What you need to open a savings account at US Bank
US Bank requires a government-issued photo ID, proof of your current address, and your Social Security number or Individual Taxpayer Identification Number (ITIN). You will also need an initial deposit—the amount varies by account type, but many savings accounts have a minimum opening deposit of $25 or less. Some accounts have no minimum at all.
You can open an account in person at any US Bank branch, online through their website, or by phone. The in-person route takes about 15 minutes. Online and phone openings typically take 5 to 10 minutes, though you may need to verify your identity through additional steps like answering security questions or receiving a code by text.
If you do not have a photo ID, you can still open an account in person by bringing two forms of non-photo ID—such as a utility bill, bank statement, or lease agreement paired with a Social Security card or passport. US Bank branches can walk you through alternatives if your documents do not match the standard list.
Key Takeaways
- You need a photo ID, proof of address, and your Social Security number or ITIN to open an account, plus an initial deposit of $25 or less for most savings accounts.
- Opening in person takes about 15 minutes; online and phone openings take 5 to 10 minutes but may require additional identity verification.
- If you lack a photo ID, bring two forms of non-photo identification instead, such as a utility bill and Social Security card.
- US Bank savings accounts earn interest, and the rate you receive depends on the account type and current market conditions.
- You can manage your account online, through the mobile app, or by visiting a branch, and you can withdraw money anytime without penalty.
Documents to bring or have ready
Gather your government-issued photo ID—a driver's license, passport, or state ID card all work. Next, bring proof of your current address. US Bank accepts utility bills, lease agreements, mortgage statements, or bank statements dated within the last 60 days. A recent credit card statement or insurance policy also works.
Have your Social Security number or ITIN written down or memorized. If you are opening the account online or by phone, you will type or speak this number during the process. US Bank will use it to run a background check through ChexSystems, a banking history database, to verify you have not had problems with previous accounts.
If you are opening the account for someone else—such as a parent opening an account for a minor child—bring the child's birth certificate or Social Security card as well as your own ID and proof of address. US Bank has specific rules for custodial accounts for minors, and the branch staff can explain those options when you arrive.
Opening an account in person at a branch
Walk into any US Bank branch during business hours with your ID, proof of address, and Social Security number. Tell the representative you want to open a savings account. They will ask you which type of savings account interests you—US Bank offers standard savings accounts, money market accounts, and certificates of deposit (CDs), each with different interest rates and features.
The representative will review the account terms, show you the current interest rate, and explain any monthly fees. Most US Bank savings accounts have no monthly maintenance fee, but some accounts waive fees only if you maintain a minimum balance or set up direct deposit. Ask about these conditions before you commit.
Once you choose an account, the representative will collect your information, run the ChexSystems check, and process your initial deposit. You can deposit cash, a check, or transfer funds from another bank account. Within minutes, your account will be active, and you will receive a debit card if you requested one. The representative will give you login credentials for online and mobile banking.
Opening an account online or by phone
Visit usbank.com and click the link to open a savings account, or call US Bank customer service at the number on their website. Online, you will answer questions about your personal information, employment status, and the type of account you want. By phone, a representative will guide you through the same questions.
US Bank will ask you to verify your identity during the online or phone process. This may involve answering security questions based on your credit history, receiving a one-time code by text or email, or uploading a photo of your ID. The verification step usually takes 5 to 10 minutes and happens immediately after you submit your information.
Once verified, you will choose your initial deposit method. Online, you can link a bank account and transfer funds, or provide a check number to deposit by mail. By phone, the representative will walk you through these options. Your account will be active within one business day, and you can log in to online banking right away. A debit card will arrive by mail within 7 to 10 business days.
Interest rates and account features
US Bank savings accounts earn interest, meaning the bank pays you a percentage of your balance each month. The interest rate varies by account type and changes based on Federal Reserve decisions and market conditions. A standard savings account typically earns less interest than a money market account or CD, but money market and CD accounts may require a higher minimum balance or lock your money away for a set period.
Interest is compounded daily and credited to your account monthly. This means you earn interest on your interest, which grows your balance faster over time. The exact amount you earn depends on the rate, your balance, and how long your money stays in the account. US Bank publishes current rates on their website, so you can compare before you open.
Some US Bank savings accounts offer no monthly fee, while others waive the fee only if you maintain a minimum balance—often $500 to $2,500—or set up direct deposit from your paycheck. If you fall below the minimum, the monthly fee is typically $5 to $10. Read the account terms carefully to understand which fees apply to the account you choose.
Accessing and managing your account after opening
Once your account is open, you can manage it online at usbank.com, through the US Bank mobile app, or by visiting a branch. Online and through the app, you can check your balance, view transaction history, transfer money between your US Bank accounts, and set up automatic transfers to pay bills or move money to savings on a schedule.
You can withdraw money from your savings account anytime without penalty—US Bank does not charge a fee for withdrawals. You can withdraw at any US Bank ATM, ask a teller at a branch, or transfer money to another bank account. If you need cash quickly, the ATM or branch withdrawal is fastest; transfers to another bank usually take one to three business days.
If you want to add money to your account, you can deposit cash or checks at a branch or ATM, transfer funds from another bank account online, or set up direct deposit from your employer. Direct deposit is the fastest way to move money in—it typically posts the same day your employer sends it.
What happens if you are denied or run into problems
US Bank may deny your account opening if ChexSystems shows a history of unpaid overdrafts, fraud, or other serious banking problems. If this happens, US Bank will tell you why and provide you with contact information for ChexSystems so you can review your report and dispute any errors. You have the right to see what information triggered the denial.
If you have been denied by US Bank, you may still open an account at a bank that does not use ChexSystems or uses it less strictly. Some community banks and credit unions have more flexible policies. You can also ask US Bank if they offer a second-chance savings account for people with banking history issues.
If you have questions during the opening process, call US Bank customer service or visit a branch. Representatives can explain account features, help you choose the right account type, and troubleshoot problems with online or phone openings. If your identity verification fails online, a representative can often complete the process over the phone instead.
Frequently Asked Questions
Can I open a US Bank savings account without a Social Security number?
Yes, if you have an Individual Taxpayer Identification Number (ITIN). US Bank accepts ITINs in place of Social Security numbers. You will need to bring the same documents—photo ID, proof of address, and your ITIN—as you would with a Social Security number.
How long does it take to start using my account after I open it?
If you open in person at a branch, your account is active immediately and you can use it the same day. If you open online or by phone, your account is usually active within one business day. A debit card will arrive by mail within 7 to 10 business days, but you can withdraw money and make transfers before the card arrives.
What is the difference between a savings account and a money market account at US Bank?
A money market account typically earns a higher interest rate than a standard savings account but usually requires a higher minimum balance to open and maintain. Money market accounts may also limit the number of withdrawals you can make per month. A standard savings account has lower rates but more flexibility and lower minimums.
Can I open a joint savings account with someone else?
Yes, US Bank allows joint accounts. Both account holders must provide their own ID, proof of address, and Social Security number or ITIN. Both will have full access to the account and can withdraw money or make transfers. Ask the representative about joint account rules when you open.
What happens if I do not use my savings account for a long time?
US Bank will not close your account for inactivity, but some states have unclaimed property laws that require the bank to turn over dormant accounts to the state after a set period—usually three to five years. You can always reactivate your account by logging in online or visiting a branch, and you can contact US Bank to reclaim any funds if they have been transferred.