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Opening a bank account used to be a chore. You’d have to scrounge up a bunch of documents, schlep yourself down to a branch, fill out a paper application, and wait. Online banks make this process a lot easier and quicker. Many charge fewer fees and offer higher rates, too.
That said, you’ll still need to jump through a few hoops. Federal law requires all banks to verify your identity to make sure you’re a legitimate customer. At a minimum, you’ll need to provide your name, date of birth, address, and taxpayer ID number, but some banks require more information.
If you’re looking for a smoother start-up experience, here are the easiest bank accounts to open online.
| Bank | Time to Apply | Information Needed | Opening Deposit Required |
|---|---|---|---|
|
A few minutes |
Social Security number |
None |
|
|
A few minutes |
Name |
None |
|
|
A few minutes |
Social Security number |
None |
|
|
5 minutes |
Name |
None |
|
|
5 minutes |
Social Security or Tax ID number |
None |
|
Chime |
2 minutes |
Name |
None |
|
5 minutes |
Social Security number |
None |
UFB Direct
Slickdeals/UFB Direct
UFB Direct is a division of Axos Bank, which began life as Bank of Internet back in the year 2000. Headquartered in San Diego, California, UFB is an online-only bank that offers a few banking products, like its high-yield savings account, as well as mortgages. UFB deposit accounts are FDIC insured up to the legal limits through its partnership with Axos Bank.
Features
- Very competitive APY on savings account
- No monthly fees
- No minimum balance requirement
- Free debit card with account
- Online customer service tools
- Also offers mortgages
How to Open an Account
You can typically open a UFB Direct account in just a few minutes:
- Online: Navigate to the account you want and click “Open Account.”
- Mobile app: Download the mobile app and tap on “Open a New Account.”
UFB Direct High Yield Savings Account
- Our Rating 5/5 How our ratings work Read the review
- APY5.25%
UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.
- Minimum
Deposit RequiredN/A - Intro Bonus N/A
The UFB High Yield Savings Account has one of the highest interest rates we’ve seen for a high-yield savings account at up to 5.25% APY. Plus, there are no monthly fees and no minimum balance to open.
Overview
With one of the strongest high-yield savings interest rates on the market, as well as no monthly fees or minimum opening deposit, UFB Direct’s High Yield Savings Account is an extremely attractive package.
Pros
- Strong interest rate
- No maintenance fees or minimum monthly balances
- Free complimentary ATM card
- Mobile app and SMS banking
Cons
- No signup bonus
- No associated checking account
SoFi
SoFi
SoFi began in 2011 as a private student loan lender and has since expanded to offer many different types of products — including online checking and savings accounts. Customers can access its large, nationwide ATM network, but SoFi does not have physical branches. In total, the company claims to work with over 5.2 million people through its various financial products.
Features
- Frequent sign-up bonus offers
- Savings rates notably higher than national average
- Up to 15% cash back on local purchases
- Access to the SoFi member benefits program
- Get paid up to two days earlier via early direct deposits
- Deposits may be FDIC-insured up to $2,000,000
- No monthly fees, overdraft fees, or minimum balance requirements
How to Open an Account
You can open an account in two different ways:
- Online: Click “Open an account” on SoFi’s banking page.
- Mobile app: Download the mobile app and follow the prompts to open an account.
SoFi will ask for your name, contact info, citizenship status, and Social Security Number. As always, if it needs to take other steps to verify that you’re real and eligible for an account, you may have to provide other documents as requested.
SoFi Checking and Savings
- Our Rating 5/5 How our ratings work Read the review
- APY0.50% - 4.50%
Customers earn 4.50% APY on savings balances when they set up recurring monthly direct deposit of their paycheck or benefits provider via ACH deposit. Alternatively, deposit at least $5,000 each month to earn 4.50% APY on your savings balance. Checking balances earn 0.50% APY
- Minimum
Deposit RequiredN/A -
Intro Bonus
$50-$250Expires December 31, 2023
New customers can earn a $250 bonus for opening a new SoFi Checking and Savings account and receiving a total of $5,000+ in qualifying direct deposits within the specified evaluation period; receive $1,000 - $4,999 in qualifying direct deposits to earn a $50 bonus.
SoFi Checking and Savings boasts an impressive 4.50% APY on savings balances for customers who set up direct deposit, or who deposit at least $5,000 each month. This account also offers 0.50% APY on checking balances. There are no monthly maintenance fees, and new customers can even earn a generous signup bonus worth up to $250. If you don’t care about physical bank locations, this is a great option.
