Yes, you can open most savings accounts entirely online without visiting a branch
Most banks and credit unions now let you open a savings account from your computer or phone. 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, existing bank account, or wire 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.
Not every bank offers the same online path. Some require you to start online but finish in person. Others let you do everything remotely but have stricter identity verification. A few still require at least one in-person visit. Knowing which banks let you complete the entire process online before you start saves time.
Key Takeaways
- You will need a valid photo ID, Social Security number, proof of address, and a funding source to open an account online.
- Most online banks and large national banks complete the entire process remotely, but some regional banks or credit unions may require an in-person step.
- Online-only banks typically have lower fees and higher interest rates than traditional banks, but no physical branch to visit if you need cash.
- Account funding can happen immediately through a debit card or linked bank account, or take several days if you use a wire transfer or check.
- Your account is usually ready to use within one business day, though some banks activate it instantly.
What documents and information you need before you start
Have these items ready before you begin: a valid government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and a document showing your current address (utility bill, lease, or recent bank statement dated within the last 60 to 90 days). Some banks accept a government ID with your address on it instead of a separate proof of address.
You will also need a way to fund the account. Most banks accept a debit card from another bank, which lets you transfer money immediately. If you have another bank account, you can link it and transfer funds. Some banks accept wire transfers or checks, but these take longer. A few online banks let you open an account with zero dollars and fund it later, though this is less common.
Have your phone number and email address ready. Banks use these to verify your identity and send account confirmations. If you are opening an account for a business, you may need an Employer Identification Number (EIN) or business license instead of a personal Social Security number.
How the online verification process works
When you start the application, the bank will ask you to enter your personal information—name, address, date of birth, Social Security number, and employment status. It then runs a background check through a third-party verification service. This check looks at public records and banking history to confirm you are who you say you are. This step usually takes a few minutes.
Some banks ask you to upload photos of your ID and proof of address. Others use a video call where you show your ID to a bank representative on camera. A few use only the background check and do not require photos or video. The method depends on the bank's security standards and your state's regulations.
If the bank cannot verify you automatically, it may ask follow-up questions about your address history, previous accounts, or other details. This can add 24 to 48 hours to the process. If verification fails, the bank will tell you why and may offer you the option to visit a branch in person or try again with different information.
Banks that let you complete the entire process online
Online-only banks like Ally, Marcus, Discover, and Chime complete the entire account opening online with no in-person step required. They use video verification or background checks only. These banks have no physical branches, so you cannot deposit cash or speak to someone in person, but they typically offer higher interest rates on savings and lower or no monthly fees.
Large national banks like Chase, Bank of America, Wells Fargo, and Citibank let you open savings accounts online, though some require you to verify your identity in a branch within 30 days if you are a new customer. Check the bank's website or call before you start to confirm whether your state or situation requires an in-person visit.
Credit unions vary widely. Some credit unions let you open accounts online if you are already a member or live in their service area. Others require an in-person visit to join first. If you want to use a credit union, contact it directly to ask whether you can open a savings account online or whether membership requires a visit to a branch.
How to fund your account and when money arrives
If you link a debit card from another bank, the transfer usually completes within minutes to a few hours. The bank may place a temporary hold on the funds while it verifies the card, but you can usually use the money the same day. If you link an existing bank account, the transfer can take one to three business days because it goes through the automated clearing house (ACH) system.
Wire transfers arrive within hours but often cost $15 to $30. Mailing a check takes five to ten business days and some banks no longer accept checks by mail. A few banks let you fund the account with a mobile check deposit—you photograph a check and upload it through the app—which takes three to five business days to clear.
Some online banks let you open an account with zero dollars and fund it later. If you do this, your account is still active and you can set up direct deposit or transfers whenever you are ready. However, many banks close accounts that remain unfunded for 30 to 60 days, so fund it soon after opening if you want to keep it.
What happens after you submit your application
Once you finish the online application and pass verification, the bank sends a confirmation email with your account number and routing number. Your account is usually active within one business day, though some online banks activate it instantly. You can log in to the online banking portal or mobile app right away to see your account details and set up transfers.
If the bank needs additional information or verification, it will contact you by email or phone. Check your email and spam folder for messages from the bank. If you do not respond within the timeframe the bank gives you (usually 10 to 30 days), the application may be denied and the account closed.
Once your account is open, you can set up direct deposit, link it to other accounts for transfers, and start saving. Some banks offer a welcome bonus if you deposit a certain amount within a set period—read the terms carefully, as these bonuses sometimes have conditions like keeping the money in the account for a minimum time.
Online banks versus traditional banks: what differs
Online-only banks typically offer higher interest rates on savings because they have no physical branches to maintain. They also usually have no monthly maintenance fees. The trade-off is that you cannot deposit cash, withdraw cash at a branch, or speak to someone in person without calling or using video chat. If you rarely use cash and are comfortable managing your account online, an online bank often pays you more interest.
Traditional banks with online account opening let you visit a branch if you need to deposit cash, speak to someone face-to-face, or handle complex transactions. However, they usually offer lower interest rates and may charge monthly fees unless you maintain a minimum balance. Some traditional banks waive fees if you set up direct deposit or keep a linked checking account open.
Credit unions that offer online account opening often have lower fees and competitive interest rates, but you can only use branches and ATMs in their network. If the credit union's network is small or does not cover your area, this can be inconvenient.
Frequently Asked Questions
Do I need to visit a branch in person to open an account online?
Most online-only banks and large national banks let you complete the entire process remotely. However, some regional banks and credit unions require at least one in-person visit. Check the bank's website or call before you start. If the bank requires an in-person step, it will tell you during the application or in the confirmation email.
How long does it take to open an account online?
The application itself takes 10 to 20 minutes. Verification can be instant or take up to 48 hours depending on the bank's method. Your account is usually active within one business day. If the bank needs additional information, it may take several more days.
What if the bank cannot verify my identity online?
The bank will contact you by email or phone to explain why and ask for more information. You may be asked to upload additional documents, answer security questions, or visit a branch in person. Some banks offer a second chance if verification fails the first time.
Can I open an account with no money to deposit right now?
Some online banks let you open an account with zero dollars and fund it later. However, many banks close accounts that stay unfunded for 30 to 60 days. If you want to open an account now and fund it later, confirm the bank's policy first.
Which online bank has the highest interest rate?
Interest rates change frequently and vary by the amount you deposit. Check current rates on the bank's website or a rate comparison site before you open an account. Online banks like Ally, Marcus, and Discover typically offer competitive rates, but the highest rate changes month to month.