How to Open a Bank Account Online Fast and Easy
Opening a bank account online is quick and effortless. It should only take you a few minutes, helping you save time in the process.
Most banks and credit unions now allow you to open a checking account online. However, certain account types like business or trust accounts require you to visit a branch in person.
If you're looking to save time and skip the hassle of waiting in line at your local branch, opening an account online is a great option. While some types of accounts, like business banking, may take longer, the process is usually quick and painless.
To get started, navigate to the bank's website and follow the instructions on their secure application form. Be sure to provide information about yourself as well as information regarding funding sources. Once completed, an account provider should send you an email within minutes confirming your details have been verified and you can begin using your new account immediately.
Once you've done that, you can begin depositing money and setting up automatic payments. Then you can sit back and enjoy the convenience of a modern checking account.
Some banks even provide online bank transfers in real-time, allowing you to receive incoming funds into your account right away. Your N26 account can be used for paying bills, sending money or even requesting a loan if you need large expenses covered.
Before opening a bank account online, be sure to check the minimum opening deposit requirement and compare products by interest rate and fee. A lower minimum deposit can help reduce fees or earn higher APYs on savings and loans.
Comparing accounts based on other benefits and services, such as an exclusive account that's exclusively offered online or a checking account with safeguards to protect your money and no overdraft fees, can make life simpler and give you more time for living your best life. Find the ideal checking account in just minutes by comparing accounts online!
Low opening deposits
One of the greatest advantages to opening your bank account online is that you can get great deals on fees and services. This is especially true when comparing prices from several reputable, competitive providers. Many major financial institutions offer low-cost checking and savings accounts as well as high-yield certificates of deposit (CDs). Plus, credit cards and loans often feature competitive interest rates too! Aside from lower costs and superior service, using a virtual branch also comes with reduced travel expenses and greater flexibility.
ATM fee rebates
Fees charged at out-of-network ATMs can be an annoying burden, particularly if you need to make a withdrawal quickly. But thanks to some banks and credit unions that will reimburse you for these expenses, paying ATM fees won't be an issue any longer.
To minimize fees, the best option is to only use in-network ATMs when you need money access. Many banks and credit unions partner with local stores and gas stations to offer customers a wider selection of in-network ATMs that can be located through your bank's mobile banking app or online ATM locator.
Another great option is to switch to a bank that does not charge ATM fees on checking accounts. Online banks usually have lower overhead than their traditional brick-and-mortar counterparts, allowing them to reduce fees like ATM fees.
Discover which banks offer these advantages by visiting their website or calling customer support for more information. Some of these institutions also provide other benefits like no monthly fees or no overdraft fees.
Some institutions will waive your fees if you maintain a certain minimum balance in your account or meet other qualifications. For instance, TD Bank's Beyond Checking account offers unlimited out-of-network ATM fee reimbursements to customers with a daily balance of $2,500 or more in the account.
Though these ATM fee refunds may not be as generous as those provided by other institutions, they can help you save some money when withdrawing cash from an out-of-network ATM. Be aware, though, that refunds are at the bank's discretion so don't expect to get every fee back that you incur.
Alliant Credit Union offers up to $20 in monthly ATM fee rebates for members with an Alliant Visa debit card. The rebate is deposited into your Alliant account at the end of each day you are charged ATM fees - excluding foreign transaction fees - regardless of where you purchase from.
Easy ways to waive month fees
One of the most annoying aspects of opening a checking account is having to pay monthly maintenance fees. These costs are an avenue for banks to make money and can add up quickly.
Fortunately, there are ways to save on monthly service fees. According to Kimberly McDonald from Regions Bank's consumer deposit product management division, online banks that don't charge such fees tend to offer lower costs than regular bank accounts.
Another option is to link your checking and savings accounts together, eliminating overdraft fees. Doing this can save a substantial amount of money annually.
Some banks provide fee waivers based on age or other qualifications. These could include maintaining a certain minimum balance, making direct deposits or enrolling in an rewards program.
Banks often waive monthly maintenance fees when you link your checking and savings accounts together. This can help protect against overdraft fees which, according to NerdWallet, could amount up to $38 a month.
Finally, some banks will waive fees if you use your debit card a certain number of times each month. Usually this number is around 10, though this can vary depending on the bank.
It's essential to note, though, that some banks will still charge you a separate debit card fee if you don't meet certain criteria. This is because banks make money when customers use their debit cards; thus, they want to encourage as much usage as possible.
Though these are some of the simplest ways to avoid monthly fees, they don't guarantee you won't end up paying them. Always read your checking and savings account terms and conditions carefully to understand what fees are included, what's allowed, and how you can avoid them. If all else fails, switching banks may be your best bet for avoiding extra expenses.