by Online Bank Account is a unique account developed for people who prefer to carry out their financial transactions completely online, without having the need to visit a bank branch.
Can I open a bank account online for free? Yes, you can easily open a bank account online without physically going to a bank. Opening a bank account online is easy and simple and can be achieved in about 5 minutes.
There may be a variety of reasons why you want to open a bank account online. Most individuals and business owners may not have the luxury of long waiting times in bank halls to do financial transactions.
In the era of cashless policies via online banking, mobile banking, digital banking and the use of credit or debit cards, opening a bank account online becomes ideal or desired.
Which banks allow you to open bank accounts online? You can open a bank account online in most national banks. Also, digital banks render all their banking services online.
How to Open a Bank Account Online Free
How can I open a bank account online for free? To open a bank account online follow the steps below:
Step 1. Choose your preferred Financial institution and account type.
Ensure the financial institution is insured, by the appropriate agency, like Federal Deposit Insurance Corporation which protects your funds if the bank fails.
The type of bank account you open online will depend on the purpose of the account. If the account is primarily for regular financial transactions then a current account will serve, on the other hand, if the purpose of the account is primarily for savings then a savings account will serve.
There are also different types of current and savings accounts with subtle differences in charges and interest rates, check with your banks for more details.
Current/savings bank accounts can be single or joint. Single accounts are solely owned by an individual while joint accounts are owned by more than one individual for example a family joint account is owned by a married couple (Joint tenancy).
Business owners and organisations will prefer to open a corporate/business account for day to day running of their financial transactions
Step 2. Get the required documents and personal information ready
To open a bank account online, the following documents should be handy
- Social security number or appropriate National Identification Number
- Valid government-issued Identity card or driver’s Licence or International passport.
Step 3. Fill in the required personal information
Visit your preferred financial institution’s online bank account page and fill in the required personal information such as Full name, Date of Birth, Gender, Address, Phone number, Email and signature.
You may be required to upload a photograph or capture your face with your device camera. Some banks may also require you to send a signed signature to the bank’s physical branch and some other documents for confirmation.
Step 4. Fund your account
Some financial institutions might require you to make an initial minimum deposit depending on the type of online bank account you open. If this is the case then you have to fund your new online account from another bank account.
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