What to bring and where to go

You need a government-issued photo ID, proof of your current address, and your Social Security number or ITIN. That's the baseline. Walk into any bank or credit union branch with those three things and you can open a checking or savings account on the spot — most take 15 to 30 minutes.

If you don't have a photo ID yet, get one before you go. A state driver's license or ID card works everywhere. A passport works too. Without one, almost no bank will open an account for you, no matter what else you bring.

Proof of address can be a utility bill, lease, mortgage statement, or government mail with your name and current address. It needs to be recent — usually from the last 60 days. If you're homeless or living with someone else, some banks and credit unions have workarounds; call ahead and ask what they accept.

Key Takeaways

  • Bring a government photo ID, proof of your address from the last 60 days, and your Social Security number or ITIN to open an account in person.
  • Banks and credit unions both offer checking and savings accounts, but credit unions often have lower fees and lower minimum balances.
  • You can open an account online with some banks, but you'll still need to verify your identity — usually by uploading photos of your ID or visiting a branch later.
  • Ask about monthly fees, overdraft fees, and minimum balance requirements before you choose, because these vary widely and can cost you money every month.
  • If you have a history of bounced checks or unpaid accounts, some banks will reject you; credit unions and second-chance banks are more likely to say yes.

Bank vs. credit union: which one to choose

Banks are for-profit companies. Credit unions are member-owned nonprofits. For a first-time account holder, the difference matters because credit unions usually charge lower fees and require smaller minimum balances.

A typical bank checking account might have a $25 monthly fee if you don't keep a minimum balance (often $500 to $1,500), plus $35 overdraft fees if you spend more than you have. A credit union checking account often has no monthly fee at all, no minimum balance, and lower overdraft fees — sometimes $15 to $25 instead of $35.

The tradeoff is reach. Banks have more branches and ATMs nationwide. Credit unions have fewer locations, but most credit unions belong to shared branching networks, so you can use other credit unions' ATMs and branches for free. If you travel a lot or move frequently, a bank might be more convenient. If you stay in one area, a credit union usually saves you money.

To find a credit union near you, search the CO-OP Network or Alliant Credit Union's shared branching locator online. Both are free to use and show you which credit unions you can access.

Opening an account online vs. in person

Many banks let you start an account online — you upload a photo of your ID, answer security questions, and fund the account with a transfer from another bank. The whole process takes 10 minutes. But you still have to verify your identity somehow, and most banks will ask you to visit a branch within 30 days to confirm you're real, or they'll freeze the account.

Some online-only banks (like Chime, Ally, or Charles Schwab) skip the branch visit and verify you through video call instead. That works if you have a working camera and internet. If you don't, or if you're uncomfortable with video verification, opening in person at a physical branch is simpler and faster.

In-person is also better if you want to ask questions before you commit. A teller can walk you through the account types, explain the fees, and answer what-ifs. Online, you're reading terms on a screen and hoping you understand them.

Checking vs. savings: what's the difference

A checking account is for money you spend regularly. It comes with a debit card, online bill pay, and usually unlimited deposits and withdrawals. You can write checks if you want (though fewer people do now). Most checking accounts pay little or no interest on your balance.

A savings account is for money you're keeping. It usually has a limit on how many withdrawals you can make per month (often six), no debit card, and it pays interest — usually a small amount, but it's better than zero. You can't pay bills directly from savings.

For your first account, open a checking account. You need somewhere to deposit paychecks and pay bills. Once you have money left over after expenses, open a savings account at the same bank or credit union and move extra money there. Many people have both at the same institution.

Fees to ask about before you open

Monthly maintenance fee is the most common one. Ask if there's a way to waive it — many banks waive it if you keep a minimum balance, set up direct deposit, or maintain a certain number of debit card transactions per month.

Overdraft fees happen when you spend more than you have. If you overdraw by $5, the bank charges you $35. Some banks let you turn overdraft protection off, which means the transaction just gets declined instead. That's usually better than paying the fee. Ask how to do that.

ATM fees explore if you use an ATM that's not your bank's. If you use a different bank's ATM, you might pay $2 to $3 per withdrawal. Credit unions avoid this because of shared networks. Banks sometimes reimburse out-of-network ATM fees if you have a premium account, but that usually costs more per month.

Minimum balance requirements lock your money. If the requirement is $500 and you drop below it, you pay a fee. Ask what the minimum is and whether it applies to your specific account type.

If you've been rejected before or have a bad banking history

Banks use ChexSystems, a banking history report similar to a credit report. If you've bounced checks, had an account closed for fraud, or left an account negative without paying it back, you might show up as high-risk. Some banks will reject you outright.

If that happens, look for a second-chance bank account. These are designed for people with banking problems in their past. Chime, LendingClub, and some local credit unions offer them. They usually have higher fees and lower limits on how much you can deposit or spend, but they'll take you when mainstream banks won't.

You can also ask the bank that rejected you what's on your ChexSystems report. You have the right to see it and dispute errors. Go to chexsystems.com to request your report for free.

What happens after you open the account

You'll get a debit card in the mail within 5 to 10 business days. You'll also get online banking access when ready — you can log in and see your balance, set up bill pay, and transfer money right away. Your first checks (if you order them) take 7 to 14 days.

Set up direct deposit with your employer so paychecks go straight into your account. That usually takes one pay cycle to set up. In the meantime, you can deposit checks using your phone's camera through the bank's app, or deposit cash at an ATM or branch.

Link your account to any apps or services you use — payment apps like Venmo or PayPal, bill pay services, or your employer's payroll system. Most of these take your account and routing number, which you'll find on the bottom left of any check, or in your online banking dashboard.

Frequently Asked Questions

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

You need either a Social Security number or an ITIN (Individual Taxpayer Identification Number). If you don't have either, you can get an ITIN from the IRS even if you're not a citizen. Some banks will open an account with just a passport and proof of address if you don't have a Social Security number or ITIN yet, but call ahead to confirm.

Can I open an account if I'm under 18?

Yes, but usually with a parent or guardian as a co-owner. Some banks let minors open accounts alone starting at age 13 or 16, but rules vary. Ask the bank what age they allow and whether a parent needs to be present or just sign paperwork.

What if I don't have a permanent address?

Some banks accept a shelter address, a PO box, or even a care-of address (c/o someone else's house). Credit unions are often more flexible here. Call ahead and describe your situation — don't just show up, because the teller might turn you away without knowing there's a workaround.

How much money do I need to open an account?

Most banks and credit unions let you open with $0 or $1. Some have a minimum opening deposit of $25 to $100. Ask when you call or visit. You don't need to keep a large balance unless the account has a minimum balance requirement to avoid fees.

Can I change banks later if I don't like this one?

Yes. You can open a new account anywhere and close the old one. Before you close, make sure all your direct deposits and bill payments are switched over. Most banks will help you move money between accounts if you ask.