Can I Open a Bank Account Online?

You can typically open a bank account online without visiting a branc a bank representative. Make sure you’re eligible and get your documents ready.

In decades past, opening a bank account required you to physically visit a branch location. While that’s still an option, now you can skip the trip and open a bank account online from the comfort of your own home.

For efficiency, make sure you meet the eligibility requirements and have the proper documentation ready before you start the online application process.

What it means to open a bank account online

Opening a bank account online means using your smartphone or computer to apply for an account. You can open a bank account through your financial institution’s website or mobile app instead of physically going to a branch of the bank or credit union. The online process can be straightforward if you have everything organized and ready to go.

Who can open a bank account online in Canada?

The eligibility requirements to open a bank account online or in person are the same. But, you typically need to be the age of majority in your province or territory.

If you’re younger, you can likely open a youth account, such as the CIBC Youth account with help from a parent or guardian. Each bank has its own account-opening rules for people under 18 years of age, so check with the bank to learn more about your student or youth account options.

If this is your first account at a particular financial institution, you will need to show identification to open a bank account. However, you can likely skip this step if you already have another account with the bank and confirm that your information is still accurate.

You do not need to have a job to open a bank account in Canada, and you may not need to have money ready to deposit right away. You’re also eligible to open a bank account if you’ve declared bankruptcy in the past.

Steps to open a bank account online

While the process may vary from one financial institution to another, there are some general steps to open an account from the comfort of your home.

Step 1: Choose your account type

First, you need to know what type of bank account you want, such as:

Chequing account.
High-interest savings account.
Account with special benefits, like registered savings plans or retirement savings plans.

Think about how you’ll use the account as you review the options. Consider whether you want to do all your banking online or prefer assisted banking at a branch. Additionally, take the time to compare several banks’ products and features like the number of free withdrawals each month, fees, minimum deposits, interest rates and other perks.

Depending on the financial institution, you may only be able to open certain types of accounts online. For the rest, you’ll need to visit a branch in person.

Step 2: Complete an application

After choosing the account that best fits your needs, it’s time to apply.

Nerdy Tip: When opening an account online, the process is usually timed, so make sure you have a secure internet connection and all the documents you need before you start. If you have to go searching for information during the online process, you may run out of time and have to start over.

On the webpage for the account you’ve chosen, you should see a button that says “open an account” or something similar.

Clicking this button takes you to a secure page where you enter your personal information, including your name, address and phone number. Depending on the type of account you open, you may or may not be asked for your Social Insurance Number (SIN).

Step 3: Verify your identity

Whether you open a bank account online or in person, you need to provide formal identification to prove your identity. Commonly used forms of ID include:

Valid Canadian driver’s licence.
Valid Canadian passport.
Canadian birth certificate.
SIN number.
Old Age Security card.
Certificate of Indian Status.
Provincial or territorial health card or ID.
Certificate of Canadian Citizenship or Certification of Naturalization.
Permanent Resident card or an Immigration, Refugees and Citizenship Canada form IMM 1000, IMM 1442 or IMM 5292. Some banks may also accept a form IMM 5688.

For identity verification, some traditional and online-only banks allow you to upload a photo of the identification on their website or app. However, some banks and credit unions may require you to visit a branch with your ID before you can open the account.

Once you submit the application, you’ll generally receive your bank card within five to 10 business days. Then you can deposit or move money into your new account and start using it.

Pros and cons of opening a bank account online

Opening a bank account online can be convenient, but it’s not always the best option. Here are some pros and cons:

Pros

Convenient.
Potentially, fast and easy if you’re comfortable using the internet or apps.
More options, such as online bank accounts.

Cons

Can only open certain accounts online.
Some institutions may require you to visit a branch to verify your identification.
Must wait for your bank card to arrive in the mail. Though, banks give you a temporary card if you open an account in person.

DIVE EVEN DEEPER

Best No-fee Chequing Accounts in Canada

Canada’s best no-fee bank accounts are free bank accounts that can help you save money, earn rewards and manage your day-to-day expenses.

Siddhi Bagwe

Clay Jarvis

How to Choose a Student Bank Account

When comparing student bank accounts, consider features like monthly fees, ATM fees, number of free e-transfer fees and more.

Hannah Logan

Siddhi Bagwe

Best Senior Bank Accounts in Canada

Many senior bank accounts offer fee rebates and unlimited transactions. But not all senior accounts are free, and require you to be 60 to 65 or older to qualify.

Siddhi Bagwe

Shannon Terrell