What you need to bring and the steps to open an account
Most commercial banks let you open a savings account in person at a branch, online through their website, or by phone. The process takes 15 to 30 minutes in person, or 10 to 20 minutes online. You will need a government-issued 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 your Social Security number or Individual Taxpayer Identification Number.
At a branch, a banker will walk you through the account paperwork, show you the account features, and explain the fees. Online, you fill out a form on the bank's website, upload photos of your documents, and verify your identity through their system — usually by answering security questions or confirming a small deposit they make to a linked account. By phone, a representative guides you through the same questions and may mail you documents to sign and return.
Once the bank approves your account, you can deposit money immediately. If you opened in person, the banker can take your first deposit on the spot. If you opened online or by phone, you can transfer money from another account, deposit a check by mobile app, or wait for your debit card to arrive (usually 7 to 10 business days) before making deposits at an ATM.
Key Takeaways
- You need a government ID, proof of address, and your Social Security number or ITIN to open an account at any commercial bank.
- In-person opening takes 15 to 30 minutes; online takes 10 to 20 minutes and requires uploading photos of your documents.
- Different banks charge different monthly maintenance fees, overdraft fees, and minimum balance requirements — compare these before you choose a bank.
- Your money is insured up to $250,000 per account type at banks that carry FDIC insurance, which most commercial banks do.
- You can start depositing money the same day you open the account in person, but online or phone openings may require you to wait for your debit card.
Comparing fees and minimum balance requirements across banks
Commercial banks vary widely on what they charge. Some banks charge $5 to $15 per month to keep a savings account open; others charge nothing if you maintain a minimum balance (often $500 to $2,500) or set up direct deposit. A few banks charge no monthly fee and have no minimum balance at all. Check the bank's fee schedule before you open — most post this on their website under "Savings Account" or "Account Fees."
Overdraft fees (charged when you spend more than you have) range from $25 to $35 per transaction at most banks. Some banks let you link your savings account to your checking account so overdrafts pull from savings instead of triggering a fee. Interest rates on savings accounts also differ: as of 2024, rates range from nearly 0% at some large banks to 4% to 5% at online banks and credit unions. A higher interest rate means your money grows faster, but you may have fewer branch locations or slower customer service.
Read the account disclosure document the bank gives you — it lists every fee and the interest rate. If the bank's website does not make fees clear, call the customer service number and ask them to list every charge that could apply to your account.
Opening an account online versus in person
Opening online is faster and you can do it at any time, but you must upload clear photos of both sides of your ID and proof of address. The bank's system scans these documents and compares them to your face using a camera on your phone or computer. If the system cannot verify you, the bank may ask you to visit a branch in person or mail in documents. This verification step usually takes a few minutes, but can take up to 24 hours if the bank reviews it manually.
Opening in person at a branch is slower but more straightforward — the banker checks your ID and address in real time and answers questions on the spot. You also leave with a debit card immediately at some banks, though most mail it to you. If you are unsure about the account features or have questions about fees, opening in person gives you a chance to talk to someone before you commit.
Phone openings fall between the two: faster than in person, but you cannot see the banker or hand over documents directly. The bank will mail you papers to sign and return, which adds 5 to 10 business days to the process.
What happens after your account opens
The bank will assign you an account number and routing number, which you need to set up direct deposit or transfer money from another bank. These numbers appear on checks (if the bank provides them) and in your online banking portal. Your debit card usually arrives 7 to 10 business days after you open the account. Until it arrives, you can deposit checks using the bank's mobile app, transfer money from another account online, or deposit cash at an ATM if the bank has one.
You will receive a username and password to log into online banking, where you can check your balance, see transactions, set up alerts (like when your balance drops below a certain amount), and transfer money to other accounts. Most banks also offer a mobile app with the same features. Some banks charge a fee to use certain features — for example, a fee to transfer money to accounts at other banks — so check your account agreement.
Your savings account is insured by the Federal Deposit Insurance Corporation (FDIC) if the bank displays the FDIC logo. This means if the bank fails, the government protects your money up to $250,000 per account type (so you could have $250,000 in a savings account and $250,000 in a checking account at the same bank, and both would be protected). Nearly all commercial banks carry FDIC insurance, but confirm this before you open an account.
Choosing between a commercial bank and other options
Commercial banks are large institutions with many branches and ATMs, which makes deposits and withdrawals convenient. They offer checking and savings accounts, credit cards, loans, and investment services all in one place. The trade-off is that they often charge higher fees and pay lower interest rates on savings than credit unions or online banks.
Credit unions are member-owned and often charge lower fees and pay higher interest rates, but you must meet membership requirements (like working for a certain employer or living in a certain area) and they have fewer branches. Online banks typically have no monthly fees and pay the highest interest rates, but they have no physical branches — all banking happens through their website or app. If you need to deposit cash frequently or prefer talking to someone in person, a commercial bank is usually the better choice. If you rarely need branches and want to save on fees, an online bank or credit union may work better.
Troubleshooting common problems during account opening
If the bank rejects your ID, it may be expired, damaged, or the photo does not match your current appearance. Bring a second form of ID (passport, military ID, or state ID card) to the branch, or call the bank to ask what other documents they will accept. Some banks accept a combination of documents — for example, an expired ID plus a recent utility bill.
If your address verification fails, the bank may not recognize your utility bill or lease because the name does not match exactly, the address is incomplete, or the document is too old. Bring a second proof of address (bank statement, mortgage statement, or government mail) or ask the bank to verify your address by phone instead. If you recently moved and have no documents in your new name yet, some banks will send mail to your new address and ask you to return a signed form confirming you received it.
If you cannot open an account online because the system cannot verify your identity, visit a branch in person. Bring your ID and proof of address, and a banker can open the account on the spot. Some banks also let you call customer service and ask them to override the online system if you have a legitimate reason — for example, if your ID is valid but the photo is old.
Frequently Asked Questions
Do I need a minimum deposit to open a savings account?
Most commercial banks do not require a minimum deposit to open an account, though some ask for $25 to $100 to fund the account on the day you open it. Check the bank's website or call before you go to the branch. If you do not have the minimum, ask if the bank will waive it or if you can deposit money later that day.
Can I open an account if I do not have a Social Security number?
Yes. If you have an Individual Taxpayer Identification Number (ITIN) issued by the IRS, most banks will open an account using that instead. Some banks also accept a passport number or state ID number. Call the bank before you visit to confirm what they will accept.
How long does it take to access my money after I open an account?
If you open in person and deposit cash or a check, you can usually withdraw it the same day or the next business day. If you transfer money from another bank online, it takes 1 to 3 business days. Your debit card arrives 7 to 10 business days after opening, but you can use online transfers or mobile check deposit before it arrives.
What if the bank asks for more information after I submit my application?
The bank may ask for additional documents if your ID or address does not match their records, or if they cannot verify your identity through their system. Respond to their request within the timeframe they give you (usually 5 to 10 business days), or your application may be denied. You can submit documents online, by mail, or in person at a branch.
Can I have multiple savings accounts at the same bank?
Yes. Most banks let you open as many savings accounts as you want. Each account is insured separately up to $250,000 by the FDIC, so you could have one account for emergency savings, one for a vacation fund, and one for a down payment, all at the same bank. Some banks charge a monthly fee for each account, so check before you open multiple accounts.