What is the best way to open an online bank account?

Opening an online bank account

Opening an online bank account is a straightforward process. Consumers who already have an account with a traditional bank can often simply log onto the bank’s website and fill out the forms presented ro them with appropriate account information and personal details. Check with your current bank to find out if online banking is an option, and, if so, if there are any limitations.

The process is similar for an online-only bank. However, to start a new account, these banks require an initial deposit, usually mailed or transferred from another account.

In a traditional brick and mortar bank, consumers go to the teller or ATM to make occasional deposits or do things like get a bank check, but these are not possible with an Internet-only bank account. Find out how to do these things before signing up for an account with a virtual bank.

Once the account is active and online access is available, it’s possible to sign up for the online services the bank offers, such as setting up online bill payments; setting up an electronic bills with companies that offer that service, usually utility companies; setting up e-mail alerts for specific account activities; emailed notice of account statements to replace paper statements; and images of cancelled checks.