What you need before you walk in or go online

Most banks and credit unions will ask for a government-issued ID, your Social Security number, and proof of your current address. A driver's license or passport covers the ID requirement. For address proof, bring a recent utility bill, lease, or bank statement with your name and address on it. Some banks accept a phone bill or insurance statement instead.

You'll also need to decide how much money to open with. Many banks have no minimum deposit, but some require $25 to $100 to start. A few still ask for $500 or more. Call or check the bank's website before you go in — the minimum varies by institution and sometimes by account type.

If you're opening an account for a child under 18, bring the child and a parent or legal guardian. Both will need ID. Some banks require both to sign the paperwork; others let one adult open it on the child's behalf.

Key Takeaways

  • You need a government ID, Social Security number, and proof of address — a utility bill or lease works for the address.
  • Minimum opening deposits range from zero to $500 depending on the bank, so check before you arrive.
  • You can open an account in person at a branch, online through a bank's website, or by phone with some institutions.
  • The account opens immediately in most cases, though it may take one to three business days for the account number to activate for transfers.
  • If you have a history of overdrafts or closed accounts, some banks will still open an account for you, but you may need to use ChexSystems-approved banks or credit unions.

Opening in person at a branch

Walk into any branch of the bank or credit union you've chosen. Tell the person at the desk you want to open a savings account. They'll take you to a banker or account representative who will ask you questions about how you plan to use the account — how often you'll deposit, whether you want online access, and whether you want a debit card.

The banker will enter your information into their system, show you the account agreement (usually several pages), and ask you to sign. Read the fee schedule carefully — it lists monthly maintenance fees, overdraft fees, and charges for things like wire transfers or stopping a check. Ask about any fees you don't understand before you sign.

Once you sign, the account opens. You'll get an account number on the spot. Checks and a debit card arrive by mail in five to ten business days. Online banking access usually starts the same day or the next business day.

Opening online

Go to the bank's website and look for a button that says "Open an Account" or "New Account." You'll answer questions about yourself — name, address, date of birth, Social Security number, employment status, and annual income. The bank uses this information to verify your identity and comply with federal banking rules.

You'll upload photos of your ID and proof of address. Take clear photos of both sides of your ID and make sure the utility bill or lease is legible. The bank's system scans these documents automatically, though a person may review them if the scan doesn't work clearly.

After you submit, you'll see a message saying the account is pending. This usually takes one to three business days. The bank will send you an email or text when it's approved. You can then log in, set up online banking, and start using the account. Debit cards and checks still arrive by mail.

Opening by phone

Some banks and most credit unions let you open an account by phone. Call the number on their website. A representative will ask the same questions as an in-person or online application — your name, address, Social Security number, and ID information.

You'll need to verify your identity, so the representative may ask you security questions based on your credit history or ask you to confirm details from your ID. Once verified, they'll explain the account terms and fees, and you'll agree to them verbally. The representative will confirm your account number before you hang up.

The account opens immediately, but you won't receive a debit card or checks until they arrive by mail. Online banking access may take one business day to activate. Some credit unions mail you a temporary card or let you use your account number for transfers right away.

What happens after you open the account

Your account number is active as soon as the account opens, even if you opened online or by phone. You can start receiving direct deposits — paychecks, government payments, or transfers from another account — right away. Give your employer or the paying organization your new account number and routing number. The routing number is the same for all accounts at that bank; you'll find it on the bank's website or by calling.

If you want to deposit cash or checks, you'll need to visit a branch, use an ATM, or mail a check in. Some banks let you photograph a check on your phone and deposit it through the app. Ask about mobile check deposit when you open the account.

Your debit card and checks arrive separately, usually within five to ten business days. You can start using the account before they arrive by using online transfers or by visiting a branch to deposit cash.

If you've had banking problems before

Banks use a system called ChexSystems to track accounts that were closed due to overdrafts, fraud, or unpaid fees. If you're in ChexSystems, some mainstream banks will turn you down. But you have options.

Credit unions often have more flexible policies and may open an account for you even if you're in ChexSystems. Call ahead and ask whether they accept people with ChexSystems records. Some credit unions specialize in second-chance banking and actively work with people rebuilding their banking history.

Online banks and some regional banks also ignore ChexSystems or use it less strictly. If a major bank turns you down, ask whether you can appeal or whether they offer a second-chance account. Some do, though they may require a higher opening deposit or limit the number of transactions you can make per month.

Fees and features to compare before you open

Different banks charge different fees. Some have no monthly maintenance fee; others charge $5 to $15 per month. Many waive the fee if you keep a minimum balance (often $500 to $1,000) or set up direct deposit. Read the fee schedule before you open.

Check whether the bank reimburses ATM fees if you use an out-of-network ATM. Some do; some don't. If you travel or live far from a branch, this matters. Also ask about overdraft protection — some banks let you link your savings account to your checking account so a transfer covers an overdraft instead of charging a fee.

Interest rates on savings accounts vary widely. Some banks pay almost nothing; others pay 4% to 5% annually. Online banks usually pay more than brick-and-mortar banks. If you're saving money you won't touch for a while, a higher rate means your money grows faster.

Frequently Asked Questions

How long does it take to open a savings account?

In person, it takes 15 to 30 minutes and the account opens the same day. Online or by phone, the application takes 10 to 20 minutes, but approval takes one to three business days. You can use the account as soon as it's approved, even if your debit card hasn't arrived yet.

Can I open an account with no money?

Yes, if the bank has no minimum deposit requirement. Many banks and credit unions let you open with $0. Check the bank's website or call before you apply. If you want to open with no deposit, online banks and credit unions are your best bet.

What's the difference between a savings account and a checking account?

A savings account is meant for money you're keeping, not spending regularly. A checking account is for everyday payments — bills, groceries, rent. Savings accounts usually pay interest; checking accounts rarely do. Savings accounts often limit how many withdrawals you can make per month, while checking accounts don't.

Do I need a Social Security number to open an account?

Yes, most banks require it. If you don't have a Social Security number, some credit unions and banks will open an account using an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to ask whether they accept ITIN.

What if I'm denied when I apply?

Banks can deny you if you're in ChexSystems, if you owe money to another bank, or if there's a fraud flag on your record. Ask the bank why you were denied — they're required to tell you. If it's a ChexSystems issue, try a credit union or an online bank. If it's unpaid debt, contact the bank you owe and ask about settling it.