What you need to open a US Bank savings account
You can open a US Bank savings account in person at a branch, online through their website, or by phone. Most accounts open the same day if you do it in person, or within one to two business days online. You will need a valid government-issued ID, your Social Security number, and an initial deposit—the minimum varies by account type, but many savings accounts require $25 to $100 to start.
US Bank offers several savings account types: a basic savings account, a money market account (which typically pays higher interest but requires a larger opening deposit), and certificates of deposit (CDs) if you want to lock money away for a set period. The account you choose depends on how much you plan to deposit, how often you need to access the money, and what interest rate matters most to you.
If you already have a checking account at US Bank, opening a linked savings account is faster—you can often do it online in minutes without repeating your identity verification. If you are opening your first account with US Bank, the process takes longer because the bank must verify your information.
Key Takeaways
- You need a valid government ID, Social Security number, and an opening deposit of $25 to $100 for most US Bank savings accounts.
- In-person applications at a branch complete the same day; online applications typically take one to two business days.
- US Bank offers basic savings accounts, money market accounts, and CDs—each with different interest rates and minimum deposits.
- If you already bank at US Bank, you can link a new savings account to your existing checking account online in minutes.
- You can fund your new account with a transfer from another bank, a check deposit, or cash if you open in person.
Opening an account in person at a US Bank branch
Walk into any US Bank branch with your ID and Social Security number. Tell the banker you want to open a savings account. They will ask you to choose an account type, confirm your contact information, and review the account terms. Bring a debit card or checkbook from another bank if you want to fund the account immediately with a transfer, or bring cash or a check.
The banker will verify your identity on the spot, run a ChexSystems check (a banking history report), and open the account. You will receive a debit card if you opened a checking account, but savings accounts typically do not come with a debit card—you access the money through transfers, ATM withdrawals, or in-person visits. The account is active the same day, and you can start depositing money right away.
Bring your Social Security card or a tax document with your SSN on it. A driver's license or passport works as your ID. If you do not have a Social Security number, US Bank can still open an account for you, but the process takes longer and requires additional documentation.
Opening an account online
Go to usbank.com and click the link to open a new account. Select the savings account type you want. You will enter your name, address, date of birth, Social Security number, phone number, and email. US Bank will ask you to create a username and password for online banking.
Next, you verify your identity. US Bank typically asks you to answer security questions based on your credit history, or they may ask you to upload a photo of your ID. Some applicants receive a verification code by text or email. Once verified, you choose your opening deposit method: transfer from another bank account, debit card, or ACH (automated clearing house) transfer.
The account opens within one to two business days. You will receive a confirmation email with your account number and routing number. If you chose to fund the account by transfer, that money arrives within one to three business days depending on the sending bank. You can log into online banking immediately, but you cannot withdraw money until the account is fully active and your opening deposit has cleared.
Funding your new account
US Bank accepts four main ways to fund a new savings account: transfer from another US Bank account you already own, transfer from an external bank account, debit card, or cash (in person only). If you transfer from another bank, the money typically arrives within one to three business days. ACH transfers are free.
If you use a debit card to fund the account online, the charge posts immediately, but some banks hold the funds for one to two business days before releasing them to US Bank. Cash deposits at a branch are instant. Checks deposited in person or through mobile deposit take three to five business days to clear.
The opening deposit requirement varies. A basic savings account may require $25, while a money market account might require $2,500 or more. Check the account details before you start the application so you know what you need to have on hand.
What happens after your account opens
Once your account is active, you can log into US Bank online banking or the mobile app to check your balance, transfer money between your accounts, and set up automatic transfers. You can also visit a branch to withdraw cash or deposit checks. Savings accounts at US Bank earn interest, though the rate changes based on market conditions and the account type you chose.
US Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type per person. If you have a savings account and a checking account at US Bank, each is insured separately up to $250,000. If you have multiple savings accounts, they are added together and covered by one $250,000 limit.
Review your account statements monthly through online banking. Set up alerts if you want US Bank to notify you when your balance falls below a certain amount or when a large transfer occurs. You can also set up automatic transfers to move money from checking to savings on a schedule—many people use this to build savings without thinking about it.
Fees and account maintenance
US Bank savings accounts do not charge a monthly maintenance fee if you meet certain conditions. For a basic savings account, there is usually no minimum balance requirement and no fee. For a money market account, US Bank may charge a monthly fee if your balance drops below the minimum (often $2,500), so check the account terms before you open.
You may be charged a fee if you exceed the number of withdrawals allowed per month. Federal rules once limited savings account withdrawals to six per month, but that rule was suspended. However, US Bank may still impose limits—check your account agreement. Transfers between your own accounts do not count as withdrawals.
If you close your account within a short time of opening it (usually 90 days), US Bank may charge an early closure fee. This is rare but possible, so ask about it when you open the account if you think you might close it soon.
If you do not have an ID or Social Security number
US Bank can open an account for you without a Social Security number if you have an Individual Taxpayer Identification Number (ITIN). You will need to visit a branch in person and bring documentation of your ITIN and your identity. The process takes longer than a standard application because the bank must verify your ITIN with the IRS.
If you do not have either an SSN or ITIN, you may still be able to open an account, but US Bank will require additional documentation and the process can take several weeks. Call US Bank customer service at 1-800-872-2657 to ask what documents you need to bring.
Frequently Asked Questions
Can I open a US Bank savings account without a checking account?
Yes. You can open a savings account as your first account with US Bank. However, you will need to fund it somehow—either with a transfer from another bank, a debit card, or cash if you open in person. You do not need an existing checking account at US Bank.
How long does it take to access my money after I open an account online?
Your account opens within one to two business days. Your opening deposit takes one to three additional business days to arrive, depending on how you funded it. You cannot withdraw money until both the account is active and the deposit has cleared.
What is the difference between a savings account and a money market account at US Bank?
A money market account typically pays a higher interest rate but requires a larger opening deposit (often $2,500 or more) and may charge a monthly fee if your balance falls below the minimum. A basic savings account has a lower opening deposit and no monthly fee. Choose based on how much you can deposit and whether you want the higher interest rate.
Can I open a US Bank savings account by phone?
US Bank does not open new accounts by phone. You can open online or in person at a branch. You can call customer service at 1-800-872-2657 to ask questions about account types before you apply, but the actual application must be completed online or in a branch.
What if my opening deposit is rejected?
If your transfer or debit card charge is declined, US Bank will notify you by email or phone. The most common reasons are insufficient funds, an incorrect account number, or a fraud hold on the sending account. Contact your other bank to confirm the account number and check your balance, then try again. If the problem persists, call US Bank to troubleshoot.