Opening a bank account is simpler than most people think, and you can do it in person or online in under an hour

A bank account is where you store money safely and access it through a debit card, checks, or transfers. Banks are required by law to keep your money separate from theirs, so even if the bank fails, your money up to $250,000 is protected by the Federal Deposit Insurance Corporation (FDIC).

You do not need perfect credit, a long banking history, or a lot of money to open an account. Most banks will open one for you the same day you walk in or submit your information online. The main things you need are proof of who you are, proof of where you live, and a small opening deposit — often as little as $25, though some banks ask for nothing.

The choice between a checking account (for everyday spending) and a savings account (for money you want to keep) depends on what you plan to do with the money. Many people open both at the same bank so they can move money between them easily.

Key Takeaways

  • You will need a government-issued ID, proof of your address, and usually a small opening deposit to open an account on the same day.
  • Checking accounts come with a debit card and are meant for regular spending; savings accounts earn a small amount of interest and are for money you want to keep.
  • You can open an account in person at a bank branch or online through a bank's website, and both routes take less than an hour.
  • Some banks charge monthly fees, but many offer free checking and savings accounts if you meet straightforward conditions like keeping a minimum balance or setting up direct deposit.
  • If you have been denied a bank account before, a second-chance banking program or a credit union may accept you when traditional banks will not.

What documents you need to bring or upload

Banks ask for three things: proof of identity, proof of address, and sometimes proof of income or employment. A government-issued photo ID — a driver's license, state ID card, or passport — is what they mean by proof of identity. If you do not have one, some banks will accept a tribal ID or a military ID.

Proof of address can be a recent utility bill, lease, mortgage statement, or government mail with your name and current address. It usually has to be dated within the last 60 days. If you do not have a utility bill in your name, a lease signed by you works just as well.

Some banks ask for proof of income — a recent pay stub, tax return, or letter from your employer — but many do not. Ask the bank before you go in or explore online. If you are unemployed or retired, you can usually still open an account; the bank mainly wants to know you have a way to put money in it.

Opening an account in person at a branch

Walk into any branch of the bank you choose during business hours with your ID and proof of address. Tell the person at the desk you want to open a checking or savings account. They will ask you questions about yourself — your full name, date of birth, Social Security number, and current address — and enter your answers into their computer.

You will read and sign papers that explain the account rules, fees, and how the bank protects your money. These papers are long but important; ask the banker to explain anything you do not understand. Once you sign, the account opens when ready. You will get a debit card in the mail within 5 to 10 business days, and you can start using the account right away through the bank's app or website.

If you want to deposit cash on the same day, you can. The banker will give you a temporary card or a deposit slip so you can use an ATM while you wait for your permanent debit card to arrive.

Opening an account online

Many banks let you open an account entirely on their website without visiting a branch. Go to the bank's homepage, look for "Open an Account" or "New Customer", and click it. You will answer the same questions a banker would ask — your name, date of birth, Social Security number, and address — and upload photos of your ID and proof of address.

Some banks use a video call instead of uploads: a person on camera watches you hold up your ID and take a photo of it, then approves you on the spot. This usually takes 10 to 15 minutes. Other banks review your documents and call or email you within a few hours if they need anything else.

Once you are approved, you can transfer money into the account from another bank account you own, or wait for your debit card to arrive and use an ATM. Some online banks mail the card within 3 to 5 business days; others take longer. Check the bank's website for their timeline.

Checking accounts versus savings accounts

A checking account is for money you use regularly. It comes with a debit card you can swipe at stores, online, or at ATMs. You can write checks if you need to pay a bill or landlord by mail. There is no limit to how many times you can withdraw or transfer money. Most checking accounts do not earn interest — the bank does not pay you to keep money there.

A savings account is for money you want to keep and grow slowly. The bank pays you a small amount of interest — a percentage of your balance — each month. The interest rate varies by bank and changes over time. You can withdraw money whenever you want, but some banks limit you to six withdrawals per month before charging a fee. Savings accounts do not come with a debit card.

Many people open both: they use the checking account for bills and everyday spending, and the savings account to build an emergency fund or save toward a goal. Money moves between them when ready through the bank's app, so you can transfer money from savings to checking when you need it.

Monthly fees and how to avoid them

Some banks charge a monthly maintenance fee — usually $5 to $15 — just for having an account. Others offer free checking and savings with no strings attached. The difference often depends on the bank's size and location. Large national banks like Chase or Bank of America sometimes charge fees; smaller banks and credit unions often do not.

Even banks that charge fees usually waive them if you meet one straightforward condition: keeping a minimum balance (often $500 or $1,500), setting up direct deposit from your paycheck, or maintaining a certain number of debit card transactions per month. Read the account agreement before you open it, or ask the banker which condition is easiest for you to meet.

If you cannot meet the bank's conditions, look for a bank that advertises "no monthly fee" or "free checking" with no conditions. Many online banks and credit unions offer this. You can also compare fees at websites like Bankrate or your state's banking regulator, though the fastest way is to call the bank and ask directly.

If you have been denied a bank account before

Banks sometimes refuse to open an account if you have a history of overdrafts, bounced checks, or fraud reported to ChexSystems — a database banks use to check your banking history. If this has happened to you, you have options.

A second-chance banking program is designed for people who have been turned down. Banks like Chime, LendingClub, and some local banks offer these. They may ask for a larger opening deposit or charge a higher monthly fee, but they will open an account for you. Some second-chance accounts come with tools to help you avoid overdrafts, like alerts when your balance is low.

A credit union is a bank-like organization owned by its members instead of shareholders. Credit unions are often more willing to work with people who have had banking problems. To join, you usually have to live in a certain area or work for a certain employer. You can search for credit unions near you at CO-OP.org or CUServiceCenters.org.

Frequently Asked Questions

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

Most banks require a Social Security number, but some will accept an Individual Taxpayer Identification Number (ITIN) if you do not have one. Call the bank before you go in and ask whether they accept ITINs. Credit unions are sometimes more flexible on this than large banks.

What happens if I do not have proof of address?

If you do not have a utility bill or lease, bring a government letter with your address — a tax return, voter registration card, or mail from a government agency. If you have none of these, some banks will accept a letter from a shelter, social service agency, or employer confirming your address. Call ahead and ask what they will take.

How much money do I need to open an account?

Most banks ask for an opening deposit of $25 to $100, though some ask for nothing. A few online banks require $0 to open. The opening deposit is your own money — the bank is not giving it to you. You can withdraw it anytime.

Can I open an account if I am under 18?

Yes, but you will need a parent or guardian to co-sign. They will need to bring their ID and proof of address along with yours. Some banks have special teen accounts with limits on spending or transfers, designed to teach young people how to manage money.

How long does it take to use my account after I open it?

You can use your account the same day you open it online or in person, but your debit card arrives by mail in 3 to 10 business days. Until then, you can deposit cash at an ATM using a temporary card or deposit slip, or transfer money from another account you own.