Yes, you can open most savings accounts entirely online
You do not need to walk into a physical bank branch to open a savings account. Most banks and credit unions now let you complete the entire process on their website or mobile app — from submitting your information through receiving your account number — without ever speaking to a person or leaving your home.
The speed varies. Some accounts are ready to use within minutes. Others take one to three business days while the bank verifies your identity and funds your opening deposit. A few require you to mail in a signed document or provide additional proof before the account activates, which can add another week.
The main catch is that online banks and credit unions have different requirements than brick-and-mortar branches. You will need a valid government ID, a Social Security number or tax ID, proof of your current address, and a way to fund the account — usually a debit card or bank transfer from another account you already own.
Key Takeaways
- Most banks and credit unions let you open a savings account on their website or app without visiting a branch, though some require mailed documents or additional verification.
- You will need a government ID, Social Security number, proof of address, and a funding method — usually a debit card or existing bank account.
- Online-only banks often have lower minimum deposits and higher interest rates than traditional banks, but they have no physical branches for deposits or withdrawals.
- The account can be ready in minutes or take up to a week, depending on how the bank verifies your identity and whether it needs documents by mail.
- If you are denied, it is usually because of your banking history, credit report, or ChexSystems record — not because you applied online.
What you need before you start
Have these items ready before you begin the online application. A valid government-issued ID — a driver's license, passport, or state ID card — is required by every bank. The name on your ID must match the name you use for the account.
You will also need your Social Security number or Individual Taxpayer Identification Number (ITIN). The bank uses this to check your banking history through ChexSystems, a database that tracks closed accounts, overdrafts, and fraud. If you do not have a Social Security number, some banks and credit unions will open accounts for non-citizens with an ITIN or passport number, but options are more limited.
Proof of your current address is the third requirement. A utility bill, lease, mortgage statement, or government document with your name and address dated within the last 60 days usually works. A few banks will let you skip this if you upload a photo of your ID and answer security questions instead.
Finally, you need a way to fund the opening deposit. Most banks let you transfer money from another bank account or use a debit card. Some accept wire transfers or checks, but those take longer. A few online banks have no minimum deposit, so you can open the account and fund it later.
Online-only banks versus traditional banks with online options
Two different paths exist. Online-only banks — companies like Ally, Marcus, or Discover — have no physical branches. You do everything through their website or app. They typically offer higher interest rates on savings, lower or no monthly fees, and no minimum deposit requirements. The trade-off is that you cannot deposit cash or checks in person. You can deposit checks by taking a photo with the app, but cash deposits require a transfer from another account.
Traditional banks with online account opening — like Chase, Bank of America, or Wells Fargo — let you start the process online but have physical branches you can visit later. They usually pay lower interest rates and may charge monthly fees unless you keep a minimum balance. The benefit is that you can walk in to deposit cash, speak to a person, or get a debit card faster.
Credit unions fall somewhere in between. Many credit unions now offer online account opening, though some still require an in-person visit or a member sponsor. Credit unions often have lower fees and better rates than traditional banks, but membership is restricted — you have to work for a certain employer, live in a certain area, or belong to a certain organization to join.
Check the interest rate, monthly fees, minimum balance requirements, and how you can deposit money before you choose. A bank with a high interest rate but no way to deposit cash may not be worth it if you receive tips or get paid in cash.
The online application process, step by step
Start on the bank's website or download their app. Look for a button that says "Open an Account" or "New Account." You will be asked to choose the type of account — in this case, a savings account — and whether you want a single account or a joint account with someone else.
Next, enter your personal information: full name, date of birth, Social Security number, email address, and phone number. The bank will ask for your current address and may ask for a previous address if you moved within the last two years. Answer honestly — the bank cross-checks this information against public records.
You will then be asked to verify your identity. Some banks use knowledge-based authentication, which means they ask you questions only you should know the answer to — details from your credit report, past addresses, or previous accounts. Others ask you to upload a photo of your ID and sometimes a selfie. A few use third-party verification services that check your information instantly against government databases.
