What you need to bring and where to go

Opening a savings account takes about 15 to 30 minutes and requires two things: a government-issued ID and proof of your address. You can open an account at a bank, credit union, or online bank — each has different requirements and different ways to do it.

The ID can be a driver's license, passport, state ID card, or tribal ID. The address proof is usually a recent utility bill, lease, or bank statement with your name and current address on it. Some banks accept a phone bill or insurance statement instead. If you don't have either of these yet, call ahead — some banks have other options.

You'll also need to decide how much money to put in when you open the account. Many banks have no minimum, but some require $25 to $100 to start. A few online banks ask for $1 or nothing at all. If you're starting with very little money, an online bank or credit union is often the easiest choice.

Key Takeaways

  • You need a government ID and proof of your address — usually a utility bill or lease — to open any savings account.
  • Banks, credit unions, and online banks all offer savings accounts, and each has different fees and minimum deposit requirements.
  • Opening an account in person at a bank branch takes 15 to 30 minutes; opening online takes about 10 minutes but requires a computer or phone.
  • Once your account is open, you can deposit money by visiting a branch, using an ATM, or setting up a direct deposit from your paycheck.
  • Ask about monthly fees, ATM fees, and minimum balance requirements before you choose — these vary widely and can cost you money over time.

Opening an account in person at a bank or credit union

Walk into any branch with your ID and address proof. Tell the person at the desk you want to open a savings account. They will ask you questions: your full name, date of birth, Social Security number (or ITIN if you don't have a Social Security number), and your address. They'll also ask how much money you want to deposit to start.

The employee will show you the account options — usually a basic savings account and maybe a higher-interest account if you keep a larger balance. They'll explain the fees: monthly maintenance fees (if any), ATM fees, and what happens if your balance drops below a certain amount. Ask about all of these before you decide. Then you'll sign papers, hand over your money, and you're done. You'll get a debit card in the mail in about 5 to 10 business days.

Credit unions work the same way, but you may need to become a member first. Membership is usually free and takes five minutes — the employee will handle it when you open your account.

Opening an account online

Online banks let you open an account from your phone or computer without visiting a branch. You'll go to the bank's website, click "Open an Account," and fill in your name, date of birth, Social Security number, and address. You'll upload a photo of your ID and address proof — take a clear photo with your phone and upload it directly. The whole process takes about 10 minutes.

Some online banks verify your identity right away; others take 24 to 48 hours. Once you're approved, you can start using your account when ready, even though your debit card won't arrive for 7 to 10 business days. You can deposit money by transferring it from another bank account you already have, or by mailing a check to the address they give you.

Online banks usually have no monthly fees and no minimum balance requirement, which makes them a good choice if you're starting with very little money. The tradeoff is that you can't walk into a branch to deposit cash or talk to someone in person — you do everything by phone, email, or their website.

What to do if you don't have a Social Security number yet

If you're new to the country or waiting for your Social Security number to arrive, you can use an Individual Taxpayer Identification Number (ITIN) instead. An ITIN is a nine-digit number the IRS issues for tax purposes, and most banks accept it the same way they accept a Social Security number.

To get an ITIN, you file Form W-7 with the IRS. You can do this by mail or through a certified acceptance agent — a person or organization authorized by the IRS to help. Search "ITIN acceptance agent near me" to find one in your area. The process takes 4 to 6 weeks by mail, or sometimes faster in person. Once you have your ITIN, you can open a bank account with it.

Some banks will also open an account without a Social Security number or ITIN if you bring additional documents — usually a passport and a second form of ID. Call ahead to ask what they accept, because this varies by bank and by state.

Depositing money after your account opens

Once your account is open, you have several ways to put money in. The easiest is to visit a branch and hand cash or a check to an employee — they'll deposit it on the spot. If you have a job, you can set up direct deposit, which means your employer puts your paycheck straight into your account automatically. Ask your employer's payroll department for the form; you'll give them your account number and routing number (both printed on your debit card or available in your online banking app).

You can also deposit checks by taking a photo with your phone and uploading it through the bank's app — this is called mobile check deposit. Or you can mail a check to the address the bank gives you. If you have another bank account, you can transfer money between them online.

ATM deposits work at some banks: you insert an envelope with cash or checks into an ATM, and the money shows up in your account within one business day. Not all banks offer this, so ask when you open your account.

Fees and features to ask about

Before you choose a bank, ask about four things: monthly maintenance fees, ATM fees, overdraft fees, and minimum balance requirements. A monthly maintenance fee is a charge the bank takes out of your account every month just for having the account — it can be $5 to $15. Some banks waive this fee if you keep a certain balance or set up direct deposit.

ATM fees are charges you pay when you use an ATM that doesn't belong to your bank. If you use an out-of-network ATM, the bank might charge you $2 to $3 per withdrawal. Some banks reimburse these fees; others don't. An overdraft fee is a charge if you try to spend more money than you have in your account — it can be $25 to $35 per overdraft. A minimum balance requirement means you have to keep a certain amount of money in the account, or you'll be charged a fee.

Online banks usually have no monthly fees and no minimum balance. Traditional banks often have fees but offer in-person service. Credit unions often have lower fees than banks. Compare a few options before you decide — the difference can add up to $100 or more per year.

What happens next: using your account safely

Once your account is open and you've deposited money, you can use it to save. Your money earns interest — a small amount of extra money the bank pays you for letting them use your money. The interest rate varies by bank and changes over time. Online banks usually offer higher interest rates than traditional banks.

Keep your debit card and PIN (personal identification number) safe. Don't share your PIN with anyone, and don't write it down where someone else can find it. If your card is lost or stolen, call the bank right away — they can cancel it and send you a new one. If someone uses your card without permission, the bank will usually refund the money, but you have to report it quickly.

Check your account regularly — either online through the app or website, or by calling the bank's customer service number. Make sure all the deposits and withdrawals are ones you made. If you see something you didn't do, tell the bank right away.

Frequently Asked Questions

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

Most banks require a Social Security number or ITIN. Some banks will open an account with just a passport and a second ID, but this is less common. Call the bank ahead of time to ask what they accept — requirements vary by bank and by state.

What's the difference between a savings account and a checking account?

A savings account is for money you want to keep and grow; a checking account is for money you spend regularly. Savings accounts usually earn interest and limit how many times you can withdraw per month. Checking accounts have unlimited withdrawals and come with a debit card and checks. Many people have both.

Can I open an account if I've had banking problems before?

It depends on what happened. If you owe a bank money from a past account, they may refuse to open a new one with you. If you had overdrafts or bounced checks, some banks will still open an account but may charge higher fees. Credit unions and online banks are sometimes more willing to work with people who had problems before. Ask directly — they'll tell you yes or no.

How long does it take to open an account online?

The process itself takes about 10 minutes. Approval can be when ready, or it can take 24 to 48 hours. Once you're approved, you can use your account right away, even though your physical debit card won't arrive for 7 to 10 business days.

What if I don't have proof of my address?

Call the bank and explain your situation. Some banks accept a phone bill, insurance statement, or lease agreement. Others will accept a letter from a shelter, government office, or social service agency that shows your name and current address. A few banks have other options. Don't assume you can't open an account — ask first.