Think you don’t have time to open a new bank account online? Think again. Nowadays it’s so simple, you probably can do it on the fly. Once you’ve chosen a bank and the type of account you want, a few basic pieces of information and an internet connection are all you need to get on your way.
1. Choose a bank
It goes without saying that you want a reputable financial institution handling your hard-earned cash. Consider things like customer service ratings, how long the bank has been in business, account access, and website usability. Also be sure to choose an FDIC-member bank so that your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law.
With an online bank, you can open a new account, check your balance, transfer money, and more—from anywhere you have internet access, anytime you want. In addition, according to rates published by Bankrate.com, online banks often are able to offer better rates than traditional banks.
2. Select an account type
Different types of accounts serve different personal finance purposes, so you’ll need to determine which ones are best for you. Most online banks offer the following basic account types, with terms and conditions that vary by institution:
- Savings accounts are secure places to park your money and earn some interest, although usually at a lower rate than some other types of accounts.
- Money market accounts are similar to savings accounts, but with more ways to access your funds.
- A certificate of deposit (CD) requires you to keep your funds in the account for a certain amount of time, until the maturity date. There are several different types of CDs.
- IRAs, or Individual Retirement Accounts, are savings accounts with specific tax advantages.
- A checking account usually functions as a household finance workhorse to hold funds you need to access often.
3. Gather basic information
Once you know what type of account you’d like to open, gather the following basic information for each account owner:
- Full name
- Social Security number
- Date of birth (you must be 18 years of age)
- Residential street address
- Transfer information for the initial deposit
4. Open the account and make your deposit
Prepared with your knowledge and personal information, you’re ready to visit the website and open your new online account. A good online bank will have a user-friendly process along with available real-time assistance via chat or phone. Most banks allow you to transfer funds from other accounts, wire money, use remote deposit capture, or mail a check to make that first deposit.
Now you can view your account anytime, from anywhere you have internet access.
Plus, you can open several account types to serve different purposes and even link them together to help make managing your finances more efficient. And to think you almost wasted that lunch hour.
Last Edited: November 22, 2017
Comment on this article
Comments
Eric K. on November 24, 2017 at 11:22pm
Ok
amanuel on December 20, 2017 at 3:16pm
help full i got what i need
Hung on December 26, 2017 at 2:38am
I want open checking accunt
Muhammed E. on December 28, 2017 at 12:50pm
Yes
Ally on January 3, 2018 at 10:31am
We're glad to hear that, Amanuel. Thanks for sharing!
Ally on January 3, 2018 at 11:24am
Hi Hung, opening an account is easy! Your options are: call us, mail us an application, or submit an application online. Links to the applications are available in our FAQ section: http://www.ally.com/help/bank/opening-account.html
ricky e. on May 17, 2018 at 4:56am
ok
Roselyn s. on June 29, 2018 at 6:04am
I have already bank account from bankalbilad but i want use online for sending me money from philippine how can i registered to use online sending money pls help me thnks
Ally on July 9, 2018 at 10:02am
Hi Roselyn, opening an account is easy and you can do it online at ally.com! In order to open an Ally account, you must be either a US Citizen or Legal Permanent Resident with a valid Social Security number and US street address. If you need any assistance, don't hesitate to call us at 1-877-247-2559 or chat with us online at ally.com. We're here to help!
Oluseguntimileyinsolomon@gmail.com on August 2, 2018 at 6:46am
Please I want to open your bank account
Kato G. on September 10, 2018 at 8:58am
THIS ARTICLE IS HELPFUL
Ally on September 10, 2018 at 11:37am
We're glad to hear that, Kato! Thanks for sharing your feedback.
Nuhu s. on October 1, 2018 at 2:44am
It is really good and nice
G.O. on October 17, 2018 at 9:46am
Your terms of service state "US Citizen or Legal Permanent Resident with a valid Social Security number and US street address" as a requirement... most banks allow resident aliens (US persons for tax purposes / meeting the US person description on a W-9), do you allow resident aliens as well?
Ally on October 18, 2018 at 9:56am
Hi, thanks for your interest! Currently you must be a U.S. Citizen or Permanent Resident and have a valid U.S. street address (not just a P.O. box) and either a Social Security Number or Taxpayer Identification Number. If you'll give us a call at 1-877-247-2559, a member of our team would be glad to discuss further.
Ricardo J. on November 21, 2018 at 5:48pm
Well think every meaning was useful in my endeavor to obtain a satisfactory online Bank such as ally quote unquote.
Darren C. on September 10, 2019 at 12:18pm
The process to open the account was very easy. I was also pleased to find Ally offers low interest home loans too! Great banking app too of course. Keep up the good work Ally!! Best, Darren Chaker
Ally on September 11, 2019 at 5:27pm
Hi Darren, thank you so much for your comment. We LOVE hearing this. 😊