How to open a checking account: A step-by-step guide

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Opening a checking account is fairly simple, but choosing the right one takes a little homework. Not all checking accounts offer the same features and benefits. So, if you're interested in opening a checking account, be sure you follow this guide to selecting the best account and managing it properly.

The financial institution you choose to open an account with should meet all of your needs — and so should your checking account. There are several key factors you'll want to consider when choosing a new bank and checking account:

First, ensure the bank you're considering is insured by the Federal Deposit Insurance Corporation (FDIC) (or the National Credit Union Administration if it's a credit union). The FDIC and NCUA are federal agencies that guarantee deposits at insured financial institutions up to $250,000, a crucial safeguard in case the bank or credit union fails. This situation is highly unlikely, but it's important to be protected just in case.

If you prefer to do your banking in person, consider whether physical branches are easily accessible in your area. If you prefer online banking, this may not be as important to you.

Some financial institutions have more ATM locations than others. And some belong to national ATM networks, such as Allpoint. If you regularly use cash or make frequent deposits, access to fee-free ATMs is important.

If you prefer to bank on the go, be sure your bank or credit union has a mobile banking app you can use to track and manage your accounts. You'll want an intuitive interface and robust features such as mobile check deposit, bill pay, and real-time alerts. You'll also want to make sure the app is compatible with your devices.

Before opening an account, research the financial institution on consumer review sites such as BBB.org and Trustpilot.com to learn about past banking customers' experiences. You can also check the Consumer Financial Protection Bureau (CFPB) complaint database to see if there are recurrent issues that customers have dealt with.

Checking accounts aren't generally meant to be used in the same way as savings accounts; checking accounts are designed for managing daily transactions, while savings and other deposit accounts are intended to hold and grow money long-term.

That said, it can be an added perk to earn interest on your money while it sits in a checking account, especially if you tend to maintain a higher balance. (Check out our ranking of the best high-yield checking accounts available today.)

Be sure to review the bank's fee schedule before you open an account. This includes any monthly maintenance fees, overdraft fees, and ATM fees. It's important to look for an account that offers little-to-no fees — or offers easy ways to get fees reimbursed. (Here's our list of the best free checking accounts today.)

Look for a bank with strong customer service reviews. You may also want to consider a bank that offers support through various channels, including phone, email, and online chat, and with generous customer service hours.

The bank should employ security best practices to protect your account, including encryption and two-factor authentication. Carefully review your bank account disclosures for the full breakdown of the security measures in place to ensure your money is protected.

Some banks and credit unions offer checking account bonuses for new customers or cash back on debit card purchases. Other perks may include fee-free ATM transactions or ATM fee refunds, no monthly service fees, or overdraft protection. Make sure you understand any qualifying requirements you must meet to take advantage of these benefits.

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How to open a checking account in 3 steps

Once you've compared all of your options and chosen the best checking account for your situation, you can begin the process of opening your new account:

After you've narrowed down your options, it's time to gather the required documents to open a checking account. In addition to providing some basic personal information, you'll also need to verify the information you share.

The financial institution will likely need your Social Security number, Individual Taxpayer Identification Number (ITIN), driver's license, and/or passport to verify your identity. You'll may also need to verify your address with a copy of a recent utility bill, mortgage statement, or rent payment.

Having these documents and forms of ID handy before you complete an application can make the process quicker and easier.

Completing an application for a new checking account is fairly simple, especially if you've gathered the necessary documents beforehand. Most banks and credit unions allow you open an account online, though some may also have the option to apply over the phone or at a physical branch. Often, it takes a few minutes to complete a checking account application.

Note that in most cases, you must be at least 18 years old (or your state's age of majority) to open a new checking account. There may be other requirements as well. For instance, if you want to open a checking account at a credit union, you'll need to apply for membership.

In some cases, there may be a minimum deposit required to open a new account. Typically, these minimums can range anywhere from $25 to $100, but possibly more.

You can fund your new account in person by depositing cash or a check, or via electronic transfer .

If your new checking account has a minimum balance requirement, ensure you maintain enough money in the account to avoid low balance fees. High minimum balance requirements are uncommon with checking accounts, but they sometimes apply, especially for accounts that come with many added perks.

There are several potential benefits to choosing an online checking account. Namely, online accounts often come with more competitive interest rates and lower fees.

Opening an online checking account is similar to opening a traditional checking account, with a few small differences.

You may need to wait a bit longer for an approval: When opening a checking account face-to-face with a banker, you'll typically receive a decision about your account application on the spot. This can be true with an online application as well, but it isn't always the case. Your bank may take some time to review your application and get back to you with an email response.

Funding your account will require an electronic transfer: With an online account, you won't be able to fund it with physical cash. You'll need to make an electronic transfer from a different bank account or make a payment via debit card, prepaid card, or money order.

After you've opened your new account, there are a few steps you can take to help ensure you have the best banking experience.

If your checking account comes with a debit card, you should receive it in the mail within five to seven business days after opening the account. Once you have it, you'll need to activate the card: There will often be a sticker on the front of the card with a phone number you can call to verify you've received your card and activate it.

You can set up your online banking credentials after receiving a notification that your account is approved and opened. Usually, you can find the link to set up online banking on the home page of your bank's website.

You'll need to create login credentials, including a secure password. It's important to choose a unique password in case any of your other online accounts get compromised. If you have trouble thinking of and remembering strong passwords for all of your accounts, consider using a password manager such as LastPass.

You should also take the time to set up additional security features, such as two-factor authentication.

Once your account is approved and funded, you can begin setting up recurring transactions like direct deposit. If you have any regular bills you'd like to automate, such as insurance premiums or student loans, you can also set up automatic bill pay. And if you're working on growing your savings, you can also automate transfers from your checking account to your savings account.

Remember that if you set up automatic debits, you'll need to maintain a cash buffer so that you don't accidentally overdraw your account.

Opening your checking account is just the beginning. Once you have everything set up, it's important to regularly monitor your account.

Creating text or email alerts, for instance, can help you catch any fraudulent activity right away. You might set up an alert for any time a large transaction goes through, for instance, or when your balance drops below a certain threshold.

It's also a good idea to log in and check your account balances and transactions regularly, as well as review your monthly bank statements. If you see any transactions you don't recognize, contact your bank immediately. If you are the victim of fraud, federal law dictates that you are only liable for up to $50 in fraudulent transactions, but only if you report the fraud in a timely manner.

What bank is the easiest to open a checking account?

Many banks, especially online banks, have simplified the process for opening a new checking account. In many cases, you don't have to visit a branch in person to open an account. Visit your bank's website to see if you can open an account online or over the phone.

What bank pays you to open a checking account?

Many financial institutions offer incentives for new customers to open a checking account. We rounded up current sign-up bonuses here .

Can I open a checking account without going to the bank?

Yes. Many banks and credit unions operate solely online or offer online banking platforms that you can log onto to open a new account, manage your account, contact customer service representatives, and more.

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