The documents and information you'll bring

Most banks need two things from you: proof of who you are, and proof of where you live. A driver's license or passport covers identity. For address, bring a recent utility bill, lease, or bank statement with your name and current address on it — dated within the last 60 days.

You'll also need to provide your Social Security number. The bank uses this to check your banking history through ChexSystems, a system that tracks closed accounts and fraud. If you don't have a Social Security number, some banks and credit unions will open accounts with an ITIN (Individual Taxpayer Identification Number) instead, though options are fewer.

Bring your initial deposit. Most banks require a minimum opening deposit — this ranges from $0 to $300 depending on the bank and account type. Some online banks have no minimum at all. Bring cash, a check, or be ready to transfer money from another account.

Key Takeaways

  • You need a government-issued ID, proof of your current address, and your Social Security number or ITIN.
  • Most banks require an opening deposit between $0 and $300, though some online banks have no minimum.
  • You can open an account in person at a branch, online, or by phone — the process takes 15 minutes to a few hours depending on the method.
  • If you have a history of overdrafts or fraud, ChexSystems may flag you, but you can still open an account at banks that don't use ChexSystems or at credit unions.

Opening in person versus online

Opening at a branch takes about 15 to 30 minutes. You walk in with your documents and deposit, a banker verifies everything, and you walk out with a debit card (or it arrives by mail in 7 to 10 days). You can ask questions face-to-face and get immediate answers about fees, interest rates, and account features.

Opening online takes 5 to 15 minutes and you can do it from home. You upload photos of your ID and proof of address, enter your information, and fund the account by transferring money from another bank account or by providing a debit card number. The account is usually active the same day or next business day. Your debit card arrives by mail in 7 to 10 days.

Opening by phone is an option at some banks and credit unions. You call, provide your information verbally, and mail in copies of your documents. This is slower — approval can take 3 to 5 business days — but works if you can't visit a branch or use a computer.

What happens if ChexSystems flags you

ChexSystems is a database that tracks overdrafts, bounced checks, fraud, and closed accounts. If you have unpaid overdraft fees or a history of fraud at another bank, ChexSystems will note it. When you apply for a new account, the bank checks this record.

A flag does not automatically disqualify you. Many banks overlook old or minor issues. But some banks use ChexSystems strictly and will deny you if there's a flag. If this happens, you have two options: wait (most negative items fall off after five years), or open an account at a bank that doesn't use ChexSystems, such as some credit unions or online banks that specialize in second-chance banking.

You can also request your own ChexSystems report for free at chexsystems.com. If there's an error — a closed account listed as fraud when it wasn't, for example — you can dispute it directly with ChexSystems.

Age requirements and accounts for minors

You must be at least 18 years old to open an account in your own name. If you're under 18, a parent or guardian must open a joint account with you, meaning both names appear on the account and both can deposit and withdraw money.

Some banks offer teen savings accounts specifically for ages 13 to 17. These accounts have the same basic features as adult accounts but may have lower or no monthly fees, and the parent can set spending limits or receive alerts when money is withdrawn.

Fees to ask about before you open

Banks charge different fees depending on the account. Ask about: monthly maintenance fees (usually $5 to $15, waived if you keep a minimum balance or set up direct deposit), overdraft fees (typically $25 to $35 per overdraft), ATM fees if you use an out-of-network machine, and fees for paper statements or wire transfers.

Many banks waive monthly fees if you maintain a minimum balance (often $500 to $1,500) or set up direct deposit of your paycheck. Online banks typically have no monthly fees at all. Compare a few banks' fee schedules before you decide — the difference between a bank with $10 monthly fees and one with no fees adds up to $120 a year.

Interest rates and where your money grows

Savings accounts earn interest, meaning the bank pays you a small percentage of your balance each month. The rate varies widely — from nearly 0% at some large banks to 4% to 5% at online banks and credit unions. The higher the rate, the more your money grows over time.

Interest rates change based on what the Federal Reserve does with its own rates. When the Fed raises rates, banks usually raise savings rates too. When the Fed cuts rates, savings rates fall. If you're comparing banks, look at the current APY (Annual Percentage Yield) and understand that it may change.

Special accounts: high-yield savings and money market accounts

A high-yield savings account is a regular savings account that pays much higher interest — currently 4% to 5% at many online banks, compared to 0.01% to 0.5% at traditional banks. You need the same documents to open one. The trade-off is that high-yield accounts are usually online-only, so you can't walk into a branch.

A money market account is a hybrid between a savings account and a checking account. It pays higher interest than a regular savings account but usually requires a higher opening deposit ($2,500 to $10,000) and a higher minimum balance to avoid fees. You get a debit card and can write checks, but there are limits on how many withdrawals you can make per month.

Frequently Asked Questions

Can I open a savings account without a Social Security number?

Yes, if you have an ITIN (Individual Taxpayer Identification Number). Some banks and most credit unions will open accounts with an ITIN instead of an SSN. Call ahead to confirm the bank accepts ITINs, because not all do.

What if I don't have a current utility bill or lease for proof of address?

A recent bank statement, credit card statement, or government mail (tax return, voter registration card) with your name and address works. Some banks also accept a recent paycheck stub. Call the bank before you go in to confirm what they'll accept.

How long does it take to get my debit card?

If you open in person, the bank may give you a temporary card on the spot or issue one immediately. Your permanent card arrives by mail in 7 to 10 business days. Online accounts issue a debit card on the same timeline — 7 to 10 days by mail.

Can I open a savings account if I've been denied before?

Yes. If you were denied because of ChexSystems, try a credit union or a bank that specializes in second-chance accounts. If you were denied for another reason, ask the bank why — sometimes it's a data entry error that can be fixed immediately.

Do I need to open a checking account too?

No. A savings account alone is enough. Many people open both because checking is for everyday spending and savings is for money you want to keep, but you can use just a savings account if that fits your needs.