You can open both accounts in one visit, usually in 15 to 30 minutes

Most banks let you open a checking account and a savings account together in a single application. You walk in or go online, fill out one form with your personal information, and choose which accounts you want. The bank runs a background check (usually through ChexSystems, which tracks banking history), and if you pass, both accounts open on the same day. You get debit cards, online access, and account numbers for both before you leave.

The reason to open both at once is practical: you avoid a second trip, a second background check, and duplicate paperwork. Many banks also offer better rates or lower fees when you link the two accounts together. Some require a minimum deposit to each account to open it, though that minimum varies by bank and account type—anywhere from $0 to $300 per account.

Online banks often make this faster. You can complete the entire process from home in 10 minutes, and both accounts are ready to use the same day or the next business day. Traditional banks with physical branches give you the option to speak to someone in person, which helps if you have questions about which account type fits your situation.

Key Takeaways

  • You can open checking and savings accounts together in one application at nearly every bank, taking 15 to 30 minutes total.
  • The bank will run a background check through ChexSystems; if you have been flagged there before, some banks will still open accounts for you but may charge higher fees.
  • Minimum deposits vary by bank and account type—some accounts require $0, others require $25 to $300 per account—so ask before you commit.
  • Online banks typically open both accounts the same day or next business day; branches may take one to three business days to fully activate both accounts.
  • Linking your checking and savings accounts at the same bank makes transfers between them free and instant, and often qualifies you for better interest rates or fee waivers.

What documents and information you need to bring

Bring a government-issued photo ID—a driver's license, passport, or state ID card. The bank needs to verify your identity before opening any account. If you are opening an account in person at a branch, this is the main document they will ask for.

You will also need your Social Security number. The bank uses this to run the background check and to report interest earned on your savings account to the IRS. If you do not have a Social Security number, some banks have accounts for non-citizens with an ITIN (Individual Taxpayer Identification Number), but not all do—call ahead to confirm.

Bring proof of your current address: a recent utility bill, lease, or bank statement with your name and address on it. Some banks accept a phone bill or government mail. If you moved recently and do not have a document yet, a few banks will let you use a temporary address and update it later, but this varies. Online banks sometimes skip this step if you provide your address during signup.

If you are opening an account for a minor (usually under 18), bring the child's birth certificate and Social Security card along with your own ID. Most banks require a parent or legal guardian to sign, and some require both parents if both are listed on the account.

The difference between opening in person and online

Opening in person at a branch takes 15 to 30 minutes. You sit with a banker, they explain the account features, answer questions, and process everything on the spot. You leave with temporary debit cards or a card number you can use immediately. The full debit card arrives by mail in 7 to 10 business days. Both accounts are usually active the same day, though some banks take one business day to fully set up online access.

Opening online takes 10 to 20 minutes and happens entirely on your phone or computer. You upload photos of your ID and proof of address, enter your information, choose your accounts, and submit. The bank reviews your application and sends a confirmation email within hours or by the next business day. Debit cards ship separately and arrive in 5 to 10 business days. You can usually start using your accounts online or through the mobile app the same day, even before the physical card arrives.

The trade-off: in-person opening gives you immediate answers to questions and a relationship with a banker who knows your accounts. Online opening is faster and more convenient if you know what you want. If you have a complicated situation—bad credit, a history of overdrafts, or questions about account types—opening in person often goes smoother because the banker can explain options and sometimes override standard rules.

Minimum deposits and account fees

Minimum deposits vary widely. Many online banks and some large national banks (like Chase and Bank of America) let you open checking and savings accounts with $0 down. Others require $25 to $100 per account. A few premium accounts require $300 or more, but those come with higher interest rates or fee waivers that make them worth it if you have the money to deposit.

Ask the bank directly what the minimum is for each account type before you apply. The website usually lists it, but if it does not, call or visit a branch. Some banks waive the minimum if you set up direct deposit of your paycheck, so that is worth asking about too.

Monthly fees also vary. Many checking accounts charge $0 per month. Others charge $10 to $15 per month but waive the fee if you maintain a minimum balance (often $500 to $1,500), set up direct deposit, or use the bank's ATM. Savings accounts usually charge $0 per month. Some high-yield savings accounts require a minimum balance to earn the advertised interest rate, but no monthly fee.

When you compare banks, add up the total cost: the minimum deposit, the monthly fee (if any), and the interest you will earn on savings. A bank with a $0 monthly fee but 0.01% interest might cost you more over a year than a bank with a $10 monthly fee but 4.5% interest on savings, depending on how much money you keep in the account.

