It is possible to open a bank account online quickly and easily. It only takes a few minutes and saves you a trip to the bank. It may also be your only option if you’re creating an account with an online bank. The best online banks are FDIC-insured, provide greater interest rates than traditional brick-and-mortar banks, and charge low or no fees.
Here’s how to open an online bank account in a few simple steps:
1. Decide on the account type you want.
You must make two crucial decisions before you begin the application:
- Is it a checking account, a savings account, or something else? Determine the principal goal of this new account. If you need money to pay regular bills, create a checking account and make sure it doesn’t impose excessive fees (or that you can get them waived). If the money is going into a savings account, be sure the account has a good interest rate. In order to analyse your alternatives, think about how you’ll use this new account.
- Is it better to have a single or joint account? You are the lone owner of a single account. A joint account is one in which you share ownership with someone else, usually a family member or significant other.
Compare the terms and features of the various savings or checking accounts offered by the financial institution to find which ones work best for you.
2. Gather all of your personal documents and information ahead of time.
Here’s the paperwork you’ll need to start an online bank account. This information is also required for anyone who will be a joint account owner.
- For non-citizens, a different identification number is required.
- A valid driver’s licence or other government-issued identification is required.
- If your new account requires a deposit, you’ll also need the debit card details, as well as the routing and account numbers for another bank account you possess. These numbers can be found on a check or by accessing your existing account’s web dashboard.
3. Fill in your personal details on the application.
To open an online bank account, you’ll need to supply some personal information. Fill out the application with your personal information using a secure home internet connection or another reliable network, which will most likely include:
- Information from the items you acquired before, such as your Social Security number, identification, and debit card or bank account information.
- Date of birth
- Information on how to contact
While you may usually transmit this information via email or fax, you may be required to fax or email other papers, such as a copy of your driver’s licence, to help authenticate your identity. If you have a history of checking account troubles or a limited employment or credit history, for example, certain banks may need you to come into a branch to produce these documents.
4. Make a deposit into your online bank account.
You’ll have to make an initial deposit when you start an account online. This usually entails transferring funds from an existing account. You might be able to fund with a check or money order if your bank is entirely online. You can also deposit cash at one of your bank’s local branches if your bank has them.
Choose an amount that meets any minimum balance or starting deposit requirements once you’ve entered the transfer details. It usually takes a few days for the funds to be processed, after which you can begin managing your new account.
If you are interested to create e-banking account Malaysia, check out HongLeong Bank.