What do you need to open a bank account online?
To create a bank account online, you will need to provide a few items of basic information:
- Your date of birth;
- Your tax ID or social security number;
- A piece of identification such as a government-issued ID card or driver’s license;
- Billing information such as home address, phone number and email address, so the bank knows how to reach you.
How long does it take to open a bank account online?
How much does it cost?
How to open an online bank account for a minor?
What are the advantages of opening a bank account online instead of going to a branch?
Remote banking has become widespread precisely because of the benefits of opening a bank account online. Most of the routine transactions that used to require a trip to the bank can now safely be done from your home computer or mobile phone app. Let’s take a look at some of the advantages of opening an online banking account:
- Lower fees. The lack of a bricks-and-mortar branch network means internet-only banks can charge much lower fees for services like bill payment, money transfers, and withdrawals.
- Higher interest rates. Since online banks have lower costs, they pay higher interest on your deposits than traditional banks do.
- Convenience. An online bank account clearly saves you time, since you can skip visits to the bank as well as the lines.
- Flexibility. Round-the-clock service wherever and whenever you want means you can even do your banking when you are on the road or in a meeting.