How To Open A Bank Account Online

You can open a bank account online in just 10 to 15 minutes by choosing an account type, gathering personal documents like your Social Security number and ID, submitting an online application and making an initial deposit.

Most banks allow completely digital account opening without visiting a branch. Online banks often offer higher interest rates and lower fees than traditional banks, making them an attractive option for digital-first banking.

The 4 steps to open an online bank account

Step 1: Choose the type of account you want

Before you start the application process, consider what you’ll be using your online bank account for. Your choice will determine which banks to consider and what features to prioritize.

• Checking accounts work best for everyday spending, paying bills and frequent transactions. Look for accounts with no monthly maintenance fees, free ATM access and convenient digital tools. Bankrate’s best checking accounts can help you compare options.
• High-yield savings accounts are ideal for emergency funds and short-term savings goals. The best high-yield savings accounts currently offer rates up to 4.40 percent APY, significantly higher than traditional savings accounts. They’re perfect for money you want to grow but might need to access occasionally.
• Money market accounts combine the features of both savings and checking accounts, often offering higher rates than regular savings with some transaction capabilities like checks or debit cards.
• Certificates of deposit (CDs) work well for money you won’t need for a specific period, offering fixed rates that are often higher than savings accounts. Compare current CD rates to see if they make sense for your timeline.

Consider what digital features matter most to you. Online bill pay can simplify monthly expenses, while mobile check deposit lets you deposit checks from anywhere. Some accounts offer instant debit card locking if you lose your card or notice suspicious activity.

Most importantly, ensure any bank you consider is FDIC-insured (or NCUA-insured for credit unions). This protects your deposits up to $250,000 per depositor, per institution.

Step 2: Gather your personal documentation

Having your documents ready before you start the application will make the process much smoother. Banks need this information to verify your identity and comply with federal banking regulations:

• Social Security number: Required for tax reporting and identity verification
• Government-issued photo ID: Driver’s license, state ID or passport
• Proof of address: Recent utility bill, bank statement or lease agreement with your name and current address
• Contact information: Phone number and/or email address

If you plan to transfer money from another account to fund your new one, you’ll need your existing bank details.

Step 3: Submit your online application

Once you’ve chosen your bank and account type, visit their website and look for “Open an Account” or similar language. The application process typically takes 10 to 15 minutes if you have your documents ready.

During the application process, you’ll be asked to enter your personal information (name, address, date of birth and Social Security number), upload or provide photos of required documents, choose account features like overdraft protection or paperless statements and accept the account terms and conditions.

What to expect during processing: The bank will verify your information, which can take anywhere from a few minutes to a few business days. Some banks provide instant approval for straightforward applications, while others may need additional time to review your documents.

If you run into issues during the application, most banks offer online chat support or phone assistance. Don’t hesitate to call if something isn’t working properly or if you have questions about required information.

Related: Learn more about the best online banks

Step 4: Fund your new account

After approval, you’ll need to make an initial deposit to activate your account. Banks offer several funding options for online accounts:

• Bank transfer (ACH): Link an existing account and transfer money electronically. This is usually free but can take 1 to 3 business days.
• Mobile check deposit: Use your phone to take pictures of a check and deposit it directly to your new account.
• Wire transfer: Faster than ACH but typically involves fees ($15 to $30).
• Digital payment services: Some banks accept funding through PayPal, Venmo or similar services.

Pay attention to minimum opening deposit requirements, which vary by bank and account type. Some online banks have no minimum, while others might require $25 to $100 to open. Also check if there’s a minimum balance needed to avoid monthly fees — this information is usually clearly stated during the application process.

If your chosen bank has physical branches, you can also visit a location to deposit cash directly into your new account.

Can I open a bank account online without going to the bank?

Yes, you can open most types of bank accounts completely online without ever setting foot in a branch. Whether you choose a traditional bank with online services or an online-only bank, the process is typically straightforward and fast.

“Opening an account online isn’t just about convenience — it’s often about getting better value. Online banks typically offer significantly higher interest rates on savings accounts and lower fees because they don’t have the overhead costs of maintaining branch networks. Plus, you can comparison shop easily and have your account set up the same day.”

— Hanna Horvath, CFP & Managing Editor at Bankrate

What is the easiest bank account to open online?

High-yield savings accounts are typically the easiest bank accounts to open online, followed by basic checking accounts. These accounts usually have minimal requirements and straightforward approval processes.

Online-only banks like Ally, Marcus by Goldman Sachs, and Capital One 360 have built their entire business model around online services, so their account opening processes are typically more user-friendly.

Bottom line

Opening a bank account online is typically faster, more convenient and often more financially beneficial than visiting a branch. With the right documentation and an understanding of what type of account you want, you can have a new account set up in less than 30 minutes.

The key is choosing the right bank and account type for your specific needs. Consider factors like interest rates, fees, digital features and customer service options when making your decision.

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