Spencer Tierney is a consumer banking writer at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit and other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Oakland, California.
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Wealth psychology expert and coach Kathleen Burns Kingsbury, founder of KBK Wealth Connection and host of the Breaking Money Silence podcast, is an internationally published author and speaker. As an expert on financial psychology, Kathleen has appeared on television and her work has been featured in The New York Times, The Wall Street Journal, "PBS NewsHour," Money magazine, Today Money, Forbes and CNBC. Kathleen served as an adjunct faculty member at the McCallum Graduate School at Bentley University from 2009 to 2019 and currently teaches at Champlain College.
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Table of Contents
MORE LIKE THIS Checking Accounts Savings Accounts BankingTable of Contents
MORE LIKE THIS Checking Accounts Savings Accounts BankingOpening a bank account online can be quick and easy. It can take just minutes and save you a trip to a branch. And if you’re opening an account at an online bank or credit union, it may be your only option.
Today’s high rates may not last forever. Take advantage of them while you can with a federally insured online savings account .
The top online banks offer higher rates than typical brick-and-mortar banks, often charge low or no fees and are insured by the Federal Deposit Insurance Corp. (FDIC). The top credit unions are insured by the National Credit Union Administration (NCUA).
Before you start the application, you have two key decisions to make:
What type of bank account do you want? Checking and savings accounts are the most common pair to open at a bank, but you don’t have to have them in the same place. Having accounts at multiple banks can mean getting different benefits. Checking accounts give access to multiple payment and withdrawal options, such as debit cards, bill pay and ATMs, while savings accounts focus on storing funds and earning interest. Look for checking accounts with no monthly fees or easy ways to avoid them, and consider savings accounts with high rates.
Do you want to open a single or joint account? With a single account, you’re the sole owner. A joint account is one you co-own with another person, generally a family member or significant other.
If the financial institution offers multiple savings or checking accounts, compare them to see which terms and features work best for you.
Check that the account will be FDIC insured, which means the FDIC protects your money in case the bank fails. To find out whether your deposits are federally insured, search for your bank on the FDIC’s BankFind tool . You can also look for the FDIC insurance logo on the bank site. (Check the FDIC site to see how the official logo should appear.)
Some online accounts are available at nonbank tech companies, called neobanks , which partner with banks to provide FDIC insurance for their accounts.
Accounts at credit unions have equivalent protection from a separate government agency, the NCUA. You can find out whether a credit union is protected by searching for it in the NCUA’s credit union locator .
Looking for an online account? Say goodbye to waiting in line at a branch. Go totally virtual with NerdWallet's best online banks. COMPARE BANKSHere's the documentation you'll need to open a bank account online. You'll also need this information for anyone who will be a joint account owner.
Social Security number or, for noncitizens, another identification number . Valid driver’s license or other government-issued ID.If your new account requires an initial deposit, you'll often need debit card information, or routing and account numbers, for another bank account you own. You can find these numbers on a check or by logging in to your existing account’s online dashboard. (If you’ve never had a bank account, here’s our guide to getting started .)
To open a bank account online, you’ll need to provide some information about yourself. Using a secure home internet connection or another trustworthy network, fill out the application with your personal details, which will likely include:
Information from the items you previously gathered, including Social Security number, ID and debit card or bank account information.
Date of birth. Contact information.In most situations, you can send this information online, but some banks may ask you to fax or email additional documents — such as a copy of your driver’s license — to help verify your identity. In the case of some brick-and-mortar banks, you might need to visit a branch to provide these documents, especially if the bank can’t confirm your identity or you’ve had a history of checking account issues or you have a limited work or credit history.
You might also have to sign and mail in a signature card or form so your bank can verify your signature or so you can agree to receive statements and other messages online. If you’re not a legal adult, you’ll need a parent co-signer’s information as well, and you may need to visit a branch to complete your application. (If you’re an adult looking to open an account for a child, consider kids savings accounts ).
Cash Management Money Market Learn MoreSoFi Checking and Savings
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Min. balance for APY Read reviewEverBank Performance℠ Savings
Min. balance for APY Learn MoreBarclays Tiered Savings Account
Min. balance for APYThese cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
Learn Moreon Wealthfront's website
Wealthfront Cash Account
Min. balance for APY Learn Moreon Betterment's website
Betterment Cash Reserve – Paid non-client promotion
*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APYCDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Learn MoreMarcus by Goldman Sachs High-Yield CD
4.80% APY (annual percentage yield) as of 08/21/2024
Federally insured by NCUA
Alliant Credit Union Certificate
Annual Percentage Yield (APY) is accurate as of 08/20/2024
Checking accounts are used for day-to-day cash deposits and withdrawals. Checking accounts are used for day-to-day cash deposits and withdrawals.
