Here’s something you can check off your to-do list in just a few minutes: open a new online savings account. An online savings account is a secure way to manage and access your money—while you earn interest. And opening one couldn’t be easier.
1. Choose a reputable online bank
Virtually all online banks offer some type of savings account, so your first step is to select an online bank. Choose an FDIC-member online bank so that you know your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law. Then consider things like customer service ratings, how long the bank has been in business, account access, potential fees, and website usability.
2. Gather basic information
Once you’ve found the online bank that’s a good fit for you, 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 your initial deposit
3. Open the account and make your deposit
Now it’s time for the rewarding part. Visit the bank’s website and open your new account. A good online bank will have a user-friendly process along with available real-time assistance via chat or phone. Most online 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.
You may even want to open multiple savings accounts for different purposes. If only all the items on your to-do list were this simple.
Last Edited: November 20, 2017