What you need before you walk in or log on
You need a government-issued photo ID, proof of your current address, and your Social Security number. That's the baseline for any bank or credit union. Some institutions also ask for an initial deposit before they'll open the account — this ranges from zero dollars to $25 or more, depending on the bank.
Proof of address can be a recent utility bill, lease agreement, mortgage statement, or government mail with your name and address. If you don't have any of those, a bank statement from another institution or a piece of mail from your employer works at most places. Call ahead if you're unsure what counts — different banks have slightly different rules.
If you're opening an account online, you'll upload photos of your ID and address proof instead of showing them in person. The process is faster but requires a working camera or smartphone.
Key Takeaways
- You need a photo ID, proof of address, and your Social Security number to open any savings account at a bank or credit union.
- Some banks require an opening deposit of $25 to $100, while others let you start with zero dollars.
- Online accounts open in minutes; in-person accounts take 15 to 30 minutes and give you a debit card on the spot.
- Credit unions often have lower fees and better interest rates than big banks, but you must meet membership requirements first.
- Once your account is open, you can deposit money by direct deposit, ATM, mobile app, or in-person at a branch.
Choosing between a bank and a credit union
Banks are for-profit companies with many branches and ATMs. Credit unions are member-owned nonprofits, usually smaller, with fewer locations but often lower fees and higher interest rates on savings. Both are insured by the federal government — banks through the FDIC (Federal Deposit Insurance Corporation) and credit unions through the NCUA (National Credit Union Administration) — so your money is protected up to $250,000.
To join a credit union, you must meet membership requirements. Some are open to anyone in a geographic area; others require you to work for a specific employer, belong to a certain organization, or live in a particular county. Check the credit union's website or call to confirm you're may be able to access before you gather your documents.
If you have no banking history or a poor credit score, credit unions are often more willing to open an account than large banks. If you need many ATMs and branches, a big bank or a bank with a large network is more practical.
Opening an account in person at a branch
Bring your ID, proof of address, and Social Security number to any branch during business hours. Tell the employee you want to open a savings account. They'll ask you questions about how you plan to use the account — whether you want direct deposit, whether you need a debit card, how often you expect to withdraw money — and then walk you through the paperwork.
The whole process takes 15 to 30 minutes. You'll sign documents that explain the account terms, fees, and interest rate. Read these carefully or ask the employee to explain anything you don't understand. Once you sign, your account is open immediately. Many banks give you a debit card on the spot or mail it within 7 to 10 business days.
In-person opening is best if you prefer talking to a human, want a debit card right away, or need help understanding the account terms. It's also the only option if you don't have a smartphone or reliable internet.
Opening an account online
Go to the bank's or credit union's website and click "Open an Account" or "Sign Up." You'll enter your name, address, phone number, email, and Social Security number. Then you'll upload a photo of your ID and a photo of your proof of address using your phone camera or computer. The bank verifies these documents, usually within a few minutes to a few hours.
Once verified, you choose your account type, set a PIN, and create login credentials. Your account is active immediately, and you can start using it the same day. A debit card arrives by mail in 7 to 10 business days. Some banks let you use a temporary digital card in their mobile app while you wait for the physical card.
Online opening is fastest and most convenient if you have a smartphone and internet access. You can do it at any time, even outside business hours. The downside is that you can't ask questions in real time or get a debit card immediately.
Understanding fees and interest rates
Most savings accounts charge no monthly fee if you keep a minimum balance — often $0, sometimes $100 or $500. If your balance falls below the minimum, you may pay $3 to $10 per month. Some accounts charge a fee every month no matter what; others charge nothing at all. Read the fee schedule before you open the account.
Interest rates on savings accounts vary widely. As of 2024, rates range from nearly 0% at large banks to 4% to 5% at online banks and credit unions. A higher rate means your money grows faster, but only if you leave it in the account. Shop around — the difference between 0.01% and 4.5% is significant over time, even on small balances.
Ask the bank or credit union for the Annual Percentage Yield (APY), which shows the real rate you'll earn after compounding. Don't compare just the advertised rate; compare the APY.
Setting up direct deposit and transfers
Direct deposit is the fastest way to get money into your account. Your employer or a government agency (like Social Security) sends your payment straight to your bank. To set it up, give your employer or the agency your account number and routing number. You can find both on a check, in your online banking portal, or by calling the bank.
Once direct deposit is active, money lands in your account on payday or payment day — no waiting for a check to clear. This usually takes one to two pay periods to set up after you submit the information.
You can also transfer money between your own accounts at the same bank instantly, or to accounts at other banks within one to three business days. Most banks let you do this through their website or mobile app. Some charge a small fee for transfers to other banks; many don't.
What happens after your account opens
Your bank sends you a welcome packet with your account number, routing number, and information about online banking. Set up your online login and mobile app right away so you can check your balance, deposit checks by phone camera, and transfer money anytime.
Your debit card arrives by mail within 7 to 10 business days. Activate it by calling the number on the card or using the mobile app. Once activated, you can use it to withdraw cash at ATMs and make purchases at stores.
Review your first statement carefully to make sure all deposits and withdrawals are correct. If you spot an error, contact the bank within 60 days. Keep your login information secure and never share your PIN or account number with anyone.
Frequently Asked Questions
Can I open a savings account if I don't have a Social Security number?
Most banks require a Social Security number or an Individual Taxpayer Identification Number (ITIN). Some banks and credit unions will open an account with an ITIN if you're a non-citizen. Call ahead to ask; requirements vary by institution.
What if I don't have a proof of address?
Some banks accept alternative documents like a lease, utility bill from a roommate with your name added, or a letter from a shelter or social service agency. Call the bank and describe what you have; they may work with you. In-person opening is often more flexible than online.
How much money do I need to open an account?
Many banks let you open a savings account with zero dollars. Others require $25 to $100. Check the bank's website or call to confirm. Even if there's an opening deposit requirement, you can withdraw it immediately after the account is open.
Can I open an account if I'm under 18?
Yes, but you'll need a parent or guardian to co-sign. Some banks have special teen accounts that let minors manage their own money with parental oversight. Ask the bank about options for your age.
How long does it take to access my money after I open an account?
Your account is active immediately, and you can transfer money between your own accounts at the same bank the same day. Transfers to other banks take one to three business days. Direct deposits take one to two pay periods to set up but then arrive on schedule.