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    3 min read 5 stepsMay 3, 2026Verified May 2026

    How to Open a Savings Account Online

    Opening a savings account online takes about 10 minutes and can earn you significantly more interest than a traditional bank account.

    At a Glance

    Category
    Online Banking
    Difficulty
    Beginner
    Read Time
    3 min read
    Steps
    5
    Topics covered
    savings account
    open account
    online bank
    interest

    In this guide (5 steps):

    1. 1.Compare options and choose a bank
    2. 2.Go to the bank's official website
    3. 3.Fill out the application
    4. 4.Fund the account
    5. 5.Set up your online access and track interest
    1

    Compare options and choose a bank

    ~20s
    Visit bankrate.com or nerdwallet.com — both are reliable comparison sites — and search "best high-yield savings accounts." Look for: FDIC insured, no monthly fees, no minimum balance requirements, and a current APY (Annual Percentage Yield — the interest rate expressed as a yearly percentage) above 4%. As of early 2026, several banks still offer rates in that range.
    2

    Go to the bank's official website

    ~15s
    Once you choose a bank, type its website address directly into your browser. For example: ally.com or marcus.com. Look for "Open an Account" or "Open a Savings Account" on the homepage. Click it.
    3

    Fill out the application

    ~25s
    You will be asked for: your legal name and address, date of birth, Social Security Number (required by federal law for identity verification), a government-issued ID number, and your email address and phone number. This information is transmitted securely and used only to verify your identity.

    Warning

    Only provide this information on the bank's official website (look for the lock icon and "https://" in the address bar). Never provide your SSN in response to an email or pop-up ad.

    4

    Fund the account

    ~15s
    After your application is approved (usually instantly or within 1-2 business days), you will be asked to make an initial deposit. You can transfer money electronically from your existing checking account by providing that account's routing and account number. The transfer usually takes 1-3 business days.
    5

    Set up your online access and track interest

    ~24s
    Create a username and password for the new account and log in to verify everything looks right. Check back monthly to see the interest credited to your account. The interest you earn is taxable income. You will receive a 1099-INT form from the bank in January for tax filing.

    Quick Tip

    Quick Tip: Set up a recurring monthly transfer from your checking account (even $25 or $50) to build your savings automatically.

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    A savings account is a bank account designed for money you want to keep safe and earn interest on, rather than spending day to day. Unlike your checking account, a savings account usually has limits on how many withdrawals you can make per month. But it earns interest — meaning the bank pays you a small percentage of your balance each month for keeping money there.

    Online banks (banks that operate without physical branches) often offer a lot higher interest rates than traditional brick-and-mortar banks. While a traditional bank might pay 0.01% to 0.10% per year, high-yield savings accounts at online banks may pay 4% to 5% annually. On $10,000, that difference is between $10 and $500 per year in interest.

    Some well-known and FDIC-insured online banks offering high-yield savings include: Ally Bank (ally.com), Marcus by Goldman Sachs (marcus.com), and Discover Bank (discover.com/online-banking/savings). All are legitimate, FDIC-insured institutions. Before opening at any online bank, verify the FDIC insurance at bankfind.fdic.gov.

    You will need your Social Security Number, a government-issued ID (driver's license or passport), your current address, and your existing checking account information to fund the new account. The application takes about 10 minutes. Most require a small opening deposit ($0-$100).

    (Source: FDIC, fdic.gov/consumer-resource-center/fdic-consumer-news)

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