What you need to open an account depends on the type
The steps to open an account change based on what kind of account you want. A bank checking account, an investment brokerage account, and a business account each have different requirements and take different amounts of time. Most can be opened online in under an hour, though some still require a visit to a physical location or mailed documents.
The fastest route is usually online through the institution's website or mobile app. You will need a government-issued ID, proof of address, and your Social Security number or Tax ID. Some institutions ask for additional information depending on the account type or your situation.
Key Takeaways
- Bank accounts can be opened online, by phone, or in person, and most take less than an hour to complete if you have your ID and Social Security number ready.
- Brokerage accounts require the same basic information as bank accounts but may ask additional questions about your investment experience and income.
- Business accounts need an Employer Identification Number (EIN), business license, and proof of ownership or partnership documents.
- Some banks and brokerages offer accounts to minors with a parent or guardian as a co-owner, though the process differs from opening an account as an adult.
- If you do not have a government ID, you can still open some accounts using alternative documents like a passport, state ID, or tribal ID.
Opening a bank checking or savings account
Most banks let you open a checking or savings account online without visiting a branch. Go to the bank's website, click "Open an Account" or "New Account," and follow the prompts. You will enter your name, address, date of birth, Social Security number, and employment information. The bank will verify your identity using the information you provide and may run a soft credit check that does not affect your credit score.
If you prefer to open an account in person, visit a local branch with your ID and Social Security number. A banker will walk you through the process, which usually takes 15 to 30 minutes. Some banks still require a minimum deposit to open an account, though many have removed this requirement. Check the bank's website for current requirements before you go.
Online banks (banks without physical branches) often have the fastest process because everything happens digitally. You may be able to start using your account within hours of opening it. Traditional banks with branches sometimes place a hold on deposits or limit transfers for the first few days while they verify your information.
Opening a brokerage account for investing
A brokerage account is where you buy and sell stocks, bonds, mutual funds, and other investments. Most brokerages let you open an account entirely online. Visit the brokerage's website, click "Open an Account," and provide your name, address, date of birth, Social Security number, employment status, and annual income. You will also answer questions about your investment experience and goals.
The brokerage uses this information to determine which types of investments you can trade and whether you need additional disclosures. Some brokerages ask for a copy of your ID or a video verification call to confirm your identity. This step usually takes a few minutes and happens the same day you apply.
After your account is approved, you can fund it by linking a bank account, transferring money from another brokerage, or mailing a check. Most brokerages let you start trading within one to three business days of funding your account. Some offer commission-free trading on stocks and exchange-traded funds (ETFs), while others charge per trade.
Opening a business account
A business account is separate from your personal bank account and is used for business income and expenses. Before you open one, you need an Employer Identification Number (EIN) from the IRS, which is free and takes about 15 minutes to get online at irs.gov. You will also need your business license (issued by your city or county) and proof of your business structure — a partnership agreement, articles of incorporation, or sole proprietorship documentation.
Contact your bank and ask what documents they need for a business account. Most banks require the EIN, business license, and a government ID for the owner or authorized representative. Some banks ask for a business plan or proof of business activity. Bring these documents to a branch or upload them through the bank's website if they offer online business account opening.
Business accounts usually take one to three business days to open. Some banks require a minimum deposit or charge a monthly fee. If you operate as a sole proprietor (self-employed with no employees), some banks let you use your personal Social Security number instead of an EIN, though having an EIN keeps your personal and business finances separate.
Opening an account as a minor
If you are under 18, you can open a bank account with a parent or guardian as a co-owner. Most banks require the minor and the parent or guardian to visit a branch together with their IDs. Some banks offer teen checking accounts with limited features or spending controls that parents can manage through a mobile app.
A few online banks and fintech companies let minors open accounts without a parent present, though they still require parental consent. Check the bank's website for age requirements and what documents you need. Once you turn 18, you can usually convert the account to a standard adult account or open a separate one in your name alone.
What to do if you do not have a government ID
If you do not have a driver's license or state ID, you can use a passport, tribal ID, or military ID to open most accounts. Some banks accept a combination of documents — for example, a utility bill plus a Social Security card — if you do not have a photo ID. Call the bank or brokerage before you go to confirm what they will accept.
If you have no ID at all, opening an account becomes harder but not impossible. Some credit unions and community banks work with people in this situation and may ask for additional documentation like a lease, utility bill, or letter from an employer. You may need to visit a branch in person rather than opening online.
Tracking your account after opening
After your account opens, you will receive a confirmation email with your account number and login credentials. Write down your account number and keep it in a safe place. Set up online banking and a mobile app so you can check your balance, make transfers, and deposit checks remotely.
Most banks send a debit card and checks (for checking accounts) within 5 to 10 business days. You can usually start using your account before the physical cards arrive by setting up transfers or using the mobile app. If you do not receive your debit card within two weeks, contact the bank to confirm your address and request a replacement.
Frequently Asked Questions
How long does it take to open an account online?
Most online accounts open within 15 to 60 minutes. You enter your information, the bank verifies your identity, and you receive confirmation via email. Some banks let you start using your account the same day, while others place a temporary hold on deposits while they complete their verification process.
Do I need a minimum deposit to open an account?
Many banks no longer require a minimum deposit to open a checking or savings account. However, some banks and brokerages still ask for an initial deposit of $25 to $500. Check the specific bank's website for current requirements before you open an account.
Can I open an account if I have bad credit?
Yes. Banks do not usually check your credit score to open a checking or savings account. They may check ChexSystems, a banking history report, to see if you have had problems with previous accounts. If you have been denied before, ask the bank what specific issue caused the denial and whether you can address it.
What if I made a mistake on my application?
Contact the bank or brokerage immediately and explain the error. If the account has not been fully opened yet, they can usually correct the information. If the account is already active, you may need to close it and open a new one with the correct details, though some banks can update information without closing the account.
Do I need to keep a minimum balance in my account?
It depends on the bank and account type. Many checking accounts have no minimum balance requirement. Some savings accounts or money market accounts require you to keep a certain amount on deposit to avoid a monthly fee. Check the bank's fee schedule or account terms before you open to understand what is required.