What you need before you walk in or go online
To open a savings account, you will need a government-issued photo ID, proof of your current address, and your Social Security number. Most banks and credit unions ask for all three before they create your account. Bring a physical ID — a driver's license, passport, or state ID card — because banks will not open an account based on a photo you email or text.
Proof of address can be a recent utility bill, lease agreement, mortgage statement, or government mail with your name and street address. If you moved recently and do not have a bill in your new name yet, a lease signed within the last 60 days works at most institutions. Some banks will also accept a bank statement from another account or a credit card statement.
You will also need to decide how much money to deposit to open the account. Most banks have no minimum, but some credit unions or specialty savings products require $25 to $100 to start. Check the specific bank's requirements before you go in or click through online.
Key Takeaways
- Bring a photo ID, proof of your address, and your Social Security number to open an account in person or have them ready for an online application.
- Most banks have no minimum opening deposit, but some require $25 to $100, so check your chosen bank's rules first.
- Opening in person takes 15 to 30 minutes; opening online takes 10 to 20 minutes and you can fund the account immediately from another bank.
- Once your account is open, you can deposit money by direct deposit, transfer from another account, ATM deposit, or in-person at a branch.
- Banks are required to report your account to credit bureaus, but a savings account does not build credit the way a credit card does.
Opening an account in person at a bank or credit union branch
Walk into any branch during business hours with your ID, proof of address, and Social Security number. Tell the teller or banker you want to open a savings account. They will ask you to choose between a regular savings account and a money market account or high-yield savings account — for most people, a regular savings account is the right choice because it has no monthly fees and no minimum balance.
The banker will ask you to sign documents that explain the account rules, the interest rate, and any fees. Read the fee section carefully: look for monthly maintenance fees, overdraft fees (which should not apply to a savings account), and fees for falling below a minimum balance. Many banks waive these fees if you set up direct deposit or keep a certain amount in the account.
Bring a debit card or checkbook if you have one from another bank — the banker may ask to see it to verify your identity. The whole process takes 15 to 30 minutes. You will walk out with a debit card or a temporary card number, and your account will be ready to use the same day.
Opening an account online
Go to the bank's website and click "Open an Account" or "New Accounts." You will enter your name, address, phone number, email, and Social Security number into a form. The bank will ask you to create a username and password. Have your ID nearby — some banks take a photo of it through your phone camera, and others ask you to answer security questions based on your credit history to verify who you are.
Once the bank confirms your identity, you will choose your account type and review the fee schedule. Then you will link a bank account you already have so you can transfer money into your new savings account. The transfer usually takes one to three business days, but some banks offer instant transfers if both accounts are at the same bank.
The entire online process takes 10 to 20 minutes. Your account number will appear on screen as soon as you finish, and you can start using it right away — you just cannot withdraw money until your initial deposit clears, which is usually one to three business days.
Choosing between a bank and a credit union
Banks are for-profit companies with many branches and ATMs. Credit unions are member-owned nonprofits with fewer locations but often lower fees and higher interest rates on savings. Both are insured by the federal government — banks through the Federal Deposit Insurance Corporation (FDIC) and credit unions through the National Credit Union Administration (NCUA) — so your money is protected up to $250,000 if the institution fails.
If you want to deposit cash or withdraw money in person often, a bank with many branches near you is more convenient. If you rarely visit a branch and want the best interest rate, a credit union or an online-only bank often pays more. Online banks have no physical branches but let you deposit checks by phone camera and transfer money instantly.
Credit unions require you to be a member, which usually means living or working in a certain area, belonging to a certain employer, or being related to someone who already belongs. You can search for credit unions near you at CULookup.com or ask your employer if they sponsor one.
How to fund your account after it opens
Once your account is open, you can put money in through direct deposit, transfer from another bank account, cash deposit at an ATM or branch, or mobile check deposit. Direct deposit is the fastest and most reliable — you give your employer or benefits administrator your new account number and routing number, and the money appears automatically on payday.
To transfer money from another bank, you will need the account and routing number of the account you are transferring from. Most transfers take one to three business days. Some banks offer faster transfers for a small fee, and transfers between accounts at the same bank are usually instant.
If you want to deposit cash, you can do it at an ATM if the bank owns the ATM, or in person at a branch. ATM deposits usually post within 24 hours. Mobile check deposit — taking a photo of a check through the bank's app — works at most banks and posts within one to three business days.
Understanding interest rates and account features
A savings account earns interest, which means the bank pays you a small percentage of the money you keep in the account. The interest rate varies by bank and changes based on what the Federal Reserve does with interest rates. Right now, regular savings accounts earn between 0.01% and 0.05% annually at most banks, while high-yield savings accounts earn between 4% and 5% annually.
The difference matters if you have a large balance. On $10,000, a regular savings account earning 0.01% gives you $1 per year, while a high-yield account earning 4.5% gives you $450 per year. High-yield accounts are usually at online banks or credit unions, and they have no monthly fees or minimum balance.
Some accounts offer features like automatic transfers to savings, spending alerts, or the ability to create multiple sub-accounts for different goals. These features do not change how interest works, but they can help you save more consistently. Choose an account based on the interest rate first, then check whether the features match how you want to save.
What happens after you open the account
Your bank will report your account to the three major credit bureaus — Equifax, Experian, and TransUnion — but a savings account does not build credit. Credit bureaus track credit accounts like credit cards and loans, not deposit accounts. Opening a savings account will not raise or lower your credit score.
You will receive statements by email or mail showing your deposits, withdrawals, and interest earned. Check your statements monthly to catch any errors or unauthorized activity. If you see a transaction you did not make, contact the bank within 60 days and they will investigate.
If you do not use your account for a long time, the bank may close it or move it to inactive status. The rules vary by bank, but most close accounts after 12 to 24 months of no activity. If your account is closed, any money in it will be mailed to you or held by the state as unclaimed property.
Frequently Asked Questions
Do I need a minimum deposit to open a savings account?
Most banks have no minimum opening deposit, but some credit unions and specialty savings products require $25 to $100. Check your chosen bank's website or call before you go in. If you do not have that much to start with, look for a bank that advertises "no minimum deposit" or "open with $0."
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) to report interest income to the IRS. If you do not have either, you cannot open a bank account in the United States.
How long does it take to open an account online?
The application takes 10 to 20 minutes. Identity verification happens immediately or within a few hours. Your account number appears on screen as soon as you finish, but you cannot withdraw money until your initial deposit clears, which takes one to three business days.
What if I do not have proof of address?
Call the bank and ask what documents they accept. Some will take a lease agreement, utility bill, or government mail. If you have none of these, ask whether they will accept a bank statement from another account or a credit card statement. A few banks will open an account with just an ID if you cannot provide proof of address, though this is rare.
Can I open a savings account for someone else?
No. The person whose name is on the account must be present in person or complete the online application themselves. Parents can open a custodial savings account for a minor child, but the child's name and Social Security number must be on the account.