What you need to open a US Bank savings account
US Bank lets you open a savings account online, by phone, or in person at a branch. You will need a valid government-issued ID, your Social Security number, and an initial deposit. The minimum opening deposit varies by account type — some accounts require $25, while others may ask for more. You can fund the account with a debit card, transfer from another bank, or cash if you open in person.
The entire process takes about 10 to 15 minutes online. US Bank will run a background check through ChexSystems, which is a banking history database. This check does not affect your credit score. If you have had issues with a previous bank account — like unpaid overdrafts or fraud — that history may show up here and could delay or prevent approval.
You do not need to be a US Bank customer already or have an existing account with them. If you are under 18, a parent or guardian must open the account with you or on your behalf.
Key Takeaways
- You can open a US Bank savings account online, by phone, or in a branch with just your ID, Social Security number, and an opening deposit.
- US Bank runs a ChexSystems check, which reviews your banking history but does not affect your credit score.
- The opening deposit amount depends on which savings account type you choose, ranging from $25 to higher minimums for premium accounts.
- Online account opening takes 10 to 15 minutes and you can fund it immediately with a debit card or transfer from another bank.
Opening an account online
Go to usbank.com and look for the "Open an Account" button, usually on the homepage. Select "Savings Account" from the account type menu. You will be asked to enter your personal information: full name, date of birth, Social Security number, address, phone number, and email. Have your ID ready to verify your identity — US Bank will ask you to photograph your driver's license or passport using your phone or computer camera.
Next, choose which savings account product fits your needs. US Bank offers several: the basic savings account, a money market account, and accounts with higher interest rates if you maintain a larger balance. Read the details on each one, including the current interest rate and any monthly fees. Once you have chosen, enter your opening deposit amount and select how you want to fund it. You can use a debit card, provide routing and account numbers for a transfer from another bank, or link an external account.
Review all the information you entered, then sign the account agreement electronically. US Bank will send you a confirmation email with your new account number. Your debit card will arrive by mail within 7 to 10 business days. You can start using your account and making transfers immediately, even before the card arrives.
Opening an account by phone
Call US Bank customer service at 1-800-872-2657 to open a savings account over the phone. A representative will walk you through the same information you would enter online: personal details, ID verification, and account type selection. Phone representatives can answer questions about which account might work best for your situation, which can be helpful if you are not sure which product to choose.
You will still need to provide an opening deposit and a way to fund it. The representative can take a debit card number or set up a transfer from another bank. The process takes about 15 to 20 minutes. You will receive a confirmation number and an email with your account details.
Opening an account in person at a branch
Find your nearest US Bank branch using the branch locator on usbank.com. Bring your government-issued ID, Social Security number, and your opening deposit in cash or on a debit card. A banker will help you fill out the account application, answer any questions, and process your opening deposit on the spot.
In-person opening is useful if you prefer to ask questions face-to-face or if you want to deposit cash immediately. Your account is active the same day. Your debit card will still arrive by mail, but you can use your account number to set up transfers or direct deposits right away.
What happens after you open the account
Your savings account is ready to use as soon as the application is approved, which usually happens within a few minutes online or by phone, or immediately in person. You can transfer money in from another bank, set up direct deposit, or add funds using your debit card at an ATM. US Bank has thousands of ATMs nationwide, plus access to the Allpoint network for surcharge-free withdrawals at other banks' ATMs.
Your debit card arrives by mail within 7 to 10 business days. You will need to activate it before you can use it for purchases or ATM withdrawals. US Bank will send you instructions by email or text when the card is on its way. You can also activate it through the US Bank mobile app or by calling customer service.
Check your account regularly to monitor your balance and review transactions. US Bank offers online banking and a mobile app so you can check your account anytime. You can also set up alerts to notify you when your balance drops below a certain amount or when a large transaction occurs.
Fees and interest rates
US Bank savings accounts do not charge a monthly maintenance fee, though some premium accounts may have minimums to avoid fees. Interest rates vary by account type and change based on market conditions — check usbank.com for current rates before you open. Money market accounts typically offer higher rates than basic savings accounts, but they may require a larger opening deposit or minimum balance.
Interest is compounded daily and deposited into your account monthly. The rate you earn depends on which account you choose and how much you keep in the account. If your balance falls below a certain threshold on some accounts, the interest rate may drop.
If your application is denied
US Bank may deny your application if ChexSystems shows a history of unpaid overdrafts, fraud, or other serious banking violations. If this happens, you will receive a letter explaining the reason. You have the right to request a copy of your ChexSystems report and dispute any errors on it. You can contact ChexSystems directly at 1-800-428-9623 or chexsystems.com to review your report.
If you were denied because of ChexSystems, some banks offer second-chance accounts designed for people with banking history issues. US Bank does not currently market a second-chance product, but you can ask a branch banker whether any options are available to you. Alternatively, you can look into credit unions or online banks that may have less strict approval requirements.
Frequently Asked Questions
Can I open a US Bank savings account if I do not have a Social Security number?
No. US Bank requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead. Bring documentation of your ITIN when you open the account in person.
What is the minimum opening deposit?
The minimum opening deposit is $25 for most US Bank savings accounts, though some premium or money market accounts may require $100 or more. Check the specific account details before you open to confirm the minimum for the account type you want.
How long does it take to access my money after I open the account?
Your account is active immediately after approval. You can transfer money in or set up direct deposit right away. If you fund the account with a transfer from another bank, the money typically arrives within 1 to 3 business days, depending on the other bank's processing time.
Can I open a joint savings account with someone else?
Yes. Both account holders will need to provide their ID, Social Security number, and consent to the account. You can open a joint account online, by phone, or in person. Both owners have equal access to the account and can withdraw money or close it without the other person's permission.
What if I made a mistake on my application?
Contact US Bank customer service at 1-800-872-2657 or visit a branch as soon as possible. If the account has not been fully opened yet, they may be able to correct the information before it is finalized. If the account is already open, you can update your information through online banking or by calling customer service.