Most people can open a savings account, but banks have specific requirements that vary by institution

You do not need perfect credit, a job, or a large amount of money to open a savings account. What you do need depends on which bank you choose and what type of account you want. Some banks have no minimum balance. Others require you to be a certain age, have a valid ID, or provide a Social Security number. A few banks will work with you if you have no ID at all. The main barrier for most people is not may be able to access—it is finding a bank that matches your situation.

Banks are required by federal law to verify your identity and check you against fraud databases before opening any account. This is called Know Your Customer (KYC) compliance. It protects both you and the bank. But the documents banks accept to prove who you are vary widely. A driver's license works everywhere. A passport works everywhere. A state ID card works everywhere. Beyond that, options depend on the bank.

Key Takeaways

  • You need a valid government-issued ID to open a savings account at a traditional bank, but the specific ID accepted varies by institution.
  • A Social Security number is standard but not always required—some banks will open accounts using an Individual Taxpayer Identification Number (ITIN) instead.
  • Age requirements are typically 18 or older for your own account, though minors can open accounts with a parent or guardian as a joint account holder.
  • Banks check you against fraud databases and credit reporting systems, but a poor credit history or no credit history does not prevent you from opening a savings account.
  • If you cannot get a traditional bank account, credit unions and online banks often have fewer barriers and may accept alternative forms of ID.

What banks require before they will open an account

Every bank requires proof of identity. This means a government-issued photo ID. A driver's license, state ID card, or passport all work at every major bank. A military ID works at most banks. A tribal ID works at some. A foreign passport works at some banks but not others—call ahead if that is your only option.

Most banks also require a Social Security number. This is not a legal requirement under federal banking law, but it is standard practice because banks use it to report interest you earn to the IRS and to check you against fraud databases. If you do not have a Social Security number, you can use an Individual Taxpayer Identification Number (ITIN) instead. An ITIN is issued by the IRS to people who file taxes but do not have a Social Security number. Some banks accept ITINs without question. Others do not. Call the bank's customer service line and ask directly: "Can I open a savings account with an ITIN instead of a Social Security number?" Do not assume the answer is no.

A few banks will open an account without either a Social Security number or an ITIN, but they are rare. If you cannot get either number, ask whether the bank offers what is sometimes called a second-chance account or basic banking account. These accounts have fewer features and sometimes higher fees, but they exist specifically for people in your situation.

Age requirements and accounts for minors

You must be at least 18 years old to open a savings account in your own name. If you are under 18, you can open a custodial account or joint account with a parent or legal guardian. The adult's name appears on the account alongside yours. The adult can see all transactions and withdraw money, but the account belongs to both of you legally.

Some banks allow minors as young as 13 to open accounts with a parent present. Others require the minor to be 16 or 17. A few banks have no minimum age as long as a parent is present. Call the bank you want to use and ask what age they require. If you are a parent opening an account for a child, bring both your ID and the child's birth certificate or school ID.

Credit history and past banking problems

A savings account is not a credit product. Banks do not check your credit score to decide whether to let you open one. You can have terrible credit, no credit, or a bankruptcy on your record and still open a savings account. Credit checks do not explore here.

What banks do check is whether you have been flagged in ChexSystems or Early Warning Services. These are banking-specific databases that track people who have closed accounts with outstanding balances, written bad checks, or committed fraud. If you are in one of these databases, some banks will refuse to open an account for you. But not all banks use these databases, and some will open an account even if you are flagged—they may just charge higher fees or require a larger deposit. Credit unions often have more lenient policies than traditional banks.

If you were flagged for a legitimate mistake—a bounced check you paid back, or an account closed by the bank due to a misunderstanding—you can request removal from the database. ChexSystems allows you to dispute inaccurate information. Contact them directly at 1-800-428-9623 or through their website to request a copy of your report and file a dispute if needed.

Banks that work with people who have limited options

If you cannot meet the standard requirements at a traditional bank, three types of institutions often have lower barriers: credit unions, online banks, and community banks.

Credit unions are member-owned financial institutions. They often accept alternative forms of ID, work with people flagged in ChexSystems, and may not require a Social Security number. You typically need to join the credit union first (membership is often free or costs a few dollars), then open an account. Find a credit union near you through the CO-OP network or by searching your employer's name plus "credit union"—many employers sponsor credit unions for their workers.

Online banks have fewer physical locations and lower overhead costs, so they can afford to be more flexible. Some online banks accept ITINs, do not check ChexSystems, or have no minimum balance. The trade-off is that you cannot walk into a branch to deposit cash. You deposit through ATMs, mobile check deposit, or transfers from another account. Online banks work well if you have access to these methods.

Community banks are smaller, locally-owned banks. They often know their customers personally and may be willing to work with you if you explain your situation. Call a community bank in your area and ask whether they can open an account for someone in your circumstances.

Documents to bring when you open an account

Bring your government-issued photo ID. Bring proof of your address—a utility bill, lease, or recent bank statement with your name and address on it. Bring your Social Security number or ITIN. If you are opening a joint account with a minor, bring the child's birth certificate or school ID and the parent's ID. If you are opening an account on behalf of someone else (as a power of attorney or guardian), bring the legal document that gives you that authority.

Some banks ask for additional information: your employment status, your income, or the source of the money you plan to deposit. These questions are part of anti-money-laundering compliance. Answer honestly. Banks are not judging you—they are following federal law. If you are unemployed, say so. If you receive benefits, say so. If you inherited money, say so. There is no wrong answer that will disqualify you from a savings account.

What happens if a bank refuses to open an account for you

If a bank says no, ask why. The reason matters. If they say you are flagged in ChexSystems, you can dispute it or try another bank that does not use ChexSystems. If they say you do not have acceptable ID, ask what forms of ID they do accept—the answer may surprise you. If they say you do not have a Social Security number or ITIN, ask whether they offer second-chance accounts or whether they accept ITINs.

If one bank refuses, try another. Different banks have different policies. A bank that turns you down may have stricter rules than the credit union across town. Do not assume that one refusal means you cannot open a savings account anywhere. You almost certainly can.

Frequently Asked Questions

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

Yes, if you have an ITIN. Some banks accept ITINs without question. Others do not. Call the bank and ask directly. If the bank refuses, try a credit union or online bank—they are more likely to accept an ITIN. A very small number of banks will open accounts without either a Social Security number or an ITIN, but you will need to ask about second-chance accounts.

Will a bad credit score prevent me from opening a savings account?

No. Banks do not check your credit score for savings accounts. Credit checks only explore to loans and credit cards. You can have poor credit, no credit, or a bankruptcy and still open a savings account at any bank that will verify your identity.

What if I have been flagged in ChexSystems?

Some banks will refuse to open an account for you. Others will open one but may charge higher fees. Credit unions are often more lenient. You can also request a copy of your ChexSystems report and dispute inaccurate information by calling 1-800-428-9623. If the flag is accurate but old, some banks may overlook it if you explain what happened.

Can a minor open a savings account alone?

No. Anyone under 18 needs a parent or legal guardian to open a joint or custodial account. The adult's name appears on the account and they can see all activity. Some banks allow minors as young as 13 with a parent present; others require 16 or 17. Call the bank to ask their minimum age.

What if I do not have a government-issued ID?

Most banks require one. But credit unions and some community banks may accept alternative forms of ID, such as a tribal ID, school ID, or passport from another country. Call ahead and ask what they accept. If no local bank will work with you, online banks sometimes have more flexible ID policies, though you will need another way to deposit cash.