Most major banks and online-only banks let you open a checking or savings account entirely online, but the process and speed vary by bank
You can open a bank account online at nearly every large national bank — Chase, Bank of America, Wells Fargo, Citibank — and at online-only banks like Ally, Charles Schwab, and Marcus. The entire process usually happens on your phone or computer: you provide your Social Security number, proof of identity, and initial deposit information, and you get an account number within minutes to hours. No branch visit required.
The catch is that different banks have different requirements and timelines. Some fund your account the same day; others take one to three business days. Some require a minimum opening deposit of $25; others want $500 or more. A few still ask you to verify your identity in person or by mailing documents, which slows things down. Knowing which banks have the fewest friction points matters if you need access to your money quickly.
Key Takeaways
- Most national banks and all online-only banks let you open checking and savings accounts online using your Social Security number and a photo ID.
- Account funding speed ranges from same-day to three business days depending on the bank and whether you link an existing account or mail a check.
- Minimum opening deposits vary from $0 to $500; many banks waive the minimum if you set up direct deposit.
- Online-only banks typically have faster account setup and lower minimums than traditional banks, but no physical branch for cash deposits.
- You will need a valid government-issued ID, your Social Security number, and a current address to open any account online.
What you need to open an account online
Every bank that opens accounts online requires the same core documents: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and a current address. Some banks ask for a phone number and email address as well. A few also ask for your employment status or annual income, though this is less common for basic checking and savings accounts.
The ID verification process varies. Most banks use automated systems that read your ID photo and match it to your face using your webcam or phone camera — this takes a few minutes and happens in real time. A smaller number of banks still mail you a verification code or ask you to upload a photo of your ID and wait for manual review, which adds one to three business days.
If you want to fund your account immediately, have a routing number and account number from an existing bank account ready. If you do not have another account or prefer not to link one, you can mail a check, but that adds five to seven business days before the money clears.
How long it takes to open an account and access your money
Account opening itself is fast: most banks complete the process in 5 to 15 minutes and give you an account number immediately. The delay comes after that, when the bank funds your account.
If you link an existing bank account and use instant verification (photo ID scan), your account is usually funded within hours or by the next business day. If you mail a check, expect five to seven business days for the check to arrive, clear, and post to your account. If the bank requires manual ID review instead of instant verification, add one to three business days to the timeline.
Some banks, particularly online-only ones like Ally and Marcus, fund accounts same-day if you open before a certain time (usually 2 p.m. Eastern). Traditional banks like Chase and Bank of America typically take one business day. A few regional banks or credit unions may take up to three business days.
Online-only banks versus traditional banks with online options
Online-only banks (Ally, Marcus, Charles Schwab, Discover) have no physical branches. They open accounts faster, usually have zero or very low minimum deposits, and offer competitive interest rates on savings. The trade-off is that you cannot deposit cash in person — you must transfer from another account or mail a check. If you need to deposit cash regularly, this is a real limitation.
Traditional banks with online account opening (Chase, Bank of America, Wells Fargo, Citibank) let you open online but also give you access to physical branches for cash deposits, withdrawals, and in-person help. They often have higher minimum opening deposits ($100 to $500) and slower funding timelines (one to three business days). Interest rates on savings accounts are typically lower than online-only banks.
Credit unions also open accounts online, though the process varies by union. Some credit unions require you to live or work in a specific area or have a family member who is already a member. If you meet the membership requirement, credit union accounts often have no minimum deposit and competitive rates.
Minimum deposits and account fees
Minimum opening deposits range from $0 to $500 depending on the bank. Online-only banks tend to have no minimum or a very low one ($25 or less). Traditional banks often require $100 to $500. Some banks waive the minimum if you set up direct deposit of your paycheck.
Monthly maintenance fees also vary. Many banks charge nothing if you maintain a minimum balance (often $500 to $1,500) or set up direct deposit. Others charge $5 to $15 per month with no way to waive it. A growing number of banks, especially online-only ones, charge no monthly fee at all. Read the fee schedule before you open — a bank with no opening minimum but a $12 monthly fee costs more over time than one with a $200 minimum and no fees.
Overdraft fees, if the bank charges them, typically run $25 to $35 per overdraft. Some banks offer overdraft protection (linking to another account) or simply decline transactions instead of charging a fee. This matters less if you are opening a savings account, but it is worth checking if you are opening checking.
Identity verification methods and how they affect speed
Banks use three main methods to verify your identity online. The fastest is automated photo ID verification: you take a photo of your ID and a selfie, the bank's software compares them, and you are approved in minutes. Chase, Bank of America, and most online-only banks use this method.
The second method is knowledge-based verification: the bank asks you questions about your credit history or past addresses that only you should know. This also takes a few minutes and happens in real time. Some banks use this as a backup if the photo verification fails.
The slowest method is manual review: you upload your ID and the bank's staff review it, which takes one to three business days. A few smaller banks or credit unions still use this method. If you are in a hurry, call the bank before you start and ask which verification method they use.
What happens if verification fails or you cannot open online
If automated verification fails — usually because the photo is blurry, your face does not match the ID photo clearly, or the ID is expired — the bank will ask you to try again or switch to a different verification method. Most banks allow two or three attempts before requiring you to visit a branch or mail documents.
If you do not have a government-issued photo ID, you cannot open an account online at any bank. You will need to visit a branch in person with alternative documents (passport card, tribal ID, military ID, or in some cases a combination of documents like a birth certificate plus utility bill). This is rare but does happen.
If you are under 18, most banks require a parent or guardian to co-sign or open a joint account. Some banks have separate teen accounts with different rules. Check the bank's website for age requirements before you start the process.
Frequently Asked Questions
Can I open a bank account online if I do not have a Social Security number?
No. Every bank requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. If you have an ITIN, some banks will open an account, but you will need to call or visit a branch to verify it — you cannot complete the process entirely online.
Do I need a credit card or existing bank account to open an account online?
No. You do not need a credit card. You do not need an existing bank account, but having one makes funding faster — you can link it and transfer money same-day. Without one, you can mail a check, which takes five to seven business days.
Can I open multiple accounts at the same bank online?
Yes. Most banks let you open a checking account and a savings account at the same time online. Some banks also let you open a second checking account if you want separate accounts for different purposes. Check the bank's website or call to confirm they allow multiple accounts.
What if I open an account online but then want to close it?
You can close most accounts online or by phone without visiting a branch. Some banks require you to withdraw or transfer your balance first; others do it automatically. Call the bank or log into your account to find the closure option — it is usually in settings or account management.
Is opening a bank account online safe?
Yes, if you open an account at a bank insured by the FDIC (Federal Deposit Insurance Corporation) or NCUA (National Credit Union Administration). These agencies insure deposits up to $250,000 per account type per bank. Check the bank's website for the FDIC or NCUA logo before you open. Use a secure internet connection (not public WiFi) when you provide your Social Security number and ID.