was accomplished through reading, studying and implementing a financial plan. My financial plan included paying down my debt through budgeting, being cognizant of where my financial resources were being spent, changing my attitude about money and understanding the binding chains of the improper use of credit. Today, and for 10 years, I have been debt free and have invested wisely to enjoy my current retirement. This is allowing me to write to help others make, save and grow money wisely!