There are free online bank accounts—both checking and savings—that require no deposit. Some banks will require you to put a little money in your account when you create it. This is called a minimum opening deposit, and it can vary based on the type of account you choose.
Yes, you can open a bank account completely online, without ever going into a bank branch. With a completely online bank or account, you can also do all your account management online.
Fortunately, you can complete most banking tasks online—even opening your account, in many cases. That means you don't need to make trips to a branch or print and sign paper forms. It's all handled digitally, and once your account is open, you can transfer funds and pay bills online.
Online banking has made your banking needs less complex and more efficient. You no longer have to maneuver through confusing paperwork and long processes to deposit a check or to transfer funds from one account to another. All you need is internet access and you're good to go!
If you're opening an account online and you've gathered all your materials beforehand, you may be able to complete an application within 10 to 15 minutes (or less). Processing your application and issuing your account number could take a day or two.
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The two main checking account screening companies are ChexSystems and Early Warning Services. You can be denied a bank account for suspected fraud, a closed account with a negative balance, too many returned checks, excessive overdrafts, or too many inquiries.
If you want to get started with mobile banking, you might think that you need to visit a bank to open an account and set everything up. However, many banks now offer the ability to open a new account from your phone.
Photo ID, such as: Drivers licence, Passport or EU ID card. A short video or selfie to compare with your photo ID. We might also need to see a proof of address, such as: a Drivers Licence, Utility bill, Bank statement or Tax document.
How Much Does It Cost to Open a Checking Account? Banks typically don't charge fees to open a checking account. However if the bank requires a minimum deposit, you'll need that money when you open. The required deposit can be at little as $25 or as high as a few hundred dollars for more premium accounts.
In addition to documents that verify your identity, age, or address, you may also need to provide a minimum initial deposit when opening a bank account. A minimum initial deposit is an amount of money required by the bank upfront when opening a checking account, savings account, or certificate of deposit.
Online banks are easy to use
Depending on the type of account, you can use a debit or ATM card to spend or withdraw the money.
Online banks often have cumbersome cash deposit processes. You might have to find a deposit-accepting ATM. Or you may need to put money into a traditional bank account and transfer it to your online account.
The Verdict
Citibank and Bank of America offer the most protection for their customers, each providing three additional dimensions of security.
CON: It's Difficult to Deposit Cash
With online banks, it's not that simple. “Many online banks make it exceedingly difficult to deposit cash,” said David Wurst, Owner and CEO at Webcitz.”If this is something you intend to do frequently, it's worth checking the [online] bank's policy.
If your online bank is part of an ATM network, you can deposit cash into your online account via a linked cash machine. You can also consider getting a reloadable prepaid debit card that you can deposit cash onto and link it to your online bank account.