Banks that let you open an account online without visiting a branch

Most large banks now let you open a checking or savings account online, though the speed and what you need varies. Chase, Bank of America, Wells Fargo, Citibank, and US Bank all offer online account opening for their main products. Online-only banks like Ally, Charles Schwab, Discover, and Capital One 360 exist only on the internet and have no physical branches at all. Regional banks and credit unions vary — some let you open online, others require you to start in person or by mail.

The real difference is not whether you can start online, but what happens next. Some banks fund your account the same day. Others hold your money for three to five business days while they verify your identity. A few still require you to visit a branch or use an ATM to deposit your first check or cash, even though you opened the account from your couch.

Your choice depends on what you actually need the account for. If you want to deposit checks by phone camera, move money when ready to other people, or never pay a monthly fee, the answer changes. If you already bank somewhere and just want a second account for savings, the answer changes again.

Key Takeaways

  • Large national banks like Chase, Bank of America, and Wells Fargo let you open checking and savings accounts online, though some still require a branch visit to deposit your first payment.
  • Online-only banks such as Ally and Discover have no physical locations but typically fund accounts faster and charge no monthly fees.
  • You will need a valid government ID, Social Security number, and proof of address — usually a recent utility bill or lease — to open any account online.
  • Some banks verify your identity when ready through a video call or by checking your credit report; others take one to three business days.
  • The account becomes usable when ready at most banks, but your money may be held for three to five days while the bank completes its verification process.

What you need to have ready before you start

Every bank that opens accounts online requires the same core documents. You need a valid government-issued ID — a driver's license, passport, or state ID card. You need your Social Security number. You need proof of your current address, which is usually a utility bill, lease agreement, or recent bank statement dated within the last 60 days.

Have your phone number and email address ready. Most banks text or email you a verification code during the signup process. If you are opening a joint account, both account holders need their own ID and Social Security number, and the bank will verify both of you separately.

Some banks ask for your employment information or annual income. This is not a credit check — they are not deciding whether to lend you money. They are filling out a form required by federal banking law. If you are unemployed or retired, you can still open an account; just enter zero or your actual income.

How long it takes from start to usable account

The timeline splits into two parts: when you can use the account, and when you can actually spend the money.

At online-only banks like Ally and Discover, you can usually complete the entire process in 10 to 15 minutes. Your account number appears on screen before you finish. You can set up direct deposit or transfers the same day. The money itself may take one to two business days to arrive if you are transferring from another bank.

At large national banks like Chase and Bank of America, the online form takes 10 to 20 minutes, but the bank then verifies your identity in the background. Some do this when ready by checking your credit report or running you through a third-party verification service. Others take 24 to 48 hours. Once verified, your account is active, but any money you deposit is usually held for three to five business days.

A few banks still require you to complete the process in person or by mail. Wells Fargo, for example, lets you start online but may ask you to visit a branch to verify your identity in person if you do not have an existing account with them. Ask before you start if this is a requirement for your situation.

Banks with no monthly fees and no minimum balance

If you want to avoid fees entirely, online-only banks are the simplest choice. Ally Bank, Discover Bank, Charles Schwab Bank, and Capital One 360 all offer checking accounts with no monthly maintenance fee, no minimum balance, and no overdraft fees (though they may charge a fee if you overdraw and do not cover it within a set time).

Among large national banks, the picture is more mixed. Chase offers a basic checking account with no monthly fee if you keep a $500 minimum balance or set up direct deposit. Bank of America waives its $12 monthly fee if you maintain a $1,500 balance or have a direct deposit of at least $250 per month. Wells Fargo's basic checking has a $10 monthly fee unless you meet similar conditions.

Credit unions often have the lowest fees of all, but they are not available to everyone — you have to live or work in a specific area, or belong to a specific employer or organization. If you are a member of a credit union, ask whether they let you open an account online. Many do, and their fees are typically lower than banks.

Differences between online-only banks and traditional banks with online signup

An online-only bank has no physical branches. You cannot walk in, sit down with a banker, or deposit cash at a teller window. Everything happens through an app or website. This sounds like a limitation, but it is why these banks can charge no fees — they have no branch buildings to maintain.

A traditional bank with online signup has physical branches you can visit. You can deposit cash, get a cashier's check, or talk to someone in person. But you pay for this convenience through monthly fees, minimum balance requirements, or lower interest rates on savings.

The practical trade-off: if you never deposit cash and do not need to talk to a human, an online-only bank saves you money. If you deposit cash regularly or want the option to visit a branch, a traditional bank makes sense despite the fees. Some people keep both — a no-fee online account for savings and transfers, and a traditional bank account for cash deposits.

How to verify your identity during online signup

Banks use three main methods to verify who you are when you open an account online. The fastest is automated verification — the bank checks your Social Security number, address, and ID against databases they subscribe to. This usually takes seconds to minutes. You answer a few security questions based on your credit history, and you are done.

The second method is a video call with a bank employee. You hold up your ID to your camera, answer questions about yourself, and the employee confirms your identity in real time. This takes 5 to 10 minutes and is more thorough than automated checks. Some banks use this if automated verification does not work.

The third method is manual review. The bank takes your information and checks it by hand, which can take 24 to 48 hours. This is slower but is what happens if you do not have a credit history, if you recently moved, or if something in your process does not match their databases.

What happens if you cannot open an account online

Some people cannot open an account online because they do not have a Social Security number, do not have a valid ID, or have a history that makes banks cautious. If you hit a wall, you have options.

Opening by mail is slower but works. You print a form, mail it with copies of your ID and proof of address, and the bank processes it in one to two weeks. This is available at most large banks and some credit unions.

Opening in person at a branch is the most straightforward if you have a bank near you. Bring your ID, Social Security number, and proof of address. The process takes 15 to 30 minutes, and your account is active the same day. This is your only option if you want to deposit cash when ready.

If you have had trouble with banks before — a history of overdrafts, fraud, or unpaid fees — you may be turned down even in person. In that case, look for second-chance banking programs offered by some credit unions and regional banks. These accounts have higher fees but are designed for people with banking problems in their past.

Frequently Asked Questions

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

Most banks require a Social Security number or an Individual Taxpayer Identification Number (ITIN). If you are not a US citizen, ask the bank whether they accept an ITIN. Some do; many do not. Credit unions are sometimes more flexible. You may need to open in person rather than online.

What if the bank rejects my online process?

Banks reject applications for a few reasons: your identity could not be verified, your address does not match their records, or you appear on a list of people who have had banking problems. Ask the bank why you were rejected. If it is a verification issue, try opening in person with your ID in hand. If it is a history issue, look for a second-chance account or a credit union.

Do I need to deposit money right away after opening an account?

No. Your account is open and usable even if it has zero dollars in it. You can set up direct deposit, transfer money from another bank, or deposit a check by phone camera whenever you are ready. Some banks charge a monthly fee if the account stays empty, so check the terms.

Can I open a joint account online with someone else?

Yes. Both account holders complete the online form together or separately, and the bank verifies both of you. You will both need your own ID and Social Security number. The account is active once both of you are verified, which usually takes the same amount of time as a single-person account.

What is the difference between a checking account and a savings account opened online?

A checking account is for spending — you get a debit card and can write checks. A savings account is for storing money — you earn interest but cannot spend directly from it. Most banks let you open both online at the same time. Checking accounts have no federal limit on withdrawals; savings accounts are limited to six per month by federal law, though banks often waive this.