What you need before you walk in or log on
To open a savings account at a bank or credit union, you will need a government-issued photo ID, proof of your current address, and your Social Security number. That is the baseline. Some banks also ask for an initial deposit before they open the account — this ranges from zero dollars to $25 or more, depending on the bank. A few banks waive the deposit requirement if you set up direct deposit or keep a minimum balance.
Proof of address can be a recent utility bill, lease agreement, mortgage statement, or government mail with your name and address on it. The address proof usually has to be dated within the last 60 days. If you do not have one of these, a bank statement or insurance document sometimes works — call ahead and ask what they accept.
You can open an account in person at a branch, by phone, or online. Online is fastest if the bank offers it, because you upload documents and get approved the same day. In-person takes a few minutes if you have everything with you. By phone usually takes a few days because the bank mails you forms to sign and return.
Key Takeaways
- Bring a photo ID, proof of your address dated within 60 days, and your Social Security number to open an account in person.
- Some banks require an opening deposit of $25 or more; others let you start with zero if you set up direct deposit.
- Online accounts open the fastest — often the same day — if the bank has an online application.
- Credit unions have the same basic requirements as banks but sometimes offer lower fees and better rates on savings.
- Once your account is open, you can deposit money by ATM, mobile app, in-person at a branch, or by setting up direct deposit from your paycheck.
Opening an account in person at a branch
Walk into any branch of the bank where you want to open the account. Bring your photo ID, proof of address, and Social Security number. Tell the teller or a banker that you want to open a savings account. They will ask you questions about how you plan to use the account — whether you want to receive statements by mail or online, whether you want overdraft protection, and what your initial deposit will be.
The banker will show you the account options available. Most banks offer a basic savings account and may also offer a high-yield savings account that pays more interest. Ask about fees: some accounts charge a monthly maintenance fee, while others waive it if you keep a minimum balance or set up direct deposit. The banker will complete the paperwork, you will sign, and the account opens immediately. You can start using it the same day.
Opening an account online
Go to the bank's website and look for a button that says "Open an Account" or "New Account." You will answer questions about yourself, including your name, date of birth, Social Security number, and address. The website will ask you to upload a photo of your ID and sometimes a photo of your proof of address. Some banks use a video call instead — a banker appears on your screen and you show them your documents.
Once you submit everything, the bank reviews it. Most online banks approve accounts within a few hours to one business day. You will receive an email confirming your account number and login information. You can then transfer money into the account from another bank account you own, or wait for your first paycheck if you set up direct deposit. Some online banks mail you a debit card; others let you use your account number to receive direct deposits right away.
Opening an account by phone
Call the bank's customer service number and ask to open a savings account. A representative will ask for your name, date of birth, Social Security number, and address. They will explain the account options and fees. Because they cannot see your ID over the phone, the bank will mail you forms to sign and return, along with instructions on how to submit copies of your ID and proof of address.
Mail the signed forms and documents back to the address the bank provides. Processing usually takes five to ten business days after the bank receives your paperwork. Once approved, you will receive your account number and login information by mail. This method is slower than online or in-person, so use it only if you cannot visit a branch or access the bank's website.
What happens after your account opens
Once your account is open, you can deposit money in several ways. If you visited a branch in person, you can deposit cash or checks at any ATM or teller window. If you opened the account online or by phone, you can transfer money from another bank account you own using the routing number and account number the bank gave you. Most banks process transfers within one to three business days.
If your employer offers direct deposit, you can set that up as soon as you have your account number. Direct deposit is the fastest way to get money into your savings account — your paycheck lands there automatically on payday. You will need to give your employer your bank's routing number and your new account number. You can find both on the welcome paperwork the bank sent you, or log into your online banking and look for "Account Details" or "Routing Number."
Banks versus credit unions
Banks and credit unions both offer savings accounts with the same basic requirements. The main differences are fees and interest rates. Banks are for-profit and often charge monthly maintenance fees, overdraft fees, and ATM fees. Credit unions are member-owned nonprofits and typically charge lower fees or no fees at all. Credit unions also often pay higher interest on savings accounts.
To open an account at a credit union, you usually have to become a member first. Membership requirements vary — some credit unions are open to anyone in a certain geographic area, while others require you to work for a specific employer or belong to a specific organization. Once you are a member, opening a savings account works the same way as at a bank. Ask the credit union about membership fees; most do not charge any.
What to do if the bank denies your account
Banks sometimes deny account applications because of a history in ChexSystems, a database that tracks banking problems like unpaid overdrafts, fraud, or closed accounts due to negative balances. If a bank denies you, ask which reason they gave. If it is a ChexSystems issue, you can request a copy of your ChexSystems report and dispute any errors. You have the right to do this for free.
If ChexSystems is the problem, look for a bank that does not use ChexSystems or that offers "second chance" checking accounts designed for people with banking history issues. Some credit unions also have more lenient policies. If the denial was for a different reason — such as not having a valid ID or proof of address — fix that issue and try again at a different bank.
Frequently Asked Questions
Do I need a minimum deposit to open a savings account?
It depends on the bank. Some banks require $25 or more to open; others let you start with zero. Many banks waive the deposit requirement if you set up direct deposit from your paycheck or keep a minimum balance of $500 or more. Ask the bank about their specific policy before you apply.
How long does it take to open an account online?
Most online banks approve accounts within a few hours to one business day. You get your account number and login information by email the same day or the next morning. You can start using the account to receive direct deposits immediately, though you may have to wait for a debit card to arrive by mail.
Can I open a savings account without a Social Security number?
No. Banks are required by federal law to collect your Social Security number. If you do not have one, you cannot open a bank account. If you are not a U.S. citizen, some banks will open an account using an Individual Taxpayer Identification Number (ITIN) instead — call ahead to ask.
What is the difference between a savings account and a checking account?
A savings account is designed for money you want to keep and grow over time. It earns interest, but you can only withdraw a limited number of times per month. A checking account is for money you use regularly — it comes with a debit card and checks, unlimited withdrawals, but usually earns little or no interest. Many people have both.
Can I open an account for someone else?
No. The person whose name is on the account must be present or complete the application themselves. If you want to open an account for a child, you will be the account owner and the child is an authorized user. For an adult, they must open their own account.