What do you need to open an online bank account

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Important Notes

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Opening a bank account online can be quick and easy. It can take just minutes and save you a trip to a bank branch. And if you’re opening an account at an online bank, it may be your only option. The top online banks are FDIC-insured, offer higher rates than typical brick-and-mortar banks and often charge low or no fees.

Here’s how to open a bank account online in a few steps:

1. Choose the type of account you want.

2. Collect your personal documents and information in advance.

3. Fill out the application with your personal details.

1. Choose the type of account you want

Before you start the application, you have two key decisions to make:

• Checking, savings or other? Determine this new account’s primary purpose. If you need the money to pay regular expenses, consider opening a checking account and make sure it doesn’t charge too many fees (or that you can get them waived). If the money will be set aside for savings, make sure the account earns a good interest rate. Carefully consider how you’ll be using this new account in order to weigh your options.

• 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.

Also confirm that the account will be FDIC insured, which means the Federal Deposit Insurance Corp. 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.)

Accounts at credit unions have equivalent protection from a separate government agency, the National Credit Union Administration. You can find out if a credit union is protected by searching for it in the NCUA’s credit union locator.

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2. Collect your personal documents and information in advance

Here'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.

• Valid driver’s license or other government-issued ID.

• If your new account requires an initial deposit, you'll also 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 into your existing account’s online dashboard.

3. Fill out the application with your personal information

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.

While in most situations you can send this information online, there may be some cases where you are asked to fax or email additional documents — such as a copy of your driver’s license — to help verify your identity. Some banks might require that you come into a branch to provide these documents if you’ve had a history of checking account issues or a limited work or credit history, for example.

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.

SavingsCash ManagementCDCheckingMoney Market

LendingClub High-Yield Savings

SoFi Checking and Savings

APY

3.25%SoFi members with direct deposit can earn up to 3.25% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.25% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 11/30/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Marcus by Goldman Sachs Online Savings Account

APY

3.00%3.00% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have a positive balance to remain open. APY valid as of 11/08/2022.

Discover Bank Online Savings

APY

3.00%Advertised Online Savings Account APY is accurate as of 11/10/2022

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.

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.

Wealthfront Cash Account

Betterment Cash Reserve

APY

3.20%Annual percentage yield (variable) is as of 11/07/2022.

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.

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.

CIT Bank CD

Checking accounts are used for day-to-day cash deposits and withdrawals.

Checking accounts are used for day-to-day cash deposits and withdrawals.

SoFi Checking and Savings

APY

2.50%SoFi members with direct deposit can earn up to 3.25% annual percentage yield (APY) on savings balances (including Vaults) and 2.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 3.25% APY for savings and 2.50% APY for checking balances. Members without direct deposit will earn 1.20% APY on all account balances in checking and savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 11/30/2022. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Upgrade - Rewards Checking

Deposits are FDIC Insured

Current Account

Deposits are FDIC Insured

Chime Checking Account

Axos Bank® Rewards Checking

APY

1.25%Receive monthly direct deposits totaling $1,500 or more to earn 0.40% APY. Use your Axos Visa® Debit Card for a total of 10 transactions per month (min $3 per transaction) or sign up for Account Aggregation/Personal Finance Manager (PFM) in Online Banking to earn 0.30% APY. Maintain an average daily balance of $2,500 per month in an Axos Managed Portfolios Invest Account to earn 0.20% APY. Maintain an average daily balance of $2,500 per month in an Axos Self Directed Trading Invest Account to earn 0.20% APY. Use your Rewards Checking account to make your full monthly Axos consumer loan payment to earn 0.15% APY.

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.

UFB High Rate Money Market

Discover Bank Money Market Account

4. Fund your online bank account

When you open an account online, you’ll need to make an initial deposit. This usually means making a transfer from an existing account. If your bank is all online, you may also be able to fund with a check or money order. And if your bank has local branches, you can also visit one to deposit cash.

Once you enter the details for the transfer, choose an amount that satisfies any minimum balance or starting deposit requirement. The funds generally take a few days to process, and then you can start managing your new account.

Frequently asked questions

What banks will let you open an account online?

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.

Can I open a bank account without going into the bank?

Yes, you can open a bank account completely online, without ever going into a bank branch. With a completely online bank or account, you can also do all your account management online.

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.

What is the easiest bank account to open online?

Can I open bank account online without visiting bank?

What documents need to open bank account?

What banks allow me to open an account online?