Can you open a bank account online with no money?

Some banks may enable you to open an account without an initial deposit. But most will require you to put at least some money in the account within 30 or 60 days or the bank will close the account.

What banks allow you to open an account online?

Online-only banks always permit online applications, and many large, brick-and-mortar banks also permit online applications.

Is it better to open a bank account online or in person?

Many people find opening a bank account online more convenient than scheduling an appointment with a banker at a branch location. But it all depends on your personal preferences. If you'd rather have another person walk you through it, you may prefer opening a bank account in person.

How to Open a Bank Account Online

Opening a bank account online is much more convenient than heading down to a bank branch, and it's usually easy, too. Whether you choose an online or brick-and-mortar bank, the steps are more or less the same.

You should open an account online if you want to get it done fast, at home, or with minimal upselling. Many banks let you open accounts this way.

Ready to start? Here's what you need to know to open a bank account online right away.

How to open a bank account online

Here are the basic steps you'll take when opening a bank account online:

Choose the bank you want
Choose the account type you need
Gather your relevant personal and financial information
Fill out the online application form
Fund your account

We'll look at each of these steps in detail below.

1. Choose the bank you want

You'll have to make two key decisions about where to house your money: which kind of institution you want to work with and which type of account you need.

There are three basic types of financial institutions you'll run into. Each has its pros and cons.

Brick-and-mortar banks

Brick-and-mortar banks have large branch networks throughout a region or across the nation. These banks typically have many types of products and services, and they're known for great customer service. But they tend to charge maintenance fees unless you meet specific criteria, and their annual percentage yields (APYs) on savings products are low.

Online banks

Online banks are becoming increasingly popular because they offer high APYs and charge few fees. These banks don't have any branches, so opening an account online is your only option. But many still have a nationwide ATM network, so you can easily access your cash. Online banking may be right for you if you prefer to do everything online and don't anticipate needing in-person help.

ALSO READ: Online vs. Brick-and-Mortar Bank: Which Is Better?

Credit unions

Credit unions aren't technically banks, but they offer similar services. Credit unions usually operate in smaller service areas and most have branch networks. They offer slightly more competitive APYs and fees than large brick-and-mortar banks, but they still fall behind most online banks.

ALSO READ: Credit Union vs. Bank: What's the Difference?

2. Choose the type of bank account you need

There are four main bank account types you may want to consider:

Savings accounts

Savings accounts are best for your emergency fund or money you plan to use within the next five years or so. These accounts offer interest on your savings, but they usually limit your access to your funds. Most don't include any checks or debit cards.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account	APY	Promotion	Next Steps
Open Account for SoFi Checking and Savings On SoFi's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	up to 4.50%² Rate info Min. to earn: $0	New customers can earn up to a $300 bonus with qualifying direct deposits!¹	Open Account for SoFi Checking and Savings On SoFi's Secure Website.
Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	4.25% Rate info Min. to earn: $0	N/A	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Open Account for UFB Portfolio Savings Account On UFB's Secure Website. Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	5.15% Rate info Min. to earn: $0	N/A	Open Account for UFB Portfolio Savings Account On UFB's Secure Website.

Checking accounts

Checking accounts are ideal for money you plan to use for everyday spending. Most include checks and a debit card so you can directly withdraw funds and move money around electronically. But these accounts usually don't offer any interest on your money.

Money market accounts

Money market accounts share some features of checking and savings accounts. They help you earn interest on your funds, and may also give you some means of directly withdrawing cash from the account. However, these accounts often have higher opening or ongoing balance requirements.

Certificates of deposit (CDs)

Certificates of deposit (CDs) are another option for savings you don't plan to use for the next several years. These accounts can offer higher APYs than you'll find with savings accounts, but you must agree to leave the money alone for several months or years. If you take your money out early, you could face penalties.

RELATED: See The Ascent's guide to the different types of bank accounts.

3. Gather your relevant personal and financial information

If you plan to open a money market account -- or any other bank account type, for that matter -- you'll need the following information:

Social Security number
Driver's license, passport, or other government-issued photo ID
Routing and account number for another bank account in your name if funding via electronic transfer or wire transfer

If you have any questions about required documentation, you can always check the bank's website or contact its customer service department for support.

4. Fill out the online application form

Visit the website for the bank you plan to open an account with, and navigate to the page for the account you're interested in. Look for the "Apply Now" or "Open an Account" button and fill out the application page it brings you to. Most banks will ask for the following:

Your full, legal name
Your birth date
Your address
Your email
Your phone number
Your Social Security number

Depending on the bank, you may need to scan a copy of your government-issued ID or fax it to the bank. You may also have to submit a copy of your signature for the bank to have on hand for verification purposes.

Again, if you have any questions during the application process, you can always reach out to the bank directly for assistance.

5. Fund the account

Most banks will require you to deposit some funds into the bank account as soon as you open it or within a certain number of days after opening. You can fund your account several ways:

Direct deposit
Electronic transfer
Wire transfer
Check deposit

Some banks may have minimum opening deposit requirements. For example, if you're opening a checking account online and it asks for a $100 minimum opening deposit, you must have at least $100 ready to deposit. Otherwise, you can't open the account. That's different from an ongoing balance requirement, which is the amount you need deposited to maintain to avoid a monthly maintenance fee.

If you choose a checking account with one or both of these requirements, you must stay mindful of your checking account balance over time to avoid monthly fees.

You're ready to use your new account

The bank might take a couple of days to verify your information and process your funds. But once it does so, you can start using your new bank account. If you don't already have one, you can create an online account to view your balance and transfer your funds.

If your account comes with a debit card, your bank will mail this to you. And if it offers check-writing capabilities, you can purchase checks to use with the account.

To see a list of our recommended accounts, check out our Best Online Checking Accounts.

FAQs

Some banks may enable you to open an account without an initial deposit. But most will require you to put at least some money in the account within 30 or 60 days or the bank will close the account.
Online-only banks always permit online applications, and many large, brick-and-mortar banks also permit online applications.
Many people find opening a bank account online more convenient than scheduling an appointment with a banker at a branch location. But it all depends on your personal preferences. If you'd rather have another person walk you through it, you may prefer opening a bank account in person.

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