What you need to bring and where to start
You can open a savings account at US Bank in person at any branch, online through their website, or by phone. The fastest route for most people is online — it takes about 10 minutes and you can fund the account the same day. If you prefer to speak with someone, walk into any US Bank branch during business hours and ask to open a savings account.
To open an account, you will need a government-issued photo ID (a driver's license, passport, or state ID card) and your Social Security number. If you do not have a Social Security number, bring an Individual Taxpayer Identification Number (ITIN) instead. You will also need to provide your current address.
If you are opening the account online, you can upload a photo of your ID using your phone or computer. The bank will verify your identity electronically, and you should know within minutes whether your account is approved. If you are opening in person, bring the physical ID with you.
Key Takeaways
- You need only a photo ID, Social Security number, and current address to open a US Bank savings account.
- Opening online takes about 10 minutes and you can fund the account when ready; opening in person at a branch takes longer but lets you ask questions face-to-face.
- US Bank savings accounts earn interest, though the rate changes based on how much money you keep in the account and current market conditions.
- You can set up automatic transfers from a checking account to your savings account to build your balance over time.
Opening your account online
Go to the US Bank website and look for the "Open an Account" button, usually near the top of the page. Select "Savings Account" from the account types shown. You will be asked to enter your name, date of birth, address, phone number, and Social Security number.
The bank will ask you to create a username and password for online banking. Write these down somewhere safe — you will use them to log in and manage your account later. US Bank will then verify your identity by checking your information against credit bureaus and other records. This usually takes a few minutes.
Once your identity is verified, you can choose how much money to deposit into the new account. You can transfer money from another bank account, or if you have a US Bank checking account already, you can move money between them. The bank will give you your new account number and routing number at the end of the process.
Opening your account in person at a branch
Find the nearest US Bank branch using the branch locator on their website or by searching "US Bank near me." Bring your photo ID, Social Security number written down, and proof of your current address (a utility bill, lease, or recent bank statement all work). Go during business hours — most branches are open Monday through Friday from 9 a.m. to 5 p.m., and some are open on Saturday mornings.
Tell the person at the desk you want to open a savings account. They will take you to a private area and ask you the same questions the online form asks: your name, address, phone number, and Social Security number. They will make a copy of your ID and verify your address. This process usually takes 15 to 30 minutes.
At the end, the banker will ask how much you want to deposit. You can give them cash, a check, or arrange a transfer from another account. They will give you a receipt with your new account number and explain how to set up online banking if you want it.
Opening your account by phone
Call US Bank customer service at 1-800-872-2657 and say you want to open a savings account. A representative will walk you through the same questions as the online form. They will need to verify your identity, which usually means asking you security questions based on your credit history.
Once your account is open, you will need to fund it. The representative can give you instructions for transferring money from another bank account, or you can do this yourself online once you receive your account number. Some people prefer this route because they can ask questions in real time, though it takes longer than opening online.
How much money you need to start
US Bank does not require a minimum deposit to open a savings account. You can open an account with zero dollars and add money later. However, some savings accounts earn higher interest rates if you keep a certain balance — this varies depending on which savings product you choose.
When you open your account, ask the banker or representative which savings products are available and what balance each one requires to earn the highest interest rate. US Bank offers several types of savings accounts, and the one that makes sense for you depends on how much you plan to keep in savings and how often you plan to withdraw money.
Setting up automatic deposits and transfers
Once your account is open, you can set up automatic transfers from your checking account to your savings account. This is one of the easiest ways to build savings without thinking about it — money moves on a schedule you choose, like every payday or the first of each month.
Log into your US Bank online banking account and look for "Transfers" or "Move Money." Select your checking account as the source and your savings account as the destination. Choose the amount and how often you want the transfer to happen (weekly, twice a month, monthly, or on a date you pick). The transfer will happen automatically on the schedule you set.
You can also set up direct deposit of your paycheck to go partly to checking and partly to savings. Ask your employer's payroll department for a form, or log into your employer's payroll system and change your direct deposit instructions to split between the two accounts.
What happens after your account opens
US Bank will mail you a debit card for your savings account within 7 to 10 business days. You can use this card to withdraw money at any US Bank ATM for free. If you withdraw at an ATM that is not owned by US Bank, you may be charged a fee by that ATM's owner, though US Bank reimburses some of these fees depending on your account type.
You can also withdraw money by going into a branch and asking a teller, or by transferring money from your savings account to your checking account online. US Bank savings accounts have a limit on how many withdrawals you can make per month — this limit varies by account type, so ask when you open your account.
Your savings account will earn interest, which means the bank pays you a small amount of money for letting them use your deposits. The interest rate changes based on what the Federal Reserve does with interest rates, so your rate may go up or down over time. You can check your current interest rate and how much interest you have earned by logging into online banking or calling customer service.
Frequently Asked Questions
Can I open a US Bank savings account if I do not have a Social Security number?
Yes. If you have an Individual Taxpayer Identification Number (ITIN) instead, you can use that. Bring the same documents you would bring with a Social Security number: a photo ID and proof of your current address. Some branches may ask additional questions to verify your identity, but ITIN holders can open accounts.
What is the difference between a savings account and a checking account?
A checking account is for money you use regularly — you can write checks, use a debit card, and set up automatic bill payments. A savings account is for money you want to keep and grow — it earns interest, but you have limits on how many times per month you can withdraw. Most people have both.
How long does it take to open an account online?
The process itself takes about 10 minutes. Identity verification usually happens within a few minutes after that. You can start using your account the same day, though if you transfer money from another bank, that transfer may take one to three business days to arrive.
Do I need to have a US Bank checking account to open a savings account?
No. You can open a savings account on its own. However, if you already have a checking account at US Bank, you can transfer money between them when ready online, which makes it easier to move money back and forth.
What happens if I close my savings account later?
You can close your account anytime by going to a branch, calling customer service, or using online banking. US Bank will send any remaining balance to you by check or transfer it to another account you choose. There is no penalty for closing an account.