Most major banks and all online-only banks let you open a checking or savings account from your computer or phone

You can open an account online at nearly every bank in the United States. The process takes 10 to 20 minutes, requires a government ID and Social Security number, and you can start using the account the same day or within one business day. The main difference is between traditional banks (which have physical branches) and online-only banks (which exist only on the internet). Both let you open online, but online-only banks often have higher interest rates on savings because they have no branch costs to pay.

You do not need to visit a branch, mail anything in, or call anyone to complete the process. Everything happens on the bank's website or app. Some banks ask you to verify your identity using your phone camera and your ID; others use information from your credit history to confirm who you are.

Key Takeaways

  • Online-only banks like Ally, Marcus, and Discover have no physical branches but let you open an account in minutes and often pay higher interest on savings.
  • Major traditional banks including Chase, Bank of America, Wells Fargo, and Citibank all let you open checking and savings accounts online without visiting a branch.
  • You will need a government-issued ID, your Social Security number, and a way to verify your identity — usually your phone camera or answers to questions about your credit history.
  • The account is usually ready to use the same day, though some banks take one business day to process and send you a debit card.
  • Online-only banks typically offer no monthly fees and higher savings rates, while traditional banks may charge monthly maintenance fees unless you meet balance or deposit requirements.

Online-only banks: no branches, usually lower fees

Online-only banks exist only on the internet. You cannot walk into a building, but you also do not pay for the cost of maintaining branches. This usually means no monthly account fees and higher interest rates on savings accounts.

Common online-only banks include Ally Bank, Marcus by Goldman Sachs, Discover Bank, Charles Schwab Bank, and Axos Bank. Each has its own app and website. You open the account entirely online, and you can deposit checks by taking a photo with your phone. If you need cash, you can withdraw from ATMs — some banks reimburse ATM fees nationwide, and others partner with specific ATM networks.

The trade-off is that you cannot speak to someone in person. Most online-only banks have phone support and chat support, but no physical location to visit if you need help. This works well for people who are comfortable managing money on their phone or computer and do not need face-to-face service.

Traditional banks with branches: familiar names, in-person service

Banks like Chase, Bank of America, Wells Fargo, Citibank, and US Bank all let you open accounts online, even though they also have physical branches. You can start the account on their website or app, and you will have access to branches and ATMs near you if you need to deposit cash or speak to someone in person.

Many traditional banks charge a monthly maintenance fee — typically $10 to $15 — unless you meet certain conditions. Common ways to avoid the fee include keeping a minimum balance (often $500 to $1,500), setting up direct deposit, or maintaining a certain number of debit card transactions per month. Some banks waive fees for students or seniors. Check the specific bank's website to see what applies to you.

The advantage is convenience and familiarity. If you already bank somewhere or prefer to have a physical location nearby, opening online at your current bank takes just a few minutes. The disadvantage is that traditional banks usually pay lower interest rates on savings accounts than online-only banks do.

What you need to open an account online

Every bank will ask for the same basic information: your full name, date of birth, address, phone number, email, and Social Security number. You will also need a government-issued ID — a driver's license, state ID card, or passport. Have these ready before you start.

The bank will then verify your identity. Most commonly, this means one of two things. Some banks ask you to take a photo of your ID with your phone camera while you are in the app — the camera reads your ID and confirms it is real. Other banks ask you questions about your credit history: "Which of these addresses have you lived at?" or "Which of these is your car loan with?" They use your answers to confirm you are who you say you are.

After verification, you choose which type of account you want (checking, savings, or both), set up a username and password, and you are done. The account is usually active the same day. Some banks mail you a debit card, which takes 5 to 10 business days to arrive; others let you use a temporary digital card in your phone when ready.

How to compare banks before you open

Before opening an account, look at three things: monthly fees, interest rates, and ATM access. Monthly fees vary widely — some banks charge nothing, others charge $12 or more. Interest rates on savings accounts change constantly, but online-only banks almost always pay more than traditional banks. ATM access matters if you use cash regularly; check whether the bank has ATMs near you or reimburses out-of-network fees.

You can also look at what the bank offers beyond basic checking and savings. Some have tools to help you save automatically, set spending limits, or track your money. Others offer credit cards, loans, or investment accounts. If you are new to banking, a simpler account with fewer options might feel less overwhelming than a bank that offers everything.

Read the bank's website and look for a page called "Deposit Account Agreement" or "Account Terms" — this is the legal document that explains fees, interest rates, and rules. It is long and dense, but it tells you exactly what you are signing up for.

What happens after you open the account

Once your account is open, you can start using it when ready in most cases. If you opened a checking account, you can use your debit card (once it arrives) or set up transfers from another bank account. If you opened a savings account, you can transfer money into it and start earning interest.

Your first transfer from another bank usually takes 1 to 3 business days. Some banks let you link your old account right away; others ask you to wait a day or two before linking for security reasons. Once linked, you can move money back and forth whenever you want.

If you need to deposit cash, you have a few options depending on the bank. Online-only banks usually do not accept cash deposits directly, but some partner with retailers like Walmart or CVS where you can deposit cash for free. Traditional banks let you deposit cash at any of their branches. Check your specific bank's website to see what deposit methods are available.

Frequently Asked Questions

Do I need a credit card to open a bank account online?

No. A bank account and a credit card are separate products. You need only your ID, Social Security number, and proof of address to open a checking or savings account. A credit card is optional and comes later if you want one.

Can I open an account if I have been denied a bank account before?

It depends on why you were denied. If you were denied because of unpaid overdrafts or fraud, some banks will still open an account for you, but others will not. Online-only banks and smaller regional banks are sometimes more willing to work with people who have had banking problems. Call the bank's customer service line and ask before you try to open online.

How long does it take to get my debit card after I open the account?

Usually 5 to 10 business days. Most banks let you use a temporary digital card in your phone or online when ready, so you do not have to wait to start using the account. You can make purchases online or in stores with the digital card right away.

What if I want to close the account later?

You can close a bank account anytime by calling the bank or using their app or website. Transfer any remaining money out first, then request closure. There is no penalty for closing an account, though some banks ask you to wait a certain number of days after opening before you close.

Can I open more than one account at the same bank?

Yes. You can open a checking account and a savings account at the same bank, or multiple savings accounts if you want to save for different goals. Each account has its own number and can be managed separately.