How to Set Up a Savings Account Online
Open a new savings account online without visiting a bank branch.
Steps
- 1
Compare savings accounts
from different banks. Look at interest rates, minimum balance requirements, and monthly fees.
- 2
Choose a bank and click "Open Account"
on their website. You need your Social Security number, ID, and a funding source.
- 3
Fill out the application
with your personal information. This includes your name, address, date of birth, and employment details.
- 4
Make an initial deposit
from an existing bank account. Many banks require a minimum deposit of $5 to $100 to open.
- 5
Set up your online access
with a username and password. Download the bank's app to manage your savings on your phone.
Frequently Asked Questions
How much money do I need to open a savings account?Show
Minimum deposits range from $0 to $100 depending on the bank. Online banks often have no minimum requirement.
Are online savings accounts safe?Show
Yes, accounts at FDIC-insured banks are insured up to $250,000. Check for the FDIC logo on the bank's website.
What is a high yield savings account?Show
A high yield savings account pays a higher interest rate than a standard account. These accounts are often offered by online banks.
Can I close my account at any time?Show
Yes, savings accounts have no commitment period. You can withdraw all your money and close the account whenever you want.
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Written by the HowToDoStuff.online editorial team. Last updated .