What you need to open a savings account

To open a savings account, you will need a government-issued photo ID, proof of your current address, and your Social Security number or Individual Taxpayer Identification Number (ITIN). Most banks and credit unions also ask for an initial deposit, which ranges from $0 to $300 depending on the institution — some have no minimum at all.

You can open an account in person at a branch, online through a bank's website, or by phone with some institutions. Online banks often have the lowest minimums and highest interest rates because they do not maintain physical locations. If you do not have a photo ID, some credit unions and community banks will work with alternative documents like a utility bill and a birth certificate, though this varies by location.

If you have had banking problems in the past — overdrafts, closed accounts, or fraud — you may be flagged in ChexSystems, a banking history database. You can still open an account; some banks specialize in second-chance accounts for people with ChexSystems records. Knowing your status ahead of time saves you from rejection at the branch.

Key Takeaways

  • You need a photo ID, proof of address, and your Social Security number or ITIN to open a savings account at most banks and credit unions.
  • Initial deposit requirements range from $0 to $300, and online banks typically have lower minimums than brick-and-mortar branches.
  • You can open an account online, by phone, or in person, and the method you choose affects how quickly the account becomes active.
  • If you have a ChexSystems record from past banking problems, second-chance accounts are available through specific banks and credit unions.

Choosing between a bank and a credit union

Banks are for-profit institutions regulated by the Federal Deposit Insurance Corporation (FDIC) or the Office of the Comptroller of the Currency (OCC). Credit unions are member-owned nonprofits regulated by the National Credit Union Administration (NCUA). Both offer FDIC or NCUA insurance that protects your money up to $250,000 if the institution fails.

Banks typically have more branches and ATMs nationwide, making them convenient if you travel or move frequently. Credit unions often offer lower fees, higher interest rates on savings, and more flexible lending terms, but you must be a member to open an account — membership is usually based on where you work, where you live, or a group you belong to. Some credit unions have opened membership to anyone, so check before assuming you cannot join.

Online banks have no physical locations but offer the highest interest rates and lowest fees because their overhead is minimal. The trade-off is that you cannot deposit cash in person or speak to someone face-to-face. If you need to deposit checks, most online banks provide mobile check deposit through their app.

Opening an account online versus in person

Opening online takes 10 to 15 minutes and requires uploading photos of your ID and proof of address through the bank's app or website. You will verify your identity by answering security questions or confirming recent transactions on accounts linked to your Social Security number. The account is usually active within one to three business days, though some banks activate it immediately.

Opening in person at a branch takes 20 to 45 minutes. You bring your documents, sign paperwork, and make your initial deposit. The account is typically active the same day or the next business day. This method works well if you prefer to ask questions face-to-face or if you need to deposit cash immediately.

Opening by phone is slower — it can take several days because the bank must mail you documents to sign and return. This option is useful if you cannot visit a branch and prefer not to upload documents online. Ask the bank how long the full process takes before you start.

What to bring and what information to have ready

Bring or have ready: a government-issued photo ID (driver's license, passport, or state ID card), a document showing your current address (utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number or ITIN. If you are opening an account for a minor, bring the child's birth certificate and your ID as the parent or guardian.

Have your employment information available if you are asked — some banks verify income, though most do not for savings accounts. If you want to set up direct deposit of paychecks or benefits, have your employer's routing number and account information ready, or ask the bank for their routing number to give to your employer later.

If you are opening a joint account with another person, both account holders must be present in person or both must verify their identity online. Each person needs their own ID and Social Security number.

Initial deposit and minimum balance requirements

Initial deposit minimums vary widely. Many online banks and some credit unions require $0 to open. Traditional banks often require $25 to $300. A few banks waive the minimum if you set up direct deposit or maintain a linked checking account. Ask about this when you call or visit — the advertised minimum is sometimes negotiable.

Minimum balance requirements are different from initial deposit requirements. Some accounts require you to keep a certain amount in the account at all times to avoid monthly fees. Others have no minimum at all. If you cannot maintain the minimum, the bank will charge a monthly maintenance fee, usually $5 to $15. Read the fee schedule before you open the account.

If you make a deposit and then withdraw it before the account is fully set up, the bank may close the account or flag it as inactive. Ask the bank how long you should leave the initial deposit in place.

Setting up online access and security

When you open the account, you will create a username and password for online banking. Use a password that is at least 12 characters long and includes uppercase letters, lowercase letters, numbers, and symbols. Do not use your birthday, address, or Social Security number as part of your password.

Most banks offer two-factor authentication, which sends a code to your phone or email when you log in from a new device. Turn this on immediately — it prevents someone else from accessing your account even if they have your password. Some banks also offer biometric login using your fingerprint or face recognition.

Download the bank's mobile app if you plan to check your balance or deposit checks by phone. The app is usually free and syncs with your online account. Set up account alerts so the bank notifies you of large withdrawals, low balances, or failed login attempts.

What happens after you open the account

Your account is active once the bank confirms your identity and processes your initial deposit. You can begin depositing money through direct deposit, mobile check deposit, wire transfer, or in-person cash deposit at a branch or ATM. You will receive a debit card in the mail within 7 to 10 business days if the account includes one, though savings accounts often do not.

The bank will mail you account statements monthly or make them available online. Review your statements to check for unauthorized transactions. If you spot something wrong, report it to the bank within 60 days — federal law limits your liability if you report fraud promptly.

If you do not use the account for a long time, the bank may mark it as dormant or inactive and charge a monthly fee. Check your bank's policy on inactive accounts. Some banks close accounts after 12 months of no activity, though they will return your money if you contact them.

Frequently Asked Questions

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

Yes, if you have an ITIN (Individual Taxpayer Identification Number) issued by the IRS. Some banks and credit unions also accept a passport or other government ID in place of a Social Security number. Call ahead to confirm the bank accepts ITINs, because not all do.

What if I do not have proof of address?

Some banks will accept a utility bill, lease, or recent bank statement. If you do not have any of these, ask the bank what alternative documents they accept — some will take a letter from your employer or a government benefits statement. Online banks may be more flexible because they can verify your address through other means.

How long does it take to access my money after I open an account?

If you open online or in person, your account is usually active within one to three business days and you can transfer money immediately. If you deposit a check, the bank typically holds it for one to five business days before the funds are available, depending on the amount and the bank's policy.

Can I open a savings account if I have been banned from banking before?

Yes. Some banks specialize in second-chance accounts for people with ChexSystems records. You can also try credit unions, which sometimes have more flexible policies. Be honest with the bank about your history — they will find out anyway, and transparency works in your favor.

Do I need to keep money in the account once I open it?

That depends on the bank's minimum balance requirement. If there is no minimum, you can open the account and leave it empty. If there is a minimum, you must keep that amount in the account or pay a monthly fee. Some banks waive the minimum if you set up direct deposit.