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Washington, D.C.

Application for Online Banking Products in the United States

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Interesting facts in articles from the financial community.

You need no more than 5 minutes to open a bank account online. Every year this process takes less and less time and it is really safe and easy.

Steps to Open an Account Online

Even a child can open an account using the Internet.

As soon as you choose a bank it is necessary to submit a relevant application. You can do it on the website or in the app by clicking on “Submit Application” or “Open a New Product” button. There are several steps involved.

  • First, you need to choose the type of the account among different options. For example, a special account for students.
  • Next, you need to provide your personal data such as 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 send this data to some banks by fax or e-mail.
  • The final step is to deposit relevant funds into your account. Note that 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 office.

Important! Such payment processing may take up to several days and after you can manage the funds on the bank account.

If you have any questions while submitting the application you can call hotline or contact a specialist through the chat.

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

Disadvantages of Online Accounts

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

  1. Online banks do not have offices for their clients. But it is possible to solve any issue by phone or chat (24/7).
  2. It is more difficult to perform personal identification as an employee may ask a question which 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 a bank may refuse or approve the application with some restrictions.

Advantages of Online Banking

Obvious advantages of online banking include convenience, high interest rates, low fees and security.

  • Convenience lies in the ability to manage your account from any part of the world. It requires access to the Internet and My Account.
  • Online banks offer higher interest rates on savings accounts. Since such banks have no expenses related to premises rent they may share their income with clients.
  • Online banks charge low fees compared to offline banks or none at all.
  • Security means that 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 an online bank you need to make a complete overview. For example, when opening a savings account check its interest rate, whether the bank has a highly rated mobile app, etc.

List of the Best Online Banks

If you decide to use an online banking product you will have to solve all arising 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 is on 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 a 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!A 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. Among its advantages are 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 through the mobile app by entering the data or using QR code.

Salem Five Direct

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

Note! 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 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 a 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 for opening.

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 a 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 a 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 a bank account.

The interest can be earned from current accounts and its 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.