Yes, you can open a savings account entirely online with most banks
Most banks and credit unions now let you open a savings account from your computer or phone without visiting a branch. You provide your personal information, verify your identity, and fund the account—all without leaving home. The whole process usually takes 10 to 20 minutes, though some banks take a few business days to confirm your identity before you can deposit money.
Not every bank offers online-only accounts, and not every online account works the same way. Some let you fund the account immediately with a debit card or bank transfer. Others require you to mail in a check or wait for a transfer from another bank account before you can start using it. A few still require you to visit a branch in person for the final step, even though most of the paperwork happens online.
Key Takeaways
- You can open most savings accounts online by providing your name, address, Social Security number, and date of birth, then verifying your identity through the bank's system.
- Banks verify your identity in different ways—some use instant verification through a third-party service, others ask you to upload a photo of your ID, and a few still require a video call with a representative.
- Funding your new account may happen immediately through a debit card or bank transfer, or may take several business days if you mail a check or transfer from another bank.
- Online-only banks often have higher interest rates on savings accounts than traditional banks, but they have no physical branches if you need to deposit cash or speak to someone in person.
- You will need a valid government ID, your Social Security number, and proof of your current address to open an account at any bank, whether online or in person.
What information and documents you need to provide
Every bank will ask for your full legal name, date of birth, Social Security number, and current address. Have these ready before you start. You will also need a valid government-issued ID—a driver's license, passport, or state ID card. Some banks ask you to upload a photo of both sides of your ID as part of the verification process.
A few banks also ask for proof of your current address, such as a recent utility bill, lease agreement, or bank statement with your name and address on it. If you have moved recently and your ID does not match your current address, the bank may ask for this proof. Check the bank's website before you start the application to see what documents they require.
How banks verify your identity online
Banks use three main methods to verify who you are without meeting you in person. The fastest is instant verification through a third-party service—the bank asks questions only you would know the answers to (like which car you owned in 2015), and if you answer correctly, your account opens immediately. This usually takes less than a minute.
The second method is document upload. You photograph both sides of your ID and sometimes your proof of address, then upload the images through the bank's website or app. A bank employee reviews the photos, which can take anywhere from a few minutes to a few business days. Some banks use software to scan and verify the documents automatically, which is faster.
The third method is a video call with a bank representative. The representative asks you to show your ID to the camera and asks a few questions to confirm your identity. This is less common than it used to be, but some banks still use it, especially for accounts opened late at night or on weekends when automated systems are not available.
How long it takes from start to finish
The application itself takes 10 to 20 minutes. Identity verification can happen instantly, or it can take up to three business days if a person has to review your documents. Once your identity is verified, you can usually start using the account right away—but whether you can deposit money depends on how you fund it.
If you fund the account with a debit card, the money appears in your new savings account within minutes to a few hours. If you transfer money from another bank account you already own, it typically takes one to three business days for the transfer to complete. If you mail a check, it can take one to two weeks from the time the bank receives it until the funds are available.
Some banks place a hold on deposits for a few business days before you can withdraw the money, even after it shows up in your account. This is a bank policy to prevent fraud. Check your bank's deposit hold policy before you transfer a large amount of money.
Online-only banks versus traditional banks with online options
Online-only banks (also called internet banks or digital banks) have no physical branches. They typically offer higher interest rates on savings accounts because they have lower overhead costs. Examples include Ally Bank, Marcus by Goldman Sachs, and Discover Bank. The trade-off is that you cannot deposit cash in person, and if you need to speak to someone, you have to call or use chat—there is no branch to walk into.
Traditional banks with online account opening let you open an account online but also have physical branches where you can deposit cash, withdraw money, and speak to a representative in person. These banks usually offer lower interest rates than online-only banks, but they give you more options for how you interact with your money. Most large national banks (Chase, Bank of America, Wells Fargo) and most local and regional banks now offer online account opening.
Credit unions often offer online account opening as well, though some smaller credit unions still require you to visit in person or mail in paperwork. Credit unions are member-owned and sometimes offer better rates or lower fees than banks, but you have to meet membership requirements (like living in a certain area or working for a certain employer) to join.
What happens if verification fails or takes longer than expected
If the bank cannot verify your identity instantly, it will tell you why and what to do next. Common reasons include a mismatch between the name on your ID and the name you entered in the application, or an address that does not match any records the bank can find. If this happens, you can usually upload additional documents or call the bank to clarify the information.
If you uploaded documents and the bank has not verified them within a few business days, contact the bank's customer service. Sometimes documents get lost or are unclear, and the bank may ask you to upload them again. If you cannot resolve the issue online, you may need to visit a branch in person or mail in a notarized copy of your ID.
If the bank denies your application, it will tell you the reason. Common reasons include a history of fraud, unpaid bank fees from a previous account, or a ChexSystems report (a banking history report similar to a credit report) that flags you as a risk. You can request a copy of your ChexSystems report and dispute any errors on it. Some banks specialize in accounts for people with banking history issues and may be willing to open an account for you.
Funding your account after it opens
Most banks let you choose how to fund your new savings account. A debit card transfer is the fastest—you enter your debit card number and the amount you want to deposit, and the money appears in your account within minutes to a few hours. The bank charges a small fee (usually $0 to $3) or no fee at all, depending on the bank.
An ACH transfer from another bank account is free but slower. You provide the routing number and account number of the bank account you want to transfer from, and the money moves over one to three business days. This is the best option if you want to move a large amount of money without paying a fee.
A wire transfer is fast (usually same-day) but expensive—most banks charge $15 to $30 to receive a wire transfer. Use this only if you need the money in your account urgently and cannot wait for an ACH transfer.
A check by mail is free but slow. You write a check to the bank and mail it to the address they provide. The bank deposits the check and the funds appear in your account one to two weeks later. Some banks no longer accept checks by mail for new accounts, so check before you send one.
Frequently Asked Questions
Do I need to have another bank account to open a savings account online?
No. You can fund your new account with a debit card from any bank, even if you do not have an account there. You can also have the bank send you a check or mail you a deposit envelope if you prefer not to use a debit card. However, if you want to transfer money from an existing bank account, you will need that account's routing and account numbers.
What if I do not have a government ID?
Most banks require a government-issued ID to open an account. If you do not have a driver's license or passport, you can get a state ID card from your state's DMV. Some banks may accept other forms of ID in rare cases—call the bank's customer service line to ask what alternatives they accept.
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 may check ChexSystems (a banking history report) to see if you have unpaid fees or fraud on your record, but a low credit score will not stop you from opening an account. If you are denied, ask the bank why and request a copy of your ChexSystems report to check for errors.
How much money do I need to open an account?
Most banks have no minimum opening deposit—you can open an account with $0 and deposit money later. Some banks require a small opening deposit ($25 or $100), and a few high-yield savings accounts require $500 or more. Check the bank's website for the specific minimum before you start the application.
Can I open multiple savings accounts at the same bank online?
Yes. Once your first account is open and verified, you can usually open additional accounts through the bank's website or app without going through the full verification process again. Some banks limit the number of savings accounts you can have, so check their rules if you want to open more than one.