Overview
SoFi Checking and Savings features remarkably strong interest rates for customers who receive recurring monthly direct deposit, or who deposit $5,000+ every 30 days. This account also doesn’t have any maintenance fees, overdraft fees or non-sufficient funds fees. To top it off, new customers can earn a signup bonus worth up to $250.
Pros
- Accounts with monthly direct deposit earn interest
- No minimum opening balance or minimum monthly balance
- No maintenance fees, non-sufficient fund fees or overdraft fees
- Access to Allpoint’s worldwide ATM network
- Get paid up to two days early
Cons
- No physical branch locations
Axos Bank
Slickdeals/Axos
Axos Bank is a California-based bank with a long history. Beginning as Bank of Internet, the bank rebranded to Axos Bank in 2018. The company technically has a few branches in California but is by-and-large an online bank that offers a range of checking and savings products for both personal and business uses, along with mortgages and personal loans.
Features
- No monthly maintenance fees
- Decent APY on savings account
- No overdraft fees on most accounts
- 24/7 customer service
- Offers other banking products, including personal loans and business accounts
How to Open an Account
- Online: Find the account you want to open and click on “Get Started”
- Mobile: From a browser window, select the account you want and tap “Open an Account” or download the mobile app and follow the prompts.
Axos Rewards Checking Account
- Our Rating 5/5 How our ratings work Read the review
- APYUp to 3.30%
Earn up to 3.30% APY for completing qualifying activities.
- Minimum
Deposit Required$50 -
Intro Bonus
Up to $300Expires December 31, 2023
Use promo code SUNNYBONUS and apply by December 31st, to earn up to a $300 bonus!
Axos Bank Rewards Checking gives customers the chance to earn up to a 3.30% APY on their deposits with no monthly fees. These are all terrific features for a checking account, but Axos is digital-only, so if you deal with cash regularly it’s probably not the best fit for you.
Overview
While it takes a bit of work to unlock the maximum interest rate, Axos Rewards Checking customers can potentially earn an impressive 3.30% APY. This account also does not include any monthly fees.
Pros
- Strong APY compared to similar accounts
- No monthly maintenance fee or monthly minimum balance
- No overdraft or non-sufficient fund fees
- Unlimited domestic ATM fee reimbursements
Cons
- Minimum deposit required for account opening
- Several qualifying activities required to earn maximum interest
- No physical branch locations
Discover Bank
Slickdeals/Discover
The bank better known for its credit cards also offers online banking — and it’s surprisingly good. The online bank is becoming more popular, growing its bank-based revenue by 16% from 2022 to 2023. It’s a particularly good choice if you’re already using a Discover credit card (or if you want to) because you can streamline your finances by keeping everything with the same bank.
Features
- 24/7 customer service
- Frequent sign-up bonuses
- Get paid two days earlier via direct deposits
- No monthly fees or minimum balance requirements
- Savings account rates nearly 15X higher than average
- Full-service banking: credit cards, personal loans, bank accounts, etc.
- High rankings for mobile app and overall customer satisfaction by J.D. Power
- 1% cash back on up to $3,000 in purchases per month from checking account
How to Open an Account
Discover offers a few ways to open an account:
- Online: Look for “Open an Account” buttons scattered around the site.
- Mobile app: If you already have an account, you can open a new account type by logging into the app.
- Over the phone: 1-800-347-7000, available anytime.
When you open an account for the first time, you’ll need to provide standard information such as your name, address, and Social Security Number. You may need to submit proof of identity if Discover needs to verify anything in more detail. For most people though, opening an account only takes a few minutes, and you can choose to fund it immediately or do it later.
Recommended High-Yield Savings Accounts
| Bank | Account Name | APY | Minimum Deposit | Monthly Fee | Get Started |
|---|---|---|---|---|---|
|
UFB High Yield Savings Account |
5.25% |
$0 |
$0 |
Get Started |
|
SoFi Checking and Savings |
0.50% – 4.50%
ⓘ |
$0 |
$0 |
Get Started |
|
CIT Bank Platinum Savings Account |
Up to 5.05%
ⓘ |
$100 |
$0 |
Get Started |
|
|
CIT Bank Savings Connect Account |
4.65%
ⓘ |
$100 |
$0 |
Get Started |
Ally Bank
Slickdeals/Ally
Ally launched in the 1920s as a division of General Motors, offering financing for people to buy cars. It still offers auto loans, but Ally has since expanded and rebranded into Ally Bank, one of the most popular online banks available. According to the company, it has over 11 million customers. Ally offers interest checking, online savings, and money market accounts.
