9 Easiest Bank Accounts You Can Open Online in Less Than 5 Minutes (2024) (2024)

Thanks to quick-verification technology, opening a new bank account often only takes a few minutes.

7 minute read

Key Takeaways:

• The easiest bank accounts to open require low minimum deposits and can be opened online in just a few minutes with some personal information, like proof of identification and mailing address.
• We picked accounts with no monthly fees (or easy-to-waive fees) and perks like getting paid up to two days early, high APYs, waived ATM fees and strong overdraft protection.

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.

Easiest Bank Accounts to Open Online

Account	Time To Apply	Monthly Fee	Minimum Opening Deposit	Learn More
SoFi Checking and Savings Open Account	A few minutes	$0	None	Open Account
Chase Total Checking® Account Open Account	A few minutes	$12 with options to waiveMore Info Chase Total Checking customers can have their monthly maintenance fee waived by receiving direct deposits totaling $500 or more in new money each monthly statement period, maintaining a daily balance of at least $1,500 at the beginning of each day, or maintaining an average beginning day balance of $5,000 or more in any combination of linked qualifying Chase checking, savings and other accounts	None	Open Account
UFB Direct Secure Savings Account Open Account	A few minutes	$0	None	Open Account
Axos Essential Checking Account Open Account	A few minutes	$0	None	Open Account
Discover Cashback Debit Account Open Account	5 minutes	$0	None	Open Account
Ally Spending Account Open Account	5 minutes	$0	None	Open Account
Betterment Checking Open Account	A few minutes	$0	None	Open Account
Chime® Checking Account	2 minutes	$0	None	This product is currently not available via Slickdeals. All information about this product was collected by Slickdeals and has not been reviewed by the issuer.
Capital One 360 Checking Account Open Account	5 minutes	$0	None	Open Account

SoFi Checking and Savings

Open Account

at SoFi

• Our Rating5/5How our ratings workRead the review
• APY0.50% - 4.60%More Info

  Customers earn 4.60% 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 4.60% APY on your savings balance. Checking balances earn 0.50% APY

• Minimum
  Deposit RequiredN/A
• Intro Bonus$50-$300Expires June 30, 2024More Info

  New customers can earn a $300 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 4.60% 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 $300. 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 $300.

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

See Also

Best High-Yield Savings Accounts: Earn More from Your Savings in 2024Don’t Miss Your Chance to Earn 5% APY or More With These High-Yield Savings AccountsBest High-Yield Savings Accounts For April 2024Isn’t it time your checking account paid you back?

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. If the bank needs to take other steps to verify you’re real and eligible for an account, you may have to provide other documents as requested.

UFB Direct Secure Savings Account

Open Account

at UFB

• Our Rating5/5How our ratings workRead the review
• APY5.25%More Info

  UFB Direct breaks balances into five tiers, but, currently, there is only one interest rate.

• Minimum
  Deposit RequiredN/A
• Intro BonusN/A

The UFB Direct Secure 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 Secure 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

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.”

Chase Total Checking® Account

Open Account

at Chase

• Our Rating4/5How our ratings workRead the review
• APYN/A
• Minimum
  Deposit RequiredN/A
• Intro Bonus$300Expires April 17, 2024More Info

  New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities

Chase Total Checking® is among the best entry-level accounts. It typically offers new customers a sign-up bonus, and it’s fairly simple to waive the $12 monthly fee. However, it's worth noting that it doesn’t offer many valuable features or benefits and it’s not an interest-bearing checking account.

Overview

Chase Total Checking® is a basic checking account that doesn’t offer many premium features. However, if you can easily meet the qualifications required for the new account bonus (and to waive its monthly fee), it’s a good option for those who want an entry-level account.

Pros

• No minimum opening balance
• Multiple ways to waive monthly fee
• Access to nationwide Chase branches and ATM network

Cons

• Monthly maintenance fee
• Account does not earn interest

Chase is the largest bank in the U.S., and with thousands of branches and ATMs, there’s likely one near most customers. But Chase also has a robust online presence, including a highly rated mobile app that lets users send and receive money, use budgeting tools and more. The bank also offers a wide range of other products, from checking and savings accounts to credit cards and loans, so if you're looking to grow into other account types, Chase could be a good fit.

Plus, you can typically open an account online, such as Chase Total Checking®, in a few minutes as long as you have your ID and other contact information handy.

Features

• No minimum balance required
• Monthly fee can be waived
• Huge branch and ATM footprint across U.S.
• Online bill pay and other mobile banking tools
• Many account types, credit cards and loans also available

How to Open an Account

In most cases, you can open a Chase account online in a few minutes:

• Online: Find the account you want and click “Open Account.”
• Mobile app: First enroll at chase.com; then you can download the mobile app and sign in to get started.

Axos Essential Checking Account

Open Account

at Axos

• Our Rating4/5How our ratings workRead the review
• APYN/A
• Minimum
  Deposit RequiredN/A
• Intro BonusN/A

If you're in the market for an entry-level checking account, Axos Essential Checking is a solid option. With this account, you'll never be charged a monthly maintenance fee, overdraft fee, NSF fee or no bill pay fee. While it lacks many of the features seen in more premium accounts, Direct Deposit Express - which allows you to receive your paycheck up to two days early - is an excellent perk.

Overview

Axos Essential Checking ticks off the majority of the boxes we expect for a standard checking account, with a few extra benefits thrown in for good measure. This account doesn’t charge a monthly maintenance fee, overdraft fee, NSF fee or bill pay fee. Plus, its Direct Deposit Express feature can give you access to your paycheck up to two days early.

Pros

• Virtually no fees
• Free Visa Debit Card
• Receive your paycheck up to two days early with Direct Deposit Express

Cons

• No physical branch locations

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 app: From a browser window, select the account you want and tap “Open an Account” or download the mobile app and follow the prompts.

Discover Cashback Debit Account

The bank better known for its credit cards also offers online banking—and it’s surprisingly good. The online bank is becoming more popular, and 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 10X higher than average
• Full-service banking includes credit cards, personal loans and bank accounts
• 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.

Ally Spending Account

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 almost 10X 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 includes checking, savings, auto loans, personal loans and investments

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.

Betterment Checking

Betterment LLC is a financial services company that started back in 2008 as a robo-advisor. The company now offers a wider range of financial products, including its Checking account, which is FDIC insured up to $250,000 per depositor through nbkc bank. This account also offers cash back on transactions with select merchants and you won’t face monthly fees or minimum balance requirements.

Features

• Cash back with select merchants
• No monthly fee
• No minimum balance fee or requirement
• FDIC insurance on deposit accounts
• Contactless payments

How to Open An Account

• Online: Go to the account you want to open and click or tap “Get started.”
• Mobile app: If you already have a Betterment account, log in to the app and tap on "Add goal/account” to get started.

Chime® Checking Account

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 4.6-star rating based on nearly half a million reviews on the Google Play store.

Features

• Also offers credit builder accounts
• Savings rates more than 4X 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.

Capital One 360 Checking Account

Despite being the ninth-largest bank in the U.S., Capital One operates mostly as an online bank, 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 10X higher than average
• More than 50 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 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.

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 typically 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.

• No, most banks require some proof of identification before you can open an account. This can include a photo ID, Social Security number, or passport.

• 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.

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