Opening a Bank Account Online Step-by-Step

Opening a bank account digitally provides a convenient, accessible way to access banking services and manage your money. Modern online account opening allows completing the entire process securely from your computer or mobile device. Follow this step-by-step guide to open an online bank account seamlessly.

Choosing an Online Bank

Numerous banks now offer online account opening, providing options to compare:

Interest rates and fees – Online banks tend to offer better rates with lower fees.
Types of accounts – Availability of checking, savings, money market, CDs.
ATM access – Some reimburse for using other banks’ ATMs.
Mobile apps – Assess quality and features of apps to manage accounts.
Security practices – Strong encryption, multi-factor authentication.
Customer support – Email, chat, and phone support availability and responsiveness.

Research banks thoroughly before account opening.

Gather Required Documentation

Have these records ready before starting the online application process:

Government-issued ID – Driver’s license, state ID, or passport for identification and address verification.
Social Security number – Required for identity verification and tax purposes.
Employer details – Company name, position, and years worked may be requested.
Initial deposit – Have funding source like another bank account available to transfer opening deposit.
Co-applicant information – If opening a joint account, have documentation for both applicants ready.

Preparing documentation ahead of time facilitates account opening.

Navigate to Bank’s Account Opening Page

Access the online account opening form directly from the financial institution’s website:

Look for account application page in website’s “Open an Account” or “Quick Apply” sections.
A direct link to account opening typically appears prominently in website menus and headers.
Google “[Bank Name] open account online” to find the appropriate page as well.
Opening account on a mobile device? Download bank’s app first if directed to complete process within app.

Ensure you access the official application via the bank’s site or app.

Select Desired Account Type

Decide which specific account product you want to open:

Checking – For everyday transactions like paying bills or accessing cash.
Savings – For building funds and earning interest.
Money Market – Earns higher interest rates with easy access to money.
Certificate of Deposit – Locks in higher fixed interest rate over a set period of time.

Some banks may allow applying for multiple accounts concurrently.

Provide Personal Details

Submit basic personal identification details in the online application:

Full legal name
Date of birth
Physical residential address
Phone number
Email address
Social Security Number
Occupation, employer, and employment details

Accurate personal information is required to verify identity.

Set Up Account Access

Define credentials to access and manage your new account:

Create username and password for online/mobile banking login
Provide security questions/answers for identity verification when contacting bank
Agree to electronic statements and opt out of paper statements if desired
Set up two-factor authentication using email, text, or security app verification

Robust login practices prevent unauthorized account access.

Make Initial Deposit

Submit opening deposit to activate new account:

Enter amount to transfer from an external bank account.
Or, mail a check to the bank per provided instructions.
Some banks give small signup bonuses for initial deposits.
Minimum deposit amounts range $25 – $100 for most basic checking and savings accounts.

The opening deposit funds your available balance to start using the account.

Agree to Terms and Submit

Final steps before account approval:

Read and electronically accept the Truth in Savings disclosure summarizing fees and terms for the account.
Agree to the direct deposit advance and overdraft services terms if offered and desired.
Provide any supplementary information requested for identity verification.
Submit the completed application for bank processing.

Agreeing to governing terms and policies is required to proceed.

Activate and Confirm New Account

Once approved, activate logins and review account:

Set new account password via emailed temporary password.
Download bank’s mobile app and login using online banking credentials.
Confirm account opening and initial deposit amount reflect accurately.
Verify ability to access key features like bill pay, remote check deposit, ATM locator, etc.

Test core account functionalities to ensure proper setup.

With the convenience of online applications, opening a bank account from your home or phone takes just minutes. Follow provided steps to swiftly access banking services and begin managing your finances with ease.