Which banks let you open an account entirely online

Most large banks and many smaller ones 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 government ID, Social Security number, and initial deposit (which varies by bank—some have none, others require $25 or more). You'll need a valid email address and phone number, and most banks verify your identity by asking questions about your credit history or by taking a photo of your ID.

The banks that make this easiest fall into two groups: national banks with physical branches everywhere (Chase, Bank of America, Wells Fargo, Citibank) and online-only banks that have no branches at all (Ally, Charles Schwab Bank, Discover Bank, Chime). National banks let you deposit cash or checks at any of their ATMs or branches after you open the account online. Online-only banks have no branches, so you deposit by mailing a check, using mobile check deposit, or transferring money from another account.

Your choice depends on whether you need a physical location nearby. If you deposit cash regularly or prefer to talk to someone in person, a national bank works better. If you rarely use branches and want lower fees or higher interest rates, an online bank often makes more sense.

Key Takeaways

  • National banks like Chase, Bank of America, and Wells Fargo let you open checking and savings accounts online in 10 to 20 minutes using your ID and Social Security number.
  • Online-only banks such as Ally, Charles Schwab Bank, and Discover Bank have no branches but often charge lower fees and pay higher interest on savings.
  • Most banks require an initial deposit to open an account online, though the amount varies—some ask for $0, others for $25 or $100.
  • After opening an account online, you can deposit checks by mail or through your phone's camera, but you cannot deposit cash unless the bank has a physical location or ATM network.

National banks with full online account opening

Chase, Bank of America, Wells Fargo, and Citibank all let you open a checking account online and start using it the same day. You'll need a Chase, Bank of America, Wells Fargo, or Citibank debit card mailed to you (usually arrives in 7 to 10 business days), but you can use your account number and routing number to set up direct deposit or bill pay immediately. These banks also let you deposit checks by taking a photo with your phone.

The main advantage of a national bank is access to physical locations. If you need to deposit cash, withdraw large amounts, or speak to someone face-to-face, you can walk into any branch. These banks also have thousands of ATMs, so you can withdraw cash without fees at most locations. The trade-off is that monthly fees are common—many checking accounts charge $12 to $15 per month unless you meet a minimum balance or set up direct deposit.

Some national banks waive the monthly fee if you keep a certain balance (often $500 to $1,500) or if you have direct deposit set up. Check the specific bank's website for current fee structures, as they change frequently.

Online-only banks with no branches

Ally Bank, Charles Schwab Bank, Discover Bank, and Chime are among the largest online-only banks. They have no physical branches, but they make up for it with lower or zero monthly fees, higher interest rates on savings accounts, and no minimum balance requirements. Opening an account takes the same 10 to 20 minutes as a national bank, and you can start using it immediately.

The main limitation is depositing cash. Online-only banks cannot accept cash deposits because they have no tellers or ATMs. You can deposit checks by photographing them with your phone, transfer money from another bank account, or receive direct deposit from your employer. If you rarely use cash or get paid by direct deposit, this is not a problem. If you deposit cash regularly, an online-only bank will frustrate you.

Some online-only banks partner with ATM networks so you can withdraw cash without fees at thousands of locations. Ally, for example, lets you withdraw cash fee-free at Allpoint ATMs nationwide. Chime offers fee-free withdrawals at over 60,000 ATMs through its network. Check the specific bank's ATM access before opening an account if cash withdrawal matters to you.

Credit unions that offer online account opening

Many credit unions now let you open an account online, though the process varies by union. Some credit unions require you to be a member of a specific employer, profession, or geographic area before you can open an account. Others are open to anyone. Navy Federal Credit Union, Connexus Credit Union, and Pentagon Federal Credit Union are large credit unions that let most people open accounts online.

Credit unions typically charge lower fees than national banks and often pay higher interest on savings. Like national banks, they have physical branches and ATM networks, so you can deposit cash and withdraw money in person. The downside is that credit unions have fewer locations than major national banks, so branch access depends on where you live.

Before opening an account at a credit union, check whether you meet their membership requirements. Some credit unions are restricted to people who work in a specific field or live in a specific state. Others are open to anyone, but you may need to join the credit union itself (which sometimes costs a small fee, usually $5 to $25) before you can open an account.