Discover® Cashback Debit
Chase Total Checking®
Deposits are FDIC Insured
Chime Checking Account
Monthly fee Money market accounts pay rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have some checking features.
Discover® Money Market Account
When you open an account online, you’ll need to make an initial deposit, or add money to the account. This step usually involves making a transfer from an existing account, but other options may include mailing a check or money order. And if your bank has local branches, you can visit one to deposit cash.
When you enter details for a transfer, choose an amount that satisfies any minimum balance or opening deposit requirement. The funds generally take a few days to process, and then you can start managing your new account.
There are many types of banks and bank accounts to choose from. Here’s a list of more specific account-opening processes:
Frequently asked questions Can I open a bank account online?Most people can open a bank account online , but not everyone gets approved. Some banks can reject applicants based on previous bank account history if there’s a case of fraud or unpaid fees. This history is usually at a consumer agency called ChexSystems . If you’re denied a checking account, consider a second chance checking option that is intended to help people rebuild banking relationships.
What banks will let you open an account online?Many of them do. You can open a bank account online with online banks as well as with national brick-and-mortar financial institutions. Some regional credit unions and banks also allow you to open an account online. See our list of online and traditional banks .
Can I open a bank account without going into the bank?Yes, you can open a bank account online without ever going into a bank branch. With an online bank or account, you mostly manage your money through the bank’s website and mobile app, though you can often call customer support for additional help.
Can I open a checking account online instantly?Generally, yes. You can open a checking account online in just a few minutes with an online bank or credit union or with traditional banks and credit unions that offer online banking and checking accounts. The funds in your new account may take a few days to process, though.
Wells Fargo, Bank of America, U.S. Bank and most other big banks offer the ability to open accounts on their websites. Some of the top online banks and credit unions — including Alliant Credit Union, Ally Bank, Discover® Bank and SoFi — make it possible to open checking accounts online in just a few minutes.
Can I open a bank account online with no deposit?Yes, but only initially. You can open a bank account online without immediately making a deposit. Some banks don’t have any minimum opening deposit requirement. However, if you don’t make a deposit within a certain amount of time, the bank may close the account.
Can I open a Chase bank account online? Can I open a Bank of America account online?Yes, you can open a Chase bank account and a Bank of America account online. Other national banks, including PNC, U.S. Bank and Wells Fargo, also offer the option to open bank accounts online.
Can I open a bank account online?Most people can
open a bank account online
, but not everyone gets approved. Some banks can reject applicants based on previous bank account history if there’s a case of fraud or unpaid fees. This history is usually at a consumer agency called
. If you’re denied a checking account, consider a
second chance checking
option that is intended to help people rebuild banking relationships.
What banks will let you open an account online?Many of them do. You can open a bank account online with
as well as with national brick-and-mortar financial institutions. Some regional credit unions and banks also allow you to open an account online. See our
list of online and traditional banks
Can I open a bank account without going into the bank?Yes, you can open a bank account online without ever going into a bank branch. With an online bank or account, you mostly manage your money through the bank’s website and mobile app, though you can often call customer support for additional help.
Can I open a checking account online instantly?Generally, yes. You can open a checking account online in just a few minutes with an online bank or credit union or with traditional banks and credit unions that offer online banking and checking accounts. The funds in your new account may take a few days to process, though.
Wells Fargo, Bank of America, U.S. Bank and most other
offer the ability to open accounts on their websites. Some of the top online banks and credit unions — including Alliant Credit Union, Ally Bank, Discover® Bank and SoFi — make it possible to open checking accounts online in just a few minutes.
Can I open a bank account online with no deposit?Yes, but only initially. You can open a bank account online without immediately making a deposit. Some banks don’t have any minimum opening deposit requirement. However, if you don’t make a deposit within a certain amount of time, the bank may close the account.
Can I open a Chase bank account online? Can I open a Bank of America account online?Yes, you can open a Chase bank account and a Bank of America account online. Other national banks, including PNC, U.S. Bank and Wells Fargo, also offer the option to open bank accounts online.
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Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times. See full bio.
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Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited content on personal finance topics for more than five years. See full bio.
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