Yes, you can open both accounts online from home

Most banks and credit unions let you open a checking account, a savings account, or both through their website or mobile app without stepping into a branch. The process takes 10 to 20 minutes and you can fund the account the same day. You will need a valid ID, a Social Security number, and a way to verify your identity — usually a phone number or email address the bank can confirm.

Not every bank offers the same speed or the same account types online. Some require you to start a checking account before opening savings, others let you open both at once. A few still require an in-person visit for certain account types, though this is becoming rare. The key difference is whether you are opening at a traditional bank with physical branches, an online-only bank, or a credit union.

Key Takeaways

  • Online account opening takes 10 to 20 minutes and requires a valid ID, Social Security number, and a way to verify your phone or email.
  • Most banks verify your identity by asking security questions about your credit history or by sending a code to your phone or email.
  • You can fund your new account immediately using a debit card, transfer from another bank, or a wire transfer, though some methods take one to three business days to appear.
  • Online-only banks typically have no monthly fees and higher interest rates on savings, but traditional banks offer branch access and ATM networks if you need in-person help.
  • If the bank cannot verify your identity online, you may need to visit a branch, mail documents, or use a video call with a representative.

What you need to have ready before you start

Gather these items before you open your browser: a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and your current address. The bank will ask for your employment information and income, though you do not need to provide a job offer letter or pay stub unless the bank asks for it later.

You will also need a way to receive a verification code — either a phone number or email address. Most banks send a code via text message or email and ask you to enter it to confirm you own that contact method. If you do not have a phone number or email, some banks will mail a code to your address instead, which adds five to seven business days to the process.

How identity verification works online

Banks verify who you are using one of three methods. The most common is a security question quiz — the bank asks you questions about your credit history, past addresses, or previous loans based on data they pull from credit bureaus. You answer five to ten questions in a row, and if you get most of them right, you pass. This takes two to three minutes.

The second method is a code sent to your phone or email. You enter the code on the bank's website to prove you control that phone number or email address. This is faster but less thorough — it only confirms you have access to that contact method, not that you are the person named on the ID.

The third method is a video call with a bank representative. You show your ID to a camera, answer questions about yourself, and the representative confirms your identity in real time. This takes 10 to 15 minutes and is usually only required if the bank cannot verify you through the other two methods or if you are opening a business account.

Funding your account on the same day

Once your account is open, you can add money immediately using a debit card, a transfer from another bank account, or a wire transfer. Debit card deposits show up in your account within minutes. Transfers from another bank account at a different institution take one to three business days, depending on whether both banks use the same clearing system.

Wire transfers arrive the same day if you send them before 2 p.m. Eastern time on a business day, but they cost $15 to $25 and are usually only worth it if you are moving a large sum. If you have a check, you can deposit it through the bank's mobile app by taking a photo of the front and back — the funds typically appear in two to three business days.

Some banks require a minimum opening deposit, usually $25 to $100. Others have no minimum. Check the bank's website before you start the application so you know whether you need to have money ready to transfer.

Online-only banks versus traditional banks with branches

Online-only banks like Ally, Charles Schwab, and Marcus have no physical locations, no monthly fees, and often pay higher interest on savings accounts. They are a good choice if you do not need to deposit cash or speak to someone in person. Their customer service is available by phone, email, or chat, and most respond within a few hours.

Traditional banks with branches — like Bank of America, Wells Fargo, or Chase — let you visit a location if you need help, deposit cash without a fee, and use their ATM network. Many charge a monthly fee for checking unless you keep a minimum balance or set up direct deposit. Their online account opening process is the same as online-only banks, but you have the option to visit a branch later if something goes wrong.

Credit unions are member-owned and often have lower fees and better customer service than large banks. Many credit unions let you open accounts online, but some still require an in-person visit or a video call. If you are a member of a credit union, check their website to see whether online opening is available.

What to do if the bank cannot verify you online

If the bank's security questions do not match your credit history or if you do not have a phone number to receive a code, the bank will ask you to verify your identity another way. The most common options are mailing copies of your ID and proof of address, completing a video call with a representative, or visiting a branch in person.

Mailing documents takes five to seven business days for the bank to receive and review them. A video call usually happens within 24 hours and takes 10 to 15 minutes. Visiting a branch is the fastest if one is near you — you can open the account and fund it the same day. Ask the bank which option is fastest for your situation before you choose.

Opening savings and checking at the same time

Most banks let you open a checking account and a savings account in one application. You fill out one form, verify your identity once, and both accounts are created. Some banks assign you one account number for both, while others give you separate numbers — the bank's website will show you which accounts you have once you log in.

A few banks require you to open a checking account first and then add a savings account later through your online banking portal. This usually takes five minutes and does not require a second identity verification. If the bank's website does not show an option to open both at once, open the checking account first and add savings immediately after.

Frequently Asked Questions

How long does it take to open an account online?

The application itself takes 10 to 20 minutes. Identity verification adds another five to ten minutes if done through security questions or a code. If the bank needs to verify you by video call or mail, add one to seven business days. In most cases, your account is ready to use within an hour of completing the application.

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

Most banks do not require a minimum deposit to open an account, but some ask for $25 to $100. Check the bank's website before you start the application. If you do not have the minimum on hand, you can often open the account and fund it later, though a few banks will close the account if you do not deposit within 30 days.

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

Banks are required to ask for a Social Security number or an Individual Taxpayer Identification Number (ITIN). If you do not have either, you will need to visit a branch in person or call the bank to discuss other options. Some banks can open accounts for people without a Social Security number, but the process is slower and may require additional documents.

What if I do not have a phone number or email address?

Most banks can mail a verification code to your address instead, which adds five to seven business days to the process. Some banks also offer video verification with a representative as an alternative. Call the bank's customer service line to ask which options are available for your situation.

Can I open an account if I have been denied by ChexSystems?

ChexSystems is a checking account verification system that banks use to check your history. If you have been denied, some banks will still open an account for you, but others will not. Online-only banks and credit unions are often more flexible than large traditional banks. Call ahead to ask whether the bank accepts customers with ChexSystems denials before you apply.