If you want to save money, the best way to do it is still a bank account. And thanks to online banking, opening a new account has never been easier. Here’s how it works.
Video transcript:
If you want to save money, the best way to do it is still a bank account.
And thanks to online banking, opening a new account has never been easier. Here’s how it works.
First, you should shop around for the right bank account. It should FDIC insured, with low, or preferably no fees. Also, check to see if it requires you to make a minimum deposit or keep a minimum balance.
Then look at the interest that the account will pay you on your deposit. Some online banks offer higher interest rates than their traditional, brick-and-mortar counterparts. So it can pay to do your homework.
Once you pick the right one, it’s time to get started.
The good news is that most online banks make opening an account as simple as possible, with easy-to-use online applications. And if needed, you can even chat with friendly professional bankers to help you through the process.
Before you start, you may want to get together your personal information.
Also note, that most banks require that you and any joint applicant are U.S. citizens, or lawful permanent residents, and are at least 18 years old.
If you’re funding your new account electronically, you’ll also need the information of the account you’re using for your initial deposit.
Once you complete the application, your new account is usually set up — and earning interest — within a few days.
And that's how opening an account works, for you.
Open a Synchrony Bank high yield savings account today.
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