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 ask for these three things before they will let you deposit money. Some institutions also ask for an initial deposit—this can range from zero dollars to several hundred, depending on the bank.
Proof of address typically means a recent utility bill, lease agreement, or government document with your name and current street address. If you do not have a photo ID, some credit unions will open an account using a combination of other documents, like a birth certificate plus a utility bill, though this is less common at large banks. Call ahead to ask what your specific bank or credit union accepts.
You will also need to choose whether you want to open the account in person at a branch, online, or by mail. Each method has different document requirements—online accounts often let you upload photos of your ID and address proof, while in-person accounts let you hand them over directly.
Key Takeaways
- You need a photo ID, proof of your current address, and your Social Security number or ITIN to open most savings accounts.
- Initial deposit requirements vary by bank—some have none, while others require $25 to $500 to start.
- Online accounts usually process faster than in-person ones and let you upload documents instead of visiting a branch.
- Credit unions often have lower fees and minimum balances than large banks, but may have fewer branch locations.
Opening an Account Online vs. In Person
Online accounts move faster. You can complete the entire process from home in 10 to 20 minutes, upload photos of your documents, and have the account open within one to three business days. You will receive a debit card and account number by mail a few days later. Most online banks let you start transferring money before the card arrives.
In-person accounts at a branch take longer to set up but let you ask questions face-to-face and sometimes get your debit card the same day. You will sit with a banker who verifies your documents on the spot and can explain the account features, fees, and how to use online banking. This route works well if you prefer talking to a person or if you do not have a computer or scanner at home.
Opening by mail is rare but possible at some credit unions and smaller banks. You mail in copies of your documents and a signed application. This takes the longest—usually two to four weeks—because the bank has to receive your papers, verify them, and mail back your account details and card.
What Happens After You Open the Account
Once your account is open, the bank will send you a welcome packet with your account number, routing number, and initial debit card. You can start depositing money right away through direct deposit, mobile check deposit (if your bank offers it), or by transferring money from another account you already have.
Your first statement will arrive 30 days after you open the account. It will show your opening balance, any deposits or withdrawals, interest earned (if any), and any fees charged. Read it carefully to make sure all transactions match what you remember doing.
Set up online banking and mobile banking access as soon as you receive your login information. This lets you check your balance, transfer money between accounts, and set up automatic transfers to save money without having to visit a branch or call the bank.
Choosing Between a Bank and a Credit Union
Banks are for-profit institutions with many branches and ATMs. They often have lower interest rates on savings but may charge monthly maintenance fees unless you keep a minimum balance or set up direct deposit. Large national banks like Chase, Bank of America, and Wells Fargo have thousands of locations, which is useful if you travel or move often.
Credit unions are member-owned cooperatives that typically offer higher interest rates and lower fees than banks. However, they usually have fewer branches and ATMs, and membership is often limited to people who work in a certain industry, live in a certain area, or belong to a certain organization. You can search for credit unions near you at CO-OP.org or Alliant.org, which show shared branch networks where you can deposit money at other credit unions' locations.
If you do not have a regular income or a good credit history, some banks and credit unions offer second-chance accounts with higher fees but no credit check. These accounts are designed for people rebuilding their financial history and usually graduate to a standard account after six to twelve months of good standing.
Documents to Bring or Upload
| Document Type | What Counts | What Does Not Count |
|---|---|---|
| Photo ID | Driver's license, passport, state ID card, tribal ID | Expired ID (usually), school ID, library card |
| Proof of Address | Utility bill, lease, mortgage statement, government mail with your name and address | Mail addressed to "Resident", PO box, cell phone bill |
| Tax ID | Social Security number, ITIN, EIN (for business accounts) | None—you must have one of these |
Fees and Minimum Balances to Watch For
Monthly maintenance fees range from zero to $15 per month at most banks. Some banks waive the fee if you keep a minimum balance (often $500 to $1,500), set up direct deposit, or maintain a linked checking account. Read the fee schedule before you open the account—it is usually available on the bank's website under "Account Terms" or "Pricing."
Overdraft fees apply if you try to withdraw more money than you have in the account. These fees can be $25 to $35 per transaction. Many banks now let you turn off overdraft protection, which means transactions will simply be declined instead of charging you a fee. This is worth doing if you are worried about overspending.
ATM fees happen when you use an ATM that does not belong to your bank. These are usually $2 to $3 per withdrawal. If you choose a bank with a large ATM network or a credit union with shared branching, you can avoid most ATM fees by using their machines.
If You Do Not Have a Social Security Number
If you have an ITIN (Individual Taxpayer Identification Number) issued by the IRS, most banks will open a savings account using that instead of a Social Security number. An ITIN is a nine-digit number given to people who file taxes but do not have a Social Security number, including some immigrants and visa holders.
If you do not have either a Social Security number or an ITIN, some credit unions and community banks will open an account using other forms of identification, though this is becoming less common due to federal anti-money-laundering rules. Call your local credit union or community bank and ask if they offer accounts for people without a tax ID.
Frequently Asked Questions
How long does it take to open a savings account?
Online accounts usually open within one to three business days. In-person accounts at a branch can open the same day. By mail, expect two to four weeks. You can start using the account and depositing money as soon as the bank confirms it is open, even if your physical debit card has not arrived yet.
Do I need a checking account to open a savings account?
No. You can open a savings account on its own without a checking account. However, some banks offer discounts on fees or higher interest rates if you link a checking account to your savings account, so it is worth asking when you open the account.
What if I do not have proof of address?
Call your bank or credit union and ask what documents they accept as alternatives. Some will take a lease agreement, utility bill in a family member's name with a note from them, or a government letter addressed to you. A few institutions will open an account using only your ID and Social Security number if you cannot provide an address document.
Can I open a savings account if I have been denied before?
Yes. If you were denied because of ChexSystems (a banking history report), you can still open an account at banks that do not use ChexSystems, including many credit unions and online banks. If you were denied for other reasons, ask the bank why and what you can do to address it—sometimes a second attempt with different documentation works.
Is my money safe in a savings account?
Money in accounts at FDIC-insured banks is protected up to $250,000 per account owner. Money in accounts at NCUA-insured credit unions is protected up to $250,000 per account owner. Check your bank's website to confirm it carries this insurance—nearly all do, but it is worth verifying.