Opening a bank account is the first step in building your financial future. Whether you’re looking to save for retirement or pay off debt, having access to a checking account makes it easy for you to stay on top of your finances. Opening an account isn’t hard, but there are some steps you’ll need to take before you can get started. In this article, you will learn the steps of the process, so you know what steps to take while opening bank account online.
Choose your account type
If you choose an account that allows for savings, you might be able to earn money on your deposits. Banks usually offer higher interest rates for customers who have larger balances or are willing to open a second account. SoFi’s experts recommend, “Look for an account with no minimum balance requirements and low monthly fees if possible.” Some banks also waive their monthly fee if you maintain a certain amount in the account each month.
Gather the documents you’ll need
The first step to opening a bank account is gathering the documents you’ll need. To open a new account, you will generally be required to provide the following:
- Social Security card
- Proof of address (utility bill, mortgage statement)
- Driver’s license/state ID card
- Employer letter or paycheck stub
Prepare to open an account online
The first step to completing the process of opening a bank account is to create an online profile and choose your language, country and currency. Once you’ve selected these options, log in to your account using the username and password that you created in step one.
After logging in, you will be able to complete the steps required for opening an account. Depending on which type of bank account you want to open (savings or checking), there may be different information needed from you at each step along the way in setting up your new financial institution relationship with them.
Open a Savings Account
After you’ve chosen the bank where you want to open a checking account, go ahead and fill out the application. If there’s anything on your credit report that looks sketchy, be prepared for some questions about why it’s there.
Even though this might seem like a lot of trouble for something as simple as opening an ATM card, trust me—it’s worth it! Your savings account will grow into something amazing in no time at all.
Open a Checking Account
A checking account is a bank account that allows you to write checks against your funds. You can use this type of account to pay bills, buy groceries or other items. This type of account also comes with many benefits, including:
- Overdraft protection – If you accidentally spend more than is in your checking account, overdraft protection will cover it.
- Electronic bill payments – You can pay bills electronically and have them withdrawn directly from your checking account instead of using paper checks.
- Convenient access – Check-writing privileges allow you to withdraw money at ATMs worldwide without additional fees (as long as there are no foreign transaction fees).
Opening a bank account is a simple process that can be completed in about 30 minutes. It’s important to know the steps and prepare yourself ahead of time so you don’t miss out on opportunities or find yourself paying fees because you didn’t read the fine print.
