- 1). Open an account with an online bank such as Ally Bank or HSBC. Use ConsumerSearch, a website dedicated to banking reviews, to compare features of various Internet-only banks. Many online banks have no branches and no ATMs and require you to deposit money using another bank account or via mail.
- 2). Complete an online application inclusive of your contact information, social security number and electronic signature. Your electronic signature is created by simply typing in your full name into the command line at the bottom of your application and agreeing to the terms and conditions of the website. Government issued identification is generally required to open your account. However, these documents must be sent via mail to confirm your new account.
- 3). Transfer money from an existing bank account or mail your required initial deposit into your online savings account. Online transfers between bank accounts generally take between three and five business days. The urge to extract cash from your account to make impulse purchases or cover an overdrawn checking account is substantially reduced when access to your account is limited.
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