In order to become eligible to open an online savings account, an individual must provide certain information that can be used to verify the identity of the owner of the savings account and allow the lending institution to access their personal financial history. Through the documents which are required in order to open an account, an individual can verify their identity and ensure that the person that they are representing themselves to be is indeed the person that they are.

Through the opening of an online savings account, the individual will be required to provide the lending company or the bank with the social security number and other details which are used to verify the identity of the account holder. Further to these details which are originally provided through the use of an online form, the individual is required to sign the contracts and documents which are associated with the online account after it has been opened. Through these documents, which are returned to the company that holds the online savings account, the bank is able to complete the verification of the identity and then allow the account holder access to the account and begin making deposits.