The 10 Easiest Banks To Join
Written by
Nicole Spector
Edited by
Levi Leidy
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There are thousands of banks to choose from in the U.S., and for many, deciding on the right one to join can come down to how easy the institution makes it to do so. Online accessibility and minimal requirements to sign up are the main attributes of a bank that makes it simple to become a member. That said, everyone’s situation (and location) comes into play.
“There isn’t a one-size-fits-all answer to this question since a lot depends on where you live and your financial situation,” said Andrew Latham, director of content at SuperMoney. “However, if you’re looking for banks you can join online, don’t require a minimum opening deposit, and offer second chance checking accounts for people with a checkered banking history, consider banks such as TD Bank, Chime, United Bank and Synchrony.”
When you are debating which is the best bank to join for your unique financial situation, several factors can come into play such as monthly service fees, customer service or the APY you earn on a high-yield savings account. Whether you opt for an online option and mobile app or brick-and-mortar banks or credit unions, here are 10 of the easiest banks to join.
Chime
Chime is probably the easiest to join. New members can head online and simply enter their basic details — first and last name, photo ID, home address, date of birth, email and Social Security number — and voila, that’s all! A Chime deposit account is great for you if you have poor credit and it has no minimum opening deposit or minimum balance requirements.
TD Bank
To sign up with TD, users can go online and enter their basic information, including a driver’s license number or state ID. They’ll also need to have a previously existing bank account open to transfer funds over. Keep in mind that some savings products come with account fees such as monthly maintenance fees.
United Bank
United Bank has the same requirements as TD. You need your basic info to open an account online, as well as your driver’s license or state ID. You’ll also need an opening deposit of just $50. United, as with most big banks, is FDIC-insured so all of your funds are covered up to $250,000.
Synchrony
In addition to providing their basic information online, Synchrony asks its prospective members for an opening deposit of $100.
The key reason these banks, including Synchrony, are the easiest to join in Latham’s view is because they allow you to open an account online with little or no opening minimum deposit. If there’s no opening deposit, that means you don’t need a pre-existing bank account to move funds from, making the process quicker.
“Also, they either offer second-chance checking accounts or they don’t look at ChexSystems reports before opening an account. Most will do a soft credit pull but past banking missteps won’t typically disqualify you from opening an account.”
Latham explained that when Congress authorized the coronavirus relief package in December 2020, it was banks like TD, Chime, United and Synchrony that allowed people who previously didn’t have an account to open one and fund it with an economic impact payment.
“The signup process varies slightly by bank, but they all require your first and last name, Social Security number and email,” Latham said. “In some cases, such as Chime, that is all the information you need to provide to open an account.”
These four banks above aren’t the only ones that are considered easy to join by financial insiders. AsSaqib Iqbal, editor of the finance site SafeTradeBinaryOption sees it, four other banks have an even simpler sign-on process. Iqbal points to Chase, Axos Bank, Ally and Wells Fargo as being the easiest to join.
SoFi
Not only does the SoFi checking and savings account have great member benefits, but it is also super easy to open. The process only takes a few minutes and all you need is your valid photo ID, date of birth, Social Security number, home address, citizenship status, phone number and email address.
Varo
Your new Varo bank account will come with easy verification and is absolutely free. There are no monthly maintenance fees or minimum balance requirements and all you need to apply with is your basic personal information and a valid photo ID such as a driver’s license or passport.
Capital One
The Capital One 360 Checking account actually earns interest, has no minimum balance requirements and you pay $0 in monthly fees. It’s one of the easiest checking accounts to open at a big bank and best for someone who makes a lot of ATM transactions as it has a network of over 70,000 fee-free options.
Chase Bank
Chase asks users to provide their basic info, two forms of photo ID and a utility bill with current address information. Minimum deposits (and whether you even have to give one) depend on the bank. Iqbal ranks this bank as an easy one because of the abundance of branches and the fact that it is the largest of all the U.S. financial institutions.
Axos Bank
A totally online bank with not a single brick-and-mortar location, Axos asks for all the basic information as well as a $250 opening deposit. This is certainly a more “expensive” account to open compared to some others, but its online-only nature makes it super compatible with the wants of digital natives.
Ally
Proclaiming that you’ll need less than five minutes to open an account, Ally asks for all that fun basic info you surely know by heart now and no opening deposit, which makes it a standout choice for those just starting out.
Final Take To GO: Simplify Your Banking
The bottom line is that all of the banks that make the easiest-to-join list tout easy online banking features, and some have in-person banking options as well. Enhanced digital and mobile accessibility are major selling points for today’s consumers, but having the best of both worlds keeps your bases covered. Just because a bank account is easy to open doesn’t necessarily mean it’s the best one for your finances, but sometimes convenience is king.
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