What you need to open an account online

Every bank that lets you open an account online requires the same basic documents and information. You need a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, your date of birth, and your current address. You'll also need a valid email address and phone number so the bank can contact you and send you account information.

Most banks verify your identity by asking security questions based on your credit history—questions like "Which of these addresses have you lived at?" or "Which of these lenders have you borrowed from?" If you have no credit history, some banks may ask you to upload a photo of your ID or verify your identity through a video call with a bank representative.

Initial deposit requirements vary widely. Some banks (like Ally and Chime) have no minimum deposit—you can open an account with $0 and deposit money later. Others require $25, $100, or more. Check the specific bank's requirements before you start the application, because if you don't have the minimum deposit ready, you'll have to stop and come back later.

How long it takes to open an account and start using it

The online application itself takes 10 to 20 minutes. Once you submit it, the bank verifies your identity (usually instantly or within a few hours) and your account is active. You can use your account number and routing number to set up direct deposit or bill pay the same day. You can also deposit checks by photographing them with your phone's camera, and the bank usually credits the deposit within one to three business days.

Your debit card arrives by mail in 7 to 10 business days. Until it arrives, you can still use your account—you just cannot withdraw cash at an ATM or pay in person at a store. You can use your account number to make online transfers, set up bill pay, or receive direct deposit.

If you need to deposit cash before your debit card arrives, you have limited options. National banks let you deposit cash at any branch or ATM. Online-only banks cannot accept cash deposits at all. Credit unions let you deposit cash at their branches if you have a membership card or can show ID.

Fees and features to compare before you choose

Monthly maintenance fees are the biggest difference between banks. National banks often charge $12 to $15 per month unless you meet a balance requirement or set up direct deposit. Online-only banks and credit unions typically charge $0 per month. If you keep less than $500 in your account, the monthly fee adds up quickly—$144 per year at a national bank with a $12 fee.

Interest rates on savings accounts vary dramatically. National banks often pay 0.01% annual interest on savings, meaning $1,000 earns about $0.10 per year. Online-only banks and credit unions often pay 4% to 5% annual interest, meaning $1,000 earns $40 to $50 per year. If you plan to keep money in savings, the interest rate matters far more than the monthly fee.

Overdraft fees are another hidden cost. Most banks charge $30 to $35 each time you overdraw your account. Some banks (like Chime) offer overdraft protection that lets you go negative without a fee, up to a certain limit. Others charge a fee every single time. If you sometimes run low on money, overdraft protection is worth seeking out.

ATM access and branch locations matter if you use cash regularly. National banks have the most locations. Online-only banks have none, but many partner with ATM networks. Credit unions have fewer locations than national banks but more than online-only banks. Check whether the bank's ATMs or branches are near your home, work, or places you shop.

Frequently Asked Questions

Can I open a bank account online if I don't have a Social Security number?

Most banks require a Social Security number to open an account online because they use it to verify your identity and check for fraud. If you don't have a Social Security number, you may be able to open an account in person at a branch with an ITIN (Individual Taxpayer Identification Number) or other government ID, but online opening is usually not possible. Call the bank directly to ask about alternatives.

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

It depends on the bank. Ally Bank, Chime, and some others have no minimum deposit—you can open an account with $0. Chase, Bank of America, and many national banks require $25 to $100 to open an account. Check the specific bank's website before you start the application so you know whether you have enough money on hand.

Can I deposit cash at an online bank?

No. Online-only banks have no branches or tellers, so they cannot accept cash deposits. You can deposit checks by photographing them with your phone, transfer money from another bank account, or receive direct deposit from your employer. If you need to deposit cash regularly, choose a national bank or credit union instead.

How long does it take to receive my debit card after opening an account online?

Most banks mail your debit card within 7 to 10 business days. Your account is active and usable the same day you open it online, so you can set up direct deposit or transfer money before your card arrives. You just cannot withdraw cash at an ATM or pay in person at a store until the card arrives.

What's the difference between opening an account at a national bank versus an online-only bank?

National banks have physical branches and ATMs where you can deposit cash and withdraw money in person, but they usually charge monthly fees and pay low interest rates. Online-only banks have no branches, so you cannot deposit cash, but they charge lower or no monthly fees and pay higher interest rates. Choose based on whether you need physical locations and how much cash you use.