Yes, you can open a savings account on its own
Most banks and credit unions will open a savings account without requiring you to have a checking account first. The two are separate products, and many people maintain only a savings account. You do not need to bundle them together, though some banks offer incentives if you do.
The main difference is what you use each account for: a checking account is built for frequent transactions and bill payments, while a savings account is designed to hold money and earn interest. A bank cannot force you to open checking to get savings, even if their marketing materials suggest the products go together.
That said, some online banks and smaller credit unions may have different rules. A few require a checking account as a condition of membership, or they may only offer savings accounts to existing customers. Before you start, confirm with the specific bank or credit union that savings-only accounts are available to new members.
Key Takeaways
- Most traditional banks, online banks, and credit unions will open a savings account without a checking account, though policies vary by institution.
- You will need a government-issued ID, proof of address, and your Social Security number or ITIN to open a savings account at nearly any bank.
- Some banks offer higher interest rates if you also open a checking account, but you are never required to do so.
- Credit unions often have lower minimum balances and fewer fees than banks, and most will open savings accounts for new members without checking.
- Online banks typically have no minimum balance requirements and higher interest rates, making them a good choice if you only want savings.
What you need to bring to open a savings account
The documentation is the same whether you open checking, savings, or both. You will need a government-issued photo ID (driver's license, passport, or state ID card), proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number or ITIN. Some banks also ask for a phone number and email address.
If you are opening an account in person at a branch, bring originals or certified copies. If you are opening online, you will upload photos of your documents or answer verification questions. The bank will run a background check through ChexSystems or Early Warning Services, which are banking history databases. This is not a credit check and will not affect your credit score.
If you do not have a Social Security number, you can use an ITIN (Individual Taxpayer Identification Number) issued by the IRS. Some banks accept ITINs without question; others require additional documentation. Call ahead if this applies to you.
Banks versus credit unions for savings-only accounts
Traditional banks usually have no problem opening a savings account without checking. They make money on overdraft fees and checking account services, so they are happy to have your savings deposits even if you bank elsewhere for checking. Interest rates on savings accounts at traditional banks are typically low—often 0.01% to 0.05% annually—but the account itself is straightforward to open.
Credit unions often offer better interest rates on savings accounts and lower or no minimum balance requirements. Many credit unions are open to anyone in their field of membership (which might be based on your employer, location, or membership in an organization). Unlike banks, credit unions are member-owned, so they return profits to members rather than shareholders. Most credit unions will open a savings account for new members without requiring checking, though a few may require a small membership share deposit.
Online banks typically offer the highest interest rates on savings accounts—sometimes 4% to 5% annually, depending on market conditions—and have no minimum balance. They have no physical branches, so you manage everything by phone, app, or website. Opening is entirely online and usually takes 10 to 15 minutes. If you only want a savings account and do not need in-person service, an online bank is often the fastest and most rewarding option.
Interest rates and minimum balances across account types
| Account Type | Typical Interest Rate | Minimum Balance | How to Open |
|---|---|---|---|
| Traditional bank savings | 0.01% to 0.05% | $0 to $500 | In person or online |
| Credit union savings | 0.25% to 1.5% | $0 to $100 | In person or online |
| Online bank savings | 4% to 5% | $0 | Online only |
| Money market account | 4% to 5% | $2,500 to $10,000 | In person or online |
Interest rates change with the Federal Reserve's benchmark rate and vary by bank. The rates shown above reflect typical ranges as of 2024, but you should check the current rate with the specific bank before opening. Online banks update rates more frequently than traditional banks, so compare rates on the day you plan to open.
Minimum balance requirements are often waived if you set up direct deposit or maintain a certain monthly deposit. Some banks waive minimums entirely for new customers for the first 90 days. Ask about this when you open the account.
How to open a savings account online
Online banks are the fastest route if you want to open a savings account without checking. Go to the bank's website, click "Open an Account" or "Sign Up," and follow the steps. You will enter your name, address, date of birth, Social Security number, and contact information. The bank will ask you to verify your identity by uploading photos of your ID and proof of address, or by answering security questions based on your credit history.
Once your identity is verified, the bank will assign you an account number and routing number. You can then fund the account by transferring money from another bank account (which usually takes one to three business days) or by having your employer deposit your paycheck directly. Some online banks also let you deposit checks by taking a photo with your phone.
The entire process usually takes 10 to 20 minutes, and you can start using the account the same day, though transfers may not clear for a few days. You will receive a debit card in the mail within 7 to 10 business days if the bank offers one, though most online savings accounts do not include a debit card.
Opening a savings account in person at a branch
If you prefer to open an account face-to-face, visit a branch of any bank or credit union in your area. Bring your ID, proof of address, and Social Security number. A representative will ask you what type of account you want (savings), confirm you do not want checking, and walk you through the paperwork. The whole process takes 15 to 30 minutes.
You can fund the account immediately by depositing cash or a check at the branch. The bank will give you a temporary debit card or passbook on the spot, and your account will be active the same day. Your official debit card (if the bank issues one for savings) will arrive in the mail within 7 to 10 business days.
Opening in person is useful if you want to ask questions, prefer to handle money face-to-face, or need the account active the same day. It is also the best option if you do not have a computer or reliable internet access.
What happens if a bank tries to force you to open checking
Some banks market savings and checking as a package deal, and their staff may push you toward opening both. You are not required to do this. If a representative says you must open checking to get savings, ask to speak with a manager or call the bank's customer service line and confirm the policy. Most banks will back down and open savings only.
If a bank refuses to open a savings account without checking, move to a different bank. Hundreds of banks and credit unions will open savings accounts for new customers without any strings attached. Do not let one institution's policy waste your time.
Some banks do offer incentives to open both accounts together—such as a cash bonus or waived fees for the first year. These offers are optional. If the incentive appeals to you, take it. If not, open savings only and ignore the promotion.
Frequently Asked Questions
Do I need a checking account to get a debit card?
No. Some banks issue debit cards for savings accounts, though most do not. If you want a debit card, ask the bank whether their savings accounts come with one before you open. Online banks rarely issue debit cards for savings accounts, but traditional banks sometimes do.
Can I transfer money between my savings account and a checking account at a different bank?
Yes. You can link your savings account to a checking account at another bank and transfer money between them online. This takes one to three business days. You can also withdraw cash from an ATM and deposit it into checking at a different bank, though this is slower and less secure.
What is the difference between a savings account and a money market account?
A money market account typically offers a higher interest rate than a savings account but requires a larger minimum balance (often $2,500 or more). Money market accounts also limit how many withdrawals you can make per month. If you want to save money without frequent withdrawals, a money market account may pay more interest. If you want flexibility, a regular savings account is better.
Will opening a savings account affect my credit score?
No. Banks check your banking history through ChexSystems, not your credit report. Opening a savings account will not lower your credit score or show up on your credit report.
Can I open a savings account if I have been denied a checking account?
Usually yes. Banks use ChexSystems to check your banking history. If you were denied checking because of unpaid overdrafts or fraud, you may still be able to open a savings account, especially at a credit union or online bank. Some banks have separate policies for savings and checking. Call ahead to ask.