How To Open A Bank Account

What is the best way how to open a bank account?

If you want to know how to open a bank account, the first step is to choose the best bank for you. You can compare bank accounts on Make Lemonade and find the best bank account based on your needs and preferences. Once you have selected a bank, your next step should be to open a bank account online. How to open a bank account online is a simple process. You can open a bank account online in just a few minutes and apply directly with one of our partners.

You will need to choose whether you prefer the best checking account or best saving account, depending on your needs.

Here are some considerations to determine if you need a checking account, savings account or both:

  • Purpose of Account: Is the purpose of your account to pay bills, make every day purchases and write checks? If so, then a checking account may be best. If your primary goal is to save funds for retirement or for an emergency fund, then a savings account may be best.
  • Mobile Banking: More bank transactions can be conducted online and via mobile. This may include paying bills, transferring funds and making deposits. Typically, checking accounts are used for paying bills, while both savings accounts and check accounts can handle deposits and funds transfers.
  • Direct Deposit: Do you plan to use direct deposit? You can direct deposit into a checking account or savings account.
  • Earn Interest: Do you plan to use direct deposit? You can direct deposit into a checking account or savings account.
  • Fees: Find checking accounts and savings accounts with minimal fees and ideally no monthly fee.

What do you need to open a bank account?

  1. Gather your documents: In terms of what you need to open a bank account, you will need several pieces of information, which may include:
    • Name, address, date of birth and contact information
    • Social Security Number
    • Driver’s license or other government identification
    • Employer Name and occupation

    If you open a joint account, both accountholders will need provide this information to open a bank account online.

  2. Complete an application: You can apply to open a bank account online. You can apply through Make Lemonade with one of our partner banks. It is customary for a bank to check your credit before approving your application.
  3. Sign your application: When you open a bank account online, typically you can you’re your application electronically.
  4. Minimum Deposit: You can open a bank account with no minimum deposit in many cases, but typically fund the bank account thereafter. You can typically fund a bank account with a bank wire, ACH deposit or by check.
  5. Use your bank account: Once you have funded your bank account, you are ready to start using your bank account.
  6. Set up direct deposit: You can set up direct deposit so that your paycheck is deposited directly into your bank account. Speak with your employer’s payroll department to help you enroll in direct deposit.

How do you choose the best online bank account?

When choose to open a bank account online, there are several factors to considerto find the best bank account. The best online bankaccount for you depends on what you value most – whether it’s the banking tools, mobile access or customer service.

Here are some of the essential factors to consider when selecting the right onlinebank account and bankfor you:

Bank Fees: Choose a savings account or checking account with reasonable or no fees. Most online bank accounts do not charge monthly fees.

Mobile Bank Account: If you are looking for the best bankaccount for mobile access, make sure to find the best bank who offers this flexibility. The good news is that the bankand bank account you choose likely has mobile access, since most major platforms do. Mobile banking can help you deposit, make transfers and pay bills.

Customer Service: When finding the right bank, customer service may or may not be an important criteria for you. Some investors prefer a bank to have 24/7 customer service, while others are comfortable to chat online with their bank. The good news is that most of the best banks offer comprehensive customer service, with many open for extended hours.

Account Security: The best bank accounts have secure platforms and the highest standards for online security. Secure websites (noted with the “https”) are commonplace when you choose the best online bank. Some banks even offer two-factor authentication for an extra level of security.


Best Bank Accounts For 2018

Bank
Rates (APY)

Overview

Account Minimum: $0
Monthly Service Fee: $0
Debit Card: Yes
Mobile App: Yes

Details

  • One of the oldest online banks
  • Mobile app is compatible with Apple, Android and Windows phones
  • Real-time chat support
  • Access to over 43,000 free ATMs
  • No ATM fees at AllPoint ATMs, plus $10 / month reimbursement for other ATMs

Review

Overview

Account Minimum: $0
Monthly Service Fee: $0
Debit Card: No
Mobile App: No

Details

  • No transaction fees
  • Easy electronic transfers, wire transfers or deposit by check
  • One of the leading financial services companies

Overview

Account Minimum: $0
Monthly Service Fee: Waived, if balance of at least $30
Debit Card: Yes
Mobile App: Yes

Details

  • Offers remote check deposit
  • Access to more than 2 million ATMs
  • $0 fees for Synchrony Bank ATMs, $5 monthly rebate for other ATMs
  • $0 overdraft fee
  • Hotel discounts and rental car discounts available for balances over $10,000

Overview

Account Minimum: $0
Monthly Service Fee: $0
Debit Card: Yes
Mobile App: Yes

Details

  • $5 non-sufficient funds fee (much lower than other banks)
  • No maximum monthly deposit
  • No ATM network, but ability to make electronic transfers that link to your bank account

Overview

Account Minimum: $0
Monthly Service Fee: $0
Debit Card: Yes
Mobile App: Yes

Details

  • Not-for-profit credit union that you can join by meeting membership criteria, or simply making a $10 charitable donation
  • Access to 80,000 ATMs
  • $0 ATM fees for in-network ATMS, plus $20 / month reimbursement for other ATMs
  • 24/7 phone support

Overview

Account Minimum: $0
Monthly Service Fee: $0
Debit Card: Yes
Mobile App: Yes

Details

  • Extensive ATM network
  • One of the highest yields around
  • Strong customer service

Overview

Account Minimum: $0
Monthly Service Fee: $0
Debit Card: Yes
Mobile App: Yes

Details

  • Includes automatic savings tool
  • Extensive ATM network
  • Access to service cafes in select cities
  • Ability to set and track goals to save you money

Overview

Account Minimum: $100
Monthly Service Fee: $0
Debit Card: Yes
Mobile App: Yes

Details

  • One of the highest rates
  • Free online banking

Review

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