The banks with the fewest barriers are online-only: Chime, Ally, and Charles Schwab let you open an account in minutes with just an ID and Social Security number, no minimum balance required.
If you need a checking account today and want to avoid paperwork, an online bank is your fastest path. Chime and Ally both fund accounts within one business day of opening, and you can start using a debit card when ready through their apps. Charles Schwab takes slightly longer—two to three business days—but offers the widest ATM network of any bank in the country, which matters if you need cash without fees.
Traditional banks like Chase, Bank of America, and Wells Fargo can open accounts in a branch in 15 to 30 minutes, but they often require a minimum deposit (usually $25 to $100) and may place a hold on your initial deposit. Online applications at these banks take longer—typically one to three business days—because they verify your identity through a third party rather than in person.
The trade-off is straightforward: online banks are faster and have no minimums, but they have no physical branches. If you need to deposit cash or speak to someone in person, a local or regional bank may suit you better, even if it takes longer to open.
Key Takeaways
- Chime and Ally open accounts in minutes with no minimum balance, and both fund your account within one business day.
- Charles Schwab takes two to three business days but gives you access to over 30,000 ATMs nationwide with no fees.
- Traditional banks like Chase and Bank of America open accounts faster in a branch (15 to 30 minutes) but usually require a minimum deposit.
- Online applications at traditional banks take one to three business days because they use third-party identity verification instead of in-person confirmation.
Online banks: no minimums, no branches, fastest funding
Chime is built for speed. You provide your ID, Social Security number, and basic personal information through the app, and the account opens when ready. Chime funds your account within one business day, and you can use your debit card right away—either the physical card when it arrives (three to five business days) or a temporary virtual card in the app. There is no minimum balance, no monthly fee, and no overdraft fees if you stay within your balance.
Ally works the same way: ID, Social Security number, and you are done. Ally also funds within one business day and issues a virtual debit card when ready. The physical card arrives in five to seven business days. Ally has no minimum balance and no monthly maintenance fee. The main difference from Chime is that Ally is a division of a larger bank (GMAC), so it may feel more stable if you are concerned about a startup-style fintech company.
Charles Schwab takes longer to fund (two to three business days) but solves a real problem: ATM access. Schwab has no monthly fee, no minimum balance, and no overdraft fees. More importantly, it reimburses ATM fees at any bank in the country, and it has partnerships with over 30,000 ATMs. If you live somewhere without many Schwab branches or plan to travel, this matters.
Traditional banks in a branch: slower but familiar
If you walk into a Chase, Bank of America, or Wells Fargo branch with an ID and Social Security number, you can open a checking account in 15 to 30 minutes. The account is live when ready, and you can deposit cash on the spot. You will receive a debit card in the mail within five to seven business days, but you can use a temporary card or mobile wallet right away.
The catch is the minimum deposit. Chase requires $25 to $100 depending on the account type. Bank of America requires $100 for most checking accounts. Wells Fargo requires $25. These are not fees—they are money that goes into your account—but you need to have that cash available on the day you open the account.
If you explore online at a traditional bank's website, the process takes one to three business days. The bank will ask you to verify your identity through a third-party service (usually by answering security questions or uploading a photo of your ID). This delay is why branch opening is faster: the teller sees your ID in person and does not need to wait for verification.
Regional and community banks: slower opening, local support
If you bank with a credit union or a regional bank (like a local community bank), opening an account usually takes one to three business days, even in person. These institutions often have stricter identity verification processes than large national banks, and they may require a minimum deposit of $25 to $50.
The advantage is personal service: you can speak to someone who knows your local area and may be more flexible if you run into problems later. The disadvantage is that opening takes longer and you have fewer ATMs and branches if you move or travel.
What you actually need to bring
For any bank—online or in person—you will need a government-issued ID (driver's license, passport, or state ID) and your Social Security number. Some banks ask for a second form of ID, like a utility bill or lease showing your current address. A few banks ask for a phone number and email address, which they use to contact you if there are problems with your process.
You do not need to bring a deposit on the day you open, except at traditional banks that require a minimum. Online banks let you fund the account after opening, usually by linking an existing bank account or setting up a direct deposit.
How long until you can actually use the account
| Bank Type | Account Opens | Debit Card Available | Full Access |
|---|---|---|---|
| Chime (online) | Minutes | Virtual card when ready; physical in 3–5 days | 1 business day |
| Ally (online) | Minutes | Virtual card when ready; physical in 5–7 days | 1 business day |
| Charles Schwab (online) | Minutes | Virtual card when ready; physical in 5–7 days | 2–3 business days |
| Chase (branch) | 15–30 minutes | Temporary card same day; physical in 5–7 days | Same day |
| Bank of America (branch) | 15–30 minutes | Temporary card same day; physical in 5–7 days | Same day |
| Wells Fargo (branch) | 15–30 minutes | Temporary card same day; physical in 5–7 days | Same day |
| Online process (any bank) | 1–3 business days | Virtual card after approval; physical in 5–7 days | 1–3 business days |
Frequently Asked Questions
Can I open a checking account if I do not have a Social Security number?
Most banks require a Social Security number or an Individual Taxpayer Identification Number (ITIN). Some banks, particularly credit unions and smaller regional banks, may open accounts with an ITIN instead. Call ahead to confirm before you visit a branch or explore online.
What happens if the bank rejects my process?
Banks use ChexSystems, a checking account history database, to screen applicants. If you have unpaid overdrafts or fraud flags from a previous account, you may be rejected. You can request your ChexSystems report for free and dispute errors. Some banks (like Chime and Ally) are more lenient with ChexSystems issues than traditional banks.
Do I need a minimum deposit to open an account?
Online banks like Chime and Ally have no minimum. Traditional banks usually require $25 to $100, but this money goes into your account—it is not a fee. You can withdraw it when ready after opening if you want.
Can I open a checking account online and use it the same day?
Chime and Ally fund accounts within one business day and issue virtual debit cards when ready, so you can use them the same day you open. Charles Schwab takes two to three business days. Traditional banks take one to three business days for online applications.
Which bank is best if I need to deposit cash?
Online banks do not have branches, so you cannot deposit cash directly. If you need to deposit cash regularly, open an account at a traditional bank with a branch near you, or use a regional bank or credit union. If you use an online bank, you can deposit checks through the mobile app or transfer money from another account.