Opening a savings account has no direct effect on your credit score

Banks do not report savings accounts to the three credit bureaus — Equifax, Experian, and TransUnion — so opening one will not change your score. A savings account is a deposit account, not a credit account. Credit scores measure only how you borrow and repay money, not how much you save or where you keep it.

The only way a savings account touches your credit is indirectly, through a hard inquiry. When you open an account, most banks run a soft inquiry into ChexSystems, a banking history database that tracks overdrafts, bounced checks, and fraud — not your credit file. A soft inquiry does not affect your score. Some banks, however, do pull your actual credit report as part of their approval process, which counts as a hard inquiry and can lower your score by a few points for a few months.

Key Takeaways

  • Savings accounts are not reported to credit bureaus, so opening one does not build or damage your credit score.
  • Most banks use ChexSystems, a separate banking database, to check your history — this is a soft inquiry and has no credit impact.
  • Some banks do pull your credit report, which is a hard inquiry and can lower your score by a few points temporarily.
  • You can ask the bank before you apply whether they will pull your credit report or only check ChexSystems.

When a bank pulls your credit report

Not all banks check your credit when you open a savings account. Large national banks like Chase, Bank of America, and Wells Fargo typically use only ChexSystems. Credit unions and smaller regional banks vary — some check credit, some do not. Online banks like Ally and Marcus generally do not pull credit for savings accounts.

If a bank does pull your credit, it counts as a hard inquiry. A single hard inquiry usually drops your score by 5 to 10 points and stays on your report for 12 months, though the impact fades after a few months. Multiple hard inquiries within a short window (usually 14 to 45 days, depending on the scoring model) may count as a single inquiry if they are all for the same type of credit, but savings accounts do not fall into that category.

Before you open an account, call the bank or check their website and ask directly: "Do you pull a credit report to open a savings account, or do you only check ChexSystems?" A yes answer means a hard inquiry; a no answer means you are safe.

How ChexSystems works and why it is separate from credit

ChexSystems is a private database that banks use to check whether you have a history of overdrafts, bounced checks, returned deposits, fraud, or unpaid fees at other banks. It has nothing to do with credit scores or credit reports. A negative ChexSystems record can prevent you from opening a bank account, but it will not show up on your credit report and will not affect your credit score.

You can request your own ChexSystems report for free once per year at www.chexsystems.com. If there is an error — a closed account listed as open, a fee you did not incur, a check you did not write — you can dispute it directly with ChexSystems. Fixing errors on ChexSystems can help you open a bank account, but it has no connection to your credit score.

Why savings accounts do not build credit

Credit scores are built only from credit accounts — credit cards, loans, mortgages, lines of credit. These accounts involve borrowing money and repaying it on a schedule. Savings accounts involve depositing your own money and withdrawing it when you choose. There is no repayment obligation, no interest rate you are charged, and no payment history to report.

If you are trying to build credit, a savings account alone will not help. A secured credit card, a credit-builder loan, or becoming an authorized user on someone else's credit card will. A savings account is useful for other reasons — emergency funds, down payments, short-term goals — but credit building is not one of them.

What happens if you overdraft or misuse the account

Opening a savings account does not hurt your credit, but misusing it can create problems. If you overdraft repeatedly, bounce checks, or rack up fees, the bank may report you to ChexSystems, which can block you from opening accounts elsewhere. This does not affect your credit score directly, but it does limit your banking options.

If the bank sends an unpaid overdraft fee to a collection agency, that collection account will show up on your credit report and will damage your score. This is rare for savings accounts — most banks simply close the account and flag you in ChexSystems — but it is possible if the overdraft is large and goes unpaid for months.

Checking accounts and credit inquiries

Checking accounts follow the same rule as savings accounts: they are not reported to credit bureaus and do not affect your score. However, checking accounts are slightly more likely to trigger a credit pull than savings accounts, because banks see them as higher-risk products (more transactions, more overdraft potential). If you are opening both a checking and savings account at the same time, ask whether the bank will pull your credit once for both or separately.

If the bank pulls your credit for a checking account, it is still a single hard inquiry, not two. Multiple inquiries for the same type of credit within a short window typically count as one inquiry for scoring purposes, though this rule does not always apply to deposit accounts.

How to minimize credit impact when opening an account

If you want to open a savings account without any risk to your credit score, choose a bank that does not pull credit reports. Call ahead or check the bank's website for their approval process. Online banks almost never pull credit for deposit accounts. If you are opening an account at a physical bank, ask whether they use ChexSystems only.

If you have already opened multiple accounts recently and taken several hard inquiries, space out any new account openings by at least a few months. Hard inquiries stay on your report for 12 months but stop affecting your score after a few months, so waiting reduces the cumulative impact.

Frequently Asked Questions

Will opening a savings account lower my credit score?

Not directly. Savings accounts are not reported to credit bureaus. However, if the bank pulls your credit report as part of their approval process, that hard inquiry can lower your score by a few points temporarily. Most banks use ChexSystems instead, which has no credit impact.

Can I build credit with a savings account?

No. Credit scores measure only how you borrow and repay money. Savings accounts involve your own money, not borrowed money, so they do not build credit history. You need a credit card, loan, or credit-builder product to build credit.

What is ChexSystems and does it affect my credit?

ChexSystems is a banking database that tracks overdrafts, bounced checks, and fraud. It is separate from credit reports and does not affect your credit score. A negative ChexSystems record can prevent you from opening a bank account, but it will not show up on your credit report.

How do I know if a bank will pull my credit?

Call the bank before you open an account and ask directly whether they pull a credit report or only check ChexSystems. Most large national banks and online banks do not pull credit for savings accounts, but some credit unions and regional banks do.

If a bank pulls my credit, how long does it affect my score?

A hard inquiry typically lowers your score by 5 to 10 points and stays on your report for 12 months. The impact is strongest in the first few months and fades over time. After about three months, the inquiry has minimal effect on your score.