Opening a Checking Account in 2025

Q: What do you need to open a checking account?

To open a checking account, you'll generally need a government-issued ID (e.g., passport or driver’s license), proof of address (such as a utility bill), and your Social Security number or Taxpayer Identification Number. Some banks may also ask for an initial deposit.

Q: How much money do you need to open a checking account?

Most banks will ask you to make a minimum deposit between $25 and $100. Others may allow you to open an account with no deposit, but it's best to check specific bank requirements before applying.

Q: Is it possible to open checking accounts completely online?

Yes, many banks and credit unions allow you to open checking accounts entirely online. The process typically involves completing an application, verifying your identity with personal details and documents, and funding the account. Some institutions may require a minimum deposit, but you can often manage the entire process remotely.

Caroline BantonUpdated January 14, 2025

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

A checking account is considered a safe place to keep your money. This account makes it easy for you to manage your finances and pay bills, and keeping a checking account in good standing will help create a positive financial profile.Most banks allow you to apply for a checking account online and do all your banking through a mobile app, allowing you to take advantage of many conveniences.Keep reading to learn how to open a checking account online in 2025, plus why you may need one, how to choose the right checking account, and what documents you may need to get started.

What Is a Checking Account?

A checking account is a type of bank account designed for day-to-day financial transactions, such as deposits, withdrawals, and payments. Some people set up direct deposit so their paycheck is automatically deposited into their account.Checking account holders can withdraw money from an ATM with a debit card, as well as write checks to pay bills. Checking accounts are one of the most liquid types of bank accounts. There are rarely restrictions on accessing funds. Because of this, banks don’t pay interest on the balance, although some banks offer tiered checking accounts with low APYs, and some credit unions pay dividends on account balances.There are fees associated with many checking accounts, such as monthly service fees and overdraft fees. Some banks offer overdraft protection, which negates such fees by declining transactions greater than your checking account balance or automatically transferring funds from a linked savings account.

Opening a Checking Account Online

While you can open a checking account in person by visiting a local branch, it’s also possible to open a checking account online. Opening an account online allows you to take advantage of automated tools and features, like setting up online bill pay. Plus, you can do it from the comfort of your own home. When opening a checking account, you may be required to make a minimum deposit. If you apply in-person, a brick and mortar branch might accept cash, but an online application with a minimum initial balance will typically require a deposit through ACH transfer, a debit card, or a check.It’s a good idea to verify that the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insures the checking accounts at the bank you are interested in.Recommended: What Is Relationship Banking?

Is It Free to Open a Checking Account?

Typically, there is no charge to open a checking account. However, you may have to provide a minimum deposit, which could range from $25 to hundreds of dollars for premium accounts. Credit unions may require account holders to buy shares in the credit union, and the cost might range from $5 to $25. The amount will stay in your checking account for as long as you own the account.Although opening the account may be free, there could be monthly maintenance fees depending on the account type and the bank. You may also be subject to a penalty if you don’t maintain a minimum balance.

How to Open a Checking Account

What do you need to open a checking account? Here are four steps to follow.

1. Selecting a Bank

Choose a bank, preferably one that is FDIC- or NCUA-insured. Before selecting a bank or credit union, check their terms and services. Consider what services you might want to use in the future, such as a personal loan or auto financing, and see how one bank compares to another in terms of interest rates and APYs.Also, check the fees and penalties the bank charges for things like overdrafts or failing to maintain a minimum balance. Does the bank limit ATM withdrawals? Lastly, consider convenience. Can you do your banking online through a mobile app, or would you have to visit the bank in-person?Recommended: Guide to Interest-Bearing Checking Accounts

2. Preparing Proof of Identification Documents

You will need to provide proof of identification in the form of a government-issued photo ID or driver’s license, a Social Security card, or an Individual Taxpayer Identification Number. A passport or birth certificate can also confirm your identity.Recommended: How to Open a Bank Account Without a SSN

3. Providing Proof of Address

The bank could ask you for proof of address. Examples of documents showing proof of address are a lease, a utility bill, mortgage documents, or a credit card statement.

4. Filling Out an Application

To apply online, you will fill out the bank’s online application and may need to scan your documents and upload them to the bank’s website. You will also have to deposit funds, if necessary.Recommended: How to Open a Business Banking Account (Online and In-Person)

Is Getting a Debit Card Mandatory When Opening a Checking Account?

You don’t have to get a debit card when you open a checking account. You could visit your bank in person to cash a check or fill out a withdrawal slip. Some supermarkets and other stores will cash your check for you for a fee, too. However, having a debit card can be an extremely convenient way to help manage your money.When you open a checking account online, you may have to apply for a physical debit card. Some banks have cardless ATMs that use near-field communication (NFC) technology. And customers can access cash through a digital wallet without a debit card and use the wallet to make purchases in stores.

Choosing a Checking Account

In addition to choosing a bank or credit union that is FDIC- or NCUA-insured, some things to consider when choosing a checking account are the fees, potential account rewards, and in-network ATM locations.

Fees

Each account type will charge different fees, such as monthly maintenance fees, overdraft fees, and non-sufficient funds fees. You may also have to pay a fee for using an ATM at a bank that is not your own. However, you may be able to avoid all checking account fees by maintaining a minimum account balance or setting up direct deposit.

Rewards

Some checking accounts offer rewards, such as cash back, interest, or points for spending. These rewards often depend on meeting specific criteria, like maintaining a minimum balance, using a debit card frequently, or setting up direct deposits. Be mindful of fees and terms to maximize benefits.

ATMs and Convenience

Look for banks with a wide network of fee-free ATMs near your home, workplace, or frequented locations. Out-of-network ATM fees can add up quickly, so having accessible options is crucial. Additionally, check whether the bank reimburses out-of-network fees or offers mobile features like ATM locators. Prioritizing ATM accessibility and convenience ensures you can manage your cash needs without incurring extra costs.

The Takeaway

To apply online for a checking account, you will need to provide documentation to verify your identity, and you may have to provide some funds to open the account. Compare checking account terms, fees, and services to find the one that works for you.If you need a savings account, Lantern by SoFi offers an online banking marketplace, allowing you to compare high-yield savings accounts based on interest rates, fees, and minimum balances.Shop online savings accounts with Lantern today.

Frequently Asked Questions

What do you need to open a checking account?

How much money do you need to open a checking account?

Is it possible to open checking accounts completely online?

Photo credit: iStock/Poike

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About the Author

Caroline Banton

Caroline Banton is a finance and business writer whose work has appeared on sites such as The Huffington Post, Investopedia, The Motley Fool, LendingTree, MSN, and Time. With an MBA from Johns Hopkins University, Caroline has written for fintech companies, acted as a career coach, and ghost-written for prominent thought leaders in the financial industry.

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