Best US Banks Where You Can Open an Account Online in 2024
Byron Mühlberg
Guide
Monito's Managing Editor, Byron has spent several years writing extensively about financial- and migration-related topics.
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Read moreIn-person or over-the-phone application processes at US banks can be a time-consuming and inconvenient experience for many customers. To get the job done, you're often required to visit a physical branch, provide various forms of identification, and sign a stack of paperwork -- all of which can be a burden if you live far from a bank, have limited mobility, or are otherwise occupied in your day-to-day.
It should therefore come as little surprise that more people than ever before are searching for checking accounts with online applications and comparing banks where you can open an account online. And although big banks are making online-only applications increasingly more accessible, fintechs and digital banks lead the way in terms of convenience in 2024, making them a good option for most people.
This guide details eight of the best fintechs and banks with online applications in 2024, providing our assessments of each along the way.
Best Banks With Online Applications
- 01. Best account with an online application — Revolut
- 02. 2nd best account with an online application — Chime
- 03. 3rd best account with an online application — Capital One
- 04. 4th best account with an online application — Juno
- 05. 5th best account with an online application — Current
- 06. 6th best account with an online application — Wise
- 07. 7th best account with an online application — Majority
- 08. FAQ about online banking
What Makes Online Applications Easier
Before we dive into the rankings, let's go over why online application processes are a great way to open a checking account in the US in 2024 . Simply put, the ease of opening a new bank account hinges on two things:
- Ease of application: The how of opening a bank account. Online applications are far more accessible than in-person ones. It allows you to submit documents, sign contracts, and fill out your information without leaving your home or work.
- Speed of verification: Once you've applied for a bank account, your application is not guaranteed to be approved. (That being said, if you're eligible to open the account you're applying for, have all your documents in order, and aren't a fugitive, your application will probably be approved!) Verification speed varies dramatically from bank to bank, but many online applications are streamlined or even automated, meaning they can take just minutes, whereas in-person applications can take days or weeks.
In addition, other factors such as credit checks and payment of a minimum deposit are more easily organised online than in-person. In the rankings below, we've provided broad information about the ease of application and verification speed for various banks and fintech providers to help you decide which bank account might be easiest to open for you.
So, without further ado, here are our rankings for the eight best accounts that you can open online in 2024:
Revolut
Account | |
---|---|
Time to apply | 5 minutes |
Time to verify | 1-3 business days |
Credit check | None |
Documents needed |
|
Minimum deposit | $0.00 |
UK-based neobank giant Revolut is growing increasingly popular in the US. Revolut offers a mobile checking account and debit card in partnership with Metropolitan Commercial Bank and its savings and APY with Sutton Bank (making it fully FDIC-insured). On top of a host of banking features like early direct deposit, free ATM withdrawals or an interest-earning savings account, Revolut also offers many internationally-oriented features, like ten free foreign transfers a month, free foreign exchange up to $1,000 a month, and the ability to hold a balance in foreign currencies, making it a good choice for those who frequently travel abroad.
For more information, see our Revolut review or visit their website.
Chime
Account | |
---|---|
Time to apply | 2 minutes |
Time to verify | 1-2 business days |
Credit check | None |
Information required |
|
Minimum deposit | $0.00 |
Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
Founded in 2013, Chime® is one of the most popular mobile financial apps and debit cards in the US, as its 12 million customers can attest. You can open an account online through Chime in just two minutes with no credit check or minimum balance.
Once you're signed up, Chime will charge you no monthly fees¹ and give you a panel of features, including overdraft on debit card purchases and cash withdrawals⁵ offered via a special optional service called SpotMe®.
Chime also provides free in-network ATM withdrawals¹ and offers APY of 2.00% via its Chime Savings Account³ (to open this, you need to have opened a Chime Checking Account). There are a few downsides, most notably the fact that you won't be able to send or receive wire transfers, and you can pay a lot in fees if you need to add cash to the app. On the whole, though, Chime offers simple online checking that's well-liked by its users, and if you're looking for a mobile financial app and you don't need an extensive list of features, we believe that Chime is probably the best choice you could make.
To learn more, see our Chime review or visit their website.
Capital One
Account | |
---|---|
Time to apply | 5 minutes |
Time to verify | 1-3 business days |
Credit check | None |
Information needed |
|
Minimum deposit | $0.00 |
Exceedingly cheap to use — even when travelling abroad — and offering solid functionality with the peace of mind afforded by a reputable financial institution, Capital One's 360 Checking Account is one of the best bank accounts to open online for US residents. What's more, the application process is quick and can be done entirely online.
For more information, see our Capital One review or visit their website.
Juno
Account | |
---|---|
Time to apply | 5 minutes |
Time to verify | Minutes |
Credit check | None |
Required documents |
|
Minimum deposit | $0.00 |
Juno is a checking account and a debit card available either as a virtual MasterCard or a metal physical card — as long as you set up at least $500 a month in direct deposits. The account is cheap to use domestically and internationally, with no monthly cost and almost no fees, even for out-of-network ATM withdrawals. As a nice bonus, it offers a cashback of 5% on five brands of your choosing and access to a crypto wallet.
