How to Apply Online Checking Account (Easy Ways)

An online checking account is a convenient and flexible way to manage your finances. With an online checking account, you can deposit and withdraw money, pay bills, and transfer funds from the comfort of your own home using a computer or mobile device. With a growing number of online banks to choose from, it’s easier than ever to find an online checking account that meets your needs.

In this guide, we will provide an overview of the process of applying for an online checking account, including steps for researching different banks, gathering necessary documentation, filling out the online application, verifying your identity, funding your account, and more. Whether you’re new to online banking or simply looking to switch to a new account, this guide will help you get started.

An online checking account is a type of bank account that allows you to manage your finances through the internet. Here is an overview of the steps involved in applying for an online checking account:

  • Research different online banks: Compare different online banks and their offerings to find the one that best meets your needs.
  • Gather necessary documentation: Make sure you have all the required documentation, such as proof of identity and proof of residency, ready before you start the application process.
  • Fill out the online application: Submit your personal information, employment and income information, and any necessary documents through the bank’s website.
  • Verify identity: The bank will likely verify your identity through electronic means, such as e-signatures or video conferencing.
  • Fund the account: Once your identity has been verified, you will need to make an initial deposit to fund your new online checking account.
  • Wait for approval: The bank will review your application and let you know if you’ve been approved for an online checking account. This process can take several days or up to a week.
  • Start using your account: Once your account has been activated, you can start using your new online checking account to manage your finances.

Applying for an online checking account is a straightforward process that can be completed from the comfort of your own home. By comparing different options and following the steps carefully, you can find an online checking account that meets your needs and helps you manage your finances efficiently.

Why do Users Need a Checking Account?

There’s a good reason why most adults in America should get themselves checking accounts. It’s become popular among people because of the benefits that come with it when you want to keep the money as discussed below.

  • Liquidity: When you are looking to utilize assets and have easy access to finance, liquidity is the way to go. Funds can get deployed through numerous ways via the checking accounts; hence spending relates to extreme liquid methods form ledger credit sides to direct depositing and receiving of your cash.
  • Flexibility: Few or no restrictions get associated with checking accounts when you want to spend cash. A Savings account somewhat limits you on using your funds or withdrawing also every month. If you take money in a CD account, you will get penalized. There are different ways that checking accounts allow the user to perform their transactions, such as online banking, mobile wallets, or debit cards.
  • Protection: FDIC has gotten to ensure all the checking accounts that provide a deposit allowance of up to $250,000. It means that in case your bank undergoes a melt, your cash will still be safe, and you won’t lose any cent. You also get protection from fraud from consumers with the standard available services. The charges are free in a vast way on the checking account on the local and national level.

Importance of Having a Checking Account

Having a checking account is an important step in managing your finances effectively. A checking account offers a convenient and secure way to access and manage your money, pay bills, and make purchases.

Here are some of the key reasons why having a checking account is important:

  • Easy Access to Funds: With a checking account, you can easily access your funds through ATMs, online banking, or by writing checks. This gives you the flexibility to manage your money as you need.
  • Bill Payments: A checking account makes it easier to pay your bills on time. You can set up automatic bill payments, write checks, or make electronic transfers to pay your bills.
  • Improved Financial Management: A checking account gives you a clear and organized view of your spending and income, making it easier to manage your finances.
  • Better Security: Checking accounts are insured by the Federal Deposit Insurance Corporation (FDIC), which means your deposits are protected up to $250,000 in the event of bank failure. This provides peace of mind that your hard-earned money is safe.
  • Building Credit: A checking account is often a requirement for opening other types of accounts, such as a savings account, credit card, or loan. Maintaining a good account history can help build your credit and improve your financial stability.

Overall, having a checking account is an essential part of managing your finances and ensuring financial security. It provides you with convenient access to your funds, helps you manage your money, and can even help you build credit over time.

