How To Open a Bank Account Online in 6 Steps
Written by
Virginia Anderson
Edited by
Melanie Grafil
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Opening a bank account online saves time and eliminates the hassle of visiting a local bank branch to set up an account. Plus, you aren’t limited to banks with a physical presence in your area — you can compare the features available from various financial institutions to find one that suits your preferences. Read on to discover how to open a bank account online.
How To Open a Bank Account Online: Step-by-Step
Here are the steps to follow.
1. Research Banking Options
Before starting the application process, consider the features you want in your new checking, savings or other bank account. Some elements to factor in your decision-making process include:
- Fee structure, including minimum balance requirements, overdraft fees and account maintenance charges
- Interest rates on savings accounts
- Whether the financial institution has nearby ATMs or branches you can visit
- Customer service availability
- If the financial institution has Federal Deposit Insurance Corporation or National Credit Union Association insurance
Once you settle on a bank or credit union that suits your needs, ensure it offers the option to open an account online. If it doesn’t, you may need to visit a local branch or consider alternatives.
2. Determine Whether You Qualify To Open a Bank Account Online
Every bank has different requirements to open an online account, but in general, you must be a U.S. resident over 18 with a local address to fulfill basic requirements. You will likely need to provide your Social Security number or Individual Taxpayer Identification Number during the application process.
Review your financial institution’s requirements for opening an online bank account to see if any additional restrictions may apply to you.
3. Select the Type of Account You Want To Open
Many financial institutions offer various account types, including checking, savings, money market and business accounts.
A checking account is suitable for everyday financial transactions. It can accommodate direct deposits and may provide a debit card for ATM withdrawals and in-person and online purchases. Savings accounts allow you to earn interest on your balance, but they usually have transaction limits preventing frequent withdrawals or transfers.
A money market account also provides interest on your available balance, which may be higher than a traditional savings account. You may need to meet specific minimum balance requirements or other criteria to open a money market account.
Business accounts are appropriate for business owners, solopreneurs, freelancers and others who use them for business-related financial transactions.
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4. Complete the Application To Open a Bank Account Online
Whichever financial institution you choose to bank, you’ll likely be required to fill out a short application with your personal details and contact information. Some of the information the bank may ask for includes:
- Your full legal name and date of birth
- A current address, phone number and email address
- Proof of your identity, such as your SSN and a government-issued ID
Some banks may ask you to upload copies of documents that verify the information you provide, such as a passport, driver’s license or other documents.
5. Deposit Money Into Your Bank Account
Your bank may require an initial deposit to finalize the opening process. You can fund your account with an online transfer from another bank account or a credit or debit card payment. Some banks may accept a check sent through the mail or a direct deposit from your employer.
Keep in mind that you won’t be able to use your bank account for purchases until it’s adequately funded.
6. Order a Debit Card or Checks if You Need Them
Some types of accounts may come with a debit card or paper checks. If you open a bank account online that includes a debit card, you’ll receive it through the mail, usually within two weeks. Some financial institutions may charge a fee for ordering checks, so review your bank’s requirements to understand if there are any costs you’ll need to cover.
Which Banks Allow You To Open an Account Online?
Many large banks offer online bank accounts, including the ones listed below.
Bank of America
Bank of America, Member FDIC, offers checking accounts, savings accounts, CD accounts and IRAs that you can open online [9]. Its checking and savings accounts may have monthly fees, but you can waive the cost if you meet specific requirements.
Chase
You can open checking accounts, savings accounts, CD accounts and credit cards online with Chase. You can avoid monthly service fees on Chase checking and savings accounts by meeting specific requirements, such as receiving a direct deposit that totals a certain amount.
Citi®
Citi offers a wide selection of online bank accounts, including checking and savings accounts, CD accounts, credit cards, personal loans and mortgages. Its banking packages range from basic checking accounts with no overdraft fees to wealth-building accounts for individuals who maintain over $1 million in assets.
TD Bank
TD Bank offers online checking and savings accounts, CD accounts, personal loans, credit cards and other account types. It provides multiple tiers of checking and savings accounts, which have varying perks and features.
Wells Fargo
Wells Fargo provides a variety of online bank accounts, including checking, savings, credit cards and lending accounts. Most of its basic accounts require a $25 minimum deposit, and there are multiple ways to waive the monthly fees.
Final Take
Opening a bank account online is easy if you meet the eligibility requirements. Research the available options and gather the details you need for the application process. Keep in mind that some banks charge monthly service fees, which you may be able to avoid if you meet specific criteria.
Taylor DeJesus and Caitlyn Moorhead contributed to the reporting for this article.
The information related to Chase accounts was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
