What you need to open a savings account
Most banks and credit unions will open a savings account for you in person, online, or by phone. You will need a government-issued photo ID, your Social Security number, and proof of your current address. The address proof can be a utility bill, lease, or recent bank statement — something dated within the last 60 days. Some banks also ask for an initial deposit before they activate the account, though the amount varies widely.
If you do not have a photo ID, some credit unions and community banks will accept a state ID card, passport, or tribal ID. A few institutions will work with you if you have an ITIN (Individual Taxpayer Identification Number) instead of a Social Security number, though options are more limited. Call ahead if you are unsure whether your documents will work.
You do not need a credit history or a minimum income to open a savings account. Banks do not run a credit check for savings accounts the way they do for loans or credit cards. They will check ChexSystems, a banking history database, to see if you have had problems with previous accounts — but a clean record is not required at many institutions.
Key Takeaways
- You will need a photo ID, Social Security number, and proof of address dated within the last 60 days to open an account at most banks and credit unions.
- An initial deposit is often required but the amount varies — some banks ask for $25, others for $100 or more, and some have no minimum.
- You can open an account in person at a branch, online through the bank's website, or by phone with a representative.
- Banks check ChexSystems for banking history but do not run a credit check for savings accounts.
- If you do not have a traditional photo ID, credit unions and community banks may accept alternative documents like a passport or state ID card.
Opening an account in person at a branch
Walk into any branch of the bank or credit union where you want to open an account. Bring your photo ID, Social Security number written down or memorized, and your address proof. A banker or account representative will sit with you, ask basic questions about your name and contact information, and explain the account features — interest rate, monthly fees, and any minimum balance requirements.
The whole process usually takes 15 to 30 minutes. You will sign paperwork, sometimes on a tablet or computer screen, and the representative will give you a receipt. Your account is typically active the same day, though you may not be able to use your debit card or online access until the next business day. Ask before you leave whether you need to do anything else to activate online banking or set up a PIN.
Opening an account online
Most banks and credit unions now let you start the process on their website without visiting a branch. Go to their homepage, look for "Open an Account" or "New Accounts," and follow the steps. You will enter your name, address, phone number, and Social Security number. The site will ask you to upload photos of your ID and address proof — take clear photos of both sides of your ID and make sure the address document is readable.
After you submit, the bank reviews your documents, which usually takes one to three business days. Some banks will approve you instantly and let you fund the account right away. Others will call or email to confirm information before they activate it. Once approved, you can log in to the online banking portal, set up a username and password, and begin using the account. A debit card will arrive by mail within 7 to 10 business days.
Opening an account by phone
Call the bank or credit union's customer service number and ask to open a savings account. A representative will walk you through the same questions as an in-person visit — name, address, Social Security number, and employment information if they ask. You will need to have your ID and address proof in front of you so you can read the information aloud or confirm details.
The representative will explain the account terms and any fees. Some banks will mail you paperwork to sign and return, while others use electronic signatures that you complete during the call. After you sign, they will give you an account number and temporary access information. Like online accounts, your debit card arrives by mail, and full online access may take a business day or two to activate.
Initial deposits and minimum balances
The amount you need to deposit to open an account varies by institution. Large national banks often require $25 to $100. Credit unions and online banks frequently have no minimum deposit at all. Some banks waive the minimum if you set up direct deposit of your paycheck. Ask about this when you open the account — if your employer sends your pay directly to the bank, you may avoid a minimum balance requirement entirely.
After the account is open, some banks require you to keep a minimum balance to avoid a monthly fee. This might be $500, $1,000, or more. Others charge a fee regardless of your balance but waive it if you have direct deposit or maintain a certain balance. Read the fee schedule before you commit — it is usually listed on the bank's website under "Pricing" or "Account Terms."
What happens after you open the account
Once your account is active, you can start depositing money. You can deposit cash at a branch, transfer money from another bank account, or set up direct deposit from your employer. If you opened online or by phone, you will not have a debit card immediately, so plan to use transfers or in-branch deposits for the first week or two.
Your debit card will arrive by mail within 7 to 14 business days. When it arrives, you will need to activate it — most banks let you do this through their app, website, or by calling a number on the card itself. Once activated, you can use it to withdraw cash at ATMs and make purchases. Your online banking access should be ready within one business day of account opening, so you can check your balance and set up bill pay right away.
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. Credit unions often have lower fees and higher interest rates on savings, but they may have fewer branches and ATMs. Banks have more locations and usually more online features, but they may charge more in monthly fees.
If you are choosing between the two, think about what matters most to you. Do you need to visit a physical location often, or do you mostly bank online? Are you willing to pay a monthly fee for convenience, or do you want the lowest cost option? Credit unions often have membership requirements — you might need to live in a certain area, work for a specific employer, or belong to an organization. Check whether you are a member before you apply.
Frequently Asked Questions
Can I open a savings account without a Social Security number?
Some credit unions and community banks will open accounts for people with an ITIN instead. Call ahead and ask — major national banks typically require a Social Security number. You will still need a photo ID and address proof.
How long does it take to access my money after I open an account?
If you open in person, your account is usually active the same day and you can withdraw cash immediately. Online and phone accounts take one to three business days to activate. Your debit card arrives by mail in 7 to 14 business days, but you can use transfers or ATM withdrawals before it arrives.
What if I do not have a current address proof?
Most banks require a document dated within the last 60 days. If you just moved or do not have a utility bill, try a recent bank statement, lease, or mortgage statement. Some banks will accept a government letter with your name and address. Call the bank and ask what they will accept before you visit.
Do I need to keep a minimum balance to avoid fees?
It depends on the bank. Some charge a monthly fee unless you maintain a certain balance — often $500 to $1,000. Others waive fees if you have direct deposit. Read the fee schedule on the bank's website or ask the representative when you open the account.
Can I open multiple savings accounts at the same bank?
Yes. Many people open separate accounts for different goals — one for emergency savings, one for a vacation fund, and so on. Each account has its own number and interest rate. There is no limit to how many you can have, though some banks may charge a monthly fee for each one.