The process to open a bank account online is fast and easy: in most cases it takes just minutes, saving you a trip to a bank branch and unwieldy paperwork. The entire procedure takes place digitally, usually through a dedicated app. Once your account is up and running, you can transfer funds into it, pay your bills online, and have your account at your fingertips all the time. These are just some of the benefits that make a bank account online a safe and agile option for busy people.
What you need to open a bank account online
To set up a bank account online, you will need to provide your personal information so the bank can verify your identity and know how to reach you. You will be asked for your tax ID or social security number, your government-issued ID card or driver’s license, and your date of birth, home address, phone number and email address.
How long does it take?
With most online banks, you’re done opening your account once you provide your personal information — in a matter of minutes. You can sign any legal agreements with an e-signature, and you can start using the account as soon as you transfer some funds into it.
How much does it cost?
Virtual banks don’t have to spend money on branch maintenance, so they tend to have low or no fees. For example, many online accounts don’t charge monthly service fees like brick-and-mortar banks do. Some online banks charge a fee for incoming or outgoing fund transfers.
How to open an online bank account for a minor
Once your online bank account is set up, in many cases you can also activate accounts for your children : they will get their own digital account with an app and a personal card for their own spending — which will be entirely managed and monitored by you.