Open Savings Accounts Online
The easiest way to bank on the Internet is to open a savings account online. You’ll get your first account open, and from there you can add additional accounts and services. First, you need to choose an online bank. If online banking is completely new to you, learn about the basics and risks.
Choosing a Bank
You can't go wrong with most of the big online banks. You’ll get a competitive return on your money, the websites are easy enough to use, and they're probably FDIC insured. To find out where it might be best to open a savings account online, read reviews and learn more about each bank’s offering.
The best bank is the one that does what you need. Perhaps all you want is a high return (APY) on your savings deposits, but you may need additional services. Do you want to buy CDs? Is online bill pay important to you? Before you open a savings account online, hunt for the bank that is best at doing what you need.The Process
It is fairly easy to open a savings account online. You should expect to spend 10 to 15 minutes. Visit the bank's website and click the links to open an account.
You’ll need to provide your personal information such as SSN and address. Don't worry - online banking is safe as long as you follow basic computer security practices. They're required to verify your identity, so keep your driver's license or other government issued ID handy. It's also a good idea to have a check from your brick-and-mortar bank available so you can set up a link between the banks if you want to transfer money back and forth (sometimes this is required, and it's the only way to access your funds).
Make sure you read the agreements carefully. Pay attention to how many transfers you can make per month, overdraft policies, hold times, and fee schedules.