Features
- Customer support via online chat and phone
- Savings rates 14X higher than average
- Get paid two days earlier via direct deposits
- $10 monthly refund for third-party ATM fees
- No monthly fees, overdraft fees, or minimum balance requirements
- High rankings for overall customer satisfaction by J.D. Power
- Full-service banking: checking, savings, auto loans, personal loans, investments, etc.
How to Open an Account
You can open an account at Ally in just a few minutes in a few different ways:
- Online: Look for the “Open New Account” links on the webpage of the account want to open.
- Mobile app: You can open a new account through the mobile app if you’re already an existing customer.
- Over the phone: Call 1-877-247-2559, available 24/7.
You’ll need to provide the same information as most other banks, including your name, Social Security Number, and contact information. Ally may request other information if it needs to dig a bit deeper to verify your identity.
Chime
Chime
Chime is a newer breed of fintech bank, meaning it’s online only and offers the same services and platforms as a traditional bank. Chime partners with other banks to actually hold your money, but it’s a fee-free way to bank. So far, its banking app has over 10 million downloads, and it boasts a 4.5-star rating based on nearly half a million reviews on the Google Play store.
Features
- Also offers credit builder accounts
- Savings rates 7X higher than average
- Get paid two days earlier via direct deposits
- Unique ways to easily boost your savings rates
- No monthly fees, overdraft fees, or minimum balance requirements
- More willing to work with people who’ve been denied accounts at other banks
How to Open an Account
According to Chime, it only takes two minutes to open an account. You have two options for how to do it:
- Online: You can apply directly on their website.
- Mobile app: Chime will prompt you to log in or apply for an account as soon as you download the app.
Chime will ask for your name, contact information, and address to verify your identity. In some cases, you may need to snap a photo of your government-issued ID, such as your driver’s license or a passport.
Best Online Banks
Capital One
Slickdeals/Capital One
Despite being the ninth-largest bank in the U.S., Capital One exists mostly as an online bank today, with just a few scattered in-person locations. Capital One offers a wide range of products, including checking, savings, and CDs you can access from just about anywhere. It’s another good choice if you’re looking to consolidate all of your accounts into one online bank with minimum hassle.
Features
- Get paid two days earlier via direct deposits
- Savings rates nearly 15X higher than average
- 54 hybrid cafe-bank branch locations around the county
- No monthly fees, overdraft fees, or minimum balance requirements
- High rankings for mobile app and overall customer satisfaction by J.D. Power
How to Open an Account
Capital One claims that it only takes about five minutes to open an account, though the process is slightly more involved than with some of the other online banks on this list. You can open a Capital One bank account in a couple of different ways:
- Online: Click the “Open Account” button on the page for the account type you’d like to open.
- In person: If you live near one of its branch locations, you can open an account right there.
In addition to providing your Social Security Number, Capital One requires you to show two forms of ID and proof of address at the beginning of the process. It doesn’t wait to request these extra documents like some other banks do unless it’s absolutely needed.
Related Article
5 Reasons Why You Should be Saving With CDs in 2023
Frequently Asked Questions
-
Opening an account online with banks such as Ally Bank, Discover Bank, or Chime generally only takes a few minutes. However, the easiest bank accounts to open online generally all follow the same process, so there isn’t any one bank that’s definitively better than the others. Some banks will take additional steps to verify your identity, such as asking for a photo ID, which could lengthen the process a bit.
-
Yes, many online banks allow you to open an account just by providing a few basic details such as your name, address, and Social Security Number. You may need to provide ID if the bank needs to do extra verification.
-
You can start using an online bank account as soon as your application is approved and the account is open. Most online banks do this automatically unless there’s a delay in verifying your identity. Keep in mind that it usually takes a couple of days for transfers to be made into your account.
-
You may not be able to open a bank account online if the bank can’t verify your identity. This might happen if you’re not a U.S. citizen with a taxpayer ID or you don’t have proof of your address. In some cases, you could also be denied a bank account if you’ve mismanaged accounts in the past, such as not paying back overdraft fees.
Lindsay VanSomeren
Lindsay VanSomeren lives in the Pacific Northwest where she enjoys budgeting for her favorite activities like gardening, learning languages, and fishing. She's passionate about helping other people understand how to manage their money to live their best lives. Her work has appeared in Credit Karma, Forbes Advisor, FICO, and more.
