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Table of Contents
How To Apply For An Online Checking Account
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.