How background checks work and what can go wrong

The bank runs your information through ChexSystems, a database that tracks banking history. ChexSystems records closed accounts, overdrafts, fraud, and other problems. If you have never had a bank account or had one years ago with no issues, the check takes minutes and you are approved the same day.

If ChexSystems flags you—usually because of unpaid overdrafts, fraud, or too many closed accounts—the bank may still open your account but charge higher fees, require a larger minimum deposit, or deny you outright. Some banks specialize in "second chance" accounts for people with ChexSystems records; they charge higher fees but will open accounts that mainstream banks reject.

You have the right to see your ChexSystems report for free. Visit chexsystems.com and request your report. If there is an error on it, you can dispute it directly with ChexSystems. Errors are common—closed accounts listed as fraud, or overdrafts from years ago that were already paid. Fixing an error can take 30 to 60 days, but it often improves your chances of opening an account at a mainstream bank.

If you are denied, ask the bank which reason they cite. Some banks will tell you it was ChexSystems; others will not. If it was ChexSystems, get your report, look for errors, and dispute them. Then try a second-chance bank or a credit union, which sometimes use different background checks or have more flexible policies.

Setting up online access and mobile banking

Once your accounts are open, the bank sends you login credentials by email or mail. For online banking, you go to the bank's website, enter your account number and a temporary password, and create your own username and password. This usually takes 5 minutes. You can then check balances, transfer money between your checking and savings accounts, pay bills, and download statements.

Mobile banking works the same way. Download the bank's app, log in with your username and password, and you have the same access on your phone. Most banks let you set up mobile check deposit—you photograph a check and deposit it without visiting a branch. You can also set up alerts so the bank texts or emails you when your balance drops below a certain amount or when a large transaction posts.

Link your checking and savings accounts during setup if they are not already linked. This lets you transfer money between them instantly and for free. Some banks charge a small fee for transfers between accounts at different banks, but transfers within the same bank are always free.

Set up a strong password: at least 12 characters, with uppercase and lowercase letters, numbers, and symbols. Do not use your birthday, address, or other information someone could guess. Change your password every 90 days if the bank recommends it, though most do not require this anymore.

How long it takes for both accounts to be fully active

Your accounts are usually active for online access the same day you open them, or by the next business day. You can log in, see your account numbers, and set up transfers immediately. However, some features take longer to activate.

Debit cards ship separately and arrive in 5 to 10 business days. Until the card arrives, you can use your account number to set up direct deposit or automatic payments, or you can request a temporary card number from the bank's app to use online. Some banks issue a temporary card number instantly when you open the account.

If you deposit a check by mail or in person at a branch, it takes 1 to 3 business days to clear and show up in your account. Mobile check deposits sometimes clear faster—24 to 48 hours—depending on the bank and the amount. Large deposits may take longer.

Direct deposit from your employer usually takes one to two pay periods to set up. You give your employer your new account number and routing number, and the bank processes the first deposit on your next payday. After that, deposits arrive automatically on schedule.

Frequently Asked Questions

Can I open both accounts if I have been denied a bank account before?

Yes, but you may face higher fees or a larger minimum deposit. Get your ChexSystems report first and look for errors—many denials are based on mistakes. If your report is accurate, try a credit union or a second-chance bank account, which have more flexible policies. Some will open both accounts for you even with a negative history.

Do I need to deposit money the day I open the account?

No, unless the bank requires a minimum deposit to open. Many banks let you open with $0 and deposit money later. However, if the bank does require a minimum, you must deposit it on the day you open or within a few days, or the account may be closed. Ask before you apply.

What is the difference between a regular savings account and a high-yield savings account?

A regular savings account earns very little interest—often 0.01% to 0.05% per year. A high-yield savings account earns much more—currently 4% to 5% per year, though this changes with interest rates. High-yield accounts are usually at online banks and may require a larger minimum balance. Both are safe; the difference is how much money the bank pays you for keeping your money there.

Can I open accounts at two different banks at the same time?

Yes, there is no rule against it. Some people open a checking account at one bank and a savings account at another to get better rates or features. The downside is you have two sets of login credentials, two debit cards, and transfers between banks take 1 to 3 business days instead of being instant. Most people find it simpler to open both at the same bank.

What happens if I close one account but keep the other?

You can close either account without closing the other. If you close your checking account but keep savings, your savings account stays open and active. If you close your savings account but keep checking, your checking account continues to work normally. Just tell the bank which account you want to close, and they will process it within a few business days. Make sure you have moved any money out first.