Yes, you can open a savings account entirely online from your computer or phone
Most banks and credit unions now let you open a savings account without visiting a branch. You fill out forms on their website, upload documents by photo or scan, and verify your identity through the screen. The whole process usually takes 10 to 20 minutes, and your account can be ready the same day or within one business day.
Online-only banks (sometimes called digital banks) make this their main way of doing business — they have no physical branches at all. Traditional banks with branches also offer online opening. Credit unions vary: some let you open online, others require you to visit in person or mail documents. The fastest way to find out is to go to the bank's website and look for "open an account" or "new account" — if the option exists, it will be right there.
Key Takeaways
- You will need a government-issued photo ID, your Social Security number, and proof of your current address to open an account online.
- The bank will verify your identity by asking you to photograph your ID or answer questions about your financial history.
- You can fund your new account by transferring money from another bank account, or some banks let you deposit a check by photo.
- Online accounts work exactly like branch accounts once they are open — you can use the debit card, set up direct deposit, and transfer money the same way.
What documents and information you will need
Have these ready before you start: a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and a piece of mail or utility bill showing your current address. The address document needs to be recent — usually from the last 60 to 90 days. A bank statement, lease, or phone bill works if it shows your name and address.
You will also need access to a bank account to fund your new savings account. Most banks let you transfer money from another account at the same bank or a different bank. Some banks accept checks deposited by photo on your phone. A few still require you to mail a check or visit a branch to make your first deposit, so check the bank's website before you open the account if you want to fund it when ready.
How the identity verification process works
Banks verify who you are in one of two ways. The first is document verification: you photograph your ID with your phone or upload a scan, and the bank's system checks that the ID is real and matches the information you typed in. This usually takes a few minutes.
The second method is knowledge-based verification. The bank asks you questions only you should know the answer to — things like "which of these addresses have you lived at" or "what was the loan amount on your car in 2019." You answer from a list of choices. This also takes a few minutes and does not require you to have a camera or scanner. If you cannot answer the questions (for example, if you are new to the country or have no credit history), the bank may ask you to verify by other means, such as uploading your ID or visiting a branch.
What happens after you submit your information
The bank checks your information against databases to make sure you are who you say you are and that you do not have a history of fraud or unpaid accounts. This is called Know Your Customer (KYC) verification, and it is required by law. Most banks complete this within a few minutes to a few hours.
Once you pass verification, your account is usually open when ready. You will receive a confirmation email with your account number and login details. You can then log in, set a PIN for your debit card if the bank issues one, and start using the account. Some banks mail you a debit card; others let you use a virtual card number right away while the physical card arrives by mail.
In rare cases, a bank may need more information or want to speak with you by phone before opening the account. They will contact you by email or phone if this happens. This delay is uncommon and usually happens only if something in your information does not match or if the system cannot verify you automatically.
Funding your account for the first time
The easiest way is electronic transfer from another bank account you own. You log into your new savings account, find the "add money" or "transfer" section, and enter the routing number and account number of your other bank. You can then transfer money when ready. The money usually arrives within one to three business days, though some banks offer next-day transfers for a small fee or no fee at all.
If you do not have another bank account, ask the bank whether it accepts check deposits by photo. Many do: you photograph the front and back of a check made out to you, upload the photos through the app, and the bank deposits it. This also takes one to three business days.
A few banks still require you to mail a check or visit a branch for your first deposit. Check the bank's website under "how to fund your account" or "deposit methods" before you open the account so you are not surprised.
Differences between online banks and branch banks
Online-only banks have no physical locations, so you cannot walk in to deposit cash or speak to someone in person. In exchange, they usually charge no monthly fees and pay higher interest on savings. You deposit checks by photo and withdraw cash at ATMs (usually for free at a network of partner ATMs, though some charge a fee).
Banks with branches let you open online but also let you visit a location if you need to. They may charge a monthly fee unless you keep a minimum balance or set up direct deposit. Interest rates are often lower than online-only banks. You can deposit cash at the branch and speak to someone face-to-face if you have questions.
Credit unions are member-owned, not for-profit organizations. Some let you open online; others require you to visit or mail documents. Many credit unions are part of shared branching networks, which means you can visit other credit union branches to deposit cash or withdraw money, even if they are not your bank. Interest rates and fees vary widely.
What to watch out for
Make sure you are on the real bank's website, not a fake one. Type the bank's name directly into your browser or search for it, rather than clicking a link in an email. Real banks never ask you to verify your password or Social Security number by email or text.
Read the account terms before you open it. Look for monthly fees, minimum balance requirements, and limits on how many times you can withdraw money per month. Some savings accounts limit you to six withdrawals per month (though this rule has become less common). Check whether the bank charges a fee if your balance falls below a certain amount.
Confirm that the bank is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This means your money is protected up to $250,000 if the bank fails. The bank's website will say "FDIC insured" or "NCUA insured" somewhere on the homepage or in the footer. If it does not say this, do not open an account there.
Frequently Asked Questions
How long does it take to open an account online?
The process itself takes 10 to 20 minutes. Identity verification usually completes within a few minutes to a few hours. Your account is typically ready to use the same day or the next business day. In rare cases, if the bank needs more information, it may take a few days longer.
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). Some banks and credit unions will open accounts for people without either, but you will need to visit in person or call to ask. Start by contacting the bank directly to find out whether they can help you.
What if the bank rejects my identity verification?
If the online verification fails, the bank will usually offer another method, such as uploading a clearer photo of your ID or answering knowledge-based questions. If all methods fail, you can visit a branch in person with your ID and documents, and a staff member can verify you manually and open the account for you.
Do I need a minimum deposit to open an account online?
Most online banks do not require a minimum deposit to open an account. Some traditional banks require you to deposit a certain amount (often $25 to $100) on the day you open the account. Check the bank's website before you explore to see whether a minimum deposit is required.
Can I close an online savings account if I change my mind?
Yes. You can close the account online through your banking app or website, or by calling the bank. You will need to withdraw or transfer any money in the account first. Once the account is empty, the bank will close it. There is usually no fee to close an account.