How to Apply for a Savings Account Online

The internet has changed the way we do our banking. Like any form of commerce, banking used to be done in person, at one’s branch of choice. Today, however, one can do banking transactions virtually anywhere with a mobile phone, laptop, or whatever other internet-enabled device. This includes applying for a savings account online.

A savings account is a bank account that earns interest. To create one, all you need to do is open your mobile device’s internet browser, visit your preferred bank’s website, and look for the option to apply for a new account online. If your preferred bank has a website, there’s a good chance it would allow you to open a bank account.

Better yet, you can choose from the banks listed here. Just click “Apply” and follow the instructions. The steps for each bank are different from each other, but they have several things in common:

The bank will ask for personal information

You need to provide details like your complete name, date of birth, income and employment details (for example, whether you’re full-time or part-time; your full business address), length of stay in your current address (preferably at least three years), and other contact details.

Why all the details? The bank needs to know things like who you are, how you can be contacted, where your money is coming from (due to anti money laundering laws), and where you live because some of these online services are country-specific. However, there are also banks that offer international bank accounts, which would allow you to choose your currency (or a combination of several currencies).

The bank will ask for ID details

You will also have to choose from a number of IDs, like your passport, driver’s license, birth certificate or whatever other public document that the bank can use to verify your identity. The details of this ID also need to be provided, particularly its ID number.

Providing these details are necessary because the bank also needs to confirm if you are who you say you are. Through your ID, which is a public record, the bank can easily perform a background check, which is made all the more necessary because the account was created online.

The bank will ask for account details

You also need to enter the details of the bank account that you’re opening. The bank will ask for details like type of account (e.g. whether it’s a regular savings account, a time/term deposit account, or even a self-managed super funds account), whether you’re opening a sole or joint account, and details on another bank account that will be linked to the account you’re opening.

The information required here is needed so that the bank would know what kind of account you are going to open. More importantly, the bank needs information on your other account so that your new account can be activated, which is done by moving funds from the other account to the new account.