What You'll Need Before You Walk In

Most banks and credit unions ask for the same core pieces of information: your legal name, date of birth, Social Security number or Individual Taxpayer Identification Number (ITIN), current address, and a phone number. Some also ask for your employment status and employer name, though this is often optional. You'll need at least one form of government-issued photo ID — a driver's license, passport, or state ID card are the most common.

Beyond that, what you bring depends on the type of account and the specific institution. A basic savings account at a large bank has simpler requirements than a high-yield savings account at an online bank, which may ask for more verification. Credit unions sometimes ask for proof that you're may be able to access to join their membership — for example, that you work for a particular employer or live in a certain county.

The good news: you don't need an existing account anywhere else, and you don't need to bring much money. Most banks let you open an account with $0 or $1, though some have minimum opening deposits of $25 to $100. Read the account terms before you go in so you know what that particular bank requires.

Key Takeaways

  • You will need a government-issued photo ID, your Social Security number or ITIN, your date of birth, current address, and a phone number to open a savings account at any bank or credit union.
  • Online banks often ask for the same information but verify it electronically, so you may not need to bring physical documents — just be ready to answer questions accurately.
  • Credit unions may require proof of membership may be able to access, such as employment with a specific company or residence in a particular area, so call ahead if you're unsure.
  • Most banks do not require a minimum opening deposit, but some ask for $25 to $100, so check the account details before you arrive.
  • You do not need an existing bank account, credit history, or prior relationship with the bank to open a savings account.

Government-Issued ID and Identity Verification

Banks are required by federal law to verify your identity before opening an account. A government-issued photo ID is the standard way to do this. A driver's license works best because it includes your name, date of birth, address, and photo all in one place. A state ID card, passport, or passport card also work. Military ID, tribal ID, and some other government documents are accepted at many institutions.

If you don't have a photo ID, some banks will accept other documents — typically a combination of items like a birth certificate, Social Security card, utility bill, and lease or mortgage statement. Call the bank ahead of time to ask what they'll take, because policies vary. Getting a state ID card takes time, so if you're in a hurry, ask first rather than showing up without one.

The bank will record information from your ID — your name, date of birth, and address. Make sure the name on your ID matches the name you give the bank. If you've recently changed your name, bring both your old ID and a court order or marriage certificate showing the change.

Social Security Number or ITIN

Banks ask for your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) to report interest earned on your account to the IRS and to check your banking history. This is a federal requirement, not optional. If you have a Social Security number, that's what the bank will ask for. If you don't have one but are authorized to work in the United States, you may have an ITIN instead.

If you don't have either, you cannot open a standard savings account at a bank. Some credit unions and community banks have alternative accounts for people without an SSN or ITIN, but these are rare. If this applies to you, call ahead to ask whether the institution offers this option.

The bank will verify your SSN or ITIN against IRS records to make sure it's real and matches your name and date of birth. This happens electronically and usually takes seconds. If there's a mismatch, the bank will ask you to clarify or may deny the account.

Address and Contact Information

Banks need your current mailing address so they can send statements, tax forms, and account notices. If you're homeless or don't have a permanent address, some banks will accept a shelter address, a trusted friend's address, or a general delivery address at your local post office. Call the bank first to ask what they'll take — policies differ.

You'll also need to provide a phone number. This can be a cell phone, landline, or even a number where someone can reach you. The bank uses this to contact you about suspicious activity, to confirm large transactions, or to reach you if there's a problem with your account. If your phone number changes, you can update it online, by phone, or in person.

Some banks ask for an email address as well. This is often optional but useful because many banks send account alerts and statements by email. If you don't have an email address, you can usually skip this and receive paper statements instead.

Employment Information (Usually Optional)

Many banks ask whether you're employed and, if so, the name of your employer. This is typically optional — you can leave it blank or say you're unemployed, retired, or a student. Banks use this information for their own records and to comply with anti-money-laundering rules, not to decide whether to open your account.

If you're self-employed or a business owner, some banks may ask for additional information about your business, especially if you're opening a business account rather than a personal account. A personal savings account doesn't require this, but a business checking or savings account might.

What Online Banks Ask For

Online banks follow the same legal requirements as brick-and-mortar banks but handle verification differently. Instead of showing documents in person, you'll answer questions on a form or over the phone. You'll need the same information — name, date of birth, SSN or ITIN, address, and phone number — but you won't mail in documents or visit a branch.

Some online banks ask you to upload a photo of your ID using your phone or computer. Others verify your identity by asking security questions based on your credit history or public records. A few use video verification, where you show your ID to a camera and answer questions in real time.

The process usually takes 5 to 15 minutes. If the bank can't verify you automatically, it may ask you to mail in a copy of your ID or call a phone number to complete verification by voice. This can add a few days to the process.

Credit Union Membership Requirements

Credit unions are member-owned, so you have to meet their membership rules before you can open an account. Common membership requirements include working for a specific employer, living in a certain county or city, belonging to a particular profession or organization, or having a family member who's already a member.

When you visit a credit union, ask about membership requirements upfront. If you don't meet them, the credit union can't open an account for you. Some credit unions have relaxed their rules in recent years and now accept anyone in a broad geographic area or anyone who works in a certain industry. Others remain strict.

If you meet the membership requirement, you'll provide the same information as you would at a bank — ID, SSN or ITIN, address, and phone number. Some credit unions also ask you to make a small deposit into a share savings account (usually $5 to $25) to establish your membership, though this is becoming less common.

Frequently Asked Questions

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

Most banks require an SSN or ITIN and will not open an account without one. Some credit unions and community banks have alternative accounts for people without an SSN, but these are uncommon. Call ahead to ask if the institution you're interested in offers this option.

What if my ID has an old address on it?

Bring your ID and a recent document showing your current address, such as a utility bill, lease, or bank statement. The bank will record both and update your address in their system. You don't need to get a new ID first.

Do I need to bring money to open an account?

Most banks let you open a savings account with zero dollars. Some require a minimum opening deposit of $25 to $100. Check the account details online or call the bank before you go in so you know what to expect.

Can someone else open an account for me?

No. You must be present and provide your own ID and information. Banks cannot open an account based on someone else's request. If you're unable to visit in person, online banks let you open an account from home using your phone or computer.

What happens if I give the bank wrong information by mistake?

If the information doesn't match your ID or SSN records, the bank will ask you to correct it before opening the account. If you realize after the account is open that something is wrong, contact the bank immediately to update it. Incorrect information can cause problems with tax reporting and account access.