Easiest Bank Accounts to Open Online [2024]: Instant Approval

Today, opening a bank account online is easier than ever. Many financial institutions allow you to open an account without an opening deposit and don’t require you to maintain a certain balance amount. Some don’t even need to look at your credit and banking history before letting you open an account.

The financial institutions we recommend with the easiest bank accounts to open online include Discover® Bank, SoFi, U.S. Bank, and Bank of America. We especially like how Discover and SoFi stand out from the crowd with their focus on online and mobile banking.

Here are our recommendations for the easiest bank account to open online.

Featured Checking Account

Key takeaways

• Most of the easiest bank accounts to open online don’t require an initial deposit.
• We like the ease and speed of opening a Discover® Cashback Debit Account online. The application process typically takes a few minutes, and a physical debit card arrives in the mail within 10 business days.
• Opening a bank account online is faster if no credit check is needed for approval.
• The easiest bank accounts to open online have no monthly fees or minimum balance requirements and enable you to get paid up to two days early with direct deposits.
• Banks that charge monthly fees for accounts usually offer ways to waive those fees if you meet specific criteria.

What are the easiest bank accounts to open online?

Bank	Best for	Time to apply	Monthly fees	Minimum opening deposit
Discover	Getting cash back on purchases	About 5 minutes	$0	$0
SoFi Checking and Savings	High APY	About 5 minutes	$0	$0
U.S. Bank	Easy-to-use mobile app	About 5 minutes	$6.95	$25
Truist	No overdraft fees	About 10 minutes	$12 (can be waived)1	$50
Bank of America	Flexible banking	About 10 minutes	$0 or $12	$1002
Chime3	Bad credit	Under 5 minutes	$04	$0
Chase	Higher balances	About 10-15 minutes	$12	$0
Current	Debit card rewards	About 5 minutes	$0 in balance fees	$0
Ally	Earning interest	About 5 minutes	$0	$0
Albert	Investing	About 10-15 minutes	$14.99 (Genius subscription)	$0
Capital One	Overall	About 5 minutes	$0	$0
Wells Fargo	College students	About 5 minutes	$10	$25
Axos	Rewards checking	About 5 minutes	$0	None on most checking and savings accounts (certain balances required for others)
Wise	Multi-currency usage	About 5 minutes	Varies depending on where money is being transferred	$0
Majority	Immigrants to the U.S.	About 5 minutes	$5.99	$0
Revolut	Travelers	About 5 minutes	$0, $9.99, or $16.99 depending on the plan	$0

Discover: Best for getting cash back on purchases

Overview

With a Discover® Cashback Debit Account, you’ll earn 1% cash back on debit card purchases up to $3,000 each month. Opening a Cashback Debit account is easy to do online. There’s no initial deposit required to open the account, and your application won’t impact your credit score. However, you must deposit money into the account within 45 days of opening it, or else it will be closed.

Account features

• There are no monthly fees, minimum balance requirements, or fees for insufficient funds or overdrafts.
• With direct deposit set up, you can get your paycheck deposit up to two days early.
• You can access your money for no cost at over 60,000 fee-free ATMs/
• Cash deposits into your Discover accounts can be made at any Walmart location (minimum of $20).
• Discover is FDIC insured.

How to open an account

1. Desktop: Look for the “Open an Account” buttons on the Discover website.
2. Mobile app: Log into the Discover app and follow the prompts to open a new account.

Visit Discover

SoFi Checking and Savings: Best for high APY

Overview

SoFi's Checking and Savings account offers a seamless and user-friendly online banking experience. SoFi charges no account fees, which include no overdraft fees, no fees to open an account, and no ATM withdrawal fees if you use one of the 55,000+ Allpoint ATMs worldwide.

Account features

• There is no minimum balance required to qualify for the 4.60% APY.⁶
• You have fee-free overdraft protection with a minimum $1,000 monthly direct deposit.

