What you need to bring and where to start

Opening a savings account at a credit union takes one visit or one phone call, and you can usually walk out with an account number the same day. You will need a government-issued ID, proof of your current address (a utility bill or lease works), and your Social Security number. Some credit unions also ask for a second form of ID or a recent pay stub, depending on their internal rules.

Start by contacting the credit union directly—either visit a branch in person or call their main number. Ask which documents they need before you go in. A few credit unions let you start the process online and finish it in a branch, but most still require you to show up with your ID and sign papers in front of a staff member. This is a legal requirement for them, not a choice.

If you are not yet a member of the credit union, you will become one when you open the account. Membership and account opening happen together. Some credit unions charge a one-time membership fee (usually $5 to $25), and some do not. Ask about this when you call.

Key Takeaways

  • Bring a government-issued ID, proof of address, and your Social Security number to open an account in person.
  • Most credit unions open savings accounts the same day you visit, though a few may take one to three business days to set up the account.
  • You become a member of the credit union when you open the account, and membership may carry a small one-time fee.
  • Credit unions typically require a minimum opening deposit, which ranges from $0 to $100 depending on the institution.

Membership requirements and who can join

Credit unions are membership organizations, so you have to join before you can open an account. Most credit unions serve a specific group—people who work for a certain employer, live in a certain county, belong to a certain profession, or have a family member who already belongs. This is called a field of membership.

When you contact the credit union, they will tell you when ready whether you meet their membership rules. If you do not, they will usually say so without making you come in. Some credit unions have very broad fields of membership (anyone in a five-county area, for example), while others are narrow (employees of one hospital system only). A few credit unions let you join if you have a family member who is already a member, even if you do not meet the main membership rule.

If the credit union you want to use does not accept you, ask them to recommend another one in your area. Credit union staff can usually point you to a nearby institution with a broader membership base.

The minimum deposit and account setup fees

Most credit unions require you to deposit money when you open the account. This minimum opening deposit is usually between $0 and $100. Some credit unions waive it entirely if you set up direct deposit of your paycheck. Others require it no matter what. A few credit unions ask for $500 or more, but this is less common.

Ask about the opening deposit when you call. If the credit union requires $100 and you do not have it on the day you visit, you can ask whether they will let you deposit it within a few days instead. Many will, though it depends on their policy.

Beyond the opening deposit, some credit unions charge a monthly maintenance fee for savings accounts (usually $0 to $5 per month), and some do not charge anything. A few waive the fee if you keep a minimum balance or set up direct deposit. Ask about monthly fees when you ask about the opening deposit—this matters more to your actual cost than the one-time fee.

What happens during your first visit

When you arrive at the branch, tell the staff member you want to open a savings account. They will ask you to fill out a membership process form and an account opening form. These are usually two separate documents, though some credit unions combine them. The forms ask for your name, address, Social Security number, date of birth, and employment information. You will sign both forms in front of the staff member.

The staff member will make copies of your ID and proof of address. They will run a check on your banking history through ChexSystems, which is a database that tracks closed accounts and fraud. This check takes a few minutes. If you have never had banking problems, it will clear when ready. If you have had issues in the past (a closed account due to overdrafts, for example), the credit union may ask you about it or may deny the account. This is rare, but it happens.

Once the forms are signed and the ChexSystems check clears, the staff member will give you your account number, a temporary debit card (if the credit union offers one), and information about online banking. You can start using the account right away, though some credit unions take one to three business days to fully set up it in their system.

Setting up online and mobile banking

Most credit unions let you set up online banking during your first visit, or you can do it later from home. You will create a username and password, and the credit union will send you a temporary access code by email or text. You use this code to log in the first time, then you create your own PIN.

Mobile banking apps are usually free and available for both iPhone and Android. You can read the app and log in with the same username and password you use on the website. Some credit unions have their own app, and some use a third-party app that serves multiple credit unions.

If you run into trouble setting up online banking, call the credit union's customer service line. They can walk you through it or reset your password if you forget it. This usually takes five to ten minutes.

How long it takes to start using your account

You can deposit money and withdraw it on the day you open the account. If you bring a check to deposit, the credit union will process it according to their check-clearing schedule, which is usually one to two business days. If you transfer money from another bank, the transfer time depends on whether you use ACH (one to three business days) or wire transfer (same day, but usually costs $15 to $25).

Direct deposit of your paycheck typically shows up on the same day your employer sends it, or one day later. Ask your employer's payroll department for the credit union's routing number and your account number so you can set this up. The credit union will give you both numbers on your account opening paperwork.

Debit card orders usually take five to ten business days to arrive by mail. Some credit unions offer a temporary card you can use when ready, or they let you use your account number to make online purchases while you wait for the physical card.

What to do if you are not a member yet

If you do not meet the credit union's membership requirements, you have a few options. First, ask whether any family member—a spouse, parent, or adult child—is already a member. Many credit unions let you join if a relative belongs, even if you do not meet the main membership rule yourself.

Second, look for a credit union with a broader field of membership. Some credit unions serve entire counties or regions, or they accept anyone who works in a certain industry. The CO-OP Network directory and the Shared Branch network let you search for credit unions by location and membership rules.

Third, consider whether you meet any other membership rule you might have overlooked. Some credit unions accept people who live or work in a certain area, or who belong to a certain organization (a union, a professional association, a church). Call and ask directly—staff can usually tell you in one minute whether you may have access to.

Frequently Asked Questions

Can I open a savings account online without visiting a branch?

Most credit unions require you to visit a branch in person and show your ID to open an account. A few allow you to start the process online, but you still have to finish it at a branch or through a video call with a staff member. Call your credit union and ask whether they offer online account opening.

What if I do not have a Social Security number?

Credit unions are required by law to collect a Social Security number or an Individual Taxpayer Identification Number (ITIN). If you do not have either, you cannot open an account at a credit union. You may be able to open an account at a bank instead, though requirements vary by bank.

Do I have to keep a minimum balance in my savings account?

Most credit unions do not require a minimum balance to keep the account open. Some waive monthly fees if you maintain a certain balance, but they will not close your account if you fall below it. Ask about this when you open the account so you know what to expect.

Can I open an account if I have been denied before?

If you were denied because of ChexSystems, you can still open an account at a credit union that does not use ChexSystems or that has different policies about past banking issues. Call ahead and explain your situation. Some credit unions will work with you; others will not. It is worth asking.

What is the difference between a savings account and a checking account at a credit union?

A savings account typically earns interest and limits how many withdrawals you can make per month (usually six). A checking account lets you write checks and make unlimited withdrawals, but usually earns little or no interest. Many people open both. Ask the credit union which account type makes sense for how you plan to use the money.