Yes, you can open a savings account alone at most banks
Most banks will let you open a savings account without opening a checking account at the same time. You do not need to bundle them together. The bank treats them as separate products, and you can choose one, the other, or both.
That said, some banks make it easier or cheaper to open a savings account if you also open a checking account. A few smaller banks or credit unions may require a checking account as a condition of membership. Before you start, check the specific bank's requirements — they vary, and a five-minute call to their customer service line will tell you whether they will open a savings account for you alone.
Key Takeaways
- Most major banks and credit unions will open a savings account as a standalone product without requiring a checking account.
- Some banks offer better interest rates or waive monthly fees if you also maintain a checking account with them, but this is a discount, not a requirement.
- Online banks typically have no minimum balance and no monthly fees on savings accounts, making them simpler to open alone than traditional banks.
- You will need a government-issued ID, proof of address, and a Social Security number or ITIN to open any savings account.
- The bank will run a ChexSystems check (a banking history report), not a credit check, so your credit score does not affect whether you can open the account.
What banks actually require versus what they prefer
Large national banks like Chase, Bank of America, and Wells Fargo will open a savings account without a checking account. However, they often structure their products so that a checking account comes with perks — like higher interest rates on savings, waived monthly fees, or better customer service tiers. These are incentives, not requirements.
Credit unions sometimes have different rules. Some require you to open a share savings account (their version of a savings account) as part of membership, but they do not require a checking account. A few smaller credit unions may bundle products more tightly, so it is worth asking before you visit.
Online banks — like Ally, Marcus, or Discover — almost never require a checking account. They operate entirely online, have no physical branches, and typically have no monthly fees on savings accounts regardless of whether you have a checking account with them. If you want the simplest path to a savings account alone, an online bank is usually it.
Documents you will need to bring or provide
Whether you open in person or online, the bank will ask for the same core documents. Have a government-issued photo ID (driver's license, passport, or state ID card), proof of your current address (a recent utility bill, lease, or bank statement), and your Social Security number or ITIN. Some banks will also ask for a phone number and email address.
If you are opening online, you will upload images of your ID and address proof, or answer security questions to verify your identity. If you are opening in a branch, bring the originals. The process takes 10 to 20 minutes either way.
The bank will run a ChexSystems report, which is a banking history check — not a credit check. It shows whether you have had accounts closed due to overdrafts, fraud, or other banking problems. Your credit score does not matter for opening a savings account. If you have had banking problems in the past, tell the bank upfront; some will still open the account, and some will not, but hiding it will not help.
Minimum balance and monthly fees
Minimum balance requirements vary widely. Some banks require $0 to open a savings account; others require $25, $100, or more. A few require you to keep a minimum balance in the account at all times or face a monthly fee. Online banks typically have no minimum balance and no monthly fees, which is one reason they are popular for people opening a savings account alone.
Traditional banks often waive monthly fees if you maintain a certain balance — commonly $500 to $2,500 — or if you also have a checking account with them. If you cannot meet the balance requirement, ask whether the bank will waive the fee anyway. Some will, especially if you are a young person or a student.
Interest rates and how they differ from checking accounts
Savings accounts earn interest on the money you deposit. Checking accounts typically earn little to no interest. This is the main reason to open a savings account: the bank pays you to keep money there.
Interest rates on savings accounts change based on the Federal Reserve's interest rate decisions and the bank's own policies. Online banks usually offer higher rates than traditional banks — sometimes 4% to 5% annually, compared to 0.01% at a large national bank. The difference adds up quickly if you have a substantial balance.
When you compare banks, look at the annual percentage yield (APY), not just the interest rate. APY includes the effect of compounding and tells you the true return on your money. A bank advertising a high rate but compounding interest only once a year may actually pay less than a bank with a lower rate that compounds daily.
Opening online versus in a branch
Opening online is faster and requires no travel. You upload your ID and address proof, answer security questions, and the account opens within minutes to a few hours. You can start using the account the same day in most cases.
Opening in a branch takes longer — you will wait for an appointment or a teller — but you can ask questions face-to-face and get when ready answers about fees, interest rates, and other details. Some people prefer this, especially if they are new to banking or have questions the website does not answer.
If you open online and later need to deposit cash, you can do so at an ATM (if the bank has them) or at a branch. Some online banks partner with ATM networks so you can deposit cash at thousands of locations. Ask about this before you open the account if you plan to deposit cash regularly.
What happens after you open the account
Once the account is open, the bank will issue you a debit card (if you want one) and online banking access. You can transfer money into the account from another bank using a wire transfer or ACH transfer, or you can deposit cash at an ATM or branch. The money will be available within one to three business days, depending on how you deposit it.
You can set up automatic transfers from another account if you want to save a fixed amount each month. You can also withdraw money anytime, though some banks limit the number of withdrawals per month (this rule varies by bank and has become less common in recent years).
Keep your account statements and monitor your balance regularly. If you do not use the account for a long time, some banks may close it or charge a dormancy fee. Check your bank's policy on this.
Frequently Asked Questions
Do I need a credit card or credit history to open a savings account?
No. A savings account does not require a credit check or credit history. The bank only checks your banking history through ChexSystems. Your credit score does not affect whether you can open the account.
Can I open a savings account if I have been denied a checking account before?
Possibly. If you were denied a checking account due to a ChexSystems issue, the same issue may prevent you from opening a savings account at that bank. However, other banks have different standards. Some banks specialize in serving people with banking history problems. Call ahead and ask whether the bank will open a savings account for you given your history.
What is the difference between a savings account and a money market account?
A money market account typically offers a higher interest rate than a savings account but requires a larger minimum balance and may limit the number of withdrawals per month. A savings account is simpler and more flexible. For most people saving small amounts, a savings account is the better choice.
Can I open a savings account if I do not have a Social Security number?
You can open an account using an ITIN (Individual Taxpayer Identification Number) instead of a Social Security number. You will need to bring your ITIN documentation and may face additional verification steps. Call the bank first to confirm they accept ITINs.
How long does it take to open a savings account online?
Most online applications take 10 to 20 minutes to complete. The account is usually active within a few hours to one business day. Some banks offer when ready set up so you can start using the account when ready, though transfers may take longer to process.