Opening a bank account online has never been easier thanks to technology advancements that allow for a quick and seamless application process. With just a few pieces of personal information and a brief application, you can open an account entirely virtually in a matter of minutes. But with so many choices available, what is objectively the easiest bank to open an account with online?
What makes a bank easy to open online?
There are a few key factors that contribute to how easy or difficult it is to open a bank account online:
- Minimal application requirements – The fewer pieces of personal information required, the quicker the application process.
- Intuitive online application – A user-friendly and straightforward online application form speeds up account opening.
- Instant account approval – Real-time account approval allows immediate access once opened.
- No minimum opening deposit – Opening an account without needing to fund it right away adds convenience.
- Access to online banking – Being able to manage the account digitally from the start enables full functionality.
Banks that check all of these boxes make getting up and running with an account virtually seamless and instantaneous.
Top picks for easiest banks to open online
Chime
Chime has earned a reputation for offering one of the easiest sign-up processes in banking. Opening a Chime account can be done in as little as 2 minutes straight from their user-friendly website or mobile app.
Here is what makes Chime a top choice for easy online account opening:
- No minimum opening deposit or balance requirements
- Minimal personal information needed to sign-up
- Real-time account approval
- Access to fee-free online banking immediately
- Can be opened by U.S. citizens 18+ with a U.S. address and SSN
Chime also routinely runs promotions where opening a new account can qualify you for a sign-up bonus reward, adding to the appeal.
Varo
Varo offers a similarly fast and easy process for getting up and running with an account online in minutes. Varo boasts an easy sign-up requiring just basic personal details and offering immediate account approval and access.
Varo’s quick online account opening includes:
- No ID verification needed to open an account
- No minimum balance requirements
- Real-time decision on account approval
- Access to fee-free online and mobile banking
- Can be opened by U.S. citizens 18+ with a U.S. address and SSN
Varo also provides the ability to arrange direct deposit ahead of time so funds can start being received as soon as the account is opened.
Aspiration
Aspiration enables prospective customers to open an account online in a matter of minutes from start to finish. They promote speedy digital-only signup and make it easy by requiring minimal steps.
Key features of Aspiration’s easy online account opening process include:
- 100% digital application completed online
- Personal details like SSN and ID can be submitted via photo online
- No minimum opening deposit required
- Instant access to online and mobile banking
- Can be opened by U.S. citizens 18+ with a U.S. address
For added appeal, Aspiration also offers several account perks like cashback rewards on purchases and fee-free ATM access worldwide.
Case studies on opening accounts virtually
Looking at real-world examples of customers who have opened accounts digitally can provide helpful insight into just how quick and seamless the process can be with the right bank.
Chime account opened in under 5 minutes
John S. from Miami, FL was able to open a Chime Spending Account in under 5 minutes entirely online without any hassle. He simply visited the Chime website, clicked “Open Account”, entered his personal details like name, address and SSN, and had an open Chime account ready for immediate use in virtually no time at all. John reported it was the fastest he’s ever opened a bank account and immediately had access to Chime’s fee-free online banking tools to manage his new account.
Varo account opened on a lunch break
Lisa R. of Austin, TX signed up for a Varo Bank Account Account during her 30 minute lunch break from work one day. She applied on her smartphone in just a few minutes by submitting some personal details and taking photos of her ID for identification purposes. By the time she was done eating lunch, Lisa had a fully functioning Varo bank account she could log in online and start using right away. She was pleased with how seamlessly and quickly the entire process went.
Aspiration account opened while watching TV
Ryan G. in San Francisco, CA decided to open an Aspiration account one evening while watching TV. Using the Aspiration mobile app on his phone, it took Ryan less than 10 minutes to provide his personal details, snap some photos of his ID, and have a new account opened and ready to use. Without having to talk to anyone or even get up from the couch, Ryan was able to open his Aspiration account with zero hassle and in almost no time thanks to their quick digital process.
Step-by-step guide to opening an account online
Opening a bank account through an online application process typically follows similar straightforward steps regardless of provider:
- Visit the bank’s website or download mobile app
- Click the button to open a new account
- Provide your personal info (name, DOB, address, SSN, etc)
- E-sign account opening disclosures
- Verify identity by taking photos of your ID (if required)
- Receive real-time account approval
- Fund account with initial deposit (if required)
- Log in online to access your new account
Following these basic steps, opening a new account online can often be completed in as little as 2-5 minutes. It’s an ideal option for those who want a quick and paperless sign-up process.
Factors to consider when opening an account online
Although opening an account digitally can be very fast and convenient, there are a few factors to keep in mind:
- Fraud protection – Make sure the bank has secure encryption and fraud monitoring tools.
- FDIC insured – Ensure your deposits are insured up to $250,000.
- Fees – Watch for monthly maintenance fees, overdraft fees, etc.
- Customer support – Live customer service should be available in case issues arise.
- Interest rates – Compare savings/checking account APY rates between banks.
Doing a bit of research on these key factors ahead of time helps guarantee a good banking experience moving forward after initial account opening.
Pros and cons of opening a bank account online
Opening an account digitally has both advantages and potential drawbacks to evaluate:
Pros
- Quick and easy application process
- Can be done anytime, anywhere via website or app
- No need to visit physical bank locations
- Possible to get approved and funded faster
- Digital-only banks offer robust online tools
Cons
- Less personalized service
- Potential verification delays
- No in-person banking available
- Possible technical issues or errors
- May require mailing documents after application
Ultimately, the convenience factor of opening an account completely online outweighs most downsides for many consumers.
Frequently asked questions
What information do I need to provide to open a bank account online?
Typical information required includes your full name, physical address, date of birth, Social Security number, and contact details like phone number and email address. You may also need to provide a valid government ID.
How long does it take to open an account online?
With the right bank, it’s possible to open an account in as little as 2-5 minutes. The actual time will depend on factors like verification requirements and approval wait times.
Is it safe to open a bank account online?
Opening an account online is generally very safe if you use reputable banks that employ data encryption and security measures. Avoid providing sensitive information to unfamiliar websites.
What can I do with my new account online?
Most banks provide full online banking functionality to view balances, transfer funds, pay bills, set up direct deposit, apply for loans, and more once an account is opened digitally.
Can I open a joint account online?
Some banks allow joint accounts to be opened online, though both partners will need to provide personal details and verify identification. Functionality may be more limited than for individual accounts.
Conclusion
Opening a bank account online is an ideal route for those who want a fast and paperless process without visiting physical branches. Top picks like Chime, Varo, and Aspiration make getting up and running with a new account seamless.
Just be sure to compare factors like fees, minimum balances, and digital features when selecting the right bank for your needs. With robust security measures in place, today’s digital account opening experience is quick, convenient, and secu
| Bank | Time to Open Account | Minimum Opening Deposit | Monthly Fees |
|---|---|---|---|
| Chime | 2 minutes | $0 | $0 |
| Varo | 5 minutes | $0 | $0 |
| Aspiration | 10 minutes | $0 | $0 |
