Opening a bank account in 2026 takes 5–10 minutes online — no branch visit required for most banks. The process is straightforward, but choosing the right account before you apply saves you from switching later. Here's the complete guide.
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What You Need to Apply
- Government-issued ID: Driver's license, state ID, or passport
- Social Security Number (SSN) or ITIN: Required for identity verification and tax reporting
- Date of birth
- Current address
- Email address and phone number
- Initial deposit: Many online banks have no minimum; traditional banks may require $25–$100
For joint accounts, both applicants need to provide the above information.
How to Choose the Right Account
Answer these questions before applying:
- Do you need branch access? If yes, consider Chase, Bank of America, or a local credit union. If no, an online bank offers better rates and lower fees.
- Do you regularly deposit cash? Online banks make cash deposits inconvenient. If you handle cash regularly, use a traditional bank.
- What's your typical balance? If you maintain $1,500+, some traditional banks waive fees. If your balance is lower, a no-fee online bank is better.
- Do you want interest on your checking? SoFi (0.50% APY) and some credit unions pay meaningful interest on checking balances.
See our full guide to best checking accounts in 2026 for specific recommendations.
The Application Process
Online banks (5–10 minutes)
- Go to the bank's website and click "Open Account"
- Enter personal information (name, address, SSN, DOB)
- Verify your identity (usually instant via database check; sometimes requires ID photo upload)
- Fund the account via debit card, credit card, or bank transfer
- Receive account number and routing number immediately
Traditional banks (in-branch or online)
- Visit a branch or apply online
- Provide ID and personal information
- Choose account type and features
- Make initial deposit (cash, check, or transfer)
- Receive debit card in 5–7 business days
What If You're Denied? (ChexSystems)
Banks use ChexSystems — a consumer reporting agency — to screen applicants for past banking problems (unpaid overdrafts, fraud, account closures). If you have negative ChexSystems history, you may be denied.
What to do:
- Request your free ChexSystems report at chexsystems.com
- Dispute any inaccurate information
- Apply for a second-chance checking account — many banks and credit unions offer these for people with ChexSystems history
- Options: Chime, Varo, and many credit unions don't use ChexSystems
After You Open: First Steps
- Set up direct deposit. Provide your employer with your new routing and account numbers. This often unlocks fee waivers and higher interest rates.
- Order a debit card if not automatically issued.
- Set up online bill pay for recurring expenses.
- Enable account alerts for low balance, large transactions, and login activity.
- Link your savings account for overdraft protection.
- Update any automatic payments from your old account before closing it.
FAQ
Can I open a bank account with no money?
Yes — many online banks (Chime, SoFi, Ally) have no minimum opening deposit. You can open the account and fund it later via direct deposit or transfer.
Can I open a bank account online without going to a branch?
Yes — all major online banks and most traditional banks allow fully online account opening. You'll need to upload a photo of your ID for identity verification.
How long does it take to open a bank account?
Online: 5–10 minutes for approval; debit card arrives in 5–7 business days. In-branch: 20–30 minutes; debit card may be issued same day at some banks.
Can I open a bank account if I'm not a US citizen?
Yes — with a valid passport, visa, and ITIN (Individual Taxpayer Identification Number). Some banks are more accommodating than others. HSBC, Citibank, and many credit unions accept non-citizen applicants.
Opening a bank account is one of the simplest financial tasks you can do — and one of the most important. Take 10 minutes to compare your options, choose a no-fee account that fits your needs, and set up direct deposit immediately. The right account costs you nothing and makes every other financial task easier.