To learn more, see our Juno review or visit their website.
Current
Account | |
---|---|
Time to apply | 2 minutes |
Time to verify | 1-5 business days |
Credit check | None |
Required information |
|
Minimum deposit | $0.00 |
Current’s checking account doesn’t have as much functionality as some other banks in this ranking, so if you’re looking to make use of its premium features, it might be worth weighing other options before subscribing to the paid plan, especially if their rewards program doesn’t seem to offer much in your area. There’s one area where we think Current as the edge, however: if you’re looking to open a monitored account for your teens, they’re one of the better options.
See our Current review or visit their website to learn more.
Wise
Account | |
---|---|
Time to apply | 10 minutes |
Time to verify | 2 business days |
Credit check | None |
Required documents |
|
Minimum deposit | $0.00 |
You might be familiar with Wise if you often need to send or receive money abroad. Formerly known as TransferWise, this UK-based fintech made its name by enabling cheap and fast international money transfers, bypassing traditional SWIFT transfers — which makes it a frequently featured player in Monito’s comparison engine!
Aside from its money transfer product, Wise also offers a multi-currency account, which comes with a debit MasterCard. Its main feature is that it allows you to hold money in more than 50 currencies and gives you account details for 10 of them, including USD, EUR or GBP (though note that you will have to pay a small fee actually to exchange money).
To learn more, read our Wise Account review or visit their website.
Majority
Account | |
---|---|
Time to apply | 5 minutes |
Time to verify | 1-3 business days |
Credit check | None |
Information required |
|
Minimum deposit | $0.00 |
Focused on immigrants and newcomers, Majority is a secure digital banking platform that offers multi-lingual support to its international clients and a powerful mobile app with international calling features to help them connect with family back home and low-cost international transfers.
A great option for residents in the United States and those who get paid in US dollars, Majority is a debit card and current account for foreigners that we recommend, especially for newcomers and those with family living abroad.
For more information, see our Majority review or visit their website.
FAQ About Online Banking
💻 What online bank should I use?
If you're from the US, we recommend Revolut as the best online bank account overall. It gives you low fees across the board and a panel of features, including local US bank details to receive payments and a low bar to entry. It also provide excellent foreign exchange services, although frequent ATM withdrawals can become pricey.
🖱 What is the easiest bank account to open online?
In general, we think Chime is the easiest bank account to open online. It gives you a mobile financial app and debit card within normally two days— with a two-minute application process and no credit check!
✅ What is the easiest bank account to get approved for?
There's no clear easiest bank account to get approved for. With any bank account you apply for, in theory, your application could be rejected. However, if you're looking for an account in which verification takes place quickly, we recommend Current, the verification process of which is automatic and normally completed in mere seconds!
🛂 Can I open a bank account if I am an illegal alien?
Although it's difficult, opening a bank account in the US as an undocumented immigrant is possible. Find out how in our dedicated explainer here.
💵 What bank is the easiest to open a checking account?
In general, we think Chime is the easiest bank account to open online. It gives you a mobile financial app and debit card within normally two days— with a two-minute application process and no credit check!
💸 Can I open a bank account without money?
Yes, it's normally possible to open a bank account without money. Many US banks require a minimum deposit of around $25 to $100 to open a checking account, but some (especially online banks) don't require any minimum initial deposit at all. Take a look at our list of the easiest bank accounts to open online to find out more!
🏬 Which is the easiest bank to open a business account?
In general (and especially if your business has international customers or clients), we think Wise Business is the easiest business bank account to open. Opening takes place entirely online and requires basic information about your company (such as registration, location, industry, ownership, etc.) and personal information about yourself as the account holder.
Disclaimers
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
¹ Out-of-network ATM withdrawal and over-the-counter advance fees may apply. See here for details.
² To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
³ The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change anytime. The disclosed APY is effective as of September 20, 2023. No minimum balance is required. Must have $0.01 in savings to earn interest.
⁴ On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary.
⁵ SpotMe® on Credit is an optional, no-interest/no-fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Credit Builder Account. SpotMe on Debit is an optional, no-fee overdraft service attached to the Chime Checking Account available to qualifying members after Visa debit card activation. Both SpotMe on Credit and SpotMe on Debit are sometimes collectively referred to as "SpotMe" or, if you have signed up to use SpotMe with only one account, "SpotMe" means the elected service. To qualify for SpotMe, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account monthly. Qualifying members will be allowed to overdraw their Chime Checking Account and/or Secured Deposit Account (associated with your Chime Credit Builder credit card) up to $20 but may be later eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe Debit Terms and Conditions and SpotMe on Credit Terms and Conditions.
Check Out Our Other Online Banking Guides
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