Advantages of Applying for a Checking Account Online

Applying for a checking account online offers several advantages, making it a popular choice for many people. Here are some of the key benefits:

  • Convenience: Applying for a checking account online allows you to complete the process from the comfort of your own home, at any time that is convenient for you. You don’t have to take time off work or travel to a bank branch to complete the process.
  • Time-saving: Online applications are often quicker and more straightforward than in-person applications. This saves you time and effort, allowing you to quickly and easily open a checking account.
  • Easy Comparison of Different Banks: Applying for a checking account online provides you with the ability to compare different banks and their offerings, such as interest rates, fees, and account features. This makes it easier to find the right account that meets your needs.
  • Better Interest Rates: Some online banks offer higher interest rates on checking accounts compared to traditional brick-and-mortar banks. This allows you to earn more interest on your deposits, helping you grow your savings.

Overall, applying for a checking account online offers several advantages, including convenience, time-saving, easy comparison of different banks, and better interest rates. These benefits make online checking accounts a popular choice for many people.

Factors to Consider When Choosing an Online Checking Account

When choosing an online checking account, there are several factors you should consider to ensure that you find the right account for your needs. Here are five key factors to keep in mind:

  • Bank Reputation: Choose a bank with a good reputation for security and customer service. Research the bank’s history and read customer reviews to get a sense of its reliability and trustworthiness.
  • Fees and Charges: Look at the fees and charges associated with the account, such as monthly maintenance fees, overdraft fees, and ATM usage fees. Some banks may have lower or waived fees if you meet certain requirements, such as maintaining a minimum balance.
  • Minimum Balance Requirements: Consider the minimum balance required to avoid fees or earn interest. Make sure you can comfortably meet this requirement or find an account with a lower minimum balance requirement.
  • Overdraft Protection: Consider whether the account offers overdraft protection and what the fees are for overdrafts. Overdraft protection can help you avoid costly fees and negative marks on your credit report.
  • Accessibility and Customer Service: Make sure that the bank offers 24/7 customer service and that you can easily access your funds through ATMs and online banking. Check the bank’s policies on customer service and support to ensure that you can get help when you need it.

By considering these factors when choosing an online checking account, you can find an account that meets your needs and helps you manage your finances effectively.

How to Apply for an Online Checking Account – Easy Steps

Applying for an online checking account is a straightforward process that can be completed in just a few steps. Here is a guide to help you get started:

Step 1. Research Different Banks

When applying for an online checking account, it’s important to research different banks to find the one that best meets your needs. Here are some steps you can take to research different banks:

  • Identify your financial needs: Consider the type of account you need, such as a basic checking account or a more advanced account with additional features. Determine the type of services you will use the most, such as online banking, mobile deposit, and bill pay.
  • Compare interest rates: Check the interest rates offered by different banks on their checking accounts. Compare the annual percentage yield (APY) to see which bank offers the best return on your deposits.
  • Look at fees: Review the fees and charges associated with each account, such as monthly maintenance fees, overdraft fees, and ATM usage fees. Some banks may have lower or waived fees if you meet certain requirements, such as maintaining a minimum balance.
  • Review account features: Check the features offered by different banks, such as mobile banking, online bill pay, overdraft protection, and customer service. Consider which features are most important to you and make sure the bank you choose offers them.
  • Research bank reputation: Look into the bank’s history and read customer reviews to get a sense of its reliability and trustworthiness. Make sure the bank you choose has a good reputation for security and customer service.

By researching different banks, you can compare their offerings and choose the one that best meets your financial needs. This will help you find a checking account that is both convenient and secure, giving you peace of mind as you manage your finances.

Step 2. Compare Checking Account Features and Fees

When you are looking to apply for an online checking account, it’s important to compare the features and fees of different banks to find the best option for your needs. Here are some steps you can take to compare checking account features and fees:

  • Make a list of features: Identify the features you need in a checking account, such as mobile banking, online bill pay, overdraft protection, and customer service.
  • Research different banks: Look into the different banks that offer online checking accounts and make a list of their offerings.
  • Compare interest rates: Check the interest rates offered by each bank on their checking accounts. Compare the annual percentage yield (APY) to see which bank offers the best return on your deposits.
  • Review fees: Look at the fees and charges associated with each account, such as monthly maintenance fees, overdraft fees, and ATM usage fees. Make sure to understand the fees associated with each account and how they might affect your finances.
  • Compare features: Compare the features offered by each bank and make sure they meet your needs. Consider which features are most important to you, such as mobile banking, online bill pay, and overdraft protection.

