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 these three things in this order. Bring an original document for your address — a utility bill, lease, or recent bank statement all work — because a photo ID alone is not enough.

You will also need an opening deposit. This amount varies by bank. Some require $25, others $100 or more, and a few have no minimum at all. Online banks tend to have lower minimums than brick-and-mortar branches. If you do not have the opening deposit ready, you can ask the bank whether you can fund the account within a few days after opening it, though not all will allow this.

If you do not have a government-issued ID, a passport works, as does a state ID card or driver's license. If you do not have any of these, ask the bank about alternative forms of identification — some accept a combination of documents like a birth certificate plus a utility bill, though this varies by institution.

Key Takeaways

  • You need a photo ID, proof of address, and your Social Security number to open an account at any bank or credit union.
  • Opening deposits range from zero to $100 or more depending on the bank, and online banks usually have lower minimums than branches.
  • You can open an account in person at a branch, by phone, or online — the method does not change what documents you need.
  • Banks check ChexSystems, a banking history database, so past account closures or fraud may prevent you from opening an account at some institutions.
  • Once your account is open, you can start depositing money the same day through direct deposit, transfers, or in-person deposits at a teller.

Opening in person at a branch

Walk into any branch of the bank where you want to open an account during business hours. Tell the teller or greeter that you want to open a savings account. They will direct you to a banker or new accounts representative, who will sit with you and walk through the process. Bring your ID, proof of address, and your Social Security number. The whole conversation usually takes 15 to 30 minutes.

The banker will ask you basic questions: your name, address, date of birth, employment status, and how you plan to use the account. They will show you the different savings account options the bank offers — interest rates, monthly fees, minimum balances — and help you choose one. Then they will have you sign paperwork, take your opening deposit, and give you a temporary debit card or account number on the spot. Your permanent card arrives by mail in 7 to 10 business days.

Opening in person is useful if you want to ask questions face-to-face or if you are uncomfortable with online banking. It is also faster if you need to deposit cash immediately, since you can hand it to the teller right then.

Opening online or by phone

Most banks and credit unions let you open a savings account on their website without visiting a branch. Go to the bank's homepage, look for "Open an Account" or "New Accounts," and follow the steps. You will enter your personal information, Social Security number, and address. The bank will ask you to upload photos of your ID and proof of address using your phone or computer camera. This usually takes 10 to 20 minutes.

Some banks verify your identity instantly; others take a few hours or up to one business day. Once you are verified, you fund the account by transferring money from another bank account you own, or by providing your employer's direct deposit information. You will receive your account number immediately and can start using it right away, even though your physical debit card has not arrived yet.

Opening by phone works the same way. Call the bank's customer service number, ask to open a savings account, and a representative will walk you through it. You will still need to upload your ID and proof of address, usually through a link they email you. Phone opening is slower than online because you are scheduling a call rather than doing it on your own time, but it can help if you have questions during the process.

What happens after you submit your information

After you provide your documents and personal information, the bank runs a background check. They look at ChexSystems, a database that tracks banking history — closed accounts, overdrafts, fraud, and other issues. If you have never had a bank account before, this check takes a few minutes and you will be approved. If you have had accounts in the past, the bank reviews your history to decide whether to open your account.

Some banks will deny you if you have unpaid overdrafts, a history of fraud, or too many closed accounts in a short time. If this happens, the bank will tell you why and may suggest you wait a certain amount of time before reapplying. Other banks are more lenient and will open an account even with a complicated history. If one bank denies you, try a credit union or an online bank — they sometimes have different standards.

Once you are approved, your account is active immediately, even if your debit card has not arrived. You can deposit money through transfers from another account, direct deposit from your employer, or mobile check deposit if the bank offers it. You can also visit a branch to deposit cash or checks in person.

Choosing between a bank and a credit union

Banks and credit unions both offer savings accounts, but they work differently. Banks are for-profit businesses owned by shareholders. Credit unions are nonprofit organizations owned by their members. This difference affects fees, interest rates, and how strict they are about who they let open an account.

Banks usually have more branches and ATMs, making it easier to deposit cash or withdraw money in person. They often have lower interest rates on savings but also lower monthly fees. Credit unions usually offer higher interest rates and lower fees, but they have fewer branches and ATMs. Credit unions are also often more willing to work with people who have had banking problems in the past.

If you want convenience and many locations, choose a bank. If you want better interest rates and lower fees, choose a credit union. If you do not have a credit union nearby, online banks offer high interest rates and low fees without requiring you to visit a physical location.

Understanding fees and interest rates

Before you open an account, look at the bank's fee schedule. Most savings accounts charge a monthly maintenance fee, which ranges from $0 to $10 or more. Some banks waive the fee if you keep a minimum balance — often $500 to $1,000 — or if you set up direct deposit. Others charge the fee no matter what. Read the fine print to understand when fees apply.

Interest rates on savings accounts are very low right now compared to other options, but they vary by bank. A high-yield savings account at an online bank might pay 4% to 5% annual interest, while a regular savings account at a traditional bank might pay 0.01%. The difference adds up over time. If you are saving a large amount, even a small difference in interest rate matters.

Some accounts also charge fees for things like overdrafts, transfers, or falling below a minimum balance. Ask the bank to explain all fees before you open the account. Many banks post their fee schedules online, so you can compare before you decide.

What to do if the bank denies your account

If a bank denies you, ask them why. They are required to tell you. Common reasons are unpaid overdrafts from a previous account, fraud, or too many accounts opened and closed in a short time. If the reason is unpaid overdrafts, you can often fix this by paying the debt and then reapplying after a waiting period — usually 30 to 90 days.

If you are denied, try a credit union or an online bank next. They sometimes have different standards and may open an account for you even if a traditional bank said no. You can also look for a second-chance banking program, which some banks and credit unions offer specifically for people with banking history problems. These accounts may have higher fees or lower limits, but they let you rebuild your banking record.

Check your ChexSystems report to see what the bank saw. You can request a free copy at www.chexsystems.com. If there is an error on your report, you can dispute it and have it corrected, which may help you open an account at another bank.

Frequently Asked Questions

Can I open a savings account if I do not have a Social Security number?

Most banks require a Social Security number or an Individual Taxpayer Identification Number (ITIN). If you have an ITIN, bring it instead. If you have neither, some banks and credit unions will work with you, but options are limited. Call ahead and ask whether the bank accepts accounts without a Social Security number or ITIN.

How long does it take to open an account online?

The application itself takes 10 to 20 minutes. Verification can be instant or take up to one business day. Once verified, your account is active and you can use it right away, though your physical debit card arrives in 7 to 10 business days.

Do I need a minimum balance to keep my account open?

It depends on the bank. Some accounts require you to keep a certain balance — often $500 or $1,000 — to avoid monthly fees. Others have no minimum balance requirement. Check the account terms before you open it so you know what is expected.

Can I open a savings account with just a passport?

Yes. A passport counts as a government-issued photo ID. You will still need proof of your current address, like a utility bill or lease, and your Social Security number.

What if I want to open an account for someone else?

If you want to open an account for a minor, you will be the account owner and they will be an authorized user. You will need your own ID and Social Security number, plus the child's Social Security number. If you want to open an account for an adult who cannot do it themselves, you will need power of attorney or guardianship documents, which vary by state. Contact the bank to ask what they require.