GUIDE: How to Open a Bank Account Online

Opening a bank account today is super easy and can be completed in a matter of minutes. You can even do it online, from the comfort of your home. While several large and well-known banks offer online banking services, it’s worth considering an online bank as well (if you haven’t already). Here’s what you need to know before you open your new online bank account.

Documents and Information You’ll Need

You will need a valid driver’s license or some other government-issued identification. If your new account requires an initial deposit, keep your debit card information or additional bank account information ready. You will also need all your personal information, perhaps including your signature, for submission.

To open a bank account online, you’ll need to do as follows:

Decide on what kind of account you want. Before you start the application, figure out whether you want a checking or savings account. If you need the money to pay for day-to-day expenses, consider opening a checking account and make sure you don’t end up paying too much in fees. If this account is to stash away money for later, get a savings account that will earn you good interest.

You might also want to consider whether you want it to be a single account or a joint account. With a single account, you are the only person who owns it. A joint statement can be co-owned with another person. This person is usually a family member, spouse, loved one, or close friend.

If you have a financial institution providing more account options, spend some time running a comparison to figure out which one has the best terms and features to fit your needs. Then make an informed choice.

Check to make sure the account you are opening is FDIC insured. This means the Federal Deposit Insurance Corp. protects your money even if the bank fails. If you are opening an account at a credit union, check if the National Credit Union Administration offers the same protection.

Lastly, you will need to have an existing account or a money order to make the initial deposit when opening your account, if you are required to make an initial deposit.