• You will earn a higher APY on savings balances with direct deposit (no minimum amount required). Without direct deposit, you'll earn 1.20% (as of Dec. 12, 2023) on your savings balance.

• SoFi is FDIC insured.

• Direct deposit bonus of up to $300: It starts when SoFi receives your first qualifying direct deposit and runs for 25 days after that. If you have $1,000 to $4,999.99 in qualifying deposits, you earn $50. If you have $5,000 or more in qualifying direct deposits, you can earn the maximum bonus of $300. To qualify for this offer, apply for an account and submit at least one direct deposit with SoFi before June 30, 2024.

How to open an account

1. Desktop: Look for the “Open an Account” buttons on the SoFi website.
2. Mobile app: Download the SoFi app and follow the prompts.

Visit SoFi | SoFi review

U.S. Bank: Best mobile app

Overview

U.S. Bank’s Bank Smartly Checking account can be set up quickly online, with its application taking only five minutes. It also offers specific perks for military members, including being automatically enrolled in the U.S. Bank Smart Rewards Plus tier and waiving the $6.95 monthly maintenance fee.

The monthly maintenance fee is also waived for customers aged 17 and under. The fee can also be dropped if you have monthly direct deposits totaling $1,000 or maintain a minimum balance of $1,500.

Account features 

• Overdraft protection: Fees for overdrafts of $50 or less are waived.
• Overdraft Fee Forgiven program: Fees for overdrafts that exceed $50 are waived if your available balance is at least $0 by 11 p.m. ET.
• U.S. Bank is FDIC insured.

How to open an account

1. Desktop: Look for the “Open an Account” buttons on the U.S. Bank website.
2. Mobile app: Download the U.S. Bank app and follow the prompts.

Visit U.S. Bank | U.S. Bank review

Truist: Best for no overdraft fees

Overview

Truist One Checking doesn’t charge any overdraft fees, and its $100 Negative Balance Buffer can give your account an extra cushion of up to $100 for unexpected charges.⁹

You have to pay a $12 monthly maintenance fee unless you meet one of five requirements to waive the fee. That includes maintaining a combined monthly average balance of $500 or more across eligible Truist accounts or making $500 or more in total qualifying direct deposits per statement cycle.

Account features 

• With the Truist mobile app, you can send money with Zelle, pay bills online, and set up customized alerts to better manage your accounts.
• The Truist One Checking account has no overdraft fees.
• Truist is FDIC insured.

How to open an account

1. Desktop: Look for the “Open an account online” buttons on the Truist website and follow the prompts.
2. Mobile app: You can open a new account by downloading the Truist app and following the prompts.

Visit Truist

Bank of America: Best for flexible banking

Overview

The Bank of America Advantage Plus Banking® account gives you the flexibility to make purchases using a variety of payment methods. And it’s easy to set up an Advantage Plus Banking account online. This account does charge a $12 monthly maintenance fee, but you can avoid it if you meet certain requirements:

• You’re a Bank of America Preferred Rewards® member
• You have at least one qualifying direct deposit of $250 or more
• You maintain a minimum daily account balance of $1,500 or more

Account features

• You can use your debit card, digital wallet, or Zelle for transactions.
• Bank of America currently has a $200 bonus offer for new checking customers. To qualify, open a new Bank of America Advantage Banking account by 5/31/24 using the code ‘TWA200CIS’ and set up and receive Qualifying Direct Deposits totaling $2,000 or more into that account within 90 days of opening. Additional terms apply. See offer page for more details.
• Bank of America is FDIC insured.
  

How to open an account

1. Online: Look for the “Open Account” buttons on the Bank of America website.
2. Mobile app: Download the Bank of America app and follow the prompts to open a new account.
   

