What you need before you walk in or log on
You need two things to open a savings account: proof of who you are, and proof of where you live. Most banks want a government-issued ID — a driver's license, passport, or state ID card — and a recent document showing your current address, like a utility bill, lease, or bank statement dated within the last 60 days.
Some banks also ask for a Social Security number or Individual Taxpayer Identification Number (ITIN) to verify your identity against federal records. If you don't have a Social Security number, you can still open an account at many banks and credit unions — ask about ITIN accounts or second-ID options before you go in.
You'll also need a small amount of money to deposit. Most banks require an opening deposit of $25 to $100, though some have no minimum. Online banks often have lower minimums than branches you can walk into. Check the bank's website or call ahead to confirm what they need.
Key Takeaways
- Bring a government ID and a recent document with your address — a utility bill or lease works.
- Have your Social Security number or ITIN ready, and a small opening deposit of $25 to $100 unless the bank has no minimum.
- You can open an account in person at a branch, over the phone, or online — the process takes 10 to 30 minutes either way.
- Once your account is open, you'll receive a debit card in the mail within 7 to 10 business days and can start depositing money when ready.
Opening in person at a branch
Walk into any branch of the bank you've chosen during business hours. Tell the teller or a banker you want to open a savings account. They'll hand you a signature card or tablet and ask you to fill in your name, address, phone number, and Social Security number or ITIN.
Hand over your ID and address proof. The banker will look at both, copy or scan them, and ask you to sign the account agreement — a document that lists the account rules, fees, and interest rate. Read it or ask questions if something isn't clear. Then you'll hand over your opening deposit, and the account is active.
The whole process takes 15 to 30 minutes. You'll walk out with a temporary debit card or a receipt showing your account number. Your permanent debit card arrives in the mail within 7 to 10 business days.
Opening online or by phone
Online banks and many traditional banks let you open an account without visiting a branch. Go to the bank's website, click "Open an Account," and fill in your personal information — name, address, date of birth, Social Security number or ITIN, phone number, and email.
You'll upload photos of your ID and address proof using your phone or computer camera. The bank scans these and verifies them automatically or by hand within a few hours to a few days. Then you'll choose a username and password, agree to the account terms, and make your opening deposit by linking a bank account you already have or using a debit card.
The account opens when ready, and you can log in and start using it right away. Your debit card ships within 7 to 10 business days. Some online banks let you use a temporary digital card in their app while you wait for the physical one.
What happens after you open the account
Your account is live as soon as you finish the paperwork or complete the online process. You can start depositing money the same day through direct deposit, mobile check deposit (if the bank offers it), or by visiting a branch with cash or a check.
Your debit card arrives in the mail within a week to 10 days. Until then, you can withdraw money at an ATM using your temporary card number (if the bank provided one) or by visiting a branch with your ID and account number.
The bank will send you a welcome packet with your account number, routing number, and instructions for setting up online banking and mobile banking. Save these numbers — you'll need the routing number and account number to set up direct deposit with your employer or to receive payments from other sources.
Choosing between banks and credit unions
Banks and credit unions both offer savings accounts, but they work slightly differently. Banks are for-profit companies that anyone can join. Credit unions are member-owned nonprofits, and you usually have to meet a membership requirement — working for a certain employer, living in a certain area, or belonging to a certain organization.
Credit unions often have lower fees and higher interest rates on savings accounts, but fewer branches and ATMs. Banks have more locations and usually more online features, but may charge monthly maintenance fees. Compare the interest rate, monthly fees, ATM access, and minimum balance requirements before you decide.
If you're not sure whether you're may be able to access for a credit union, ask — many have broader membership than you'd expect. Your employer, union, school, or neighborhood may have a credit union you can join.
What to do if you don't have an ID or address proof
If you don't have a government-issued ID, some banks will accept a passport card, tribal ID, or military ID. If you don't have any of these, ask the bank whether they accept a combination of documents — a school ID plus a utility bill, or a work ID plus a lease.
If you don't have an address proof in your name, bring a lease, utility bill, or mortgage statement in someone else's name (a parent or spouse, for example) and explain the situation. Some banks will accept this with a second form of ID. Others may ask you to bring a notarized letter from the person whose name is on the document, confirming that you live there.
If you have no ID at all, call ahead. Some banks and credit unions have workarounds — they may ask for more documents, charge a higher fee, or require a co-signer. Online banks are sometimes more flexible because they can verify you through other means, like a video call with a banker.
Understanding fees and interest rates
Most savings accounts charge no monthly fee, but some do — typically $5 to $15 per month. The fee is waived if you keep a minimum balance (often $500 to $1,000) or set up direct deposit. Read the fee schedule before you open the account so you know what you're signing up for.
The interest rate on a savings account varies widely depending on the bank and the current economic environment. Online banks typically offer higher rates than branches — sometimes 4% to 5% annually, compared to 0.01% at a traditional bank. The rate can change at any time, so don't assume it will stay the same. Check the bank's website or call to see the current rate before you open.
Interest is usually compounded daily and deposited monthly, meaning the bank calculates what you've earned and adds it to your account once a month. The more money you have in the account and the higher the rate, the more interest you earn.
Frequently Asked Questions
Can I open a savings account if I have bad credit?
Yes. Banks don't check your credit score to open a savings account — they only check whether you've had problems with a bank before, using a system called ChexSystems. Even if you have been denied a bank account in the past, you can usually open one now. Ask the bank directly if you're unsure.
Do I need a minimum balance to keep the account open?
Most savings accounts have no minimum balance requirement. Some banks require you to keep $500 or $1,000 in the account to avoid a monthly fee, but you can close the account anytime without penalty if you don't want to meet that requirement. Check the account terms before you open.
Can I open an account for someone else?
No, you can't open an account in someone else's name. They have to be present (in person or online) and sign the paperwork themselves. If you want to open an account for a child, you'll open a joint account or custodial account with them, and you'll both need to be present or provide consent.
How long does it take to use my account after I open it?
Your account is usable when ready after you finish opening it. You can deposit money and see your balance right away. Your debit card arrives in 7 to 10 business days. Until then, you can withdraw cash at a branch or ATM using your account number and ID.
What if I want to close the account later?
Call the bank or visit a branch and ask to close your savings account. Withdraw any remaining balance or let the bank send you a check. There's no penalty for closing — most banks let you do it anytime. Make sure you've moved any automatic payments or direct deposits to another account first.