What you need to open a bank account

To open a bank account, you need a government-issued ID, proof of your current address, and your Social Security number. Most banks will also ask for your phone number and email. That is the core set. Some banks add requirements — a minimum opening deposit, a second form of ID, or proof of income — but these vary by bank and by the type of account you choose.

The ID must be current and show your photo. A driver's license, passport, or state ID card all work. For proof of address, bring a recent utility bill, lease, mortgage statement, or government mail with your name and street address on it. The address proof usually needs to be from the last 60 days, though banks differ on this.

You do not need to have money in the account yet to open it, though some banks require a minimum deposit before they will set up the account. This ranges from zero dollars at some online banks to $25 or $100 at others. A few banks ask for $500 or more, but these are less common for basic checking accounts.

Key Takeaways

  • Bring a government-issued photo ID, proof of your current address, and your Social Security number to open an account in person.
  • Online banks often have no minimum deposit and can open an account in minutes, while branch banks may require you to visit in person and may ask for more documents.
  • The type of account you choose — checking, savings, or both — affects what fees you will pay and what features you get.
  • Some banks charge monthly fees unless you maintain a minimum balance or set up direct deposit, so compare fee structures before you decide.

Opening an account in person at a branch

Walk into any branch of a bank where you want to open an account and ask to speak to someone about opening a new account. They will ask you to fill out an process form on paper or on a tablet. The form asks for your name, address, phone number, email, Social Security number, and sometimes your employment information.

Bring your ID and address proof with you. The banker will look at both, usually make a copy, and enter your information into their system. They will ask what type of account you want — checking, savings, or both. They may also ask how you plan to use the account and whether you want online banking and a debit card.

The whole process usually takes 15 to 30 minutes. At the end, the bank will give you a temporary debit card or tell you one will arrive by mail in 7 to 10 days. You will also get your account number and routing number, which you need if someone wants to send you money by direct deposit or bank transfer.

Opening an account online

Online banks let you open an account without visiting a branch. Go to the bank's website, click the button to open a new account, and fill in your name, address, phone number, email, and Social Security number. The process is the same as a paper form, but it happens on your screen.

Most online banks will ask you to verify your identity by uploading a photo of your ID. You take a picture of the front and back of your driver's license or passport with your phone and upload it through the website. Some banks also ask you to take a selfie to confirm the ID matches your face.

After you submit everything, the bank checks your information against databases to confirm you are who you say you are. This usually takes a few minutes to a few hours. Once approved, your account opens when ready and you can start using it right away. A debit card arrives by mail within 7 to 10 days, but many online banks let you use your phone to pay before the card arrives.

Differences between checking and savings accounts

A checking account is for money you use regularly. You get a debit card and checks, and you can withdraw cash at ATMs and branches as often as you want. Most checking accounts have no limit on how many times you can withdraw or transfer money out.

A savings account is for money you want to keep and grow. Banks pay you interest on the balance — a small percentage that adds to your account each month. Savings accounts usually limit how many times you can withdraw or transfer money out per month, though this limit varies by bank. In exchange for keeping money in, you earn something on it.

Many people open both at the same bank. You use checking for bills and everyday spending, and savings for money you are setting aside. Some banks offer accounts that combine both, letting you earn interest on part of your balance while still having full access to withdraw whenever you need to.

Monthly fees and how to avoid them

Most banks charge a monthly maintenance fee — usually $5 to $15 — unless you meet one of their conditions. The most common condition is keeping a minimum balance in the account. This might be $500, $1,000, or $2,500 depending on the bank and the account type.

Another way to waive the fee is to set up direct deposit, where your employer or a government program sends your paycheck straight into your account. Some banks waive the fee if you receive at least one direct deposit per month. Others waive it if you maintain a minimum balance or if you link your account to another account at the same bank.

Online banks often charge no monthly fee at all, regardless of your balance. This is one reason many people choose them. If you are opening an account at a branch bank, ask the banker what the monthly fee is and what you need to do to avoid paying it. Write it down so you remember.

What happens after you open the account

Once your account is open, you get an account number and a routing number. The routing number is the same for all accounts at that bank — it identifies the bank itself. The account number identifies your specific account. You need both if someone wants to send you money by bank transfer or direct deposit.

Your debit card arrives by mail. When it does, call the number on the back to set up it, or use the bank's app or website to set up it online. Some banks set up it automatically. Once activated, you can use it to buy things, withdraw cash at ATMs, and pay bills online.

Set up online banking through the bank's website or app. You will create a username and password, and the bank will ask you to set up a way to verify your identity when you log in — usually a code sent to your phone. This protects your account if someone else tries to log in.

Frequently Asked Questions

Do I need a Social Security number to open a bank account?

Most banks require a Social Security number. If you do not have one, some banks will open an account using an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to ask whether the bank you want to use accepts ITINs, because not all do.

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

Yes. Banks check a system called ChexSystems that records closed accounts and fraud. If you were denied in the past, you can still open an account at a different bank, or at the same bank after some time has passed. Some banks specialize in accounts for people with ChexSystems records.

How long does it take to open an account?

In person at a branch, 15 to 30 minutes. Online, a few minutes to submit the form, then a few hours to a day for the bank to verify your identity and approve you. Your account is usually ready to use the same day or the next business day.

What if I do not have a current address?

Some banks will accept a PO box or a shelter address as proof of address. Call the bank and explain your situation before you go in. They may ask for additional documents, like a letter from a shelter or a government agency confirming where you receive mail.

Can I open an account for someone else?

No. The person whose name is on the account must be present and provide their own ID and Social Security number. If you want to manage money for a child, you open a custodial account in their name, and you are the custodian. The child becomes the owner when they reach a certain age, usually 18 or 21.