Visit Bank of America

Chime®: Best for bad credit

Overview

Chime isn’t a bank but a fintech company with the motto, “We want to profit with our members, not from them.”³In line with that motto, Chime doesn’t charge overdraft fees, monthly service fees, foreign transaction fees, or have minimum balance requirements.⁴

Account features

• You can deposit cash into your account for free at over 8,500 Walgreens locations or for a fee at 75,000 retail locations like Walmart, CVS, and 7-Eleven.¹³¹²
• You can use the Chime app for mobile deposits.¹⁴
• No initial deposit or credit check is needed to open an account.
  
• Chime offers a high-yield savings account with a 2.00% (as of Oct. 25, 2023) APY.¹⁵ It can’t be opened without a Chime Checking account.¹⁶
• Chime is a financial technology company, but accounts you open through Chime are FDIC-insured through Chime’s partner banks, The Bancorp Bank and Stride Bank.

How to open an account

1. Online: Visit Chime’s website and click on "Get started" to open an account.
2. Mobile app: Download the Chime app and follow the steps to open an account.

Visit Chime | Chime review

Chase: Best for higher balances

Overview

Chase Total Checking is the bank’s most popular account. Chase Total Checking has a monthly service fee of $12, but this fee is waived if you have electronic deposits totaling $500 each monthly statement period, a daily balance of $1,500, or an average beginning-day balance of $5,000 on all your Chase checking and savings accounts.

While many of the best online banks enable you to get your paycheck two days early with direct deposit, this service isn’t available with Chase Total Checking. Only Chase Secure Checking accounts offer this service.

Account features

• Chase Total Checking includes Overdraft Assist, with no overdraft fee if you are overdrawn by $50 or less. If you’re overdrawn by more than $50, Chase gives you one business day to get your account to overdrawn by $50 or less to avoid the $34 overdraft fee.
• No minimum deposit is required to open an account.
• Chase is FDIC insured.

How to open an account

1. Online: Look for the “Open an Account” buttons on the Chase website.
2. Mobile app: First, enroll at chase.com. After that, you can download the mobile app and sign in to get started.

Visit Chase | Read our Chase Total Checking review

Current: Best for debit card rewards

Overview

Current²⁰ is a financial technology company that charges no monthly balance fees and includes a rewards debit card via its Spend account. Its rewards program has 14,000 participating merchants, and you could earn up to 7X the points when you use your card at these retailers.¹⁹

Account features

• Current will remove those pesky holds gas stations put on your account to ensure they receive payment. This means your money isn't tied up as it is when you use most debit cards at the pump.
• Current provides insights into your spending habits so you can better budget.
• You can access your funds with no fees at any ATM in the Allpoint ATM network.²¹
• Current’s banking partners, Choice Financial Group and Cross River Bank, are both FDIC insured.

How to open an account

1. Online: Look for the “Get started” buttons on the Current website.
2. Mobile app: Log into the Current app and follow the prompts to open a new account.

Visit Current | Read our full Current review

Ally: Best for earning interest

Overview

Opening a bank account online with Ally is easy, and no initial deposit is required to get started. Ally doesn’t charge monthly or overdraft fees and has no minimum balance requirements. However, Ally falls short if you want to deposit cash or visit the bank in person. It is an entirely online bank with no physical locations, and it also doesn’t support cash deposits.

Account features

• With its Overdraft Transfer Service, funds for overdraft transactions will be transferred from your Ally Bank Savings or Money Market account for no fee. 
• Ally’s CoverDraft service also provides up to $250 in temporary relief if you accidentally overspend.
•  Ally checking accounts (called spending accounts) earn interest at 0.25% (as of Sep. 18, 2023) APY, well above the average interest earned on checking accounts from other banks.
  
• Ally savings accounts earn an impressive 4.35% (as of Feb. 8, 2024) APY.
• Ally also doesn’t charge for standard checks.
• Ally is an FDIC-insured bank.

How to open an account

1. Online: Look for the “Get started” buttons on the Ally website.
2. Mobile app: Log into the Ally app and follow the prompts to open a new account.

