Opening an online bank account used to be a complex process. You had to go in person, submit documents and then wait for the bank to approve you. It might have made you wonder, “Can I create a bank account online easily?” Today, it’s become much easier: all you need is your name and address, along with other basic information. Once you’ve got your account set up, you can access it through any device with internet access (such as an iPhone or Android phone).
Who Can Open an Online Bank Account?
Anyone can open an online bank account, regardless of age, income, or residency status. However, some banks may have restrictions on who can open an online bank account. For example, some banks don’t allow minors to open an account without parental consent.
Many banks also have age limits for opening a checking or savings account. According to the professionals at SoFi, “Some won’t let you open a checking or savings account until you’re 18 years old; others may require that you be 21 years old before they’ll give you access to those accounts (or if they even offer them).”
If you’re under the age of 18 and want to sign up for one of these accounts anyway (perhaps because your parents are already customers), just be prepared for rejection if the bank has any questions about how exactly they should handle your application.
The Difference Between Traditional and Online Banking
Online banking is more secure, convenient and cheaper than traditional banking. Let’s look at what each type of bank offers:
- Traditional banks require you to visit a branch or ATM machine to access your accounts. This means that personal identification is required every time you want to check your balance or make a transaction.
- Online banks allow customers to access their accounts from any location with an Internet connection—and often 24/7—using logins and passwords that are set up after applying for membership.
How to Apply for an Online Bank Account
Going to the bank’s website, you should click on the application link. Fill out the application form. You need to provide your personal information and some other details. You also have to provide your contact number so that they can contact you if there are any questions or issues with your application.
After submitting the online banking application online, do not forget about checking for a response from your chosen bank. If it’s approved and you’ve been accepted as a client of this particular financial institution, then congratulations! You’ve just opened an online bank account.
Benefits of Opening an Online Bank Account
There are many benefits to opening an online bank account. First, you can access your account at any time of day or night—24/7. That means no more waiting in long lines at the branch! You can pay bills, transfer money and deposit checks all online. You can also monitor your account balance and transactions on the go with mobile banking apps and alerts. Finally, you save money by not having to visit a branch so often or use paper checks when paying bills online or making payments at retailers like Walmart or Target.
The amazing thing about online banking is that you can open an account for free and get started right away. If you have some money saved up, or if your employer offers matching funds to open the account, then this might be the best option for you.