How To Open a Bank Account Online: Everything You Need To Know

How to Open a Checking Account

No matter what type of  account you open,  you’ll need to fill out an application. You’ll need to sign a signature card at your local branch or mail one in to your online bank.

To open a checking account or any other type of account, you’ll also need the following:

• A government-issued photo ID like a driver’s license, state-issued ID or passport. Some banks may require two IDs. A birth certificate, social security card or a credit card in your name could serve as the second ID.
• Date of birth.
• Opening balance. Depending on how much your bank requires, be prepared to bring in cash or a check to fund your new account. Checking and savings accounts don’t normally require more than $25 to open one.
• Physical address. Although you can provide a mailing address, a street address is required under federal law.
• Social Security Number (SSN) or Taxpayer Identification Number (TIN).

Deciding What Type of Account You Want

Banks or Credit Unions offer many accounts with different purposes. You first need to decide what type of  account you want:

• Checking accounts let you deposit your paycheck and pay your monthly bills and is a substitute for cash.
• Savings accounts are a good place to put money into every month as you save for something
• Money market accounts usually offer a higher interest rate than checking or savings accounts, but they still give you access to your money through an ATM, debit card or checks.
• Certificates of deposit offer a way to save money that you don’t need to access immediately. They hold a fixed amount of money for a fixed time period.

How Do I Choose the Right Bank?

When choosing a bank, here are a few things that you may want to consider:

• Banking fees: You’ll want to check how much additional fees are required into using your account
• Consider credit unions: Credit unions provide competitive interest rates and affordable banking services because they’re not-for-profit. However, credit unions require a specific field of  membership
• Digital access: Will you be able to access your bank account on your phone?
• Location: Is the bank near you? Are the multiple  locations? Which ATMs can you access
• Minimum monthly balance: some banks may charge you a service fee if you don’t keep a certain amount in the account.
• Other services: Would you prefer a bank that also offers auto loans, credit cards, business loans or investment services?