Read our Ally Online Savings review

Albert: Best for investing

Overview

Albert is not a bank, it’s a financial services company that offers bank accounts through its partnership with Sutton Bank. While it does offer a checking account and savings account, many of the services provided by Albert require a Genius subscription, which costs $14.99 a month.

You don’t need a Genius subscription to use Albert Cash. However, without it, you lose many of the services Albert provides, such as investing, cash-back rewards, and free in-network ATM withdrawals.

Account features

• There is an automatic free 30-day trial subscription for Albert Genius when you first sign up for an Albert Cash (checking) account.
  
• Albert Genius comes with investing tools like hundreds of stocks and funds to choose from, automatic investments, and Genius guidance.
• Albert account holders have FDIC insurance through its partner banks, Sutton Bank, Coastal Community Bank, Axos Bank, and Wells Fargo.

How to open an account

1. Online: Look for the “Join today” buttons on the Albert website.
2. Mobile app: Log into the Albert app and follow the prompts to open a new account.

Visit Albert

Capital One: Best overall

Overview

There aren’t many drawbacks to banking with Capital One. We think Capital One is the best overall bank for ease in opening an account because you can open an account with no initial deposit, and there are no monthly maintenance fees, no overdraft fees, no foreign transaction fees, and no minimum balance requirements. You’ll just need to make a deposit within 60 days of opening the account to prevent it from closing.

Account features

• Through Capital One and Allpoint, you’ll have access to over 70,000 fee-free ATMs. Capital One won’t charge you for transactions at out-of-network ATMs (although the ATM owner may still charge fees).
• The 360 Checking account earns a variable interest of 0.10% (as of Jan. 10, 2024) APY.
• The 360 Performance Savings offers a variable rate of 4.35% (as of Mar. 4, 2024) APY.
• You can opt-in for no-fee overdraft protection or link an eligible savings account to your checking account to cover overdraft transactions at no charge.
• Capital One is FDIC insured.

How to open an account

1. Online: Look for the “Open Account” buttons on the Capital One website.
2. Mobile app: Log in to the Capital One app and explore the option to open a new account.

Visit Capital One | Read our Capital One 360 review

Wells Fargo: Best for college students

Overview

Wells Fargo offers four different checking accounts, but its most popular is its Everyday Checking. If you are 18 or older, you can open an Everyday Checking account online with just a $25 deposit, and if you keep the daily minimum balance of that account at $500 or more, you won’t have to pay a $10 monthly service fee.

Account features

• The monthly service fee can also be waived if you are between the ages of 17 and 24, you link a Wells Fargo Campus ATM Card or Campus Debit Card to the account, or you have $500 or more in total direct deposits.
• The Everyday Checking account has optional overdraft protection if you want it. However, it will cost you a $35 overdraft fee. To avoid this fee, the bank’s Extra Day Grace Period gives you an extra day to deposit funds in your overdrawn account.
• You can get paid up to two days early with direct deposit.
• Wells Fargo is an FDIC-insured bank.

How to open an account

1. Online: Look for the “Open now” buttons on the Wells Fargo website.
2. Mobile app: Enroll or log in to the app and select the option to open a new account.

Visit Wells Fargo

Axos: Best for rewards checking

Overview

Axos stands out for its rewards-focused checking accounts. It offers three online checking options: one for frequent direct deposits, one meant for high balances, and one for frequent debit card users. All three accounts have no monthly fees, but their rewards and features vary.

Account features

• Axos Rewards Checking offers up to 3.30% APY.
• Axos Cashback Checking offers up to 1.00% (as of Mar. 6, 2024) cash back.
• High-Yield Savings with an APY of 0.61% (as of Mar. 6, 2024): While not as impressive as the checking accounts, it’s still a solid choice for saving. You’ll need to deposit $250 to open the account.
• Axos is FDIC insured.
  

How to open an account

1. Online: Look for the “Open My Account” buttons on the Axos website.
2. Mobile app: Enroll or log into your account, and then explore the app for options to open new account types.

