Ready to open a checking account online? The steps below will walk you through the process, from researching financial institutions to opening an account.
1. Choose your financial institution
First, choose a bank through which you want to open your account. Consider the features, perks, fees, eligibility requirements, ATM locations, and products offered before opening an account. Research your options to find the best choice for you.
When researching financial institutions, look for one that is accredited by the Federal Deposit Insurance Corp (FDIC) for banks or the National Credit Union Administration (NCUA) for credit unions. Both insure deposits up to $250,000 per account, giving you peace of mind that your money is safe.
2. Pick the type of checking account you want
There are several types of checking accounts, including a traditional checking account, a premium checking account, a high-interest checking account, a student checking account, and a business checking account. Before opening an account, determine the type that best meets your needs.
- Traditional checking accounts typically issue account holders a debit card and checks, providing online bill pay services and overdraft protection. Many come with no fees, though conditions such as maintaining a minimum balance may exist.
- Premium checking accounts provide the same perks as traditional accounts, plus some extras like waived ATM fees, a free safe deposit box, and free checks and money orders. Account holders may be required to maintain a higher minimum balance or pay a fee.
- High-interest checking accounts work similarly to traditional ones but have a higher annual percentage yield (APY). Often, the APY will go up if you maintain a minimum balance or combine your checking account with investment accounts under the same financial institution.
- Student checking accounts are designed for students between 18 and 23. They often provide benefits like overdraft forgiveness and ATM fee reimbursement.
- Senior checking accounts are meant for adults over 55 or 60. They can offer perks for those living on a fixed income, such as ATM fee reimbursement and waived monthly maintenance fees.
- Business checking accounts are intended for business owners. They issue business checks and may allow you to receive debit and credit card payments.
3. Gather your documents
To open an online checking account, you’ll need documents that verify your identity and address. Consult a list of documents you need to open an account so you are prepared.
At the very least, you’ll need a government ID such as a driver’s license. The exact documents required may vary between financial institutions, so contact the online bank and ask if you’re unsure.
4. Complete an application
Go to the institution’s website and look for the online application page. For example, to open a free bank account with Chime, click “Get Started” on the homepage and follow the instructions.
After you submit your application, the financial institution will review it. They may check your banking history as part of the review process.
If approved, you’ll receive documents and account materials in the mail, such as a debit card and personalized checks.
5. Fund your account and set up direct deposit
Once your application is approved, you may need to provide funding. The minimum amount for the initial deposit varies between financial institutions but could be as little as $25 or as much as $100 or more.1 Some banks and credit unions allow you to open a bank account with no money.
You can set up direct deposit if you want your paycheck sent directly to your account. Not only is direct deposit an easy way to get paid, but it may also help you avoid monthly fees – some financial institutions waive fees for setting up direct deposit.
To set up direct deposit, give your employer your new account information and fill out a direct deposit form to get it started. Learn more about how to set up direct deposit.
