Yes, you can open most savings accounts entirely online, but the process and what you need depends on which bank you choose

Most banks and credit unions now let you open a savings account from your computer or phone without visiting a branch. You will need a valid government ID, a Social Security number or tax ID, proof of your current address, and a way to fund the account — usually a debit card or bank transfer. The whole process typically takes 10 to 20 minutes, and you can start using the account the same day or within one business day.

Not every institution offers online account opening. Some smaller banks and credit unions still require you to come in person or mail documents. If you are looking at a specific bank, check their website for an "Open an Account" button or call their customer service line to ask whether online opening is available.

Key Takeaways

  • You will need a government-issued ID, Social Security number, proof of address, and a funding source to open a savings account online.
  • Most banks complete the process in 10 to 20 minutes and let you use the account when ready or within one business day.
  • Some banks verify your identity when ready through digital checks, while others may ask you to upload documents or wait for a verification call.
  • If you do not have a Social Security number, some banks will accept an ITIN (Individual Taxpayer Identification Number) or may require you to visit a branch instead.

What documents and information you will need to have ready

Before you start, gather these items: a valid government ID (driver's license, passport, or state ID card), your Social Security number, and a recent utility bill, lease, or bank statement showing your current address. The address document usually needs to be dated within the last 60 to 90 days, though this varies by bank.

You will also need a way to fund the account. Most banks let you transfer money from an existing bank account or deposit using a debit card. Some banks require an initial deposit of $0 to $25, while others have no minimum. A few banks waive the initial deposit requirement if you set up direct deposit from your employer.

Have your phone or email address ready — the bank will use one or both to send you account confirmations, security codes, and login information. If you are opening the account on behalf of a minor, you will need to provide your own ID and information as the account holder or custodian.

How the identity verification process works online

Banks verify your identity through one of three methods. The fastest is when ready digital verification, where the bank checks your information against credit bureaus and public records in real time. If everything matches, you are approved when ready and can start using your account right away.

The second method is document upload. The bank asks you to photograph or scan your ID and address proof, then upload them through their website or app. A staff member reviews the documents, which usually takes a few hours to one business day. You will receive an email or text when your account is approved.

The third method is phone or video verification. Some banks, especially credit unions, call you or ask you to join a video call with a representative who confirms your identity and asks a few security questions. This typically happens within one business day of your process.

Timeline from process to using your account

If the bank uses when ready digital verification, your account is active when ready. You can log in, see your account number, and set up transfers or direct deposit the same day. Some banks let you use a temporary debit card number for online purchases right away, though a physical card arrives by mail in 7 to 10 business days.

If the bank needs to review documents you upload, expect approval within one business day. Your account becomes active as soon as the bank confirms your identity, usually by email. You can then transfer money in or set up direct deposit.

If the bank calls or schedules a video call, the timeline depends on when you are available. Once the call happens and your identity is confirmed, your account is usually active within a few hours. Plan for this to take one to three business days from your initial process if you need to coordinate a call time.

What happens if you do not have a Social Security number

If you are not a U.S. citizen or do not have a Social Security number, you may be able to use an ITIN (Individual Taxpayer Identification Number) instead. An ITIN is issued by the IRS for tax purposes and works for bank account opening at many institutions. You will need to provide your ITIN in place of your Social Security number during the process.

Not all banks accept ITINs for online account opening. Some require you to visit a branch in person with your ITIN documentation and a valid passport or foreign ID. If you are in this situation, call the bank's customer service line before you start the online process to confirm they will accept your ITIN.

A few banks do not require a Social Security number or ITIN at all, though they may ask additional questions about your income or employment. These banks are less common, but they exist — searching for "savings account without SSN" or "ITIN savings account" will show you options in your area.

Fees and minimum balance requirements to watch for

Most online savings accounts have no monthly maintenance fee, especially if you open them at an online-only bank. Banks that have physical branches sometimes charge $5 to $15 per month if your balance falls below a certain threshold, often $500 to $2,500. Read the fee schedule before you finish opening the account — it is usually linked on the account opening page or in the terms and conditions.

Minimum opening deposits vary widely. Many banks require $0 to $25 to open. Some require $100 or more. A few waive the minimum if you set up direct deposit or agree to transfer money in regularly. The bank will tell you the minimum during the process process, and you will not be able to complete the account opening if you cannot meet it.

Watch for fees on transfers, overdrafts, or withdrawals. Federal law limits how many withdrawals you can make from a savings account per month (though this rule has been relaxed in recent years). If you exceed the limit, some banks charge a fee per extra withdrawal. Ask about this when you are comparing banks, especially if you plan to move money in and out frequently.

Why some banks still require you to visit a branch

A small number of banks and credit unions do not offer online account opening. This is usually because they are smaller institutions with limited technology infrastructure, or because they serve a specific community and want to meet customers in person. Some credit unions, especially those with fewer than 10,000 members, still require a branch visit.

If you want to open an account at a bank that does not offer online opening, you have two options: visit a branch during business hours with your ID, Social Security number, and proof of address, or ask whether they will accept documents by mail. A few banks will let you mail in copies of your documents and complete the process by phone, though this takes longer — usually one to two weeks.

Frequently Asked Questions

Can I open a savings account online if I have bad credit?

Yes. Banks do not check your credit score when you open a savings account. They verify your identity and may check whether you have unpaid bank accounts or fraud history through ChexSystems, a banking history database, but a low credit score will not stop you from opening an account.

What if the bank rejects my online process?

Banks reject applications for a few reasons: identity verification failed, information did not match records, or ChexSystems flagged a problem with a previous bank account. Call the bank's customer service line to ask why you were rejected. Many will let you reapply or visit a branch to complete the process in person with additional documentation.

Can I open a savings account online if I am under 18?

Most banks require a parent or guardian to open the account with you or on your behalf. Some banks let you open a joint account online with a parent present, while others require you to visit a branch together. Check the bank's website or call to ask about accounts for minors — policies vary significantly.

How long does it take to receive my debit card after opening online?

Physical debit cards usually arrive by mail within 7 to 10 business days. Many banks give you a temporary card number you can use for online purchases when ready. Some banks let you add your account to a digital wallet like Apple Pay or Google Pay the same day, so you can use it at stores right away.

Can I open multiple savings accounts online at the same bank?

Yes. Most banks let you open additional accounts online once your first account is active. You will not need to verify your identity again — the bank already has your information on file. The second account is usually active within a few hours.