After identity verification, you will set up login credentials — a username and password — and choose security options like a PIN or security questions. Then you fund the account. Enter your debit card number or the routing and account number of another bank account you own. The bank will either transfer money immediately or send two small deposits to that account, which you then confirm by entering the amounts back into the savings account application.
Once the bank confirms the funding method works, your account number is issued. You can usually start using the account right away, though transfers may take one to three business days to complete.
How long it actually takes
The timeline depends on how the bank verifies your identity and whether it needs documents from you.
| Verification Method | Time to Account Ready | What Happens Next |
|---|---|---|
| Instant (knowledge-based or photo ID) | Minutes to a few hours | Account number issued immediately; transfers process in 1–3 business days |
| Standard (ID upload + address verification) | 1–2 business days | Bank reviews documents; account activates once approved |
| Manual review (flagged account) | 3–7 business days | Bank may call or email asking for additional documents or explanation |
| Mailed documents required | 1–2 weeks | You print, sign, and mail forms; bank processes after receiving them |
Most people fall into the first or second category and have an account ready within a day. If the bank flags your application — usually because your address does not match public records, your ID looks unusual, or your name appears on a fraud list — it may ask you to mail in documents or call you to verify information. This adds time but does not mean you are denied.
Even after your account is active, transfers from another bank can take one to three business days. If you need the money immediately, fund the account with a debit card instead, which usually posts within hours.
What happens if you are denied
Banks can refuse to open an account, though it is uncommon. The most common reasons are a negative ChexSystems report — a record of unpaid overdrafts, fraud, or closed accounts — or a problem with your identity verification.
If you are denied, the bank must tell you why and give you contact information for ChexSystems so you can request your report for free. You can dispute errors on your ChexSystems record, just like you can with a credit report. Some banks specialize in second-chance accounts and will open an account for people with ChexSystems issues, though they may charge higher fees.
A few banks deny accounts based on your credit report, though this is less common for savings accounts than for checking accounts. If your credit score is very low or you have recent collections or bankruptcies, some banks may decline you. Again, second-chance banks are an option.
If you are denied by one bank, try another. Different banks use different verification methods and have different risk tolerance. An online bank might accept you when a traditional bank declines, or vice versa.
Security and what to watch for
Opening an account online is as secure as opening one in person, as long as you use the bank's official website or app. Before you enter any information, check that the web address starts with "https://" and that your browser shows a lock icon. Do not click links in emails or texts claiming to be from the bank — go directly to the bank's website instead.
Be cautious of sites that claim to help you open an account or that charge a fee to open a savings account. Real banks do not charge to open a savings account, and third-party sites cannot actually open an account for you — they can only collect your information and send it to the bank, which adds an unnecessary middleman.
After your account opens, set up two-factor authentication if the bank offers it. This means the bank sends a code to your phone or email every time you log in from a new device, making it much harder for someone else to access your account.
Frequently Asked Questions
Can I open a savings account online if I do not have a Social Security number?
Yes, but with fewer options. Some banks and credit unions will open accounts for non-citizens using an ITIN (Individual Taxpayer Identification Number) or a passport number instead. Call the bank before you apply to confirm they accept your form of ID, because not all do.
What if the bank asks me to mail in documents?
Print the forms the bank sends you, sign them, and mail them to the address provided. Keep a copy for your records. The bank will confirm receipt by email once it arrives. Do not send original documents — send copies only, because originals can be lost in the mail.
Can I open a joint savings account online with someone else?
Yes. During the application, select "joint account" and enter the other person's information. Both of you will need to verify your identity, usually by uploading ID or answering security questions. Some banks require both people to be present online at the same time; others let you complete it separately.
Do I need a debit card to open a savings account online?
No. You can fund the account with a transfer from another bank account you already own. The bank will send two small deposits to that account, and you confirm the amounts to prove you control it. This takes a few days but works if you do not have a debit card.
What if I want to deposit cash after I open the account online?
Online-only banks have no way to accept cash deposits. If you need to deposit cash regularly, open an account at a traditional bank with branches or a credit union, or use a bank that partners with retail locations like Walmart or CVS for cash deposits. Check the bank's website to see what deposit methods they offer.