How to Open a Bank Account Online: What You Need and the Benefits

In our ever-evolving digital era, there is always something new we can do to simplify our daily lives. This usually involves using our personal devices like smartphones, tablets or laptops. Choosing a film to rent for movie night. Buying groceries. Get takeout from your favorite local restaurant.

These everyday tasks required us to leave our homes or offices to accomplish them. Now, everything can be done by simply pressing a button while relaxing at home. This is precisely how modern banking operates today.

78% of U.S. adults prefer to bank via a mobile app or website—and that number is growing each year. So, whether you are a young college student looking to begin your financial journey by establishing good habits or a busy professional searching for better ways to manage your money, banking online is always an intelligent decision for financial health. Plus, it is simple and easy.

If you have never enrolled in online banking, read ahead to learn how to open a bank account online, its benefits and what you will need to do.

What Are the Benefits of Opening a Bank Account Online?

Convenience. Ease. Financial monitoring. These are a few beneficial reasons that make online banking a great option. Let’s dive into each benefit in more detail.

• Convenient Banking: Online banking eliminates the need to visit your financial institution in person—which can be a hassle depending on your schedule, the bank’s hours or your access to transportation. Plus, it puts your financial institution within reach 24/7. With online and mobile banking, you can manage your finances wherever and whenever you need to, whether during your lunch break or while lying in bed at night.
• Fast, Easy Transactions: Whether you are depositing checks using mobile banking features, scheduling automatic bill pay, transferring funds between your personal accounts or sending and receiving money from trusted individuals, these actions and more can be done in seconds. You will also reduce your reliance on paper with eStatements, becoming friendlier toward the environment.
• Monitor Finances in Real Time: If you are on a budget or are looking for ways to tighten up your spending habits, online banking gives you quick access to your financial statements. This allows you to monitor where your money is going closely. Seacoast's online budgeting tools allow you to set budgets for each spending category and track progress toward those monthly categories. Additionally, you can monitor your accounts for suspicious activity and take early action before it becomes a costly or time-consuming headache.

How to Open an Online Savings or Checking Account

To begin this process, you will need a reliable and secure internet connection to protect your privacy. You will then need a trusted device like a laptop, smartphone or tablet to access the internet.

Yes, these may seem like a given, but always consider your privacy when enrolling for online banking to protect your data and identity. Using a VPN connection helps to create a secure environment when accessing sensitive information.

As to what you will need to open your account, every financial institution is different. However, there are some general items and pieces of information you will need to provide when you enroll for a bank account online. Let’s review some of the most common ones you will likely need to get started.

• Identification: Have an up-to-date government-issued ID such as a driver’s license or passport handy. You will also need your social security number. These will be the keys to securely verifying your identity with your bank.
• Contact Information: You must provide a phone number and functional email address as your primary channels for communication with your bank. Ensure that whichever email address you provide is one you can check frequently and view any special offers your bank may have for you as a member.
• Proof of Address: A bank must confirm where to send you direct mail when needed or determine eligibility for the account if you are required to live within the state. Utility bills, credit card bills, lease agreements or home/auto insurance policies are good options for proof of address.
• Income and Employment Details: Your income may determine your eligibility for specific accounts and services, so be prepared to provide those figures. Additionally, some banks may ask you for details about your employment to better understand your current financial situation.
• An Initial Deposit: While some banks may not require an initial deposit to set up an online account, many do. Typically, a bank might require an initial deposit of $25-100 to get your new account up and running. These deposit amounts and any fees associated with certain types of accounts for minimum balances should be considered when choosing which account type is right for you.

Now that you have reviewed the benefits of opening an online bank account and gathered all the necessary information, it's time to get started. What comes next?

1. Choose a Bank

First, you will need to choose a bank that suits your financial needs. You should consider factors such as fees and account types that fit your financial goals, whether personal or business-related. Also, do some research into customer reviews to make sure others are satisfied with the service.

Another good tip is to consider a local community bank. These banks are usually more involved with the people and businesses in your area, and you can build stronger relationships with them. Having a physical branch location nearby will also be beneficial if you ever need one.

2. Begin the Bank Account Application Process

Next, visit the bank’s website and begin the online application process. You will be asked to enter the personal information outlined in the section above and verify your identity.

Some banks may require you to upload documents or copies of your identification, so having digital copies of those available on your device could be helpful. Please ensure all your documents are clear, legible and current.

Once you have reviewed your information and double-checked that all details are correct, you will be asked to confirm and submit your application.

3. Make Minimum Opening Deposits

After you have been approved, you may need to make the minimum opening deposit, as discussed earlier.

Choose a funding source from your bank’s available options or follow their instructions to transfer funds or deposit a check to meet minimum deposit requirements.

4. Set Up Your Banking Profile

Finally, you will need to set up your online banking profile. This is where you will be asked to create a unique username and password for your login credentials—and remember, always choose a strong password and store it securely.

You can begin to familiarize yourself with all your online bank account has to offer. You can also explore ways to customize your experience and make your bank account work for your finances.

Open Your Bank Account Online Today

Opening a bank account online is an easy, straightforward process that will save you time and money and establish a convenient banking experience. Now that you are prepared with what you need to open an online bank account and its benefits, you are ready to begin your journey toward seamless financial management.

If you are ready to open a checking or savings account online today, Seacoast Bank is here to help you get started. Create your personal account or business account online now, or visit your local branch to receive personalized assistance.