Whether you’re looking to open your first account or upgrade to one with better perks, opening a new bank account online is pretty straightforward. Most online applications only take around five to 10 minutes to complete.
How soon you’re approved or denied for the new account can depend on the bank, whether you’re a new or existing customer and if you have all your documentation in a row. Also keep in mind that while there are kid and teen bank accounts, you’ll need to be at least 18 years old to open an account on your own.
Not all bank accounts are built the same — and that’s a good thing. Whether you’re looking to manage everyday spending, stash away savings, earn interest or open an account for your child, there’s an account that can fit each of these situations.
Some of the most common types of bank accounts are checking, savings, money market and certificates of deposit (CDs) — each with their own uses and place. You might also consider more specialized options, like a custodial account for a minor, or a cash management account if you want checking and savings features in one.
Capital One 360 Checking
An interest-bearing checking account with flexible overdraft options and international access.
Here’s a quick rundown of the different types of bank accounts and what they’re best for:
To apply for a bank account, you will need to submit some information like your name, address, phone number, Social Security number and your email address. Banks are required to have a consumer identification program and comply with regulations, and therefore, must verify your identity.
Depending on the type of account, you might need photocopies of some documents, like your government-issued ID which can be typically be a driver’s license or passport. With your documents and information ready, visit the bank’s website or app to apply.
Prioritize funding your account, especially if there’s an opening deposit requirement or a balance requirement to waive the monthly maintenance fee.
After you’ve funded the account, you can set up your online banking, including:
"Once you have about two months’ worth of expenses in your checking account, it’s recommended to open a savings account to keep your extra money and watch it grow. Unlike credit cards, keeping multiple savings accounts or checking accounts at different banks won’t affect your credit score. Instead, it helps keep your money safe from potential bank failures, as long as you don’t keep more than $250,000 in a bank."
It depends on the bank and type of account you’re opening.
Most online banks don’t require an initial deposit to open a checking or savings account, while more traditional banks like Chase or Wells Fargo may ask for amounts ranging from $10 to $100. For CDs, you’ll usually need between $250 and $2,500 to open the account.
Keep in mind that if your interest-bearing account doesn’t have an opening deposit requirement, you still need to have some money in the account to start earning interest.
If you were denied a bank account, the bank has to tell you why. It’s often due to a poor banking history, like overdrafts or past account closures.
Most banks and credit unions use ChexSystems to review your banking history, and its an agency that tracks your banking activity from the past five years. If you need an account now and can’t wait for your record to improve, consider a second-chance bank accounts — just know they may come with higher fees than traditional accounts.
You can request one copy of your ChexSystems report for free every 12 months.
You may have to visit a local branch to open a bank account if you run into any of these challenges.
Well over a combined third (37%) say that they either bank exclusively bank online (19%) or have both a traditional bank account and an online one (18%)
The days of spending an hour at the bank to open an account are gone now that most banks let you open a new checking or savings account online in minutes. But don’t let the speed and convenience rush you into a decision.
If you’re looking to add someone else to your bank account, make sure the account accepts joint account holders.
Before applying for a bank account, compare savings accounts or checking accounts to find the one that’s right for you.
U.S. Bank usually has some bank account bonuses on the table; compare the most recent offers up for grabs.
See how Capital One and Chime compare side by side, from customer reviews, to APYs and fees.
See if banking with Capital One is a good idea for your situation.
The $500 Axos Bank bonus is now expired, but you can still earn $50 per qualifying referral with its checking accounts.
Discover only offers a bonus on its savings account, and it has a high deposit requirement. See how to get it here.
Upgrade has had bonus offers in the past, but there aren’t any active offers at this time. Compare other bonus offers.
Earn $25 with Varo by referring a friend. See the fine print on how to earn this bonus here.
SoFi offers several bonus offers, including a direct deposit bonus, welcome offers and referral bonuses.
SoFi and Capital One are both good picks for different reasons. SoFi is best for everyday banking, but Capital One has more account options and branches.
Instant sign-up bonuses with no deposit are not typically offered. However, these bank account bonuses have easy requirements.
