Banks and credit unions that let you open accounts entirely online

You can open a checking or savings account online at most national banks, many regional banks, and most credit unions. The process typically takes 10 to 20 minutes and requires an email address, Social Security number, and a government-issued ID. Some institutions let you fund the account when ready from another bank; others require you to mail a check or wait for a transfer.

The largest national banks with full online account opening include Chase, Bank of America, Wells Fargo, Citibank, and US Bank. Regional banks like Ally, Charles Schwab, and Discover also handle the entire process online. Credit unions vary by location and membership rules — some let anyone join, while others require you to live or work in a specific area or belong to a particular group.

Online-only banks such as Chime, Revolut, and LendingClub operate entirely through apps and websites, with no physical branches. These tend to have lower fees and higher interest rates on savings, but fewer services like in-person deposits or safe deposit boxes. The trade-off is convenience and cost versus access to a physical location.

Key Takeaways

  • National banks, regional banks, and credit unions all offer online account opening, though the process and requirements vary by institution.
  • You will need a government-issued ID, Social Security number, and email address; some banks also require proof of address.
  • Funding your new account can happen when ready through a transfer from another bank, or take several days if you mail a check.
  • Online-only banks are faster to set up and often have lower fees, but they have no physical branches for deposits or withdrawals.
  • Credit unions may have membership restrictions based on where you live, work, or what groups you belong to.

What documents and information you need to have ready

Before you start, gather your government-issued ID (driver's license, passport, or state ID card), your Social Security number, and your current address. Most banks will ask for your phone number and email address as well. If you are opening an account at a credit union, you may need to show proof of membership may be able to access — for example, employment at a specific company or residence in a certain county.

Some banks ask for proof of address, which can be a recent utility bill, lease, or mortgage statement. A few institutions require this before they open the account; others ask for it after. If you do not have a current address on file, call the bank before you start the online process to see whether you can proceed without it or provide an alternative.

Have your current bank account information ready if you plan to fund the new account by transfer. You will need your routing number and account number, which appear on the bottom left of your checks or in your online banking portal.

How the identity verification process works

When you open an account online, the bank verifies your identity using information from credit bureaus and public records. You will answer security questions about your financial history — for example, "Which of these addresses have you lived at?" or "Which of these is your correct middle name?" These questions are generated from data the bank already has on file about you.

Some banks use video verification instead, where you hold your ID up to your camera and the bank's system scans it. Others use a combination: they ask security questions first, and if the answers do not match their records closely enough, they ask you to upload a photo of your ID or do a video call.

If the bank cannot verify you online — because your credit history is thin, you have recently moved, or your information does not match their records — they will ask you to visit a branch in person or mail in copies of your documents. This adds one to two weeks to the process. Some online-only banks will not open an account for you if they cannot verify you electronically and will direct you to a different institution.

Funding your account after it opens

Most banks let you transfer money from another bank account on the same day you open the account, though the money may not appear for one to three business days. You provide your routing number and account number from your existing bank, and the new bank initiates an ACH transfer (a standard electronic transfer between banks).

If you do not have another bank account or prefer not to transfer, you can mail a check to the address the bank provides. The bank will deposit it and credit your account, usually within five to seven business days of receipt. Some banks also let you deposit checks by taking a photo through their mobile app, though this typically requires the account to be open and funded first.

A few banks require a minimum deposit to open the account — often $25 to $100. Others have no minimum. Check the bank's website before you start, because this affects whether you can open the account when ready or need to wait until you can fund it.

Timeline from start to usable account

If everything goes smoothly, you can have a usable account within one business day. You open the account online, transfer money from another bank, and receive a debit card number when ready (though the physical card arrives by mail in five to seven business days). Some online-only banks issue a temporary card number you can use for online purchases right away.

If the bank needs to verify your identity by mail or video call, add three to five business days. If you are mailing a check to fund the account, add five to seven business days for the check to arrive and clear. If you are opening an account at a credit union that requires membership verification, add one to three business days while they confirm your may be able to access.

The slowest scenario — mailing in documents, waiting for verification, and mailing a check — can take two to three weeks. This is rare at large national banks but more common at smaller institutions or credit unions with stricter verification rules.

Differences between banks, credit unions, and online-only institutions

National and regional banks have physical branches where you can deposit checks, withdraw cash, and speak to someone in person. They typically charge monthly fees ($10 to $15) unless you maintain a minimum balance or set up direct deposit. They offer a full range of services: credit cards, loans, investment accounts, and safe deposit boxes. Opening an account online takes 10 to 20 minutes, but verification can take longer if your information does not match their records.

Credit unions are member-owned and often have lower fees and higher interest rates on savings. Many have no monthly fee at all. The trade-off is that membership is restricted — you may need to live in a specific area, work for a specific employer, or belong to a specific organization. Opening an account online is possible at most credit unions, but verification of membership may be able to access can add time. Credit unions also tend to have fewer branches and ATMs than national banks.

Online-only banks have no physical locations, so you cannot deposit cash or speak to someone face-to-face. They have the lowest fees (often zero) and the highest interest rates on savings accounts. They are fastest to open — sometimes in under 10 minutes — because they rely entirely on electronic verification. The downside is that you cannot deposit checks by hand, and customer service is phone or chat only. They work well if you rarely need cash and are comfortable managing your account through an app.

What to watch for when choosing where to open an account

Check whether the bank is insured by the Federal Deposit Insurance Corporation (FDIC) or, if it is a credit union, by the National Credit Union Administration (NCUA). This insurance protects your money up to $250,000 if the bank fails. Nearly all banks and credit unions carry this insurance, but verify it on the FDIC or NCUA website before you open an account.

Look at the monthly fee and what it takes to waive it. Some banks waive the fee if you maintain a minimum balance (often $500 to $1,500), set up direct deposit, or use their debit card a certain number of times per month. Others have no fee at all. If you cannot meet the waiver requirements, the fee will cost you $120 to $180 per year.

Check the interest rate on savings accounts and whether there is a penalty for withdrawals. Some savings accounts pay 4% to 5% annual interest; others pay nearly nothing. If you plan to keep money in savings, the interest rate matters. If you plan to withdraw frequently, check whether the bank limits the number of withdrawals per month (some do, though this is becoming less common).

Read the bank's privacy policy to see what it does with your information. Some banks sell anonymized data to third parties; others do not. This does not affect your account security, but it affects whether your data is shared with marketers.

Frequently Asked Questions

Can I open a bank account online if I do not have a credit history?

Yes. Banks verify your identity using government records and public data, not your credit score. If you have a Social Security number and a government-issued ID, you can open an account. The bank may take longer to verify you if your credit history is thin, but it will not disqualify you.

What if I do not have a permanent address?

Some banks will open an account using a temporary address — a shelter, a friend's address, or a PO box. Call the bank before you start the online process and explain your situation. They will tell you what address they can accept. Credit unions are sometimes more flexible than national banks on this point.

Can I open multiple accounts at the same bank online?

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

Do I need to visit a branch in person at any point?

Not usually. Most banks complete the entire process online, including identity verification and funding. The only reason to visit a branch is if the bank cannot verify you electronically and asks you to bring documents in person, or if you want to deposit cash after the account is open.

What happens if the bank rejects my online process?

The bank will tell you why — usually because it could not verify your identity, your information did not match its records, or you have a history of fraud or unpaid fees at another bank. You can ask the bank what you need to do to open an account (for example, visiting a branch with documents), or you can try a different bank. Some banks are stricter than others about verification.