Yes, you can open most savings accounts entirely online
Most banks and credit unions now let you open a savings account from your computer or phone without visiting a branch. You'll need a valid ID, a Social Security number, and a way to fund the account — usually a debit card or bank transfer. The whole process typically takes 10 to 20 minutes, and your account can be ready to use the same day or within one business day.
Online-only banks (sometimes called neobanks) make this especially straightforward because they have no physical branches — opening online is their only option. Traditional banks with branches also offer online account opening, though some still require you to visit in person for certain account types or if you can't verify your identity digitally.
Key Takeaways
- Most banks and credit unions let you open a savings account online using your computer or phone, with approval often the same day.
- You will need a valid government ID, Social Security number, and a way to fund the account — usually a debit card or existing bank account.
- Online-only banks have no branch requirement, while traditional banks may ask you to visit in person if their digital verification system cannot confirm your identity.
- The account opening process usually takes 10 to 20 minutes, but funding and full access may take one business day.
- Some banks charge monthly fees or require a minimum opening deposit, so compare terms before you start.
What you need to open an account online
Have your government-issued ID ready — a driver's license, state ID card, or passport. The bank will ask you to photograph it or verify the number. You'll also need your Social Security number, which the bank uses to run a background check and report the account to credit bureaus.
You'll need a way to fund the initial deposit. Most banks accept a debit card from another bank, or you can transfer money from an existing checking or savings account. Some banks waive the opening deposit entirely, while others require $25 to $100. Check the bank's website before you start — this detail matters if you're opening your first account or have limited cash on hand.
Have your phone number and email address ready. Banks use these to send you account confirmations, security codes, and statements. If you're opening an account at a credit union, you may also need to show proof of membership — for example, living in a certain county or working for a particular employer.
The step-by-step process
Start on the bank's website or app and look for a button labeled "Open an Account" or "New Account." You'll be asked to choose the account type (savings, money market, or high-yield savings) and enter basic information: your name, date of birth, address, phone number, and email.
Next comes identity verification. Most banks ask you to photograph your ID or enter the ID number manually. Some use a video call where you show your ID to a person or camera. If the bank cannot verify you digitally — for example, if your address doesn't match their records — they may ask you to visit a branch or mail in a copy of your ID.
Then you'll fund the account. Enter your debit card number or link an existing bank account. The bank will process the deposit, which usually shows up immediately or within one business day. Some banks send a small test deposit to a linked account and ask you to confirm the amount — this is a security step to prove you own that account.
Once the deposit clears, your account is active. You'll receive a confirmation email with your account number and login details. You can start using the account right away through the bank's app or website, though some features (like ordering a debit card) may take a few business days to set up.
When a bank might ask you to visit in person
Most online account openings go smoothly, but some situations require a branch visit. If your ID doesn't scan clearly, if your address cannot be verified, or if you're opening an account for a minor, the bank may ask you to come in. Some banks also require an in-person visit if you want to open a joint account or if you're not a U.S. citizen.
If you're told you need to visit a branch, ask the bank whether you can mail in documents instead — many will accept a photocopy of your ID and a utility bill as proof of address. This takes longer (usually 5 to 10 business days) but avoids a trip.
Online-only banks versus traditional banks
Online-only banks (like Ally, Marcus, or Discover) have no physical branches, so opening online is the only way. They often offer higher interest rates on savings accounts because they have lower overhead costs. The trade-off is that you cannot deposit cash or get in-person help — all support is by phone, email, or chat.
Traditional banks with branches (like Bank of America, Wells Fargo, or Chase) let you open online but also give you the option to visit a branch if something goes wrong. They may offer lower interest rates than online-only banks, but you have more flexibility if you need to deposit cash or speak to someone face-to-face.
Credit unions often have membership requirements but usually offer competitive rates and personalized service. Many credit unions now offer online account opening, though some still require an in-person visit or a membership application first.
Fees and minimum deposits to watch for
Before you open an account, check whether the bank charges a monthly maintenance fee. Some banks waive this fee if you keep a minimum balance (often $500 to $2,500) or set up direct deposit. Others charge $5 to $15 per month no matter what.
Look at the opening deposit requirement. Many banks have no minimum, but some require $25, $100, or more. If you're opening your first account, this can be a barrier — choose a bank with no opening deposit if you're starting from zero.
Check the interest rate the bank pays on savings. Online-only banks typically offer 4% to 5% annual percentage yield (APY) on high-yield savings accounts, while traditional banks often pay 0.01% to 0.5%. The difference adds up over time, especially if you're saving a larger amount.
How long it takes to access your money
Your account is usually created immediately after you complete the online form and verify your identity. However, you may not be able to withdraw or transfer money until your opening deposit clears — this typically takes one business day, though some banks make funds available the same day.
If you're transferring money from another bank account, that transfer can take 3 to 5 business days to complete, depending on both banks' processing times. Debit card deposits usually clear faster, often within 24 hours.
Ordering a physical debit card takes 7 to 10 business days. Many banks offer a temporary digital card you can use immediately in their app for online shopping or contactless payments while you wait for the physical card to arrive.
Frequently Asked Questions
Do I need to be a U.S. citizen to open a savings account online?
Most banks require a Social Security number, which typically means you must be a U.S. citizen or have a valid work visa. Some banks accept an Individual Taxpayer Identification Number (ITIN) instead. Call the bank directly to ask whether they work with non-citizens — policies vary.
What if I don't have a government ID?
You will need a valid government-issued ID to open an account online. If you don't have one, you can visit a branch in person with alternative documents like a passport, tribal ID, or military ID. Some banks may also accept a combination of documents like a birth certificate and utility bill.
Can I open a savings account online if I have bad credit?
Yes. Banks do not check your credit score to open a savings account — they only check your banking history through ChexSystems, a system that tracks overdrafts and fraud. Even if you've had problems with a previous bank, you can usually open a new account elsewhere.
How much money do I need to open an account?
Many banks have no minimum opening deposit. Others require $25 to $100. Check the bank's website before you start — if you're short on cash, look for a bank with zero opening deposit requirements.
Can I open a joint savings account online?
Some banks let you open a joint account online if both account holders can verify their identity digitally. Others require at least one person to visit a branch. Ask the bank whether joint accounts are available online before you begin the process.