What you need to open a savings account at US Bank

US Bank will ask for a government-issued photo ID, your Social Security number, and your current address before you can open a savings account. You'll also need an initial deposit — the amount varies depending on which savings product you choose, but some accounts have no minimum. You can open an account online, by phone, or in person at a branch.

The whole process usually takes 10 to 15 minutes if you do it online or over the phone. In-person appointments at a branch may take longer if the branch is busy, but a staff member will walk you through each step.

Key Takeaways

  • You will need a photo ID, Social Security number, and proof of your current address to open any savings account at US Bank.
  • US Bank offers several types of savings accounts, each with different interest rates and minimum balance requirements — compare them before you decide which one fits your situation.
  • You can open an account online, by phone at 1-800-US-BANKS, or in person at any US Bank branch.
  • Your initial deposit can be as small as $0 for some accounts, though others require $25 or more — check the specific account terms.
  • Once your account is open, you can deposit money by transferring from another bank, using a debit card at a US Bank ATM, or visiting a branch in person.

The documents you'll need to bring or provide

Have your photo ID ready — a driver's license, passport, or state ID card all work. US Bank will verify your Social Security number by asking you to provide it; they do not need a card, just the nine-digit number. You'll also need to confirm your current mailing address.

If you're opening an account online, you can upload a photo of your ID or answer security questions to verify your identity instead. If you're opening in person or by phone, have your ID and Social Security number available when you call or visit.

Opening an account online

Go to usbank.com and look for the "Open an Account" or "Savings Accounts" section. You'll be asked to choose which type of savings account you want — US Bank offers a basic savings account, a money market account, and certificates of deposit (CDs), each with different interest rates and rules. Read the details for each one before you choose.

Enter your personal information, including your name, date of birth, address, phone number, and Social Security number. Upload a photo of your ID or answer identity verification questions. Then choose your initial deposit amount and how you want to fund it — you can transfer money from another bank account, or if you don't have one yet, you can deposit money in person at a branch later.

Review the account terms and disclosures, then submit. You should receive confirmation by email within a few minutes, and your account will be ready to use within one business day.

Opening an account by phone

Call US Bank at 1-800-US-BANKS (1-800-872-2657) and tell the representative you want to open a savings account. They will ask for the same information — your name, address, Social Security number, and date of birth — and will verify your identity by asking security questions or requesting information from your credit report.

The representative will explain the different savings account options and help you choose one based on your needs. They'll also ask how much you want to deposit initially and how you want to fund it. If you're transferring from another bank, have that account number and routing number ready. The call usually takes 10 to 15 minutes, and your account will be active within one business day.

Opening an account in person at a branch

Find your nearest US Bank branch using the branch locator on usbank.com. Walk in during business hours or call ahead to schedule an appointment — this is especially helpful if the branch is busy. Bring your photo ID and be ready to provide your Social Security number and current address.

A staff member will show you the different savings account options, explain the interest rates and fees, and help you decide which account makes sense for you. They'll process your process on the spot, take your initial deposit, and give you a debit card if you want one. You'll walk out with your account open and ready to use.

What happens after you open your account

Once your account is open, you'll receive a debit card in the mail within 7 to 10 business days. You can use this card to withdraw money from US Bank ATMs for free, or to make purchases if you link it to a checking account. You can also set up online banking to check your balance, transfer money, and pay bills.

Your savings account will earn interest on the money you deposit — the rate depends on which account type you chose and changes based on market conditions. US Bank will deposit the interest into your account monthly or quarterly, depending on the account. You can add money to your savings account anytime by transferring from another bank, depositing cash at a branch, or using a US Bank ATM.

Fees and minimum balances to know about

US Bank's savings accounts have different minimum balance requirements. Some accounts have no minimum, while others require you to keep $25 or more in the account at all times. If your balance drops below the minimum, US Bank may charge a monthly fee — usually $5 to $10 — so check the specific account terms before you open.

Most US Bank savings accounts do not charge a fee for deposits, withdrawals, or transfers. However, if you withdraw money more than a certain number of times per month (the limit varies by account type), you may be charged a fee for each withdrawal over the limit. Read the account disclosure document before you open so you know what to expect.

Frequently Asked Questions

Can I open a savings account if I don't have a Social Security number?

No, US Bank requires a Social Security number to open any account. If you have an Individual Taxpayer Identification Number (ITIN) instead, contact US Bank directly at 1-800-US-BANKS to ask about your options — some banks work with ITINs, but US Bank's policy may vary by state.

What's the difference between a savings account and a money market account at US Bank?

A savings account is simpler and usually has a lower minimum balance. A money market account typically offers a higher interest rate but requires you to keep more money in it and limits how many times you can withdraw per month. Choose based on how much money you plan to keep in the account and how often you need to take money out.

How long does it take to transfer money from another bank into my new US Bank savings account?

If you set up an electronic transfer from another bank, it usually takes 1 to 3 business days. If you deposit cash or a check in person at a US Bank branch, the money is available when ready for cash or within 1 business day for checks.

Can I open a savings account if I have bad credit?

Yes. US Bank does not check your credit score to open a savings account. They may check ChexSystems, which is a banking history report, but having a poor banking history does not automatically disqualify you — contact the branch directly if you have concerns.

What if I want to close my savings account later?

You can close your account anytime by visiting a branch, calling 1-800-US-BANKS, or using online banking. Withdraw any remaining balance or tell US Bank where to send it. There is no penalty for closing a savings account.