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'll need a valid ID, a Social Security number or tax ID, proof of your current address, and an initial deposit (which varies by bank—some require $0, others ask for $25 or more). The whole process usually takes 10 to 15 minutes, and your account can be ready to use the same day or within one business day.
Online banks like Ally, Marcus, and Discover have no physical branches, so opening online is their only option. Traditional banks like Chase, Bank of America, and Wells Fargo also let you open savings accounts online, even if you've never visited one of their locations. Credit unions vary—some have full online opening, others require you to start the process online but finish it in person or by mail.
Key Takeaways
- You can open a savings account online with most banks and credit unions using your ID, Social Security number, proof of address, and an initial deposit.
- The process takes 10 to 15 minutes and your account is usually active the same day or within one business day.
- Online-only banks typically have higher interest rates on savings but no physical branches if you need in-person help.
- Traditional banks let you open online but may require you to visit a branch later to add certain features or increase withdrawal limits.
- Credit unions vary widely—check with your specific credit union to see whether they offer full online opening or require a final step by mail or in person.
What documents and information you need to have ready
Before you start, gather a valid government-issued ID (driver's license, passport, or state ID card), your Social Security number, and a recent utility bill, lease, or mortgage statement showing your current address. Some banks accept a bank statement or credit card statement as proof of address instead. Have this information in front of you so you don't have to stop and search for it mid-application.
You'll also need to decide on your initial deposit amount and have a way to fund it—usually a debit card, another bank account, or a wire transfer. A few banks waive the minimum deposit entirely, but most ask for $25 to $100 to open. Check the bank's website before you start so you know what they require and whether you meet it.
The step-by-step process from start to account access
Go to the bank's website or download their mobile app and look for a button labeled "Open an Account" or "get your free guide." You'll enter your name, date of birth, email, and phone number. The bank will then ask for your Social Security number and run a soft credit check—this does not affect your credit score and is just to verify your identity.
Next, you'll upload or photograph your ID and proof of address. Most banks use automated systems that read these documents, though some still have a person review them. You'll then choose your account type (savings, money market, or high-yield savings), set up online login credentials, and fund the account with your initial deposit. At this point, the bank reviews everything—this usually takes a few minutes to a few hours, but can stretch to one business day if they need to verify something.
Once approved, you'll receive a confirmation email with your account number and routing number. You can log in immediately and start using the account, though some banks hold your initial deposit for one business day before you can withdraw it. Check your confirmation email for the exact timing at your bank.
Differences between online banks and traditional banks with online opening
Online-only banks (Ally, Marcus, Discover, Wealthfront) have no branches, so you cannot walk in to deposit cash or speak to someone face-to-face. They make up for this with higher interest rates on savings accounts—often 4% to 5% annually compared to 0.01% to 0.05% at traditional banks. If you rarely need to deposit cash and want the best rate, an online bank is usually the better choice.
Traditional banks (Chase, Bank of America, Wells Fargo, Citibank) let you open online but also give you access to branches and ATMs. Their savings rates are much lower, but you can deposit cash at a teller, speak to someone by phone or in person, and use their ATM network. Some traditional banks also offer perks like overdraft protection or linked checking accounts that online banks do not.
Credit unions fall somewhere in between. Many credit unions now offer online opening, but some still require you to visit a branch or mail in a form to complete the process. Credit unions typically offer rates and fees that fall between online banks and traditional banks, and they often have lower or no minimum deposits.
What happens if the bank cannot verify your identity online
If the bank's automated system cannot read your ID clearly or cannot match your information to public records, they will ask you to resubmit your documents or provide additional proof. This might mean uploading a clearer photo, providing a second form of ID, or answering security questions about your credit history. Most of the time, resubmitting fixes the problem within a few hours.
In rare cases, the bank may ask you to verify your identity by phone or video call with a representative. This is more common if you have a thin credit file, a recent address change, or an unusual name. If this happens, the bank will contact you—you do not need to do anything except answer when they call. The whole verification process, including a phone call, usually takes less than one business day.
If you cannot open an account online at one bank, try another. Different banks use different verification systems, so a bank that cannot verify you might be able to open an account at a credit union or a different online bank. You can also visit a branch in person if you want to skip the online process entirely.
Funding your new account and making your first deposit
Most banks let you fund your account during the opening process using a debit card or by linking another bank account. If you link another account, the bank will make two small deposits (usually $0.01 to $0.99 each) to that account and ask you to confirm the amounts—this is how they verify you own the account. This process takes one to three business days.
If you want to deposit cash, you'll need to wait until your account is fully open and then visit an ATM or branch. Online banks do not accept cash deposits, so if you need to deposit cash regularly, choose a traditional bank or credit union with branches or ATMs near you. Some online banks partner with ATM networks like Allpoint or MoneyPass, which lets you deposit cash at participating ATMs, though fees may apply.
Your initial deposit is usually available to withdraw within one business day, though some banks hold it for up to five business days. Check your account settings or the confirmation email to see when your funds will be available.
Security and what to watch for when opening online
Only open an account through the bank's official website or app—do not click links in emails or texts, even if they look like they came from the bank. Scammers send fake emails that look real and direct you to a fake website where they steal your information. Go directly to the bank's website by typing the address into your browser or searching for the bank's name.
Once your account is open, enable two-factor authentication (usually a code sent to your phone) if the bank offers it. This makes it much harder for someone to log in even if they have your password. Do not share your account number, routing number, or login credentials with anyone except the bank itself.
If you see an account opened in your name that you did not create, contact the bank immediately. Most banks have fraud departments that can close unauthorized accounts and reverse any charges. The sooner you report it, the faster they can act.
Frequently Asked Questions
How long does it take to open a savings account online?
The application itself takes 10 to 15 minutes. Account approval usually happens within a few hours to one business day. You can log in and start using the account immediately after approval, though some banks hold your initial deposit for one business day before you can withdraw it.
Do I need a minimum deposit to open a savings account online?
It depends on the bank. Some online banks like Ally and Marcus have no minimum deposit. Traditional banks often require $25 to $100. Check the bank's website before you start so you know what they need.
Can I open a savings account online if I do not have a Social Security number?
Most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN). Some banks accept an ITIN from non-citizens. Call the bank directly to ask whether they can open an account with an ITIN before you apply.
What if I want to deposit cash into my online savings account?
Online-only banks do not accept cash deposits. If you need to deposit cash, open an account at a traditional bank or credit union with branches or ATMs near you. Some online banks partner with ATM networks that accept cash deposits, though fees may apply.
Can I open multiple savings accounts online at the same bank?
Yes, most banks let you open multiple savings accounts online once your first account is open. Log into your existing account, look for an option to add a new account, and follow the steps. You do not need to verify your identity again.