What you need to bring and where to go

Opening a savings account takes about 15 to 30 minutes and requires two pieces of information: proof of identity and proof of address. You can open an account at a bank branch, credit union, or online bank — each route has the same basic requirements but different timelines for when money becomes available.

For proof of identity, bring a driver's license, passport, state ID card, or military ID. For proof of address, bring a recent utility bill, lease, mortgage statement, or bank statement with your name and current address. If you don't have a second document, some banks will accept a phone bill or government mail dated within the last 60 days.

You do not need an existing account at that bank, a minimum deposit to start, or a credit check. Some banks offer accounts with no monthly fee; others charge $5 to $15 per month if you don't keep a minimum balance. Ask about fees before you open the account, because switching later costs time and means moving your money.

Key Takeaways

  • Bring a government-issued ID and a recent bill or statement showing your current address to any bank branch or credit union.
  • Online banks often have no monthly fees and higher interest rates, but deposits take one to three business days to show up in your account.
  • In-person accounts at a bank branch are funded immediately, so you can withdraw money the same day.
  • Ask about monthly fees, minimum balance requirements, and interest rates before you sign anything.
  • You can open an account for yourself, or as a joint account with another person who also brings ID and proof of address.

Opening an account in person at a bank or credit union

Walk into any branch during business hours with your ID and proof of address. Tell the teller or banker you want to open a savings account. They will ask your name, date of birth, Social Security number, and current address — have these ready so the process moves faster.

The banker will show you the account options and explain the fees, interest rate, and minimum balance (if any). Choose the account type, sign the paperwork, and make your first deposit. You can deposit cash, a check, or transfer money from another bank account. Money deposited in cash or by check clears immediately; transfers from another bank take one to three business days.

You will receive a debit card in the mail within 5 to 10 business days. Until it arrives, you can withdraw money using your account number at any ATM owned by that bank, or ask the teller to withdraw cash for you.

Opening an account online

Online banks have no physical branches, so you open an account entirely through their website or app. The process takes 10 to 20 minutes. You will upload a photo of your ID, enter your address and Social Security number, and choose a username and password.

Most online banks have no monthly fees and pay higher interest rates than brick-and-mortar banks — sometimes 4% to 5% per year on savings, compared to 0.01% at a traditional bank. The trade-off is that deposits take longer. If you deposit a check by taking a photo through the app, it takes one to three business days to clear. If you transfer money from another bank account, it also takes one to three business days.

You will not receive a physical debit card immediately. Some online banks mail one after your account opens; others do not offer debit cards at all. If you need to withdraw money before the card arrives, you can transfer it back to another bank account you own, or use the online bank's ATM network (which varies by bank).

Opening a joint account

A joint account is owned by two people, and both can deposit and withdraw money. Both account holders must bring ID and proof of address. The bank will ask each person to sign the paperwork and provide their Social Security number.

Decide in advance whether you want the account set up as "joint with survivorship" or "tenants in common." With survivorship, if one owner dies, the money automatically goes to the other owner. With tenants in common, the money goes through that person's estate. Most couples and family members choose survivorship; business partners often choose tenants in common. Ask the banker which option the bank uses by default.

Both people can see the account balance and transaction history online. Either person can close the account, so make sure you trust the other owner completely.

What happens after you open the account

You will receive a welcome packet in the mail with your account number, routing number, and instructions for online banking. Write down your account number and routing number — you need these to set up direct deposit at work or to transfer money from another bank.

Log into online banking and set up a password you have not used anywhere else. Turn on account alerts so the bank texts or emails you when money is deposited or withdrawn. This helps you catch fraud early.

If your employer offers direct deposit, give them your account number and routing number so your paycheck goes straight into the account. This is faster and safer than depositing a paper check.

Moving money into your new account

You can fund a new savings account in four ways: cash deposit at a branch, check deposit, transfer from another bank account, or direct deposit from your employer.

Cash and check deposits at a branch clear the same day. Transfers from another bank account take one to three business days — the sending bank needs time to verify the transfer, and the receiving bank needs time to post it. Direct deposit from your employer takes one to three business days after your employer submits the deposit, depending on when they process payroll.

If you are moving money from an old savings account at another bank, you can do this yourself by transferring it online, or you can ask the old bank to do it for you. Some banks offer a service where they move your money and close your old account — ask whether this is available.

Frequently Asked Questions

Do I need a minimum deposit to open a savings account?

Most banks do not require a minimum deposit to open an account, but some require $25 to $100. Online banks almost never require a minimum. Ask before you open the account, because this affects whether you can start with just a small amount of money.

What if I don't have proof of address?

If you have no utility bill or lease, bring a government check, tax return, or letter from a government agency dated within the last 60 days. Some banks will also accept mail from a court, school, or employer. Call the bank ahead of time to ask what documents they accept.

Can I open a savings account without a Social Security number?

No. Banks are required by law to collect your Social Security number or Individual Taxpayer Identification Number (ITIN). If you have an ITIN, bring that instead. If you have neither, you cannot open a traditional savings account, but some banks offer accounts for people without an SSN — call ahead to ask.

How much interest will I earn?

Interest rates vary by bank and change monthly. Online banks typically pay 4% to 5% per year; traditional banks pay 0.01% to 0.5%. The bank will tell you the current rate before you open the account. Higher rates mean your money grows faster, so compare rates at three to five banks before you decide.

What if I want to close the account later?

You can close a savings account anytime by calling the bank, visiting a branch, or logging into online banking. The bank will ask where you want the remaining money sent — to another account you own, or by check. There is no fee to close an account.