Visit Axos | Read our full Axos review

Wise: Best for multi-currency usage

Overview

Wise stands out because it focuses on facilitating currency exchange and cross-border transactions. Rather than limiting you to USD, Wise lets you work with a wide range of currencies.

Account features

• You can view all of your different currencies via one Wise account, allowing you to see your spending and balances across multiple currencies. 
• Currently, Wise supports over 50 currencies.
• If you opt into earning interest in your Wise account, your funds are eligible for FDIC pass-through insurance at the banks where your money is held. If you don’t choose to earn interest, your funds are not FDIC insured.

How to open an account

1. Online: Look for “Open an Account” buttons on the Wise website.
2. Mobile app: Log in to the app and explore the option to open a new account.

Visit Wise

Majority: Best for immigrants to the U.S.

Overview

Majority focuses on a key group of people who many banks don’t necessarily consider: immigrants. For a $5.99 per month fee, you’ll get access to a spending account, a debit card, and, uniquely, free international calling through the app.

Account features

• Majority offers a personal advisor who can answer financial questions. 
• You won’t have to meet any monthly account balance or pay an opening deposit.
• There are in-person meetup spaces in Florida (Miami, Hialeah, and Orlando) and Texas (Houston and Laredo), where you can open an account and meet other Majority members. 
• Majority’s banking partner, Axiom Bank, is insured by the FDIC.

How to open an account

1. Online: Look for the “Get started” buttons on the Majority website and follow the prompts.
2. Mobile app: Download the mobile app and follow the prompts to open an account.

Visit Majority

Revolut: Best for travelers

Overview

Revolut supports over 150 countries and lets you send and receive money in over 70 different currencies, making it the perfect choice for travelers, immigrants, dual citizens, or those who work with international clients.

Account features

• A debit card that can be used in over 150 countries.
• Manage your card via the app, where you can freeze it and create spending limits for yourself.²⁴ For most premium features, you’ll have to upgrade to the $9.99 per month plan or the $16.99 per month plan.
• Revolut’s partner banks are insured by the FDIC.

How to open an account

1. Online: You can only open an account through the mobile app. A QR code is available when you click “Get the app” on the Revolut website.
2. Mobile app: You can open a new account by downloading the Revolut app and following the prompts.

Visit Revolut

Another option to consider

How to choose an easy bank account to open online

Many bank accounts are easy to open these days, taking just minutes to apply for and set up your account. But there are other features the best banks offer that make them strong contenders. When choosing a financial institution, look for one that offers:

No fees No minimum balance requirements An easy online banking and mobile experience Overdraft protection	Strong security and insurance A large ATM network High-yield interest rates Early payday for direct deposit

FAQ about bank accounts to open online

Bottom line

As more online banks enter the marketplace, it gets easier and easier to open a bank account without ever stepping foot into a branch. Many of these banks or financial companies allow you to open an account with no initial deposit.

The best bank accounts to open online are those that require little to no initial deposits, don’t charge monthly fees (or offer ways to waive the fees), enable you to get paid early with direct deposit, and have no minimum balance requirements. Features like overdraft protection, no foreign transaction fees, and interest-earning checking accounts are added benefits.

Of the 15 financial institutions we looked at for this article, the best and easiest bank accounts to open online are Discover and SoFi. As online banks, these financial institutions stand out because they're easy to use from just about anywhere. And without the overhead costs of brick-and-mortar locations, you have fewer fees to worry about.

Easy bank accounts to open online

Discover Bank of America U.S. Bank Chime Chase Current SoFi Checking and Savings Ally	Albert Capital One Wells Fargo Axos Wise Majority Revolut

Methodology

The banks we chose for our list of bank accounts that are easy to open online may be current or past FinanceBuzz partners. This list is not reflective of all banks in the market. When evaluating these companies, we considered factors such as the application process, monthly fees, minimum opening deposit, and more.