What you need to open a savings account at a credit union

Most credit unions require a government-issued photo ID, proof of your current address, and your Social Security number or tax ID. Bring a driver's license, passport, or state ID card. For address proof, a recent utility bill, lease, or bank statement works. Some credit unions also ask for an initial deposit to open the account—this ranges from nothing to $25, depending on the institution.

If you're opening an account for a minor, you'll need to be the parent or legal guardian and bring both your ID and the child's birth certificate or Social Security card. A few credit unions require a second form of ID or a reference from an existing member, though this is less common now.

Call or visit the credit union's website first to confirm what they need. Requirements vary slightly between institutions, and some let you start the process online before coming in to finish it in person.

Key Takeaways

  • You need a government ID, proof of address, and your Social Security number; most credit unions also require an initial deposit between $0 and $25.
  • The entire process usually takes 15 to 30 minutes in person, or a few days if you start online.
  • Once your account opens, you can deposit money through the teller, ATM, mobile app, or direct deposit from your employer.
  • Credit union savings accounts typically earn interest, and the rate varies by institution and account type.
  • If you don't have a Social Security number, some credit unions will open an account using an ITIN (Individual Taxpayer Identification Number) instead.

Steps to complete your application in person

Walk into any branch of the credit union during business hours. Tell a staff member you want to open a savings account. They'll hand you an application form or walk you through it on a computer. The form asks for your name, address, date of birth, Social Security number, employment information, and how you heard about the credit union.

Review the form carefully before signing. Make sure your name and address match your ID exactly. The staff member will verify your identity, check your information against a database to confirm you're not opening duplicate accounts, and then ask how much you want to deposit to start. Hand over your initial deposit—cash, check, or debit card—and they'll process it on the spot.

You'll receive a temporary debit card or a card number on the same day, and a permanent card arrives by mail within 5 to 10 business days. You can start using your account immediately through the credit union's ATM network and mobile app.

Opening an account online or by mail

Many credit unions now let you start the application on their website. You'll fill in your personal information, upload photos of your ID and proof of address, and choose your account type. The credit union reviews your documents and contacts you within one to three business days to confirm everything is correct.

If approved, you'll either visit a branch to complete the process and make your initial deposit, or the credit union will mail you a form to sign and return with a check. Some institutions let you fund the account by transferring money from another bank account instead of mailing a check. The entire process takes three to seven business days from start to finish.

A few credit unions still accept applications by mail. Request an application form from their website or by phone, fill it out, and mail it back with copies of your ID and proof of address. This method is slower—typically two to three weeks—and you'll need to mail in your initial deposit as a check.

What happens after you open the account

Your savings account is active as soon as the credit union processes your application and initial deposit. You can deposit additional money at any time through an ATM, mobile app, in-person at a teller, or by setting up direct deposit from your employer. Withdrawals work the same way: ATM, mobile app, teller, or transfer to another account.

The credit union will send you monthly or quarterly statements showing your balance, deposits, withdrawals, and interest earned. Most credit unions now offer paperless statements through their website or app instead of mailing them.

Interest on your savings account begins accruing once your deposit clears, usually within one business day. The rate varies by credit union and account type—some offer tiered rates that increase as your balance grows. You can check your current rate and balance anytime through the mobile app or by calling the credit union.

Fees and account features to understand

Most credit union savings accounts have no monthly maintenance fee, though some charge a small fee if your balance drops below a minimum (often $25 to $100). Overdraft fees, ATM fees outside the credit union's network, and early withdrawal penalties vary by institution. Ask about these before you open the account.

Many credit unions offer free access to a shared branching network, meaning you can deposit and withdraw money at other credit unions nationwide without a fee. They also participate in CO-OP, a network of over 30,000 ATMs where you can withdraw cash for free. Check whether your credit union participates before opening the account.

Some savings accounts come with restrictions on how many withdrawals you can make per month—federal rules used to cap this at six, but that limit was removed. Ask your credit union whether they still enforce withdrawal limits on their savings accounts.

If you don't have a Social Security number

Some credit unions will open a savings account using an ITIN (Individual Taxpayer Identification Number) instead of a Social Security number. You'll need to bring your ITIN letter from the IRS, a government-issued photo ID, and proof of address. Not all credit unions offer this option, so call ahead to confirm.

A few credit unions require a U.S. address and a U.S. phone number, even if you have an ITIN. If your credit union won't open an account for you, try another institution—requirements differ significantly between credit unions.

Frequently Asked Questions

Can I open a savings account if I have bad credit or a history of overdrafts?

Yes. Credit unions typically do not check your credit score to open a savings account. They may check ChexSystems, a banking history database, to see if you've had problems with previous accounts. If you're flagged, ask the credit union what happened and whether you can still open an account—many will work with you even if you have a negative history.

How long does it take to get my debit card?

You can use your account immediately through the mobile app and ATM. A physical debit card arrives by mail within 5 to 10 business days. Some credit unions offer rush delivery for a small fee if you need it faster.

What's the difference between a savings account and a checking account at a credit union?

Savings accounts earn interest and are meant for money you're setting aside. Checking accounts don't earn interest but come with a debit card and checkbook for everyday spending. Many people open both. Savings accounts may have withdrawal limits, while checking accounts do not.

Do I need to be a member of the credit union before opening a savings account?

Opening a savings account makes you a member automatically. You don't need to join separately or pay a membership fee. Your membership is active as soon as your account opens.

Can I open a joint savings account with someone else?

Yes. Both account holders need to bring their ID, proof of address, and Social Security number. You'll both sign the application, and both names appear on the account. Either person can deposit or withdraw money without permission from the other.