Opening an online bank account can take 15-20 minutes whereas opening a bank account physically can take 1-2 hours. However, it might take 1-2 business days for your bank account to get fully operational.
Opening a bank account for the first time? But not sure, how long does it take to open a bank account?
Well, I have got you covered. Because in this post I am going to explain everything about how long does it take to make a bank account? Moreover, I will also include what is required for opening a bank account, which type of bank account is suitable for you and how long does it take to activate. So, stick here.
So, let’s start with what you will require to open a bank account. Because if you keep the documents ready then it will take less time to open a bank account.
What Documents Do I Need To Open A Bank Account?
For opening a bank account, you will need a government-verified ID, address, contact information, and a minimum amount to deposit.
Though the number of documents required to open a bank account will vary depending on the banks and credit unions. In the case of credit unions, you might need to fulfill some criteria too. However, some documents are a must for opening a bank account. Here is a list of some must-have things
- Government-verified ID such as a Passport, driver’s license, social security card
- Birth Certificate
- Your exact address
- Contact information
- Co-applicant’s information (if any)
Online institutions might ask for less information to open a bank account. However, having a valid photo ID is a must. Because it’s pretty hard to open a bank account without an ID. Moreover, some online financial services like PayPal only require a valid email address.
Now let’s look at how long does it take to make a bank account?
How Long Does It Take To Open A Bank Account
Normally, it takes 1-2 hours to open a bank account physically. But banks verify your documents and only after that they activate your account. So, it might take 1-2 days for your new bank account to get fully activated.
Opening a bank account by going to the bank takes some time. Because you have to go to the bank, get a form, fill it up, attach all the documents and then deposit a small sum. Sometimes you might have to get in a line in bigger banks. As a result, it takes 1-2 hours. But how long does it take to open a bank account online?
In the case of online accounts, you just need to fill up a form online and attach pictures of some documents. So, it does not take much time. It takes around 15 minutes.
However, in both cases, the bank verifies all your information. So, it takes 1-2 business days or more to fully activate your bank account.
Moreover, there are different types of bank accounts and the purpose of each of them is different. As a result, they might take different amounts of time and documents to get fully activated. Here are 4 of the most common types of Bank accounts
- Checking Account
- Savings Account
- Business Account
- Money market account
Now, let’s look at how long these bank accounts take to open.
How Long Does It Take To Open A Checking Account?
For a checking account, it might take 1-2 hours to fill up the form if you do it physically and 5-10 minutes online. But the account will get activated within 2-3 business days depending on the bank.
Checking accounts are the most convenient bank account for daily transactions. Because it’s easy to deposit or withdraw money from them.
Opening a checking account is easy. Just choose the bank, fill up the form, provide documents and fund the account once it is activated. So, it does not take more than 1 hour to open.
However, checking accounts require a background check, address verification, and document verification. So, checking accounts will take approximately 2-3 business days to be fully operational.
How Long Does It Take To Open A Savings Account?
For a savings account, it takes 10-20 minutes to fill out the form online or over the phone and 1 hour if you do it by going to the bank. After that, the bank verifies everything and approves your account within 3-5 business days.
Saving accounts are interest-bearing accounts for savings. They are easy to open. However, they are not convenient for daily deposits or withdrawals. Because most savings account does not offer a debit card.
The process of opening a savings account is similar to checking accounts. As a result, they take almost the same amount of time. However, background checks are done thoroughly in savings accounts. So, it might take more time to fully activate your account.
How Long Does It Take To Open A Business Bank Account?
The form for a business account can be filled up within 2-3 hours. However, business accounts require a lot of documents and verification. So, it might take 7-10 days to fully activate your account.
Business accounts are a must for both small and big businesses. They require quite a lot of paperwork such as EIN, LLC filing, legal agreement, business address, etc. As a result, banks will need a lot of things to verify. So, unlike the other accounts, a business account will take more time to get fully activated.
Depending on the bank, a business bank account can take one to two weeks to get up and running.
How Long Does It Take To Open A Money Market Account?
Opening a money market account can take only one hour and 1-2 business days for the account to get operational.
Money market accounts are a combination of savings and checking accounts. As they offer a debit card good APR, debit cards, and checkbooks. So, they are convenient for daily transactions as well as savings. They are easy to use too.
However, not all banks or credit unions have money market accounts. The opening process of money market accounts is similar to checking accounts or savings accounts. As a result, they only take a max 1 hour to open and 1-2 business days to get activated.
Now that we know which type of account takes how much time. So, it’s time to find out when will you get a debit card for the new account.
How Long Does It Take To Get A Debit Card After Opening A Checking Account?
Getting a debit card after opening a checking account might take 7 to 12 days. However, it might take more or less depending on the bank.
Getting a debit card for checking accounts might take time. Because banks and credit unions first evaluate your application and do a background check. If they approve your account application, then they verify your documents. All of these take 2-3 business days.
After verifying your documents, banks verify your address. If everything goes right then they send the debit card to your address. So, this process gets lengthy and you might get the debit card after 7-12 days.
However, some newer banks and credit unions provide instant debit cards.
In Summary
Nowadays opening a bank account is easy and fast. However, before opening one make sure you are choosing the most convenient bank for yourself.
Lastly, if your bank account opening application gets rejected then don’t get worried. Just find out the reason for the rejection from the bank. After that, solve the issue and reapply to other banks.
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