Yes, you can open both accounts online, but the process differs slightly between them

Most banks and credit unions let you open a checking account entirely online using a computer or phone. You upload documents, verify your identity, and get approved within minutes to a few hours. A savings account follows the same basic path — you can open one at the same time as your checking account, or separately, often without leaving home.

The catch is small but real: some banks still require you to verify your identity in person for your first account with them, or they may need you to make an initial deposit at a branch. A few online-only banks (sometimes called neobanks) have no branches at all, so they use video calls or third-party verification services instead. Knowing which route your bank uses before you start saves time.

Key Takeaways

  • Most traditional banks and credit unions let you open checking and savings accounts online, but some still require an in-person visit for identity verification on your first account.
  • You will need a government ID, proof of address (like a utility bill or lease), and sometimes proof of income, depending on the bank.
  • Online-only banks complete the entire process digitally using video calls or third-party verification, with no branch visit needed.
  • Opening both accounts at once usually takes 10 to 30 minutes online, though approval can take a few hours to one business day.
  • Some banks require a minimum opening deposit for savings accounts but not for checking, so read the terms before you start.

What documents you need to have ready

Before you start, gather these items and have them nearby — either as physical documents or photos on your phone. Banks vary slightly in what they ask for, but most want the same core set.

You will need a government-issued ID: a driver's license, state ID card, or passport. The bank will ask you to upload a photo of the front and back, or in some cases hold it up to your camera for a video verification. You also need proof of address — a recent utility bill, lease agreement, mortgage statement, or government mail with your name and current address. This document usually has to be dated within the last 60 to 90 days.

Some banks ask for proof of income if you are opening a savings account, though this is less common for checking. A recent pay stub, tax return, or letter from your employer usually works. If you are self-employed or receive benefits, a bank statement showing regular deposits can work instead. A few banks skip this step entirely, especially for smaller opening deposits.

The difference between opening online at a traditional bank versus an online-only bank

Traditional banks with branches (like Chase, Bank of America, or your local credit union) let you start the process online. You fill out the process, upload your ID and address proof, and the bank verifies your identity using the documents you provided. Most approve you within a few hours. However, some of these banks still require you to visit a branch in person to complete the account opening or make your first deposit, especially if you are a new customer. Check the bank's website or call before you start — it will say whether the process is fully online or has a branch step.

Online-only banks (like Ally, Charles Schwab, or Chime) have no physical branches, so they complete everything digitally. Instead of uploading documents, you may do a video call with a representative who watches you hold up your ID. Some use third-party verification services — companies that check your identity against public records and databases — so you never talk to a person. The entire process usually takes 10 to 30 minutes, and you can start using your account the same day or within 24 hours.

How long the process takes, from start to finish

The online process itself is quick — usually 10 to 20 minutes for both accounts combined. You enter your personal information, Social Security number, address, and employment details, then upload or photograph your documents. The bank's system checks your documents right away and tells you if anything is missing or unclear.

Approval is where the timeline stretches. Most banks give you a decision within a few hours to one business day. Some online-only banks approve you when ready if their verification system confirms your identity when ready. Traditional banks may take longer if they need to review your documents manually or if you are opening an account on a weekend or holiday — in that case, approval might come the next business day.

Once you are approved, you can usually start using your checking account right away, even before your debit card arrives in the mail. You can set up direct deposit, transfer money from another bank, or deposit checks using your phone's camera. Your savings account works the same way — you can deposit and withdraw money online as soon as it opens.

Opening both accounts at the same time versus opening them separately

Most banks let you open a checking and savings account in a single process. You choose both account types, set your opening deposit (if required), and submit everything together. This is faster than opening them one at a time, and some banks offer bonuses for opening multiple accounts at once — though the terms and amounts vary widely.

You can also open just a checking account now and add a savings account later. Some people do this because they only need checking right away, or because they want to understand one account before adding another. Opening a second account later is usually simpler — the bank already has your information on file, so the process takes just a few minutes.

What happens if the bank denies your process

Banks rarely deny an process outright, but it happens. The most common reasons are a mismatch between the name or address you provided and what appears in the bank's verification system, a history of unpaid bank fees or fraud, or a problem with your ID (expired, unclear photo, or name change not yet updated in government records).

If your process is denied, the bank will tell you why — usually by email or phone. If it is a documentation issue, you can reapply with corrected information or a different form of ID. If it is a history issue, you may need to wait a period of time (often six months to a year) before reapplying, or try a different bank. Some banks that focus on second-chance banking have fewer restrictions and may work with you even if other banks have turned you down.

Minimum deposits and account fees

Many banks require a minimum opening deposit — the amount of money you have to put in when you create the account. For checking accounts, this is often $0 to $100. For savings accounts, it can be $0 to $500, depending on the bank. Some banks waive the minimum if you set up direct deposit or keep a certain balance.

Account fees vary widely. Some banks charge a monthly maintenance fee ($5 to $15) unless you meet conditions like keeping a minimum balance or setting up direct deposit. Others have no monthly fee at all. Savings accounts sometimes pay interest — a small amount of money the bank pays you for keeping your money there — though the rate depends on the bank and changes over time. Read the fee schedule and account terms before you open the account so you know what to expect.

Frequently Asked Questions

Do I need a Social Security number to open an account online?

Yes, most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN) to open a checking or savings account. This is a federal requirement used to verify your identity and prevent fraud. If you do not have a Social Security number yet, some credit unions and community banks may have alternative processes — call ahead to ask.

Can I open an account if I do not have a physical address?

It is harder but not impossible. Banks need proof of address, which usually means a utility bill or lease. If you are experiencing homelessness or living temporarily, some banks accept mail from a shelter, a trusted friend's address, or a government agency letter. Call the bank directly and explain your situation — they may have options that do not show on the website.

What if my ID is expired?

Some banks will accept an expired ID if it is recent (expired within the last year or two) and the photo is still clearly you. Others require a current ID. If your ID is expired, check with the bank before you explore. If they will not accept it, renewing your ID at your state's DMV or equivalent office is usually faster than trying a different bank.

Can I open an account on my phone, or do I need a computer?

You can do it on either. Most banks have mobile apps and websites that work on phones, tablets, and computers. The process is the same — you upload or photograph your documents the same way. Some people find it easier on a computer with a larger screen, but a phone works fine if you have good lighting when you photograph your ID.

How much money do I need to deposit to open the account?

It depends on the bank. Many checking accounts have no minimum opening deposit — you can open with $0 and deposit money later. Savings accounts often require $25 to $500 to open. Some banks waive minimums if you set up direct deposit. Check the specific bank's terms before you explore, since this varies widely.