Which banks let you open a checking or savings account entirely online

Most large national banks now let you open a checking or savings account online without stepping into a branch. The process typically takes 10 to 20 minutes and requires a valid ID, Social Security number, and initial deposit (which varies by bank). Banks that offer full online account opening include Chase, Bank of America, Wells Fargo, Citibank, and US Bank, along with online-only banks like Ally, Charles Schwab, and Marcus by Goldman Sachs.

The main difference between traditional banks and online-only banks is where you can deposit cash and get in-person help. A traditional bank with branches lets you walk in to deposit checks or cash, while online-only banks typically require you to deposit checks by mobile app or use ATM networks. Both routes work; it depends on whether you need physical branch access.

Some banks finish the process in real time and let you use your account the same day. Others take one to three business days to verify your information before the account is active. A few still require you to visit a branch or mail in documents, so check the specific bank's website before you start.

Key Takeaways

  • Most national banks and all online-only banks let you open an account online with just an ID, Social Security number, and an initial deposit.
  • The process takes 10 to 20 minutes and you can usually start using the account the same day or within one to three business days.
  • Traditional banks with branches let you deposit cash in person, while online-only banks require mobile check deposit or ATM transfers.
  • Some banks have no monthly fees, while others waive fees only if you maintain a minimum balance or set up direct deposit.

Online account opening at major national banks

Chase, Bank of America, Wells Fargo, Citibank, and US Bank all let you open checking and savings accounts on their websites or mobile apps. You will need a government-issued ID (driver's license or passport), your Social Security number, and proof of address. Most of these banks require an initial deposit ranging from $0 to $25, depending on the account type.

The verification process at these banks usually takes a few minutes. They pull your identity information against public records and may ask you to verify a small deposit amount or answer security questions. Once approved, you get account numbers and routing information immediately, though the account may not be fully active for transfers until the next business day.

All of these banks have physical branches, so you can deposit cash, get cashier's checks, or speak to someone in person if you need help. This matters if you receive cash payments or prefer handling money face-to-face. They also have extensive ATM networks, though some charge fees for out-of-network withdrawals.

Online-only banks with no branch locations

Banks like Ally, Charles Schwab, Marcus by Goldman Sachs, and Discover Bank operate entirely online. They have no physical branches, but they make up for it with higher interest rates on savings accounts, lower or no monthly fees, and reimbursement for ATM fees at most networks. Opening an account takes the same 10 to 20 minutes as at a traditional bank.

The trade-off is that you cannot deposit cash directly at a branch. Instead, you deposit checks using your phone's camera through their mobile app, transfer money from another bank account, or use ATM deposits at partner networks. Some online banks reimburse all ATM fees nationwide, so you can use almost any ATM without cost.

Online-only banks tend to have lower overhead, which is why they often offer higher savings rates and no monthly maintenance fees. If you rarely need to deposit cash and do not mind using mobile check deposit, these banks can save you money on fees and earn you more interest.

What you need to have ready before you start

Gather these items before you begin the online account opening process: a valid government-issued ID (driver's license, state ID, or passport), your Social Security number, your current address, and an initial deposit amount. Most banks accept debit cards or transfers from another bank account to fund the new account. A few still require a check or wire transfer.

Have your employer information handy if you plan to set up direct deposit, since some banks waive monthly fees only if your paycheck goes directly into the account. You will also need to choose a username and password, and decide whether to receive statements by email or paper mail.

If you are opening an account for a minor, most banks require a parent or guardian to open a custodial account in person or by phone, not online. Some banks have separate teen accounts with parental controls that can be opened online, so check the bank's website for age requirements.

How long it takes from start to using your account

The application itself takes 10 to 20 minutes. Approval happens in real time at most banks — you submit your information and get a decision within minutes. However, the account may not be fully active for transfers or bill payments until the next business day or up to three business days, depending on the bank.

You will receive your account number and routing number immediately after approval, so you can provide these to your employer for direct deposit right away. Debit cards typically arrive by mail within 5 to 10 business days. Some banks offer temporary digital card numbers you can use online or in stores while you wait for the physical card.

If the bank needs additional verification — for example, if your identity does not match public records perfectly — they may ask you to upload a photo of your ID or call you to confirm information. This can add one to three business days to the process. A few banks still require you to visit a branch or mail in documents, which extends the timeline to one to two weeks.

Comparing fees and minimum balance requirements

Monthly maintenance fees range from $0 to $15, depending on the bank and account type. Many banks waive the fee if you maintain a minimum balance (usually $500 to $2,500), set up direct deposit, or keep a certain amount in linked savings. Online-only banks are more likely to have no monthly fee at all.

Overdraft fees, out-of-network ATM fees, and foreign transaction fees vary widely. Some banks charge $35 per overdraft, while others charge $0. Some reimburse all ATM fees nationwide, while others charge $2 to $3 per out-of-network withdrawal. Read the fee schedule on the bank's website before opening an account if fees matter to your decision.

Interest rates on savings accounts also vary significantly. Online-only banks typically offer higher rates (currently ranging from 4% to 5% annual percentage yield, though this changes with Federal Reserve decisions), while traditional banks often offer much lower rates on standard savings accounts. If you plan to keep money in savings, the interest rate difference can add up over time.

What happens if your application is denied or delayed

Banks may deny an online application if your identity cannot be verified, if you have a history of fraud or unpaid accounts, or if you appear on a bank's internal exclusion list. If this happens, the bank will send you a notice explaining the reason. You can usually call the bank to ask what went wrong and whether you can reapply or visit a branch to open an account in person.

If your application is delayed, it is usually because the bank needs more information. Check your email (including spam folders) for messages from the bank asking you to verify your identity, upload documents, or call a phone number. Responding quickly can move the process forward by a day or two.

If you are denied by one bank, you can try another. Different banks use different verification methods and databases, so approval at one bank does not may provide approval at another. Online-only banks sometimes have different standards than traditional banks, so if a major bank denies you, trying an online-only bank may work.

Frequently Asked Questions

Can I open an account if I do not have a Social Security number?

Most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN). Some banks may allow you to open an account with an ITIN if you provide additional documentation. Call the bank directly to ask whether they accept ITINs, since policies vary.

Do I need a minimum deposit to open an account online?

Most banks require an initial deposit of $0 to $25 to open an account. A few require $100 or more. Check the specific bank's website for the account type you want, since requirements vary by account and bank.

Can I use a temporary ID or passport card to open an account online?

Most banks accept a valid passport, passport card, or state-issued ID. Temporary IDs and expired IDs are usually not accepted. Check the bank's ID requirements on their website before you start the application.

What if I do not have a current address to provide?

Banks require a current address for account opening and regulatory reasons. If you are homeless or between addresses, some banks may allow you to use a shelter address, a trusted friend's address, or a mail forwarding service. Call the bank to ask what they accept.

Can I open multiple accounts at the same bank online?

Yes, most banks let you open multiple checking and savings accounts online once your first account is active. You can usually do this through your online banking portal without going through the full verification process again.