Banks and credit unions that let you open accounts entirely online

You can open a checking or savings account online at most national banks, many regional banks, and most credit unions. The process typically takes 10 to 20 minutes and requires an email address, Social Security number, and a government-issued ID. Some institutions let you fund the account immediately from another bank; others require you to mail in a check or wait for a transfer to arrive.

National banks with full online account opening include Chase, Bank of America, Wells Fargo, Citibank, and Capital One. Regional banks like Ally, Charles Schwab, and Discover also handle the entire process online. Credit unions vary by location and membership rules — some let anyone join, while others require you to live or work in a specific area or belong to a particular employer or organization.

The main difference between banks and credit unions is structure: banks are for-profit and owned by shareholders; credit unions are member-owned nonprofits. Credit unions often charge lower fees and pay higher interest on savings, but they may have fewer branches and ATMs. Banks offer more locations, more online tools, and faster customer service lines, but typically charge more for overdrafts and monthly maintenance.

Key Takeaways

  • Most national banks and credit unions let you open an account online in 10 to 20 minutes using your email, Social Security number, and a photo ID.
  • You will need to fund the account either immediately (by linking another bank account) or within a few days (by mailing a check or waiting for a transfer).
  • Credit unions often have lower fees and higher savings rates but may limit membership to people in a specific area or employer group.
  • Banks offer more branches and ATMs nationwide, but credit unions typically provide better rates and lower costs for overdrafts and monthly fees.
  • Some online-only banks like Ally and Discover have no physical branches but offer competitive rates and lower fees across the board.

What you need to have ready before you start

Gather these items before you begin: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, your email address, and your phone number. You will also need proof of your current address — a recent utility bill, lease, or bank statement usually works. Some banks ask for this during signup; others request it later if you want to increase your withdrawal limits or add services.

If you are opening a joint account, both account holders will need to provide their own ID and Social Security number. The bank will verify both identities separately. If you want to link the new account to an existing bank account for immediate funding, have that account number and routing number ready — you can find both on a check or by logging into your current bank's website.

How the online signup process works, step by step

Start by visiting the bank or credit union's website and clicking the link to open a new account. You will enter your name, address, email, phone number, and Social Security number. The bank will run a soft credit check (which does not affect your credit score) and verify your identity using information from public records — they may ask you security questions like "Which of these addresses have you lived at?" or "Which car did you own?"

Next, you choose the type of account: checking, savings, or both. The bank will show you the monthly fees (if any), minimum balance requirements, and interest rates. Read these carefully — some accounts are free; others charge $10 to $15 per month unless you maintain a minimum balance or set up direct deposit. Once you agree to the terms, you will receive a confirmation email with your account number and routing number.

To fund the account, you can either link an existing bank account (the bank will send two small deposits to verify ownership, and you confirm the amounts), transfer money from another bank using wire transfer or ACH, or mail in a check. Linking an account is fastest — funds usually arrive within one to two business days. If you mail a check, allow five to seven business days for it to clear.

Online-only banks versus traditional banks with branches

Online-only banks like Ally, Discover, Charles Schwab, and LendingClub have no physical locations but offer lower fees, higher interest rates on savings, and 24/7 customer service by phone or chat. They are best for people who rarely need to deposit cash or speak to someone in person. If you need to deposit checks, most online-only banks let you photograph them with your phone and upload them through the app.

Traditional banks with branches (Chase, Bank of America, Wells Fargo) let you walk in to deposit cash, speak to a banker face-to-face, and access thousands of ATMs nationwide. They typically charge higher monthly fees ($12 to $15) and pay lower interest on savings, but they offer more services like safe deposit boxes, notary services, and in-person loan consultations. They are better if you handle a lot of cash or want the option to visit a physical location.

A middle ground is a regional bank or credit union with a few branches in your area plus online banking. These often have lower fees than national banks but more locations than online-only banks. If you travel frequently or move often, a national bank's ATM network may be worth the higher fees. If you stay in one place and rarely use cash, an online-only bank usually saves you money.

