What you need before you walk in or go online

Opening a bank account takes between 15 minutes and a few days, depending on whether you do it in person or online. Most banks will ask for a government-issued ID, your Social Security number, and proof of your current address. Some also want to know your employment status or run a soft credit check, which does not affect your credit score.

Before you start, decide what type of account fits your situation: a checking account if you write checks or use a debit card regularly, a savings account if you want to set money aside and earn interest, or both. Some banks bundle them together. If you have had trouble with banks before—overdrafts, fraud, or accounts closed by the bank—you may need to check ChexSystems, a banking history report that some institutions review. You can request your ChexSystems report for free at chexsystems.com.

Key Takeaways

  • You will need a government ID, Social Security number, and proof of address; some banks also ask for employment information or run a soft credit check.
  • Online accounts usually open faster than in-person ones, but you cannot deposit cash when ready without visiting a branch or using an ATM.
  • If you have been denied a bank account before, check your ChexSystems report to see what banks are seeing about your history.
  • Some banks charge monthly fees; others waive them if you keep a minimum balance or set up direct deposit.
  • Your account is insured up to $250,000 by the FDIC at most banks, which protects your money if the bank fails.

Opening an account online versus in person

Online accounts are faster. You can open one in 10 to 20 minutes from your phone or computer, and the bank usually funds it the same day or within one business day. You will need to upload a photo of your ID and sometimes answer security questions. The downside: you cannot deposit cash right away. You can transfer money from another bank account, set up direct deposit from your employer, or visit an ATM or branch later to deposit cash.

In-person accounts take longer but give you when ready access. You walk into a branch with your ID and Social Security number, a banker helps you choose your account type and answer questions, and you can deposit cash or a check on the spot. This route works well if you prefer talking to someone or if you need to deposit cash the same day. Some banks require a minimum opening deposit—often $25 to $100—whether you open online or in person.

Documents and information to bring or have ready

Gather these before you start, whether online or in person:

  • A government-issued photo ID: a driver's license, passport, state ID card, or military ID.
  • Your Social Security number or Individual Taxpayer Identification Number (ITIN).
  • Proof of your current address: a utility bill, lease, mortgage statement, or government mail dated within the last 60 days. If you moved recently and do not have a document yet, some banks accept a bank statement from another institution or a letter from your employer.
  • Your phone number and email address.
  • Information about your current job, if the bank asks (employer name and how long you have worked there).

If you are opening an account online, have your ID and proof of address in digital form—a photo or scan. If you are going in person, bring the physical documents or originals.

What happens after you submit your information

The bank reviews what you provided, usually within minutes for online accounts or while you are still in the branch for in-person ones. They check your identity against government records, verify your address, and run a ChexSystems check to see if you have had problems with other banks. Most people are approved on the spot.

If the bank cannot verify your address or has questions about your identity, they may call or email you. If you are denied, the bank must tell you why—usually because of a ChexSystems issue, a mismatch in your identity information, or a history of fraud or unpaid overdrafts. You have the right to dispute anything on your ChexSystems report and ask the bank to reconsider. Some banks that specialize in second-chance accounts will work with people who have been denied elsewhere.

Fees and minimum balances to watch for

Most checking accounts charge a monthly maintenance fee between $5 and $15, though many waive it if you meet certain conditions. Common waivers include setting up direct deposit, keeping a minimum balance (often $500 to $1,500), or maintaining a certain number of debit card transactions per month. Read the fee schedule before you open the account—it is usually listed on the bank's website or given to you in person.

Overdraft fees are separate and happen when you spend more than you have. Most banks charge $30 to $35 per overdraft. Some offer overdraft protection, which links your checking account to a savings account or credit line so the bank covers the shortfall instead of charging a fee. Ask about this option when you open your account.

How your money is protected

Once your account is open, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. This means if the bank fails, the FDIC will return your money. This protection covers checking accounts, savings accounts, and money market accounts at most banks. It does not cover investments like stocks or mutual funds, even if you buy them through the bank.

If you have more than $250,000, you can open multiple accounts at different banks or use different account types (a joint account, a retirement account) at the same bank, and each is insured separately up to $250,000. The FDIC website has a calculator that shows you how much of your money is covered.

Next steps after your account opens

Once approved, you will receive a debit card in the mail within 5 to 10 business days. Some banks let you use a temporary digital card when ready through their app. You will also get online banking access so you can check your balance, transfer money, and pay bills. Set up a strong password and enable two-factor authentication if the bank offers it.

If you are moving money from another bank, initiate an external transfer through your new bank's app or website. It usually takes 3 to 5 business days. If your employer needs to set up direct deposit, give them your new account number and routing number, which you will find in your online banking portal or on a check.

Frequently Asked Questions

Can I open a bank account without a Social Security number?

Yes, if you have an ITIN (Individual Taxpayer Identification Number) issued by the IRS. Some banks also accept a passport or state ID number instead. Call the bank first to confirm what they will take, because policies vary.

What if I do not have proof of address?

Some banks accept a bank statement from another institution, a letter from your employer, or a government document with your name and address. A few will let you use a phone bill or utility bill in a family member's name if you live with them. Ask the bank what alternatives they accept before you visit.

How long does it take to deposit a check after I open my account?

If you deposit a check in person at a branch, it usually clears within one business day. If you photograph it through the bank's mobile app (mobile check deposit), it takes 1 to 3 business days. Large checks may take longer.

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

Yes. Check your ChexSystems report first to see what the issue was. Some banks specialize in second-chance accounts and will work with people who have had problems before. You may pay higher fees or have lower initial limits, but you can still open an account.

Do I need to keep a minimum balance to avoid fees?

It depends on the bank and account type. Some waive monthly fees if you keep $500 or more; others waive them with direct deposit instead. Read the fee schedule for the specific account you are opening, because minimums vary widely.