By comparing the features and fees of different banks, you can find the best online checking account for your needs. This will help you make an informed decision and choose an account that offers the features and services you need to manage your finances effectively.

Step 3. Gather Required Documentation

To apply for an online checking account, you will need to gather the following documentation:

  • Proof of identification: A government-issued photo ID such as a passport, driver’s license, or state ID card.
  • Proof of residency: A recent utility bill, bank statement, or government-issued document that shows your current address.
  • Social Security number: Your Social Security number is required for tax reporting purposes and to verify your identity.
  • Employment and income information: This can include a pay stub, letter from your employer, or tax returns if you’re self-employed.
  • Initial deposit: Most online banks require an initial deposit to open a checking account, so be prepared to transfer funds from another account or provide a check.

Having all of this information readily available will make the application process smoother and help ensure a faster approval time.

Step 4. Fill Out the Online Application

To apply for an online checking account, follow these steps:

  • Choose an online bank: Do research and compare different online banks to find one that offers the features and benefits you need.
  • Visit the bank’s website: Go to the bank’s website and find the “Open an Account” or “Apply Now” button.
  • Fill out the online application: Enter your personal information, such as your name, address, date of birth, and Social Security number. You will also need to provide employment and income information.
  • Upload necessary documents: Most online banks allow you to upload your proof of identification, proof of residency, and any other required documents directly from your computer.
  • Review and submit the application: Carefully review the information you’ve entered, and then submit the application.
  • Wait for approval: After you submit the application, the bank will review it and let you know if you’ve been approved for a checking account. This process can take several days or up to a week.
  • Fund your account: If your application is approved, you will need to make an initial deposit to fund your new online checking account.

Step 5. Verify Identity and Funding the Account

To verify your identity and fund your online checking account:

  • Verify identity: The bank will likely verify your identity through electronic means, such as e-signatures or video conferencing. Follow the bank’s instructions to complete the identity verification process.
  • Fund the account: Once your identity has been verified, you will need to make an initial deposit to fund your new online checking account. You can typically do this by transferring funds from another account, mailing a check, or using a debit card.
  • Activation: After the initial deposit has been processed, your account will be activated, and you can start using your new online checking account.

It’s important to follow the bank’s instructions carefully and complete all the steps in a timely manner to avoid any delays in activating your new account.

The 11 Banks Available to Apply Online Checking Account

1. Axos Bank Rewards Checking

Axos is a winner when looking to apply for an online checking account, which comes with no monthly fees on its maintenance or minimum requirement of your account balance. A client can also earn high APY when they deposit $1000 or more in their account once each month. Their Visa Debit also needs to get linked to transactions of $3 each for 15 times in a month.

  • High APY
  • Unlimited ATMs on domestic reimbursement
  • Overdraft protection
  • Online bill pay
  • Checking rewards up to 1.25%
  • Doesn’t have any Physical Branches
  • CD Rates are average
  • Savings Rates are lower.

2. Aspiration Summit Checking Account

Another high yielder is Aspiration Summit checking account, which offers a high APY for qualifying balances. It is a rather set it and forget it accounts, with no minimum monthly deposit or balance, no monthly service fees, and a minimum opening deposit of only $10. The biggest perk may be that there are no ATM fees, both domestic and abroad. That’s rare among our top picks.

  • Spend and save from 0.10% -1.00%
  • No ATM fees
  • High APY
  • Clients can set their cost as from $0
  • banking services are social conscious
  • 5 ATM withdrawals for free monthly worldwide
  • 3-5% cash backs on purchases that a user makes
  • Available to only residents in the US.
  • Process of opening account is lengthy
  • $10 deposit as a minimum requirement
  • Not user-friendly, it’s limited

3. Discover Cash Back Debit

Clients get to earn $1 via Discover Cash Back Debit on every transaction to make up for monthly spending of $3000. The account contains $0 fees charged to maintain it when replacing the debit card, doing a raft of other activities, when paying bills via the system, and on outbound AHC fees. Clients can also get to access throughout the U.S. cash out in ATMs of $60,000.

