Most people can open a savings account, but banks have specific requirements you need to meet
You can open a savings account at most banks and credit unions if you have a valid government-issued ID, proof of address, and a Social Security number or Individual Taxpayer Identification Number (ITIN). Some banks will open an account for you in person the same day. Others let you start online and finish in minutes. The real barriers are not age or citizenship — they are whether you have the documents banks ask for and whether you have had banking problems in the past.
Banks check a system called ChexSystems when you apply. This tracks bounced checks, overdraft abuse, and fraud across the banking industry. If you appear in ChexSystems with a recent negative mark, some banks will turn you down. But not all banks use ChexSystems, and some specialize in second-chance accounts for people with banking history problems.
Key Takeaways
- You need a valid ID, proof of address, and a Social Security number or ITIN to open a savings account at most banks.
- Banks check ChexSystems, a database of banking problems, and may deny you if you have recent overdrafts, bounced checks, or fraud on record.
- If you are denied by one bank, you can still open an account at a credit union, online bank, or second-chance account program.
- Minors can open savings accounts, but usually need a parent or guardian to co-sign and the account may have withdrawal limits.
- Non-citizens with an ITIN can open accounts at most banks, though some require additional documentation.
What banks require before they will open an account
Every bank has a list of documents they need before you can deposit money. The standard list is: 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 either a Social Security number or an ITIN. Some banks also ask for a phone number and email address.
A few banks have stricter rules. Some require a minimum opening deposit — often $25 to $100, though some online banks have no minimum. A small number of banks ask for additional proof if you do not have a traditional address, such as a letter from a shelter or a PO box registration.
If you do not have a photo ID, you may still be able to open an account by going to a branch in person and bringing other documents — a birth certificate, passport card, or tribal ID. Call the bank first to ask what they will accept, because policies vary by branch and by state.
How ChexSystems affects whether you get approved
ChexSystems is a database that banks use to check your history with other banks. It records bounced checks, overdraft fees you did not pay, accounts closed because of fraud, and other banking problems. If you appear in ChexSystems with a negative mark from the last five years, a bank may deny your application.
Not every bank uses ChexSystems. Credit unions often do not. Online banks vary — some check it, some do not. If you are denied because of ChexSystems, you can request a free copy of your report from ChexSystems itself to see what is on file. You can dispute inaccurate information.
Even if you are in ChexSystems, you have options. Many banks offer second-chance accounts specifically for people with banking history problems. These accounts may have higher fees, lower initial deposit limits, or restrictions on how much you can withdraw per day. But they let you rebuild your banking record. After 12 to 24 months of good standing, you can often move to a regular account.
Opening an account as a minor
Anyone under 18 can open a savings account, but a parent or legal guardian must co-sign. The adult's name goes on the account along with yours, and they can see all transactions and withdraw money. Some banks let minors open accounts at age 13 or 14; others require you to be 16. A few banks have separate teen accounts with lower fees and no overdraft charges.
When you turn 18, you can convert the account to your name alone, or your parent can remove themselves. The process takes a few minutes at a branch or sometimes online. Ask the bank what their policy is before you open the account, so you know what happens when you reach 18.
Opening an account without a Social Security number
If you are not a U.S. citizen, you can open a savings account using an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. An ITIN is a nine-digit number the IRS issues to people who file taxes but do not have a Social Security number. You apply for an ITIN through the IRS using Form W-7.
Most large banks accept ITINs. Credit unions often do as well. Some smaller banks or branches may ask for additional documentation — a passport, visa, or consulate letter — to confirm your identity. Call ahead and ask whether the specific branch you plan to visit takes ITIN applications, because policies can differ by location.
If you do not yet have an ITIN and cannot get one quickly, some credit unions and online banks will open accounts using a passport number or other government ID from your home country. This is less common, but it exists. Your best bet is to contact the bank or credit union directly and describe your situation.
What to do if a bank denies you
If one bank says no, it does not mean all banks will. Different banks have different standards. A bank that uses ChexSystems might deny you, but a credit union that does not check ChexSystems might approve you. An online bank with strict rules might turn you down, but a second-chance account program will take you.
Before you apply to another bank, find out why you were denied. Banks must tell you if the reason was ChexSystems or another factor. If it was ChexSystems, get your report and check for errors. If it was something else — insufficient ID, address verification problems, or a minimum deposit you could not meet — you can fix that before applying elsewhere.
Second-chance accounts are designed for people who have been denied. Banks like Chime, LendingClub, and some regional banks offer them. Credit unions in your area may also have programs for people rebuilding their banking history. These accounts usually have higher fees than standard accounts, but they work the same way and help you build a clean record.
Comparing banks and credit unions for your situation
Banks and credit unions have different rules and different reasons to choose one over the other. Banks are for-profit and use ChexSystems more often. Credit unions are member-owned, usually have lower fees, and often do not check ChexSystems. Online banks have no branches but often have no minimum deposit and lower fees overall.
Your choice depends on what matters most to you. If you need to talk to someone in person, a traditional bank or credit union branch is your best option. If you were denied elsewhere or have banking history problems, a credit union or second-chance account gives you a better chance. If you want the lowest fees and do not mind banking entirely online, an online bank may work.
| Type | Uses ChexSystems | Minimum Deposit | Best For |
|---|---|---|---|
| Traditional bank | Usually yes | $25–$100 (varies) | In-person service, branch access |
| Credit union | Often no | $0–$50 (varies) | Lower fees, second-chance accounts |
| Online bank | Sometimes | $0–$25 (varies) | No fees, high interest rates, no branches |
| Second-chance account | No | $25–$100 | Rebuilding after banking problems |
Frequently Asked Questions
Can I open a savings account if I have been denied before?
Yes. Being denied once does not lock you out of banking. Try a different bank, a credit union, or a second-chance account program. Each has different standards. If you were denied because of ChexSystems, get your report and dispute any errors before applying again.
Do I need a job or income to open a savings account?
No. Banks do not require proof of income or employment to open a savings account. They may ask for income information if you are opening a checking account with overdraft protection, but savings accounts have no such requirement.
Can I open an account online without going to a branch?
Yes, many banks and credit unions let you open a savings account entirely online. You upload photos of your ID and proof of address, and the account opens in minutes to a few hours. Some banks still require an in-person visit to verify your identity, so check before you start.
What happens if I give the bank wrong information by accident?
Contact the bank as soon as you notice the error. Most banks can correct address, phone number, or email mistakes quickly. If the error is on your ID or Social Security number, the bank may close the account and ask you to reopen it with correct information. It is better to fix it yourself than to wait for the bank to catch it.
Can I open a savings account if I am homeless?
Yes, though you will need to provide an address. Some banks accept a shelter address, a PO box, or a letter from a social service agency confirming your situation. Call the bank first and explain your circumstances — many have policies for people without a permanent address, but you need to ask.