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How to Open an Account With an Internet-Only Bank

An internet-only bank has no physical branches, so the entire account-opening process, start to finish, happens inside the app.

  1. Choose which internet-only bank to use

    Compare a few branchless digital banks and pick the one that connects most smoothly with the other apps and services you already use, then install it.

  2. Sign up and agree to the terms

    Register with your phone number, then review and accept the service terms and privacy policy.

  3. Complete identity verification

    Photograph your ID and verify your phone number to confirm your identity. Because there is no branch to fall back on, this entire step happens inside the app.

  4. Apply for your checking account

    Once identity verification clears, apply for a standard checking account and set your account PIN.

  5. Link an account from another bank

    Registering an account you hold elsewhere makes it easier to move money in or set up automatic top-ups later.

  6. Apply for a debit card

    Apply for a physical debit card, or use an instantly issued virtual card number so you can start paying with the account right away.

No branch means everything routes through customer support

Without a physical location to visit, any issue you run into, whether it is a failed verification or a card problem, has to be resolved through in-app chat or phone support, so it is worth knowing where to find that support before you need it.

Compare interest rates and fees before committing

Branchless banks often offer more competitive interest rates or lower fees since they carry lower overhead, but it is still worth comparing a few options rather than assuming the first one you try is the best deal.

Frequently Asked Questions

Can I deposit cash into an internet-only bank account?

Usually only through partner ATM networks or affiliated retail locations, since the bank itself has no branches or teller windows to accept cash directly.

Is my money as safe at an internet-only bank as at a traditional one?

As long as the bank is a licensed, regulated institution, deposits are typically protected by the same deposit insurance scheme as traditional banks, up to the applicable coverage limit in your country.