Opening a bank account used to mean visiting a branch, bringing stacks of documents and ID, waiting in line, and filling out forms. Today, times have changed. Digital banking allows you to skip that long process and get started from home.
If you’re looking to open a bank account online and free of cost, the process is quick, simple, and completely paperless. Gone are the days when you had to leave the comfort of your home, wait for your turn, and bring cash to deposit with you.
Here’s how online banks allow you to open an account within minutes:
Choose a Bank Offering Free Accounts
Start by picking a reputable online bank that advertises fee-free checking or savings. Most banks that operate online offer a free online bank account with low or no monthly fees. This is because these banks don’t have physical branches, saving on overhead costs.
Also, make sure the bank is insured by the FDIC if in the US. It’ll keep your deposits protected in case something happens to the bank.
Download the App or Visit the Website
Once you’ve picked a bank, visit its website or install its mobile app. Most banks clearly label “Open Account” or “Get Started” on both their webpages and app interfaces. It’s where you can formally begin the process of opening your online bank account.
On the next page, you’ll probably be asked to fill out your personal information and details, which are required and verified before you can access your new account.
Upload the Information
You’ll need basic details, including your name, address, date of birth, Social Security number, email address, and phone number. Fill out the spaces as required.
To comply with regulations, you’ll likely be asked to verify your identity. Usually, this means uploading a photo of your government-issued ID, like a passport or driver’s license, and optionally a selfie to verify it’s really you.
Select Account Type and Setup
Pick the account you want from checking, savings, joint, and other types. If it’s a savings account, you sometimes need to indicate how you plan to fund it. Banks often show you their terms and conditions after this step.
Make sure to skim through and check for fees, withdrawal limits, and other policies. Once everything is clear to you, hit the submit button.
Fund and Access Your Account
After your personal details are checked and verified, you’ll usually receive a confirmation email or push notification. From there, you can log in, check your balance, order a debit card, and start using your account right away.
Many banks, including SoFi, allow instant transfers from another bank or mobile deposit. If you’re opening a checking account, a small deposit can be made instantly. In many cases, the process from selecting a bank to logging in for the first time takes less than 10 minutes.
Finalizing the Process
Even if an account is free, make sure you know exactly what “free” means for them. Be careful about hidden fees, FDIC insurance, ATM access, and customer service.
