You can open most bank accounts entirely online, with no branch visit and no opening fee

Online banks and many traditional banks let you open a checking or savings account from your computer or phone in 10 to 20 minutes. You will need a government ID, a Social Security number, and a way to verify your identity — usually a phone number or email address the bank can reach you at. Most online accounts have no monthly maintenance fee, no minimum balance requirement, and no opening fee. The account is live within one to three business days, though some banks let you use it the same day while the verification completes in the background.

The main difference between online-only banks and traditional banks with online signup is speed and what happens if something goes wrong. Online-only banks (like Ally, Marcus, or Discover) have no physical branches, so everything happens by phone or chat. Traditional banks with online signup (like Chase, Bank of America, or Wells Fargo) let you walk into a branch if you need to fix a problem or deposit cash. Both routes are free to start.

Key Takeaways

  • You need a government ID, Social Security number, and a phone number or email to open an account online; the whole process takes 10 to 20 minutes.
  • Online-only banks have no branches but often have no monthly fees and no minimum balance; traditional banks with online signup offer branch access if you need it.
  • Your account will be ready to use within one to three business days, though some banks set up it the same day pending final verification.
  • Avoid accounts with monthly maintenance fees, minimum balance requirements, or overdraft fees unless you understand exactly when they charge.

What you need before you start

Have your Social Security number and a government-issued ID ready — a driver's license, state ID, or passport. The bank will ask for your full legal name, date of birth, and current address. If you moved recently, have your previous address too; some banks ask for it to check your history.

You will also need a phone number or email address where the bank can reach you. Many banks text or email a code to verify you are who you say you are. Some use a video call where you show your ID to a person or a camera. A few ask you to answer security questions based on your credit history. The method varies by bank and by how much money you plan to keep in the account.

If you do not have a Social Security number, some banks will open an account with an Individual Taxpayer Identification Number (ITIN) instead, though not all do. Call the bank before you start if this applies to you.

The step-by-step process

Go to the bank's website or read their app. Look for a button that says "Open an Account" or "Sign Up" — it is usually on the homepage. Click it and choose the type of account you want: checking, savings, or both. Checking accounts let you write checks and use a debit card; savings accounts earn interest but have limits on how often you can withdraw.

Enter your personal information: name, date of birth, address, phone number, email, and Social Security number. The bank will run a soft credit check (which does not affect your credit score) and check your banking history through ChexSystems, a database that tracks closed accounts and fraud. This takes a few seconds.

Next, verify your identity. The bank will ask you to confirm your phone number, email, or both. Some banks send a code by text or email that you type back in. Others use a video call or ask security questions. Once you pass this step, you can usually set up a username and password and start using the account.

The bank will tell you when your account is fully active. Some accounts are ready the same day; others take one to three business days. During this time, you can usually see your account number and routing number, which you need to set up direct deposit or link the account to other banks.

Online-only banks versus banks with branches

Online-only banks like Ally, Marcus, Discover, and Charles Schwab have no physical locations. Everything happens by phone, email, or chat. They usually have no monthly fees, no minimum balance, and higher interest rates on savings accounts. The trade-off is that you cannot deposit cash in person or talk to someone face-to-face. If you need to deposit a check, you photograph it with the app. If you need to deposit cash, you have to transfer it from another account or use a partner bank's ATM.

Banks with branches like Chase, Bank of America, Wells Fargo, and Citibank let you open online but have physical locations you can visit. This matters if you need to deposit cash regularly, want to talk to someone in person, or prefer the security of a recognizable name. Many of these banks also have no monthly fees on basic checking accounts, though some charge a fee if your balance drops below a certain amount or if you do not set up direct deposit. Check the specific account terms before you open.

A third option is a credit union, which is a member-owned bank. Many credit unions now let you open online. Credit unions often have lower fees and better customer service than large banks, but you have to live in their service area or work for a specific employer to join. Search "credit unions near me" or visit CO-OP to find one you can join.

Fees to watch for

Most online accounts have no opening fee and no monthly maintenance fee. But some accounts charge a monthly fee if your balance falls below a minimum (often $500 or $1,000) or if you do not set up direct deposit. Read the fee schedule before you open the account — it is usually a PDF on the bank's website or in the app.

Overdraft fees are common and straightforward to miss. If you spend more money than you have in the account, the bank can charge you $30 to $35 per transaction. Some banks let you turn off overdraft protection so the transaction straightforward declines instead. Others charge a fee even if you decline the transaction. Ask the bank about this before you open the account, or turn off overdraft protection as soon as your account is active.

ATM fees happen when you use an ATM that is not owned by your bank. Online-only banks often reimburse ATM fees or partner with networks like Allpoint or MoneyPass so you can withdraw cash for free at thousands of ATMs. Banks with branches let you use their ATMs for free. If you withdraw cash often, this matters — check the bank's ATM network before you open.

How long until you can use the account

Your account number and routing number are usually available the same day or within a few hours. You can use these to set up direct deposit or transfer money from another account right away. However, the bank may not let you spend the money until the account is fully verified, which takes one to three business days.

Some banks let you use a temporary debit card number in their app while you wait for the physical card to arrive in the mail. Others wait until the card arrives. Physical cards usually take 5 to 10 business days to arrive, though some banks offer rush delivery for a fee.

If you need to deposit a check, most banks let you do this through their app by taking a photo of the front and back. The check clears in one to three business days. If you need to deposit cash and the bank has no branches, you will need to transfer it from another account or use a partner ATM that accepts deposits.

What to do if verification fails

If the bank cannot verify your identity online, they will tell you why and what to do next. Common reasons are a mismatch between the name on your ID and the name you entered, or an address that does not match their records. Call the bank's customer service number and have your ID ready. They can usually fix this in one phone call.

If you have a very new Social Security number, no credit history, or a name that is difficult to match (common with non-English names or recent name changes), verification may take longer. Some banks will ask you to mail in a copy of your ID or visit a branch. This adds a few days but is still free.

If the bank declines your process, they will tell you the reason — usually because of a problem in ChexSystems or a history of fraud. You can request a copy of your ChexSystems report for free and dispute any errors. Some banks specialize in accounts for people with ChexSystems issues; search "second chance bank accounts" to find them.

Frequently Asked Questions

Can I open an account if I do not have a Social Security number?

Some banks will open an account with an Individual Taxpayer Identification Number (ITIN) instead. Call the bank before you start to confirm they accept ITINs. Credit unions are sometimes more flexible than large banks on this.

Do I have to use the bank's app, or can I do everything on a website?

Most banks let you do everything on their website using a computer. The app is optional and usually just a convenience. Log in to the website to check your balance, transfer money, pay bills, and manage your account.

What if I want to close the account later?

You can close an online account anytime by calling customer service or using the app. Transfer any remaining money to another account first. The bank will close it within a few business days. There is no fee to close.

Can I open more than one account at the same bank?

Yes. Many people open both a checking account and a savings account at the same bank. You can open them at the same time or separately. Each account has its own number and can be managed independently.

Is it safe to open a bank account online?

Banks use encryption and security checks to protect your information. The biggest risk is using a public WiFi network when you open the account — use your home WiFi or mobile data instead. Once the account is open, use the same security practices you would with any online account: a strong password and two-factor authentication if the bank offers it.