What you need to open a US Bank savings account

US Bank requires a government-issued photo ID, your Social Security number, and an initial deposit to open a savings account. The minimum opening deposit is typically $25, though this can vary by account type and your location. You will also need a current mailing address.

If you are opening an account online, you will need to verify your identity through the bank's digital process, which usually involves answering security questions based on your credit history. If you open an account in person at a branch, bring your ID and Social Security card or a document showing your number.

For joint accounts, both account holders must provide their own ID and Social Security number. If you are opening an account for a minor, the parent or legal guardian must be present with their own ID, and the minor may need to be present as well depending on the branch.

Key Takeaways

  • You need a government photo ID, Social Security number, and $25 minimum deposit to open a US Bank savings account.
  • Online account opening takes about 10 to 15 minutes and uses digital identity verification; in-person opening at a branch takes 20 to 30 minutes.
  • US Bank savings accounts earn interest, and the rate changes based on market conditions and the Federal Reserve's decisions.
  • You can fund your new account with a debit card, bank transfer, or cash deposit at a branch on the same day you open it.
  • If you do not have a Social Security number, US Bank offers accounts for non-citizens with an Individual Taxpayer Identification Number (ITIN).

Opening an account online versus in person

Opening online is faster and requires no branch visit. Go to usbank.com, select "Open an Account," and choose the savings account type you want. You will enter your personal information, verify your identity through the bank's security questions, and review the account terms. The process takes 10 to 15 minutes, and your account is usually active within one business day.

Opening in person at a branch lets you ask questions and handle everything face-to-face. Find your nearest US Bank branch using their branch locator on usbank.com. Bring your ID, Social Security card or number, and your initial deposit. A banker will walk you through the account setup, answer questions about features and fees, and you can make your first deposit when ready. This process typically takes 20 to 30 minutes.

Both methods result in the same account type and features. Choose online if you value speed and convenience; choose in person if you want to speak with someone or prefer to deposit cash when ready.

What happens after you open your account

Once your account is open, you will receive a debit card in the mail within 7 to 10 business days. Your account number and routing number are available when ready online through US Bank's website or mobile app, so you can set up direct deposits or transfers right away without waiting for your card.

Your savings account will begin earning interest based on US Bank's current savings rate. Interest is calculated daily and deposited monthly. The rate varies and is set by US Bank based on market conditions and Federal Reserve policy, so check usbank.com or call 1-800-872-2657 to see the current rate before you open.

You can manage your account online or through the US Bank mobile app. You can transfer money between your accounts, set up automatic transfers, view your balance, and deposit checks by taking a photo. You can also visit any US Bank branch to make deposits or withdrawals.

Funding your account on opening day

You can fund your account when ready in several ways. If you open in person at a branch, you can deposit cash, a check, or use a debit card. If you open online, you can transfer money from another bank account you own using your account and routing numbers, or you can add funds later when your debit card arrives.

If you want to set up a direct deposit from your employer or another source, you will need your US Bank account number and routing number (1011-0286 for most US Bank accounts, though confirm this with the bank). Direct deposits typically post within one to two business days of being sent by your employer.

There is no limit to how much you can deposit, and you can make multiple deposits throughout the month. However, federal rules limit you to six withdrawals or transfers per month from a savings account; exceeding this limit may result in a fee or account restrictions.

Fees and account features to understand

US Bank savings accounts do not charge a monthly maintenance fee. However, you may face fees for certain actions: excessive withdrawals beyond six per month, overdrafts if you link a checking account, or ATM fees if you use an out-of-network ATM.

Your account comes with online and mobile banking at no extra cost. You can set up alerts for low balances, large deposits, or withdrawals. You can also link your savings account to a US Bank checking account for easier money management.

Interest earned on your savings is reported to the IRS on a Form 1099-INT if the amount exceeds $10 in a calendar year. You will receive this form by January 31 of the following year. Keep track of your interest earnings for tax purposes.

If you do not have a Social Security number

US Bank accepts an Individual Taxpayer Identification Number (ITIN) in place of a Social Security number. An ITIN is issued by the IRS to non-citizens who need a tax identification number. You will need to provide your ITIN, a government-issued photo ID (such as a passport), and proof of your current address.

The process for opening an account with an ITIN is the same as with a Social Security number. You can open online or in person. Some branches may ask for additional documentation to verify your identity and address, so calling ahead to confirm what documents to bring is a good idea.

What to do if you run into problems

If your online account opening is denied or stalled, it is usually due to identity verification issues. Call US Bank at 1-800-872-2657 to speak with someone who can troubleshoot. Have your ID ready and be prepared to answer security questions.

If you cannot visit a branch and do not want to open online, you can call the same number to ask about other options. Some situations may require in-person verification, but US Bank customer service can tell you what applies to your case.

If you have questions about account features, interest rates, or fees after opening, visit usbank.com, use the mobile app, or call 1-800-872-2657. You can also visit a branch in person to speak with a banker.

Frequently Asked Questions

How long does it take to open a US Bank savings account?

Online opening takes 10 to 15 minutes, and your account is usually active within one business day. In-person opening at a branch takes 20 to 30 minutes, and your account is active when ready. You can start using your account number and routing number right away for transfers and direct deposits.

Can I open a US Bank savings account without a Social Security number?

Yes. US Bank accepts an Individual Taxpayer Identification Number (ITIN) issued by the IRS. You will need your ITIN, a government photo ID, and proof of your current address. The opening process is the same as with a Social Security number.

What is the minimum deposit to open a US Bank savings account?

The minimum opening deposit is typically $25. This amount must be deposited when you open the account. You can deposit more, and there is no maximum.

Can I open an account for my child?

Yes. A parent or legal guardian must open the account with their own ID and Social Security number. The child may need to be present depending on the branch. Ask your local US Bank branch about their specific requirements for minor accounts.

What interest rate will I earn?

US Bank's savings account interest rate changes based on market conditions and Federal Reserve policy. Check usbank.com or call 1-800-872-2657 to see the current rate before you open. Interest is calculated daily and deposited to your account monthly.