You can open most savings accounts online in 10 to 20 minutes without visiting a branch
Online banks and many traditional banks let you open a savings account from your computer or phone. You'll need a valid ID, proof of address, and usually a small opening deposit. The whole process happens on their website or app, and your account is often ready to use the same day or within one business day.
The speed and simplicity depend on which bank you choose and whether you already have an account there. If you're opening your first account with a bank, the process takes longer than adding a savings account to an existing checking account at the same bank.
Key Takeaways
- Online banks typically open accounts faster than traditional banks because they have no branch network to manage.
- You will need a government-issued ID, proof of your current address, and a Social Security number or tax ID to complete the process.
- Most banks require an opening deposit that ranges from $0 to $25, though some online banks have no minimum.
- Your account is usually active the same day or next business day, but transfers from other banks can take three to five business days to clear.
- If you cannot verify your identity online, some banks will mail you a code or ask you to visit a branch to finish the process.
What you need before you start
Gather these items before you begin: a valid government-issued ID (driver's license, passport, or state ID), proof of your current address (a recent utility bill, lease, or bank statement), your Social Security number, and the routing and account number of a bank account you want to link for transfers.
If you don't have a current address on file, some banks will accept a PO box or temporary address. If you don't have a Social Security number, ask the bank whether they accept an Individual Taxpayer Identification Number (ITIN) instead. A few banks do; most do not.
Have your opening deposit ready. This can be a debit card, a linked bank account, or sometimes a wire transfer. Online banks often have no minimum opening deposit, while traditional banks may require $25 to $100.
The step-by-step process at an online bank
Go to the bank's website or download their app. Click the button to open a new account (usually labeled "Open an Account" or "get your free guide"). Choose the type of account—in this case, a savings account. You may see options for high-yield savings, money market accounts, or regular savings; pick the one that matches what you want.
Enter your personal information: full name, date of birth, Social Security number, email address, and phone number. The bank will ask for your current address and may ask for a previous address if you've moved in the last few years. Answer honestly; the bank is checking this against public records.
Upload or photograph your ID. Most banks let you take a photo with your phone camera. Make sure the ID is clear, not blurry, and that all four corners are visible. Some banks also ask you to take a selfie to confirm the ID matches your face.
Verify your address. The bank may ask you to enter the address from a recent utility bill or other document. Some banks send a code to your address by mail and ask you to enter it online—this takes five to seven business days and delays account opening.
Link a bank account or provide a debit card for your opening deposit. If you link a bank account, the bank will make two small deposits (usually under $1 each) to that account within one to two business days. You then log back in and enter the amounts of those deposits to confirm you own the account.
Review and sign the account agreement. Read the terms, including the interest rate, fees, and withdrawal limits. Click to agree and submit. Your account is now open.
How long it actually takes
The online form itself takes 10 to 20 minutes. Identity verification happens in real time at most online banks—you upload your ID and get approved within minutes. A few banks use a third-party verification service and may take a few hours to a full business day.
If the bank needs to mail you a verification code, add five to seven business days. If you link a bank account for your opening deposit, add one to two business days for the test deposits to arrive, plus the time it takes you to log back in and confirm the amounts.
Your account is usually ready to use the same day or the next business day. However, if you're transferring money from another bank, that transfer can take three to five business days to clear, even though your account is open.
Opening an account at a traditional bank online
Banks with physical branches often let you start the process online but may require you to finish it in person or by phone. Go to their website and look for "Open an Account" or "New Accounts." Fill out the online form with your personal information and ID upload.
The bank may tell you that you need to visit a branch to complete the process, or they may call you to verify information over the phone. Some traditional banks will let you finish everything online if you already have a checking account with them.
Traditional banks are slower than online banks because they have compliance teams reviewing each application. Expect one to three business days for approval, even if you complete the form online.
What happens if verification fails
If the bank cannot verify your identity online, they will tell you why. Common reasons include a blurry ID photo, an address that doesn't match public records, or a name that doesn't match your ID exactly.
The bank will usually offer you a way to fix it: retake the photo, provide a different address, or call customer service to verify by phone. Some banks will mail you a verification code instead. A few will ask you to visit a branch in person.
If you've been denied, ask the bank for the specific reason. If it's a data mismatch, you may be able to correct it and try again. If the bank suspects fraud or cannot verify you through any method, they will close the application and you'll need to contact them to understand why.
Comparing online banks vs. traditional banks
| Factor | Online Banks | Traditional Banks |
|---|---|---|
| Time to open | Same day to 1 business day | 1 to 3 business days |
| Minimum opening deposit | Often $0 | Usually $25 to $100 |
| Interest rate (APY) | Usually higher (4% to 5%) | Usually lower (0.01% to 0.5%) |
| Monthly fees | Rare | Common ($5 to $15) |
| In-person support | Phone, email, chat only | Branch visits available |
| Verification method | Instant or mail code | Phone, mail, or in-person |
Frequently Asked Questions
Can I open a savings account if I don't have a Social Security number?
Some banks will open an account with an ITIN (Individual Taxpayer Identification Number) instead, but most require a Social Security number. Call the bank before you start the online process to confirm they accept ITINs. If they don't, you may need to visit a branch in person or try a different bank.
What if my address doesn't match my ID?
Tell the bank during the verification step. You can usually update your address on your ID through your state's DMV, or you can provide a recent utility bill or lease showing your current address. The bank will cross-check this against public records. If it still doesn't match, ask customer service to verify you by phone.
Do I need to make a deposit right away?
No. Many online banks have no minimum opening deposit, so you can open the account and deposit money later. Traditional banks usually require a deposit to complete the process, but you can often make it with a debit card or a transfer from another account.
How long does money take to arrive after I transfer it?
Transfers between banks take three to five business days. If you're transferring from another account at the same bank, it's usually instant or the next business day. Weekend and holiday transfers may take longer.
What if the bank asks me to visit a branch?
Some traditional banks require an in-person visit to open an account or to complete verification. Bring your ID and proof of address to the branch. The staff will finish the process on the spot, and your account will be open the same day.