Most major banks and many smaller ones let you open a checking or savings account entirely online, without visiting a branch

You can open an account with a national bank like Chase, Bank of America, or Wells Fargo through their websites. You can also open with online-only banks like Ally, Charles Schwab, or Discover, which have no physical branches. Regional banks and credit unions increasingly offer online account opening too, though some still require an in-person visit or a phone call to finish the process.

The main difference is speed and what you need to start. Online banks often open accounts in minutes. Traditional banks with branches may take a day or two, partly because they verify your identity more carefully when you are not in front of them. All of them will ask for the same basic information: your name, address, Social Security number, and initial deposit amount.

Key Takeaways

  • National banks like Chase and Bank of America, online-only banks like Ally and Charles Schwab, and many credit unions all offer online account opening.
  • Online-only banks typically open accounts in minutes; traditional banks with branches usually take one to three business days.
  • You will need a valid government ID, Social Security number, and proof of address to open an account online at any bank.
  • Some banks require a minimum opening deposit (often $25 to $100), while others have no minimum, so compare before you choose.
  • If you do not have a Social Security number, some banks and credit unions will work with an ITIN (Individual Taxpayer Identification Number) instead.

National banks with online account opening

Chase, Bank of America, Wells Fargo, Citibank, and US Bank all let you open a checking or savings account on their websites. You start on their homepage, find the "Open an Account" button, and answer questions about what type of account you want. They will ask for your name, address, date of birth, Social Security number, and how much you want to deposit to start.

These banks usually take one to three business days to verify your identity and open your account. During that time, they check your Social Security number against government records and may look at your banking history through ChexSystems, a database that tracks past accounts. Once approved, you can log in and use your account right away, though you may not be able to withdraw money until your initial deposit clears.

The advantage of a national bank is that you can walk into a branch if you need help later. The disadvantage is that they often charge monthly fees ($12 to $15 is common) unless you keep a minimum balance or set up direct deposit. Some waive fees for students or people under 25.

Online-only banks

Banks like Ally, Charles Schwab, Discover, and Marcus have no physical branches — everything happens on their website or mobile app. They open accounts faster than traditional banks, often in under 10 minutes. They also tend to charge no monthly fees and pay higher interest on savings accounts, because they have lower costs than banks that run branches.

The trade-off is that if you need cash, you have to use an ATM. Ally and Charles Schwab reimburse ATM fees charged by other banks, so you can use almost any ATM for free. Discover and Marcus do not, so you would pay a fee if you use an ATM that is not theirs. Some online banks have no ATM network at all, so check before you open.

Online banks work well if you are comfortable managing money through an app and do not need to deposit cash or checks often. If you get paid by direct deposit and pay most bills online, an online bank can save you money on fees.

Credit unions

Credit unions are member-owned financial institutions that often have lower fees than banks. Many now offer online account opening, though some still require you to visit in person or call. To join a credit union, you usually have to meet a membership requirement — you might need to live in a certain area, work for a certain employer, or belong to a certain organization.

You can search for credit unions you are may be able to access to join on the CO-OP Network website or through the Credit Union Locator tool. Once you find one that accepts you, check their website to see if they offer online account opening. If they do, the process is similar to opening with a bank: you provide your name, address, Social Security number, and initial deposit.

Credit unions often have lower fees and better customer service than large banks, but they may have fewer ATMs and branches. Some credit unions are part of shared branching networks, which means you can do basic banking at other credit unions' branches even if you do not belong to them.

What you need to open an account online

Every bank will ask for a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and proof of your current address. Proof of address can be a recent utility bill, lease, mortgage statement, or bank statement with your name and address on it. Some banks will accept a government document like a tax return or voter registration card instead.

You will also need to decide how much to deposit to open the account. Most banks require a minimum opening deposit of $25 to $100, though some have no minimum. If you do not have that much right now, look for a bank with no minimum requirement — online banks are more likely to have none.

If you do not have a Social Security number, some banks will accept an ITIN (Individual Taxpayer Identification Number) instead. Not all banks do, so call ahead or check their website. Credit unions are sometimes more flexible about this than large banks.

How to compare banks before you open

Before you choose a bank, write down what matters most to you. Do you need a physical branch nearby? Do you want to deposit checks by phone or mail, or will you use direct deposit? How much money do you plan to keep in the account? Will you use a debit card, or mostly online transfers?

Then check each bank's website for monthly fees, minimum balance requirements, ATM access, and how long account opening takes. Many banks list this information in a "Pricing" or "Accounts" section. If you cannot find it, call their customer service number — they can answer in a few minutes.

Pay special attention to monthly maintenance fees. A bank that charges $12 per month costs you $144 per year. If you can find a bank with no monthly fee, that is usually worth choosing, even if the interest rate is slightly lower.

What happens after you open your account online

Once your account is approved, the bank will send you a debit card in the mail, usually within 5 to 10 business days. You can start using your account online or through the mobile app right away, but you cannot use the debit card until it arrives and you set up it. Some banks let you set up it through the app as soon as it arrives; others require a phone call.

Your first deposit may take one to three business days to clear, depending on how you sent it. If you transferred money from another bank account, it usually clears in one to two days. If you mailed a check, it can take up to two weeks. Until your deposit clears, you can see the money in your account, but you may not be able to withdraw it.

After your account is open, you can set up direct deposit, transfer money between accounts, pay bills online, and use your debit card. Most banks let you do all of this through their website or app without calling or visiting a branch.

Frequently Asked Questions

Can I open a bank account online if I do not have a permanent address?

Most banks require proof of a current address, which is difficult without a permanent home. Some banks accept a PO box, shelter address, or care-of address on mail from a government agency. Call the bank directly and explain your situation — they may have options not listed on their website.

How long does it take to open an account online?

Online-only banks usually open accounts in 5 to 15 minutes. Traditional banks with branches typically take 1 to 3 business days because they verify your identity more carefully. You will get an email or text confirming when your account is ready to use.

Do I need to deposit money to open an account online?

Most banks require a minimum opening deposit of $25 to $100, but some have no minimum. Check the bank's website or call before you explore. If you do not have the minimum, look for a bank that does not require one — many online banks have no minimum deposit.

What if the bank rejects my online process?

Banks usually reject applications because of issues with ChexSystems (a banking history database), a mismatch between the information you provided and government records, or a previous account closure. Call the bank's customer service line and ask why you were rejected. You may be able to fix the problem and reapply, or you may need to try a different bank.

Can I open multiple accounts at the same bank online?

Yes. Once your first account is open and verified, you can usually open additional checking or savings accounts through the same bank's website without going through the full verification process again. This takes just a few minutes.