The transactions made via ATM, orders done through cash purchases, and other equivalents related to money aren’t eligible for the rewards on cash backs. It also applies to P2P (Peer-to-Peer) payments, POST (point of sale transactions) cash over portions, loan payments, cash equivalents, and loan funding.

  • No charge of monthly fee
  • Earn your cashback when using the debit card to make purchases
  • Mobile apps of Discover are available
  • Doesn’t have any physical locations
  • No payment of interest

4. Chime

Chime offers no fees when you apply an online checking account. It’s uniquely termed as a spending account. If you want a bank where you can build your savings, then Chime is your best option as it will allow you to round up all the purchases of your debit card to the nearest deposited dollar in your account for savings. As a client, you can also enjoy its value of early deposits, which you can directly do and access the funds earlier within two days when you deposit a check.

  • Early direct deposit
  • Online check payments
  • Doesn’t have any hidden fees
  • Free fees on the overdrafts that range up to an amount of $100
  • Charges high fees on cash deposits
  • Doesn’t have any physical branches of the bank

5. Ally Interest Checking

Ally offers interests on its high APY on the online account for the users who maintain a minimum daily balance of $15,000. Some reprieve also gets provided to your wallet with no fees charged for the account maintenance or your checks.

  • Doesn’t charge any monthly fees on the available deposit accounts
  • Savings and CD accounts receive high rates
  • Doesn’t have any requirements on the balance
  • Full fee ATM network
  • Doesn’t have any physical locations
  • Doesn’t allow any cash deposits
  • Low rates on the accounts related to money market

6. Simple

Simple get considered one of the best apply online checking accounts with some unique offers that it provides to its clients. It offers high APY compared to the other funds used in savings, plus it doesn’t include any restrictions when it comes to transferring or withdrawing money.

This account’s uniqueness comes in its budgeting tools and the system used on saving goals that are styled as an envelope. These two options will help anyone quickly reach their financial dreams. Don’t expect to come across any fees required on maintenance in a month or a minimum balance needed like other accounts.

  • Leading checking rates of markets
  • Its mobile experience is great
  • Doesn’t include any minimum deposit when opening an account
  • Doesn’t charges any fee on monthly maintenance
  • Surcharge-free Allpoint access to the ATM network
  • Doesn’t require any paper checks
  • Lacks any physical locations
  • Surcharges made on ATM during Out-of-network is never refunded

7. Alliant High Rate Checking

You can get all the possible descent rates from Alliant marque checking accounts, which offer very competitive APYs on the monthly dividend. Requirements are considered at this bank at really modest with options given to the customer where they can opt for the e-statements related to their accounts or when they have deposits made directly once in a month.

Clients don’t get charged with any fees of maintenance during the month. $20 gets also reimbursed every month on transactions done in a month. It’s for the ATM fees of the out-of-network by a user who transacts over $80,000 for free.

  • Doesn’t include any monthly fee
  • ATM refunds
  • Interest rates are great
  • Overdraft forgiveness yearly
  • Includes Mobile apps
  • Membership requirement for credit union

8. Charles Schwab High Yield Investor Checking

Expect no fees from the offered services by Schwab High Yield Investor Checking account plus no fees required for minimum balance. ATM fees get fully refunded when the customer uses their Visa Platinum debit card even when they are abroad. There are no foreign fees on the purchase transactions made via Schwab High Yield Investor Checking debit card.

  • Fees get refunded for all ATM
  • Doesn’t include any monthly fee
  • Lacks fees for several services
  • Interest rate is lower than that of other online banks
  • A brokerage account needs to get linked to the Schwab One

9. Capital One 360 Checking

Literature gets emphasized on Capital One when it comes to Fee-free. Only a few activities get to incur a fee. Such exceptions include stop payments, bounced checks, overnight check, and credit overdrafts. $0 gets associated when opening and maintaining this account, and it competes for APY that’s low.

