What you need 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 ask for a driver's license or passport. For proof of address, bring a recent utility bill, lease, or mortgage statement — something dated within the last 60 days with your name and street address on it.
Some banks also ask for an initial deposit before they open the account. This ranges from zero dollars at some online banks to $25 or $100 at others. A few banks waive the minimum if you set up direct deposit from your employer or another regular income source. Ask the bank what they require before you go in.
If you do not have a photo ID, you can still open an account at many banks — they will ask for additional documents like a birth certificate, Social Security card, or recent tax return. Call ahead to find out what your specific bank will take.
Key Takeaways
- Bring a photo ID, proof of address dated within 60 days, and your Social Security number to open an account in person.
- Online banks often have no minimum deposit and no monthly fees, while brick-and-mortar banks may charge maintenance fees if your balance falls below a certain amount.
- You can open an account online, by phone, or in person — online is usually fastest and requires the same documents scanned or photographed.
- After the account opens, set up direct deposit or link it to another account so you can move money in without visiting a branch.
Opening an account in person versus online
Opening in person at a bank branch takes about 30 minutes. You sit with a banker, show your documents, sign paperwork, and walk out with a debit card or a temporary card number. You can deposit cash immediately if you want to fund the account right away.
Opening online takes 10 to 15 minutes and you can do it from home. You upload photos of your ID and proof of address, enter your Social Security number, and answer questions about your employment and income. Most online banks send you a debit card within 5 to 10 business days. You can start moving money into the account before the card arrives by linking it to another bank account you own.
Online banks often have lower fees and higher interest rates because they do not pay for physical branches. Brick-and-mortar banks charge monthly maintenance fees — usually $5 to $15 — unless you keep a minimum balance or set up direct deposit. Read the fee schedule before you choose.
What happens after you open the account
Once the account is open, the bank gives you an account number and routing number. Write these down or save them somewhere safe — you will need them to set up direct deposit or to transfer money from another bank.
If you have a job, ask your employer's payroll department for a direct deposit form. Fill it out with your account number and routing number, and your paycheck will go straight into your savings account on payday. This is the fastest way to move money in without visiting a branch.
If you do not have direct deposit, you can link your savings account to another bank account you own — a checking account at the same bank or a different one. Once linked, you can transfer money between them online or through the bank's app. The first transfer usually takes one business day.
Setting up online and mobile access
The bank will give you a username and password or ask you to create one during the opening process. Use this to log into the bank's website or download their mobile app. Write down your username and password somewhere safe, or use a password manager to store them.
Once you are logged in, you can check your balance, see your transaction history, set up transfers, and change your account settings. Most banks let you set up alerts so you get a text or email when your balance drops below a certain amount or when a large transaction goes through.
If you forget your password, click "Forgot Password" on the login page. The bank will send you a reset link by email or text. If you cannot access your email or phone, call the bank's customer service number on the back of your debit card or on their website.
Choosing between different types of savings accounts
A regular savings account earns a small amount of interest — usually 0.01% to 0.5% per year depending on the bank and the current interest rate environment. You can withdraw money whenever you want with no penalty.
A high-yield savings account earns more interest — currently 4% to 5% per year at online banks, though this changes as interest rates change. The catch is that you can only make six withdrawals per month before the bank charges you a fee or closes the account. This type works best if you are saving money and not touching it regularly.
A money market account is a hybrid: it earns interest like a savings account but comes with a debit card and checkbook so you can spend the money directly. Interest rates are usually between regular and high-yield savings. Minimum balances are often higher — sometimes $2,500 or more.
A certificate of deposit (CD) locks your money away for a set time — 3 months, 6 months, 1 year, or longer — and pays a fixed interest rate. You cannot touch the money without paying a penalty. CDs pay more interest than savings accounts, but only if you can leave the money alone.
Protecting your account after it opens
Do not share your password, account number, or PIN with anyone except your employer's payroll department. If someone calls claiming to be from the bank and asks for this information, hang up and call the bank directly using the number on your debit card or their official website. Banks never ask for passwords by phone or email.
Check your account at least once a month to look for transactions you do not recognize. If you see fraud, call the bank immediately. Federal law limits your liability to $50 if you report it within 60 days of the statement date.
Enable two-factor authentication if the bank offers it. This means you have to enter a code from your phone or email every time you log in from a new device. It takes an extra 30 seconds but makes it much harder for someone to break into your account.
What to do if you run into problems during setup
If the bank rejects your application, call their customer service line and ask why. Common reasons include a mismatch between the name on your ID and the name you entered, a Social Security number that does not match government records, or a history of unpaid bank fees at another bank. Many of these can be fixed by calling and correcting the information.
If you cannot get your documents to upload during online opening, try a different browser or device. If that does not work, call the bank and ask if you can email the documents or open the account by phone instead.
If you do not receive your debit card after 10 business days, contact the bank. They can reorder it, send it to a different address, or issue a temporary card number you can use online immediately.
Frequently Asked Questions
Can I open a savings account without a Social Security number?
Yes, if you have an Individual Taxpayer Identification Number (ITIN) issued by the IRS. Bring your ITIN documentation instead of your Social Security card. Some banks accept this; others do not, so call ahead to confirm.
Do I need to keep a minimum balance in my savings account?
It depends on the bank. Online banks usually have no minimum. Traditional banks often waive the minimum if you set up direct deposit or keep a linked checking account with them. Check the bank's fee schedule before you open.
How long does it take to transfer money from another bank into my new savings account?
If you link the accounts online, the first transfer usually takes one business day. After that, transfers between your own accounts at different banks take one to three business days. Wire transfers are faster — usually same-day — but cost $15 to $30.
What if I want to close my savings account later?
Call the bank or visit a branch and ask to close the account. They will ask where you want any remaining balance sent — to another account or as a check. Most banks close accounts within a few business days.
Can I have more than one savings account?
Yes. Some people open multiple accounts at different banks to earn different interest rates or to separate money for different goals. There is no limit to how many you can have, but keeping track of multiple passwords and account numbers takes more work.