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 process usually takes 10 to 20 minutes, and your account is ready to use the same day or within one business day.
Not every bank offers online-only accounts, and not every online account works the same way. Some are full savings accounts with debit cards and check deposits. Others are bare-bones accounts that only accept transfers from other banks. Knowing what you need before you start saves time and prevents opening an account that doesn't fit how you actually use money.
Key Takeaways
- You will need a valid government ID, Social Security number, and proof of current address to open an account online at any bank.
- Most online banks complete identity verification in minutes using your driver's license or passport and a live photo or video check.
- You can fund your new account by transferring money from another bank account, or some banks let you deposit a check by photo.
- Online-only banks often have higher interest rates on savings than traditional banks, but they do not have physical branches if you need in-person help.
- Some banks require a minimum opening deposit (often $0 to $25), while others have no minimum at all.
What documents and information you need to have ready
Before you start, gather a valid government-issued ID—a driver's license, passport, or state ID card. You will also need your Social Security number, your current address, and a phone number. Banks use this information to verify who you are and to check you against fraud databases.
Have a second form of address verification on hand if the bank asks for it. This can be a recent utility bill, lease agreement, or bank statement with your name and address. Most banks do not ask for this during online signup, but some do, and having it ready means you do not have to stop and search for it later.
If you plan to fund the account by transfer, you will need the routing number and account number from the bank account you are transferring from. If you want to deposit a check by photo, have your phone or camera ready.
How identity verification works online
When you open an account online, the bank verifies your identity in one of two ways. The most common method is document verification: you photograph or scan your driver's license or passport, and the bank's system reads it automatically. This takes seconds and happens right in the app or website.
Some banks use video verification instead. You start a short video call with a bank representative or an automated system, show your ID to the camera, and answer a few questions. This usually takes 5 to 10 minutes. A few banks do both—they scan your ID and then ask you to take a selfie to confirm it matches.
After you submit your ID, the bank cross-checks your information against public records and fraud databases. This step usually completes within minutes, though some banks take up to 24 hours. You will get an email or notification telling you whether you passed, and if you did, your account opens immediately.
Funding your account after it opens
Once your account is open, you need to put money into it. The most common method is bank transfer: you enter the routing and account number from another bank account you own, and the bank pulls money from that account into your new savings account. This is free and usually takes one to three business days.
Some online banks let you deposit checks by photo. You photograph the front and back of a check, upload it through the app, and the bank deposits it. This works the same way as mobile check deposit at traditional banks—the money shows up in one to three business days.
A few banks let you transfer money from a debit card, but this is less common and may carry a fee. Wire transfers are also an option at most banks, but they cost $15 to $30 and are usually only worth it if you are depositing a large amount.
Some banks require a minimum opening deposit—typically $0 to $25—before your account is fully active. Others have no minimum. Check the bank's website before you start, because this affects whether you can open the account and immediately leave it empty, or whether you must fund it right away.
Differences between online banks and traditional banks with online signup
Not all online accounts are the same. Online-only banks (like Ally, Marcus, or Discover) have no physical branches. They offer higher interest rates on savings because they have lower overhead costs. If you need to talk to someone, you reach them by phone, email, or chat—not in person. These banks are best if you rarely need face-to-face help and want to earn more interest on your savings.
Traditional banks with online signup (like Chase, Bank of America, or Wells Fargo) let you open an account online but also have branches you can visit. Their interest rates are usually lower than online-only banks, but you have the option to go to a branch if something goes wrong or you need a cashier's check. These banks are better if you want the flexibility of both online and in-person banking.
Some online banks are credit unions, which are member-owned and often have lower fees than commercial banks. You may need to meet membership requirements (like working for a certain employer or living in a certain area) to open an account, but if you do, the rates and service are often better than at big banks.
What to check before you click "open account"
Before you commit, compare a few things across banks. Interest rate matters most if you are saving money long-term—online banks often pay 4% to 5% on savings, while traditional banks pay 0.01% to 0.5%. Even a small difference adds up over time.
Check the monthly fee. Most online banks charge nothing, but some traditional banks charge $5 to $15 per month if you do not keep a minimum balance. Read the fine print to see what that minimum is—it might be $500, $1,500, or $25,000.
Look at what services come with the account. Can you deposit checks by photo? Can you transfer money to other banks for free? Can you get a debit card? Some online banks offer all of these; others offer none. If you need a specific feature, make sure the bank provides it before you open the account.
Finally, check whether the bank is FDIC-insured (if it is a bank) or NCUA-insured (if it is a credit union). This means your money is protected up to $250,000 if the bank fails. Nearly all legitimate banks and credit unions have this protection, but it is worth confirming on the bank's website.
Common reasons online account opening gets rejected
Sometimes a bank will reject your application during identity verification. The most common reason is that your ID does not match the information you entered—for example, your address on your driver's license is old, or you typed your name differently than it appears on your ID. If this happens, contact the bank and ask what information did not match. You can usually reapply with the correct information.
Banks also reject applications if they cannot verify your identity through public records or if your Social Security number does not match government databases. This is rare and usually means there is a typo. Double-check your Social Security number and reapply. If it keeps failing, call the bank's customer service line and ask them to process your application manually.
Some banks reject applications from people with a history of fraud or unpaid debts. If you have been flagged by ChexSystems (a banking history database), some banks will not open accounts for you. You can request a copy of your ChexSystems report for free and dispute errors on it.
Frequently Asked Questions
How long does it take to open a savings account online?
The signup process itself takes 10 to 20 minutes. Identity verification usually completes within minutes, though some banks take up to 24 hours. Your account is ready to use the same day or the next business day. Funding the account by transfer takes an additional one to three business days.
Can I open an online savings account without a Social Security number?
No. Banks are required by law to collect your Social Security number as part of identity verification. If you do not have a Social Security number, you cannot open a bank account online or in person at most banks. Some credit unions may have different rules—call ahead to ask.
What if my address on my ID is outdated?
Update your ID before you open the account if you can, because banks will reject applications if your address does not match. If you cannot update your ID in time, call the bank after your application is rejected and ask if they will accept a recent utility bill or lease as proof of your current address instead.
Do I have to use the same bank for transfers, or can I transfer from any bank?
You can transfer from any bank in the United States. You just need the routing number and account number from the other bank. The transfer is free and takes one to three business days. Some banks also let you transfer from banks outside the U.S., but this is less common and may take longer.
What happens if the bank closes my account after I open it?
Banks can close accounts for inactivity, fraud, or violation of their terms. If your account is closed, the bank will send you a check for any remaining balance, usually within 30 days. To avoid closure, use your account at least once every six months and keep your information up to date.