10 US Banks that Allow Online Account Opening
Those who want to open a new bank account often wish to do so in the most convenient way possible. As is the case with many services nowadays, it’s now possible to complete the account opening process entirely online. That will save you a drive to your nearest bank location. But if you want to take advantage of such a convenience, you need to know which US banks allow online account opening.
Here are the top 10 US banks that allow online account opening:
- Bank of America
- Capitol One
- Charles Shwab Bank
- Chase
- Citibank
- Discover Bank
- People’s Bank
- TD Bank
- Vista Bank
- Wells Fargo
That list is a good starting point for anyone hoping to open a bank account online. However, you should also know that each of those banks offers unique customer service experiences and will have different processes for opening online accounts. But before we cover those details, let’s address one general point about online account opening.
Why is Opening an Account Online vs. in Person Harder?
At first glance, it seems that online options are the easiest way to open a new bank account. After all, there is no need to travel to a bank, and many online account opening processes are efficient enough to take just minutes to complete. However, there are a few ways in which online account opening can be the more difficult route.
While experiences will vary between different financial institutions, there are a few general reasons why an in-person interaction can be beneficial when opening a bank account. Here are the top three:
- Customer support: When dealing with a bank representative one-on-one in your local bank, it can often be easier to understand and resolve any issues you may encounter while attempting to open an account. Many representatives may also be capable of providing other valuable insights and guidance regarding your account and general finances.
- Need for an in-person signature: It’s not uncommon for account opening procedures to require a signature from you. If you cannot provide such a signature electronically, opening an account in person will typically be more efficient.
- Tech challenges: If you struggle to use technology, opening a bank account online may be exceptionally challenging. Conversely, during an in-person account opening, the bank representative will likely take care of any tech-related aspects of the process.
While those points in the list above are valuable, opening an account online remains a viable option in many instances. Now, let’s proceed to our list of the best US banks that will allow you to open an account online.
Which Bank Allows Online Account Opening?
Below is our list of the ten best banks in the US that allow online account opening. For each one, we have included a brief description of the services you can expect and some details on how you can perform the online account opening process.
Bank of America
Bank of America is one of the largest and most recognizable banks in the country. As such, it is no surprise that they are well-prepared to support several online account opening options. On their site, you’ll find three primary account options, each of which comes with different opening deposits and convenient ways to send, spend, and protect your money.
To open one of these accounts, you’ll need either a $25 opening deposit or a $100 opening deposit. You’ll also notice that there are ways to pay little to no monthly fees to keep your account open. With different types of rewards and no transaction fees at many ATMs throughout the US, Bank of America is one of the top choices for online account opening.
Capitol One
Much like the last entry on this list, Capitol One is one of the most well-known financial institutions around. They offer a wide range of financial services that make use of online transactions and account management to give you the most hassle-free customer experience.
Fortunately, the process of opening an account online with Capitol One is easy as well. To start, the site will prompt you to create an online login profile before you begin the online account opening process. Once you complete that process, you have access to round-the-clock mobile banking and an account that is incredibly easy to keep open and use.
Charles Shwab Bank
If you are at all familiar with the world of investing, then you have probably heard the name Charles Schwab on a frequent basis. That name recognition comes for a good reason, as Charles Schwab specializes in helping individuals and small businesses invest and manage their money. Among the many services they offer are checking and savings accounts that you can open online.
Checking accounts with Charles Schwab Bank is ideal for investors as they have no foreign transaction fees and no account minimums. The company also offers savings accounts that are FDIC-insured and come with some of the most competitive interest rates you can find. For those reasons and more, you should consider Charles Schwab Bank next time you want to open an online account.
Chase
Perhaps best known for their credit cards, Chase also offers online bank account opening that can come with some incredible perks. For example, they offer a coupon code that gives new customers $225 in their accounts. As long as you open a checking account and set up a direct deposit within 90 days, that offer is yours to claim.
Additionally, there are a few other incentives that you should know about when opening a Chase bank account online. By maintaining certain amounts in your balance and conducting certain transactions, you can avoid monthly service fees. You can also use the Chase mobile app to keep track of your deposits and transfers whenever you like.
Citibank
Citibank is another one of the most popular banks in the US and has great opportunities for anyone who wants to open an account online. Their checking account options fall into one of two categories—everyday banking and premium banking. Within those groups, you’ll find several different account types, each of which has different service fee agreements and balance minimums.
As you would expect, many of the premium banking options for Citibank require you to maintain a relatively high balance if you want to avoid monthly service fees. Account options in the everyday banking section are more affordable options for regular use. Regardless of the one you choose, you can make use of Citibank’s large network of ATMs and their mobile check deposit service.
Discover Bank
When it comes to transparency in the online account opening process, few banks can compete with Discover Bank. Discover Bank boasts that they include no hidden fees, including commonly used fees for insufficient funds and debit card replacements. In that regard, Discover bank stands out among many of the options on this list as you’ll know precisely what you’ll need to pay to open an account with them.
Another great advantage of choosing Discover Bank for your online banking is that they offer 1% cashback on up to $3,000 worth of monthly debit card purchases. They also give you access to numerous fee-free ATMs. Discover’s partnership with Selle makes it that much easier to move your money digitally as well.
People’s Bank
At People’s Bank, you can expect to find several online account opening options for both checking and savings accounts. For their savings accounts, they have some general options that are secure and easy to use and some options that are specifically suitable for students and those who hope to have higher return rates on what they save.
All checking accounts through People’s Bank will set you up with free access to a customer support line at any time of day. They also feature the ability to use more than 55,000 ATM machines throughout the US. Their mobile banking is also incredibly safe to use and incorporates security measures such as fingerprint logins.
TD Bank
When it comes time to open a bank account online, you would be wise to keep TD Bank on your list of viable options. Not only does TD Bank offer you all the services and support that you would expect from a leading financial institution, but they also frequently run limited-time special offers for opening a new checking or savings account online. At times, these special offers may include no ATM fees or monthly maintenance fees for reasonable minimum balances.
What makes opening an account online with TD Bank such an excellent choice is that their platform is intuitive and easy for nearly anyone to use. They are quick to point out which of their accounts are the most popular and which ones will currently give you the best perks when you sign up.
Vista Bank
After providing just a few essential pieces of information, you’ll be ready to open an online account with Vista Bank. Throughout the process, Vista Bank’s platform will guide you through a step-by-step procedure that is easy to follow. At each stage, the site will clearly show what you need to do to complete each step successfully.
Knowing that a bank has an easy-to-follow online account opening process is reassuring. But what is even more enticing about Vista Bank is the experience you’ll have while you use your online bank account. You’ll have no trouble at all checking in on your account balances and activity. You’ll also get great APY and access to detailed record keeping.
Wells Fargo
Accessibility is one of the most important aspects of online account opening. That feature can come in the form of an easy sign-up process or low initial deposits. Thankfully, Wells Fargo offers both to anyone who decides to open a checking account through their site. With just $25, you can begin using their services right away.
Using one of the bank accounts at Wells Fargo also comes with many advantages. One such example is that many of their accounts don’t have fees for overdrafts or insufficient funds. They also give you services such as custom alerts so that you can manage your banking as you see fit.
Conclusion
You now know about some of the best US banks that allow online account opening and what each of those institutions can offer you. Remember that opening a bank account online can be somewhat tricky compared to completing the process in person. However, if you follow the guidance of the banks in our list above, you should have no issue opening an online bank account anytime you want.
