Yes, you can open a bank account online for free, and most banks offer this option
Many banks let you open a checking or savings account entirely online at no cost. You do not pay to open the account, and you do not pay a monthly fee if you meet basic requirements — usually keeping a small balance or setting up direct deposit. The whole process takes 10 to 20 minutes from your computer or phone.
The catch is small: some banks charge a monthly maintenance fee if your balance drops below a certain amount, or if you do not have direct deposit set up. Others charge nothing at all, regardless of balance. You choose which type fits your situation.
Online banks (banks with no physical branches) almost always charge zero monthly fees. Traditional banks with branches sometimes do, sometimes do not. The difference matters only if you think you might need to walk into a building to deposit cash or talk to someone in person.
Key Takeaways
- Most online banks charge no monthly fee and no opening fee, and you can complete the entire process on your phone or computer.
- Some traditional banks charge a monthly fee unless you keep a minimum balance or set up direct deposit, so read the fee schedule before you open.
- You will need a government ID, proof of address, and a Social Security number or ITIN to open an account online.
- The bank will verify your identity by asking questions about your credit history or by sending a small deposit to an existing account you own.
- Your account is usually ready to use the same day or within one business day.
What you need to have ready before you start
Gather these items before you begin: a valid government-issued ID (driver's license, passport, or state ID), proof of your current address (a recent utility bill, lease, or bank statement), and your Social Security number or ITIN (Individual Taxpayer Identification Number). If you do not have a Social Security number, some banks will open an account with an ITIN instead.
You will also need access to email and a phone number. The bank uses these to send you account information and to verify your identity. If you have an existing bank account at another bank, have that account number handy — some banks use it to confirm you are who you say you are by depositing a small amount and asking you to tell them the exact number.
How the identity verification process works
After you fill in your personal information online, the bank verifies your identity. The most common method is asking you questions about your credit history — things like "Which of these addresses did you live at in 2019?" or "Which car loan did you have in 2018?" You answer based on your own records, and the system checks your answers against credit bureau data.
If you have no credit history or very little, the bank may use a different method. They might deposit a tiny amount (usually between 1 and 25 cents) into an existing account you own at another bank, then ask you to tell them the exact amount. This proves you control that account. Some banks also accept a photo of your ID and proof of address instead.
This verification usually takes a few minutes. If the system cannot verify you automatically, a bank employee will contact you by phone or email within one business day.
Banks that charge no monthly fee, no matter what
Online-only banks almost never charge monthly fees. Examples include Ally Bank, Charles Schwab Bank, and Discover Bank. These banks make money from loans and investments, not from account fees, so they can afford to charge nothing. You can deposit checks by taking a photo with your phone, and you can withdraw cash at ATMs nationwide (though the network varies by bank).
Some traditional banks also offer no-fee accounts. Credit unions — member-owned financial institutions — often have no monthly fees and no minimum balance. You can find credit unions near you through CO-OP Network or Allpoint, which tell you where you can use ATMs for free.
If you want to compare specific banks, look for the "fee schedule" on their website. It lists every fee the bank charges. If you see no monthly maintenance fee listed, you will not be charged one.
Banks that waive the monthly fee if you meet one condition
Many traditional banks charge a monthly fee (usually $5 to $15) unless you do one of these things: keep a minimum balance (often $500 to $1,500), set up direct deposit, or maintain a certain number of debit card transactions per month. If you have a job and your paycheck goes directly into the account, the fee disappears automatically.
Read the fee schedule carefully. Some banks list multiple ways to waive the fee — you only need to do one. For example, Bank of America waives its $12 monthly fee if you keep $1,500 in the account, set up direct deposit, or have a linked savings account. If direct deposit is easiest for you, that alone removes the fee.
This type of account can work well if you receive a paycheck by direct deposit. It becomes expensive only if you do not meet the condition and forget to switch banks.
What happens after your account opens
Your account is usually ready to use the same day you open it. You can transfer money in from another account when ready. If you need a debit card, the bank mails it to you — this takes 5 to 10 business days. Some banks offer a temporary digital card you can use on your phone right away while you wait for the physical card.
You can set up direct deposit as soon as your account is open. Your employer will need your account number and routing number, which the bank shows you in the app or online dashboard. Direct deposit usually starts within one or two pay periods.
If you need to deposit cash, you have a few options: use an ATM that accepts cash deposits (not all do), visit a branch if the bank has one near you, or transfer money from another account you own. Online banks without branches require you to transfer from another account or use ATM deposits.
Opening an account if you have had banking problems before
If you were reported to ChexSystems (a banking history system) for bouncing checks or overdrawing your account, some banks will still open an account for you. ChexSystems is not a credit report — it only tracks banking behavior, and negative marks fall off after five years.
Banks that specialize in second-chance accounts include Chime, LendingClub, and some local credit unions. These banks either do not check ChexSystems or have programs specifically for people rebuilding their banking history. You can open these accounts online the same way as any other account.
If a bank rejects you online, call and ask whether they have a second-chance program. Some do, but do not advertise it on the website. You may need to open in person or by phone instead of online.
Frequently Asked Questions
Do I need a minimum deposit to open an account online?
Most banks do not require a minimum opening deposit. You can open the account with zero dollars and deposit money later. A few banks ask for $25 or $100, but this is rare. Check the bank's website before you start — it will say "no minimum opening deposit" if that is the case.
What if the bank cannot verify my identity online?
If the automated verification fails, a bank employee will contact you by phone or email within one business day. They will ask you to confirm information or may ask you to upload a photo of your ID and proof of address. This still counts as opening online — you are just finishing the process by phone or email instead of automatically.
Can I open an account if I do not have a Social Security number?
Yes. If you have an ITIN (Individual Taxpayer Identification Number), you can open an account at most banks. Some banks require an ITIN instead of a Social Security number. Call the bank before you start to confirm they accept ITINs, because not all do.
How long does it take to get a debit card after I open the account?
Physical debit cards take 5 to 10 business days to arrive by mail. Many banks offer a digital card you can use when ready on your phone for online shopping and contactless payments. You can also withdraw cash at ATMs using your PIN while you wait for the physical card.
Can I open multiple accounts at the same bank online?
Yes. You can open a checking account and a savings account at the same bank in the same session. Some people do this to separate spending money from savings. The bank will verify your identity once, and both accounts will be ready to use.