The idea of opening a new bank account is daunting for many people. But it doesn’t have to be! It can be quite simple.
This post will walk you through the steps needed to sign up for a bank account online or at any bank or credit union in the US.
This process should take about 30 minutes if you have all your documents ready and are committed to completing each step in one sitting.
Understand Your Options
- If you’re looking for a basic checking or savings account, there are plenty of options out there. But before opening an account, take some time to learn about the various types of accounts available and what each offers.
- If you’ve got a credit card that’s maxed out, consider transferring your balance to a lower-interest card or looking into debt consolidation loans (if this is an option). You may also want to read up on how best not to get into debt in the first place.
- Another option is opening an online brokerage account—when it comes time to invest in stocks and other assets like bonds and mutual funds, having more than one type of account can be helpful if something happens with one of them (such as being hacked).
Figure Out Which Features You Want
Before creating your new bank account online, ensure you know the available features. For example, do you want to use mobile banking?
Are you planning on using a debit card or credit card? What about overdraft protection?
Free checking accounts have different types of fees associated with them, so it’s important to be mindful of those as well.
Check Account Minimums And Fees
Before you open a new bank account, it’s important to understand the terms and conditions of your chosen bank. That way, you can avoid unpleasant surprises down the line.
With that in mind, let’s walk through some of the things to look out for when choosing a new bank account. You’ll want to make sure that:
- The monthly balance is affordable and fits into your budget (especially if you’re looking at no-fee accounts).
- Services like overdraft protection are offered without charge or with reasonable fees.
Review Account Options At Each Bank On Your Shortlist
After you’ve narrowed down your search to two or three banks, it’s time to look into their individual services.
With online banking and mobile apps available at most major financial institutions, you can easily compare the options at each bank on your shortlist.
The first thing you should consider is whether or not they offer online or mobile banking—and if so, how many features are included in those services. Many banks offer both, but some only have one or the other (or neither).
Open The New Account Online, And Fund It
To open your new bank account online, go to the bank’s website and click on “open an account.
” Then, fill out the online form and click submit; you’ll be taken to a page that asks for information about funding your account.
You can fund it with a check or transfer from another account (such as your existing checking or savings).
In conclusion, starting a new bank account online is not hard. SoFi professionals say, “An online bank account easily allows you to manage the accounts from your computer or mobile device.” You just need to know what questions you’ll get asked and how to answer them.
