What you need to open a bank account
To open a bank account, you need a government-issued ID, proof of your current address, and your Social Security number. Most banks will also ask for an initial deposit, though the amount varies—some require $25, others $100 or more, and a few have no minimum. You can open an account in person at a branch, online through the bank's website, or by phone with some institutions.
The process itself takes 15 to 30 minutes in a branch and can be as quick as 10 minutes online. Your account is usually active the same day or within one business day. If you're opening online, the bank will mail you a debit card and checks within 5 to 10 business days, though you can often use your account immediately through their app or website.
Some banks have restrictions based on your banking history. If you've had accounts closed for overdrafts or fraud, or if you appear in ChexSystems (a banking history database), certain banks may decline you. Credit unions and online banks sometimes have more flexible policies than large national banks.
Key Takeaways
- You need a government ID, proof of address, and your Social Security number to open any bank account.
- Most banks require an opening deposit that ranges from $0 to $100 depending on the institution and account type.
- You can open an account online in 10 minutes, in a branch in 15 to 30 minutes, or by phone with some banks.
- If you have been declined before, check whether you appear in ChexSystems and consider credit unions or online banks as alternatives.
Opening an account in person at a branch
Walk into any branch during business hours with your ID, proof of address (a recent utility bill, lease, or bank statement works), and your Social Security number. Tell the teller or banker you want to open a checking or savings account. They will ask you questions about how you plan to use the account—how often you'll deposit money, whether you expect large transfers, and whether you want overdraft protection.
The banker will show you the account options available. Most banks offer a basic checking account, a savings account, or both. Checking accounts come with a debit card and checks; savings accounts typically do not. Some accounts have monthly fees ($5 to $15) if you don't maintain a minimum balance or set up direct deposit. Ask about these fees before you sign anything.
Once you choose an account, you'll sign paperwork and make your opening deposit. The account opens immediately, and you can use it the same day. Your debit card arrives in the mail within 5 to 10 business days, but you can withdraw cash or make transfers through the bank's ATM or app right away.
Opening an account online
Visit the bank's website and click "Open an Account" or "Sign Up." You'll enter your name, address, phone number, email, and Social Security number. Upload a photo of your ID (driver's license or passport) and proof of address. Some banks ask you to verify your identity by answering security questions based on your credit history, or by confirming small deposits the bank makes to an existing account you own.
The entire process takes 10 to 20 minutes. Once approved, you'll receive a confirmation email with your account number and login details. You can start using the account immediately through the bank's app or website—you can set up direct deposit, transfer money from another account, or pay bills. Your physical debit card arrives in 5 to 10 business days.
Online banks (like Ally, Charles Schwab, or Discover) often have no monthly fees and higher interest rates on savings accounts. However, they have no physical branches, so you cannot deposit cash in person. You can deposit checks through their mobile app by taking a photo, or deposit cash at partner ATMs or retail locations like Walmart or CVS.
Documents you'll need to bring or upload
| Document | What counts | Why it matters |
|---|---|---|
| Government ID | Driver's license, passport, state ID card, or military ID | Proves your identity and that you are at least 18 years old |
| Proof of address | Utility bill, lease, mortgage statement, or bank statement dated within the last 60 days | Confirms where you live; banks use this to prevent fraud |
| Social Security number | Your nine-digit SSN | Required by law; banks report account activity to the IRS |
| Opening deposit | Cash, check, or transfer from another account | Amount varies by bank and account type; some accounts require none |
What happens if you are declined
Banks check ChexSystems, a database that tracks closed accounts, overdrafts, and fraud. If you appear in ChexSystems with negative marks, some banks will decline you. You can request a free copy of your ChexSystems report at chexsystems.com to see what is listed. If there are errors, you can dispute them directly with ChexSystems.
If you are declined by a large bank, try a credit union or online bank. Credit unions often have more flexible policies and may overlook older negative marks. Online banks sometimes have lower standards than traditional banks. You can also look for "second chance" checking accounts, which are designed for people with banking history problems—they usually have higher fees but will accept you.
Another option is to open a savings account instead of a checking account. Savings accounts carry less risk for banks, so you may be approved even if checking is declined. Once you have kept a savings account in good standing for several months, you can apply for a checking account with the same bank.
Fees and account types to compare
Most checking accounts charge a monthly maintenance fee of $5 to $15 if you don't meet certain conditions. Common ways to waive the fee: set up direct deposit, maintain a minimum balance (usually $500 to $1,500), or keep a linked savings account. Some banks waive fees for students, seniors, or military members.
Savings accounts earn interest, but the rate varies widely. Online banks typically offer 4% to 5% annual percentage yield (APY), while traditional banks offer 0.01% to 0.5%. The difference matters if you plan to keep money in savings for months or years. Checking accounts rarely earn interest.
Overdraft protection is optional. If you enable it, the bank will cover overdrafts by transferring money from a linked savings account or credit line, and charge a fee ($25 to $35 per overdraft). If you decline it, transactions will be declined rather than overdrafted. Decide based on whether you want the safety net or prefer to avoid the fee.
After your account opens
Set up direct deposit if your employer or benefit provider offers it. This moves money into your account automatically and usually waives monthly fees. You can also set up bill pay through your bank's website or app to pay utilities, rent, or other regular bills without writing checks.
Link your account to other banks or payment services if you need to transfer money between accounts. Most banks allow you to add external accounts through their app, though transfers take 1 to 3 business days. Some banks offer instant transfers for a small fee.
Review your account statements monthly, even if you only check them online. Look for unauthorized transactions and report them to your bank within 60 days to dispute them. Keep your login password secure and enable two-factor authentication if the bank offers it.
Frequently Asked Questions
Can I open a bank account without a Social Security number?
No. Banks are required by federal law to collect your Social Security number. If you don't have one, you cannot open a personal bank account. Immigrants without an SSN can apply for an Individual Taxpayer Identification Number (ITIN) through the IRS, which some banks accept as an alternative, though this varies by institution.
How much money do I need to open an account?
It depends on the bank and account type. Many banks require $25 to $100 as an opening deposit. Some online banks and credit unions have no minimum. A few banks waive the opening deposit if you set up direct deposit. Call or check the bank's website to confirm the requirement before you visit.
Can I open an account if I'm under 18?
Most banks require you to be 18 to open an account alone. If you're younger, you can open a custodial account with a parent or guardian as the co-owner. The parent has access to the account and can monitor spending. Once you turn 18, the account can be converted to a regular account.
What if I don't have a proof of address?
If you don't have a utility bill or lease, bring a bank statement, mortgage statement, or government mail with your name and address. Some banks accept a letter from a shelter, social service agency, or employer on letterhead confirming your address. Call ahead to ask what documents the branch will accept.
How long does it take to receive my debit card?
Physical debit cards arrive in 5 to 10 business days. You can use your account immediately through the bank's app or website, and you can withdraw cash at ATMs or make purchases online before the card arrives. If you need a card faster, some banks offer rush delivery for a fee, or you can visit a branch to request a temporary card.