Credit union membership requirements and how to find one near you

Credit unions require membership, but membership rules vary widely. Some are open to anyone; others limit membership to people who live in a specific county, work for a particular employer, or belong to an organization like a union, military branch, or professional association. To find credit unions you can join, visit CO-OP Network or Shared Branch locator on the Credit Union National Association website, or search "credit unions near me" and call to ask about membership.

If you work for a large employer, your company may sponsor a credit union — ask your HR department. If you are military, a veteran, or a family member of either, you likely may have access to for military credit unions like USAA or Navy Federal. If you belong to a union, professional group, or religious organization, check whether they sponsor a credit union. Many credit unions also offer "community charter" membership, which means anyone in the area can join.

Once you confirm you are may be able to access, you can open an account online just like at a bank. Credit unions typically charge lower overdraft fees ($15 to $25 versus $30 to $35 at big banks) and lower monthly maintenance fees ($0 to $5 versus $12 to $15). They also often pay higher interest on savings accounts and money market accounts, though the difference shrinks when interest rates are very low.

Identity verification and security during online signup

Banks verify your identity using information from credit bureaus, public records, and sometimes third-party verification services. During signup, you will answer security questions based on your history — previous addresses, past loans, vehicles you have owned. You may also be asked to upload a photo of your ID. Do not be alarmed if the bank asks you to verify your identity a second time by phone or email after you submit your application; this is normal and protects you against fraud.

Some banks use video verification, where you hold your ID up to your camera and a representative watches to confirm it matches your face. Others use knowledge-based questions only. A few require you to visit a branch in person, though this is rare for online account opening. The entire verification process usually takes a few minutes and happens while you wait.

Once your account is open, the bank will send you a debit card by mail (usually within 5 to 10 business days) and may give you temporary access to your account online or through the app while you wait. You can set up online bill pay, transfers, and direct deposit immediately, even before the card arrives. Never share your account number, routing number, or online password with anyone, and always log in through the official bank website or app, not through links in emails.

Fees to watch for and how to avoid them

Monthly maintenance fees range from $0 to $15 depending on the bank and account type. You can usually waive the fee by maintaining a minimum balance (often $500 to $1,500), setting up direct deposit, or keeping a linked savings account. Overdraft fees run $30 to $35 per transaction at big banks; credit unions typically charge $15 to $25. Some banks charge a fee just to use an out-of-network ATM ($2 to $3 per withdrawal).

Online-only banks almost always have no monthly fees and no overdraft fees (they simply decline the transaction instead). Traditional banks often waive fees if you maintain a higher balance or set up direct deposit. Before you open an account, compare the fee schedule — a bank that charges $12 per month costs $144 per year, which adds up if you are not using the account actively.

Read the fine print on interest rates too. Some banks advertise high rates on savings accounts but only for the first few months, then drop the rate dramatically. Others offer high rates only on balances above $25,000. Credit unions tend to offer more stable rates, though they fluctuate with the market just like banks do.

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 credit unions and a few banks will open accounts for people with an ITIN instead. Call ahead to ask — do not assume you cannot open an account until you have confirmed with the specific institution.

How long does it take to use my new account after I open it online?

You can usually access your account online or through the app immediately after signup. Transfers from another bank take one to three business days. Your debit card arrives by mail in five to ten business days. If you need to deposit cash before the card arrives, you can visit a branch (if the bank has one) or wait for the card.

What if the bank denies my online application?

Banks may deny applications based on ChexSystems (a banking history report), unpaid overdrafts at other banks, or fraud concerns. If you are denied, ask the bank why — they are required to tell you. You can dispute errors on your ChexSystems report at ChexSystems.com. Some banks specialize in second-chance accounts for people with banking history issues.

Do I need to keep a minimum balance to avoid fees?

It depends on the bank and account type. Many online-only banks have no minimum balance requirement. Traditional banks often require $500 to $1,500 to waive the monthly fee. Check the fee schedule before you open the account — if you cannot maintain the minimum, choose a bank with no minimum requirement instead.

Can I open multiple accounts at the same bank?

Yes. You can open a checking account, a savings account, and a money market account at the same bank. Having multiple accounts can help you organize money for different goals — one for bills, one for emergencies, one for saving toward a purchase. Just make sure you understand any fees that apply to each account.