{"id":14743,"date":"2026-01-16T07:45:00","date_gmt":"2026-01-16T13:45:00","guid":{"rendered":"https:\/\/www.discover.com\/online-banking\/banking-topics\/?p=14743"},"modified":"2026-02-06T13:39:19","modified_gmt":"2026-02-06T19:39:19","slug":"how-to-open-an-online-savings-account","status":"publish","type":"post","link":"https:\/\/www.discover.com\/online-banking\/banking-topics\/how-to-open-an-online-savings-account\/","title":{"rendered":"How to open a savings account online"},"content":{"rendered":"\n

Maggie Germano, a financial coach based in Washington, D.C., switched to an online savings account<\/a> several years ago.<\/p>\n\n\n\n

\u201cI had been using a brick-and-mortar bank my whole life, and didn\u2019t have much to show for it,\u201d Germano says. The interest from her branch-based savings account was accruing ever so slowly, and an occasional fee would wipe everything out.<\/p>\n\n\n\n

Knowing that online accounts may have a higher interest rate than traditional savings accounts, Germano looked into online-only accounts as a way to boost her savings income. She\u2019s now an advocate for online banking and recommends her clients make the switch as well.<\/p>\n\n\n\n

\u201cThey can have fewer fees and more interest returns,\u201d she says. \u201cIt\u2019s definitely the way to go.\u201d<\/p>\n\n\n\n

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Opening an online savings account is a little different than walking into a bank branch to open an account, but the entire application can be quick and easy to complete. Phew. If this is your first go and you\u2019re unsure of how to open an online savings account, the following five steps can help guide you through the process:<\/p>\n\n\n\n

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  1. Fill out the application.<\/strong> The application may ask for personal identifying and contact information, including your name, date of birth, address, phone number, email address, and tax identification number (such as a Social Security number).<\/li>\n\n\n\n
  2. Choose your account type. <\/strong>When opening a savings account online, you may have the option of an individual account or a joint account. If you choose a joint account, (perhaps you want to share one with a family member), you\u2019ll need to enter the personal information of each account holder. Research the implications of opening a joint account<\/a>, as the agreement could open up each account holder to new financial risks.<\/li>\n\n\n\n
  3. Designate beneficiaries. <\/strong>If you open a savings account online, you can also choose who will receive the money from your account in the event you pass away. Justin Chidester, a financial planner based in Logan, Utah, says that with joint accounts, the account may automatically transfer to the joint account holder.<\/li>\n\n\n\n
  4. Fund the account.<\/strong> If the savings account has a minimum deposit requirement, you\u2019ll need to deposit at least that much money by initiating a bank transfer, sending or depositing a check, or using a wire transfer. Not all banks require a minimum deposit, and with those that do, you may be able to fund the account after you complete your application.<\/li>\n\n\n\n
  5. Set up your login information.<\/strong> If you haven\u2019t already done so, you\u2019ll need to create a username and password for your account. To help keep your personal information secure, try to choose a long password that has a mix of letters, numbers, and special characters, and that you don\u2019t use for other accounts.<\/li>\n<\/ol>\n\n\n\n

    If you have questions about how to open an online savings account, you may be able to call, chat, or email a bank\u2019s representative for help.<\/p>\n\n\n<\/div>\n\n\n

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    \u201cWith most online savings accounts, it doesn\u2019t matter if you have $1 or $100,000, they won\u2019t charge a fee for not maintaining a minimum balance. You won\u2019t find arbitrary \u2018maintenance\u2019 fees either because your online account is low maintenance.\u201d<\/p>\n