To create this list, Forbes Advisor analyzed 25 bank accounts at a mix of traditional brick-and-mortar banks, online banks and credit unions. We ranked each account on 11 data points in the following categories:
- Ease of application and account funding
- Speed of application and verification process
- Time to receive debit card
- Ease of approval
- Fees and opening deposit
Specific characteristics taken into consideration within each category included online and mobile application availability, time to complete the online application, time to verify the account, membership requirements, documents required to apply, time to receive a debit card, availability of an instant or virtual debit card, ways to fund the account and whether or not the account pulls an applicant’s ChexSystems report.
Bank accounts with the fastest online applications and low or no fees and minimums scored the highest, as did those that made it easier to verify your identity and fund your account. Accounts that offered instant or virtual debit cards were preferred as well. Finally, accounts that can be opened without a Social Security number and accounts that don’t check ChexSystems reports received extra points.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
