Yes, you can open most savings accounts entirely online without visiting a bank branch
Most banks and credit unions now let you open a savings account from your computer or phone. You will not need to go to a physical location. The process usually takes 10 to 20 minutes, and you can start using the account the same day or within one business day.
Online banks (sometimes called direct banks) exist only on the internet and have no branches at all. Traditional banks with physical locations also offer online account opening. Credit unions often do too, though some still require an in-person visit or membership verification first. The main difference is speed and what documents you need to have ready before you start.
Key Takeaways
- You will need a valid government ID, Social Security number, and proof of address to open an account online at most institutions.
- Online banks typically fund accounts faster and have fewer fees than traditional banks, but offer no in-person support.
- Some credit unions require you to become a member first, which may involve an in-person step or a sponsor who is already a member.
- The account is usually ready to use within one business day, though some banks take up to five days to fully activate it.
- You can link an external bank account to transfer money in, or wait for a direct deposit to arrive.
What you need before you start
Have these items ready before you begin: a valid government-issued ID (driver's license, passport, or state ID card), your Social Security number, and proof of your current address. Proof of address can be a recent utility bill, lease, mortgage statement, or government mail with your name and address on it. Most banks will ask for all three during the online signup process.
You will also need access to a phone number and email address that belong to you. The bank will send a verification code to one or both of these to confirm your identity. Some banks use video verification instead, which means you will hold your ID up to your camera so they can see it and match it to your face.
If you want to fund the account right away, have the routing and account number of another bank account ready. This lets you transfer money in electronically. If you do not have another account, you can wait for a paycheck to be deposited directly, or deposit cash at an ATM if the bank has one.
The step-by-step process
Start on the bank's website or mobile app and look for a button that says "Open an Account" or "Sign Up." You will enter your name, date of birth, address, phone number, and email. The bank will ask for your Social Security number and run a background check—this is normal and does not hurt your credit score.
Next, you will verify your identity. Some banks ask you to upload a photo of your ID. Others use video verification, where you show your ID to your camera and answer a few questions. A few banks still mail you a code that you enter to confirm your address. This step usually takes a few minutes.
Then you will choose your account type (savings, money market, or high-yield savings), set a PIN or password, and agree to the terms. Some banks let you set up a debit card at this point. Finally, you will fund the account by linking an external bank account or providing direct deposit information. The account is usually active within one business day.
Online banks versus traditional banks with online signup
| Feature | Online Banks | Traditional Banks with Online Signup |
|---|---|---|
| Time to open | 10–20 minutes | 10–20 minutes |
| In-person visit required | No | No |
| Interest rates on savings | Usually higher | Usually lower |
| Monthly fees | Usually none | Often $5–$15 |
| Physical branch access | None | Yes |
| Customer service by phone | Yes, but limited hours | Yes, extended hours |
Online banks have no physical branches, so they save money on real estate and staff. They pass those savings to you through higher interest rates and lower or no monthly fees. The trade-off is that you cannot walk into a location if you need help, and customer service hours are often limited to business days.
Traditional banks let you visit a branch in person, which can be helpful if you need to deposit cash, get a cashier's check, or talk to someone face-to-face. However, they usually charge monthly maintenance fees and offer lower interest rates on savings. Many now let you open online anyway, so you get the convenience without the branch visit.
Credit unions and membership requirements
Credit unions are member-owned, so you must become a member to open an account. Some credit unions let you join online and open a savings account in the same session. Others require you to visit a branch, have a sponsor (someone already in the credit union), or meet a specific requirement like working for a certain employer or living in a certain area.
If you want to join a credit union, start by searching for one in your area or one that matches your profession or employer. Call or visit their website to ask about membership requirements. Many credit unions now waive the in-person requirement if you can verify your identity online, but policies vary widely.
How long until you can use the account
The account is usually active and ready to use within one business day. Some banks activate it the same day you open it. However, if you link an external bank account to transfer money in, that transfer may take one to three business days to complete. Direct deposits typically arrive on the next business day after they are sent by your employer.
If you need to deposit cash, check whether the bank has ATMs in your area. Some online banks partner with ATM networks so you can deposit cash at thousands of locations. Others do not accept cash deposits at all, which means you must transfer money from another account or wait for direct deposit.
What to do if your application is declined
Banks may decline an online application for a few reasons: a mismatch between the name on your ID and the name you entered, an address that does not match your ID, or a problem with your Social Security number. Sometimes the issue is a mistake in the bank's background check system.
If your application is declined, the bank should tell you why. Call their customer service number and ask for details. If it is a simple error—like a typo in your address—you may be able to correct it and reapply. If the issue is more complex, you can visit a branch in person and ask them to open the account manually, or try a different bank.
If you have been declined by multiple banks, the problem may be related to your banking history. Check your ChexSystems report (a banking history database) at chexsystems.com to see if there are errors or past issues listed. You have the right to dispute inaccurate information.
Frequently Asked Questions
Do I need a minimum deposit to open a savings account online?
Most online banks have no minimum deposit requirement. You can open the account with zero dollars and fund it later. Some traditional banks require a minimum deposit of $25 to $500, so check the bank's terms before you start. This information is usually on their website under account details.
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). If you do not have either, some banks and credit unions will still work with you, but you will need to visit in person and bring additional documents. Call ahead to ask what they can do.
What if I do not have proof of address?
If you do not have a utility bill or lease, some banks accept other documents like a government letter, insurance statement, or bank statement with your name and address. A few banks will let you verify your address verbally during a video call. Contact the bank directly to ask what they will accept.
Can I open a joint savings account online?
Yes, most banks let you open a joint account online. Both account holders will need to verify their identity, usually through video or ID upload. The process is the same as opening an individual account, but takes a bit longer because both people must complete verification.
Is it safe to open a savings account online?
Opening an account online with a legitimate bank is as safe as opening one in person. Banks use encryption to protect your information, and your deposits are insured by the FDIC (up to $250,000 per account) or NCUA (for credit unions). Only use the bank's official website or app, never click links in emails.