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Application for Online Banking Products in United States

Application for Online Banking Products

It takes no more than 5 minutes to open the bank account online. Every year this process takes less and less time. The opening of online bank account is safe and easy.

There are several points to pay attention to when opening the bank account

Steps to Open the Account Online

Even a child can open an account using the Internet.

As soon as you choose the bank, you will need to submit the relevant application. It can be done on the website or in the app. For this purpose, you must click on the Submit Application or Open a New Product button. There are several steps involved.

  • First, you need to choose the type of the account. There are different options. For example, a special account for students.
  • Next, you need to provide the personal data on: social security number or tax identification number, address, name and date of birth, as well as your driver's license and the account opened in your name (if required). You may provide some banks with such data by fax or e-mail.
  • The final step is to deposit the relevant funds into your account. Some banks establish a minimum amount. There are several options for depositing cash: replenish the bank account using a previously opened account, through PayPal or by visiting a branch.

Important! The processing of such payment may take several days, and then it will be possible to manage the funds on the bank account.

If you have any questions when submitting the application, you can call the hotline or contact the specialist in the chat.

Attention! Before opening the bank account with a particular bank, visit its website and learn more about the required documents to register the application. Also, check the URL address of the website to make sure you are submitting your application to the existing bank and not to scammers.

Disadvantages of Online Accounts

Even though the opening of online accounts has become easier over the years, there are some inconveniences.

  1. Online banks do not have offices for their clients. But it is possible to resolve any issue by phone or chat (24/7).
  2. It is more difficult to perform personal identification. An employee may ask a question that is difficult to answer. Any failure to respond may lead to a longer consideration of the application.
  3. If you have moved and cannot provide your registration data, the bank may refuse or approve the application, but with some restrictions.

Advantages of Online Banking

The obvious advantages of online banking include: convenience, high interest rates, low fees, and security.

  • Convenience: you can manage your account from any part of the world. It requires Internet access and access to My Account.
  • Higher interest rates: online banks offer higher interest rates on savings accounts. Since such banks have no expenses related to the rent of their premises, they may share their income with clients.
  • Lower fees: online banks charge low fees compared to offline banks, or none at all.
  • Security: checking accounts, savings accounts, money market accounts and certificates of deposit are insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC).

Important! Before choosing the online bank, be sure to complete your purchase. Check its interest rate when opening the savings account, as well as other characteristics that you need, such as whether the bank has a highly rated mobile app.

List of the Best Online Banks

If you make the decision to use an online banking product, you will have to resolve all issues remotely. But along with it, there are different advantages, such as higher account rates and lower fees. The list of reliable online banks is presented below.

Radius Bank

Radius Bank takes the first place among online banks. It has a convenient app, high interest rates on savings accounts and low fees.

Bank5 Connect

In order to open the deposit account with this bank, you should have $10. At least $100 are to be available on the bank account in order to accrue interest. Bank5 Connect provides depositors with an interest rate of 1.85% per annum.

Important! The bank account opened here has several other advantages. The bank pays another 0.76% per annum to the clients who have $100 on their bank account. You can also receive bonuses for purchases in a certain category of stores when paying with your debit card.

In addition, if you need to withdraw money from a third-party ATM, Bank5 Connect will reimburse a withdrawal fee if it does not exceed $15 per statement.

Ally Bank

It is also one of the best banks. Its advantages: high yield savings accounts, current accounts with interest, mobile app, and impeccable client support service.

CIBC Bank USA

The bank pays high interest on deposits. In order to open the bank account, you need to deposit at least $1,000.

You can pay bills using the mobile app. To do this, you need to enter the data or use the QR code.

Salem Five Direct

Salem Five Direct also offers high interest rates without monthly fees. The bank offers 1.91% per annum, and at least $100 are to be deposited.

Reference. You can get cashback on purchases made with your debit card, and the bank will not charge a monthly fee. The bank does not charge a withdrawal fee via its terminals and returns a commission (up to a certain amount) that may be debited for withdrawing cash via third-party terminals.

HSBC Direct

The main advantage of this bank is the highest interest rate. HSBC Direct Savings provides own depositors with an interest rate of 2.05% per annum. Moreover, you can receive interest on the balance, which does not depend on the account balance.

Attention! You should have $1 to open the bank account without a monthly fee.

Discover Bank

It offers the lowest deposit account fees. Your savings account may accrue 1.70%. There is no minimum amount to open it.

Discover offers cashback for purchases made with debit cards. It is possible to withdraw cash for free throughout the country.

E-Trade Bank

The company is known for its brokerage services, but also offers banking products.

The interest rate on deposits may be higher in other similar banks. The savings account accrues 1.75% per annum (regardless of your account balance).

Important! In order to open the bank account, you should have $100, which will not be considered when calculating interest on the balance.

Along with debit and savings accounts, you can also see investment accounts when using the mobile app.

Quontic Bank

Quontic Bank provides depositors with an interest rate of 1.85% per annum. However, you need at least $500 to open the bank account.

The interest can be earned from current accounts. The amount depends on the account balance and the number of debit transactions. You can also use a large number of ATMs throughout the country to withdraw cash.

TIAA Bank

TIAA Bank is suitable for those clients who need a full range of services as well as high interest rates on deposits and savings accounts .

Attention! You only need $25 to open the bank account. But if you do not live in New York or have a daily balance of less than $25, be ready to pay a monthly fee of $5.