  • Doesn’t include any fees
  • Doesn’t include any International fees
  • Customer Service runs throughout all the days in a week
  • 40,000 ATM get accessed for free
  • Doesn’t include the best rates
  • App hasn’t gotten proved to work fully
  • Has very few local Branches

10. TIAA Bank Yield Pledge Checking

Generous introductory APY gets offered by TIAA for a year on the balances which qualify. Competitive accounts get associated with this bank, which promises 5% at the top of its terms when clients maintain it. Reimbursements are also given to an ATM fee when the customer’s account keeps $50,000 or more.

  • A limited number of physical branches
  • Higher interest rates from online-only banks found elsewhere
  • Has a limited count on its physical branches

11. Radius Rewards Checking

Table-stake perks get included I the Radius Reward Checking bank, which lacks solid contender arrays that have no fees charged for maintenance in a month. Users can get to earn cash backs of up to %1. They also enjoy worldwide free ATM fees with a two-day first payroll of direct deposits.

  • Rewards on cashback with great interest rates
  • Unlimited fee reimbursements on its ATM
  • Doesn’t have the best savings rates
  • Extended daily overdraft fees

Final Thoughts

Applying for an online checking account is a convenient and efficient way to manage your finances. Here are some final thoughts to keep in mind:

  • Research different online banks: Compare different online banks and their offerings to find the one that best meets your needs.
  • Gather necessary documentation: Make sure you have all the required documentation, such as proof of identity and proof of residency, ready before you start the application process.
  • Review and compare account terms: Carefully review the terms and conditions of each online checking account, including fees, interest rates, and account features, before making your final decision.
  • Keep personal information secure: Protect your personal information during the application process by using a secure connection and not sharing any sensitive information unless it’s required.
  • Stay organized: Keep track of the status of your application and any follow-up actions you need to take.

By following these tips, you can ensure a smooth and successful experience when applying for an online checking account.

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Frequently Asked Questions (FAQs)

Here are some frequently asked questions (FAQs) and answers about applying for an online checking account:

What documents do I need to apply for an online checking account?

The specific documents you’ll need to apply for an online checking account vary by bank, but generally, you’ll need to provide proof of identity (e.g., government-issued ID), proof of residency (e.g., utility bill), and employment and income information.

Is it safe to apply for an online checking account?

Yes, it’s safe to apply for an online checking account as long as you use a secure connection and follow the bank’s security protocols. Make sure to only enter sensitive information on a website with a secure (HTTPS) connection, and don’t share any personal information unless it’s required for the application process.

Can I still use my checkbook with an online checking account?

Yes, many online banks will provide you with a checkbook even though you are managing your account online. However, some banks may only offer digital or mobile check deposit options.

How long does it take to get approved for an online checking account?

The approval process can take several days or up to a week, depending on the bank. Once you’ve submitted your application, the bank will review it and let you know if you’ve been approved.

Can I access my online checking account from anywhere?

Yes, you can access your online checking account from anywhere with an internet connection. This allows you to manage your finances from the comfort of your own home, as well as from anywhere you have an internet connection.

What happens if I lose my debit card or it gets stolen?

If you lose your debit card or it gets stolen, you should contact your bank immediately to report the loss. Most banks offer 24/7 customer service, and many have the ability to immediately cancel the card and issue a replacement.

Will you earn any interest from your checking account?

You can earn from some accounts which helps you get to make little interest on the deposits.

Can one apply for their checking account via an online platform?

An application can be made online for the checking account, CD, IRA, or even savings account. You only need to enter your personal information and ensure you are verified with the funding options.

What Does Having a Checking Account Mean?

It means that you have a primary account in your bank, which gets to allows the owner to have easier access to money that they have. They don’t get to create any withdrawal or transaction limits.

Is a Checking Account Considered Free?

The checking accounts have varying costs. There are some which charge fees on maintenance, ATM, or overdraft, but some are entirely free of charge.