What you need to do to open a savings account
Opening a savings account takes about 15 minutes and requires three things: a government ID, proof of your address, and money to deposit. You walk into a bank or credit union branch, or you go online to their website, fill out a form with your name and Social Security number, show your documents, and choose how much to put in. The account opens that day or the next, and you get a debit card and online access within a week.
The process is the same whether you are 18 or 65, whether you have never had a bank account or you are opening a second one. Banks and credit unions are required by federal law to collect the same basic information from everyone. What changes is where you do it—in person, by phone, or online—and which bank you choose.
Key Takeaways
- You need a government-issued ID, proof of your current address, and an opening deposit (usually $25 to $100, though some accounts have no minimum).
- You can open an account in person at a branch, over the phone, or online through a bank or credit union website.
- The bank will ask for your Social Security number, date of birth, and current address as part of federal anti-money-laundering rules.
- Your account is active the same day or next business day, though your debit card and online login may take a few days to arrive.
- If you have a history of overdrafts or unpaid fees at other banks, some banks will decline you, but credit unions and online banks often have fewer restrictions.
Documents you need to bring or upload
Banks ask for two pieces of information: proof of who you are and proof of where you live. A government-issued ID covers the first—a driver's license, state ID card, or passport. If you do not have one, some banks will accept a tribal ID or a military ID.
For proof of address, bring a recent utility bill, lease, mortgage statement, or bank statement with your name and current address on it. It usually has to be dated within the last 60 days. If you are opening an account online, you upload photos of both documents. If you are opening in person, you show the originals and the bank makes a copy.
You will also need your Social Security number. The bank is required by federal law to collect it and verify it matches your name. If you do not have a Social Security number, some banks will open an account using an Individual Taxpayer Identification Number (ITIN) instead, though this is less common.
The difference between opening in person and online
Opening in person at a branch takes 15 to 20 minutes. You sit with a banker, they ask you questions and fill out the form while you watch, you show your ID and address proof, you sign, and you hand over your opening deposit. Your account is live immediately, and you walk out with a temporary debit card or a card number you can use right away.
Opening online takes 10 to 15 minutes and happens on your schedule. You fill out the form yourself, upload photos of your documents, and the bank verifies them—usually within a few hours, sometimes overnight. You transfer your opening deposit from another bank account you own, or you wait for the bank to mail you a deposit envelope. Your account is active once the deposit clears, which is typically one to three business days.
Online accounts are faster to set up and you never have to leave home. In-person accounts give you immediate access and a chance to ask questions face-to-face. Neither is better—it depends on what fits your schedule.
What to do with your opening deposit
The opening deposit is the money you put in when you create the account. It can be as little as $1 at some online banks, or $25 to $100 at most branches. A few banks have no minimum at all. This money stays in your account and earns interest—it is not a fee you pay to open the account.
You can deposit this money in person by handing cash or a check to the banker. If you are opening online, you transfer it from another bank account you already have, or you wait for a deposit envelope to arrive by mail and mail a check back to the bank. Some online banks let you deposit by taking a photo of a check with your phone.
Once your account is open, you can add more money whenever you want by transferring from another account, depositing a check, or going to an ATM and putting cash in.
What happens after you open the account
Your account is ready to use the same day you open it in person, or within one to three business days if you open online. The bank will send you a debit card by mail within 5 to 10 business days. Until it arrives, you can use your account number and routing number to set up direct deposit from your employer, or you can transfer money in and out online.
You will also get a username and password for online banking. Some banks send this by mail, some email it, and some let you create it yourself during the opening process. Once you have it, you can log in and see your balance, set up automatic transfers, and turn on alerts that notify you when your balance gets low.
If you opened at a branch, the banker will usually explain all of this before you leave. If you opened online, the bank sends you an email with links to set up your online login and download their mobile app. You do not have to do any of this immediately—you can do it whenever you are ready.
Why some banks might decline you
Most people open a savings account without any problem. But some banks use a system called ChexSystems that tracks whether you have overdrawn accounts, bounced checks, or left unpaid fees at other banks. If your report shows recent problems, a bank might decline to open an account with you.
This does not mean you cannot open a savings account anywhere. Credit unions typically have fewer restrictions and may open an account for you even if you have ChexSystems issues. Online banks also tend to be more flexible. You can also ask the bank that declined you what the reason was—sometimes it is a mistake in the report that you can dispute and fix.
If you have never had a bank account before, ChexSystems will not have any information about you, and you will not run into this problem.
Choosing between a bank and a credit union
A bank is a for-profit business owned by shareholders. A credit union is a nonprofit owned by its members—the people who have accounts there. Both let you open a savings account, but they work slightly differently.
Banks are everywhere and usually have more branches and ATMs. Credit unions often have lower fees and higher interest rates on savings, but you have to be a member to open an account, which usually means living or working in a certain area, or belonging to a certain group. Some credit unions let anyone join if you pay a small membership fee.
For a first savings account, either works fine. If you already have a checking account somewhere, opening a savings account at the same place is easiest because you can transfer money between them instantly online. If you are starting from scratch, compare the interest rate and monthly fees at a few banks or credit unions near you, and pick the one that costs you the least.
Frequently Asked Questions
Do I need a job or income to open a savings account?
No. Banks do not ask whether you work or how much money you make. They ask for your name, address, and Social Security number so they can verify your identity and comply with federal law. You can open an account with $1 and no income at all.
What if I do not have a Social Security number?
Some banks will open an account using an Individual Taxpayer Identification Number (ITIN) instead. Call ahead and ask, because not all banks offer this. Credit unions are sometimes more flexible than large banks on this issue.
Can I open a savings account if I have bad credit?
Yes. Banks do not check your credit score when you open a savings account. They may check ChexSystems, which tracks overdrafts and unpaid fees, but credit is different. A low credit score does not stop you from opening a savings account.
How long does it take to get my debit card?
Usually 5 to 10 business days by mail. Some banks let you use your account number online or in their app before the card arrives. A few banks can issue a temporary card number immediately that works online and at ATMs.
Can I open a savings account for someone else?
Not without their permission and their ID. If you want to open an account for a child, you become the custodian and the account is in their name. You will need their Social Security number and birth certificate. For an adult, they have to be present or sign documents giving you power of attorney.