Can You Open a Bank Account Online Without Going To the Bank?
Online banking can save you time by making it easy to access your account on the internet or using your bank’s mobile app. However, if you need to open a bank account, you may be wondering if you can open a bank account online without going to an actual bank. Read on to learn about opening a bank account online.
Can I Open a Bank Account Online Without Going to the Bank?
You can open an account online with most banks, without visiting a physical location. While each bank has its own policies, you should be able to open an account online as long as you can provide the required documentation to prove your identity and meet the minimum balance requirements.
How To Open a Bank Account Online: Step by Step
- Step one: Go to the bank’s website and compare available accounts. Choosing the type of account you want will depend on what products and services you are looking for in a checking, savings or other type of bank account.
- Step two: Choose an account and fill out the application. You will need to provide personal information, such as your Social Security number, phone number, address and your identity verification.
- Step three: Some banks also have you complete legal disclosures during the application process, so make sure to feel comfortable with what terms and conditions come with the account and what you prefer.
- Step four: Once you’re approved, fund the account — typically, you’ll use a debit card, check or bank transfer from an existing account.
If you’re opening a simple checking or savings account, you’ll likely be approved instantly. However, some banks may need to review your application regardless of the account type.
How Do I Open an Instant Bank Account?
Most bank account applications vary slightly, but all banks will require you to verify your identity. You must be over 18 or have your parents available to co-sign your bank account — though if you are opening a joint account, it’s much more likely that you’ll need to visit a branch.
Have your information handy before you start, like your driver’s license or other government-issued ID, Social Security card and a payment method to fund your account. The online account-opening process is relatively simple.
What Is the Easiest Bank Account To Open Online?
Deposit accounts — like checking, savings, money market and CD accounts — are typically easy to open online. Some banks will require an in-person visit for accounts with high opening deposits.
What 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 many checking accounts, savings accounts, CD accounts and IRAs that you can open online. Its checking and savings accounts may have monthly fees with the ability to waive the fee if you meet specific requirements. The minimum opening deposit for checking and savings accounts generally ranges from $25 to $100.
Chase
You can open checking accounts, savings accounts, CD accounts and credit cards online with Chase. There are no minimum deposit requirements for its checking accounts, but you may have to pay a monthly fee.
Citi®
Citi offers a particularly 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 minimum deposits of $0 to wealth-building accounts for individuals who maintain over $1 million in assets.
TD Bank
TD Bank offers checking and savings accounts, CD accounts, personal loans, credit cards and other account types online. It offers multiple tiers of checking and savings accounts, which have varying perks and features. While there are no minimum deposits, you may have to pay a monthly maintenance fee.
Wells Fargo
Wells Fargo also provides a variety of bank accounts online, 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.
Other Banks With Online Bank Accounts
More national and regional banks that allow you to open a bank account online include:
- Axos Bank
- Centennial Bank
- Discover Bank
- First National Bank
- Guaranty Bank
- M&T Bank
- Synchrony Bank
- U.S. Bank
Final Take: Is It Better To Open a Bank Account From a Branch or Online?
Deciding between online and in-person banking depends on personal preference and how you manage your finances. For example, if you use cash often, you might want to choose an in-person bank so you can easily access branches and withdraw or deposit money without worrying about ATM limits.
Online bank accounts are especially helpful for people who use debit or credit cards more often than cash. In addition, accessing your account online can provide an extra layer of convenience if you want to check your balance and transaction history regularly.
Fortunately, more banks are offering online banking, and it is relatively easy to find banks that allow you to open an account online without going to the bank.
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.
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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.
