What you need before you walk in or go online
Most commercial banks require the same core documents to open a savings account: a government-issued photo ID, proof of your current address, and your Social Security number or tax ID. Some banks also ask for a second form of ID or a utility bill dated within the last 60 days. A few banks will ask about your employment or income, though they rarely verify it for a basic savings account.
The specific documents vary slightly by bank and by state. Before you visit a branch or start an online process, call the bank's customer service line or check their website for their exact list. This takes five minutes and saves you a wasted trip or a rejected process halfway through.
You will also need to decide how you want to fund the account. Most banks require an opening deposit, which ranges from zero dollars at some online banks to $25 or $100 at many brick-and-mortar branches. A few require $500 or more. Have a debit card, checkbook, or bank transfer information ready if you plan to deposit money on the same day you open the account.
Key Takeaways
- Bring a government photo ID, proof of your address, and your Social Security number to open an account in person, though requirements vary by bank.
- Opening deposits range from zero to several hundred dollars depending on the bank; check their website or call before you go.
- You can open an account in a branch, online, or by mail, and each method takes a different amount of time and requires different documents.
- Banks will ask about your citizenship and tax status; non-citizens can open accounts but may need an ITIN instead of a Social Security number.
- Once your account is open, you will receive a debit card and online login within one to two weeks, though you can use the account when ready.
Opening an account in person at a branch
Walk into any branch of the bank during business hours with your ID, proof of address, and Social Security number. Tell a teller or an account representative that you want to open a savings account. They will hand you a signature card or a tablet with an process form and ask you basic questions: your name, address, phone number, employment status, and whether you are a U.S. citizen.
The whole process takes 15 to 30 minutes. You will sign the paperwork, make your opening deposit if you have one, and walk out with a temporary debit card or a receipt. Your permanent debit card and online login details arrive by mail within 7 to 14 days. You can start using the account when ready—you do not have to wait for the card to arrive.
In-person opening is useful if you prefer to speak to someone, if you want to deposit cash on the spot, or if you do not have internet access at home. It is slower than online opening but faster than opening by mail.
Opening an account online
Go to the bank's website and click the link to open a savings account. You will enter your name, address, Social Security number, and employment information into a form. The bank will ask you to verify your identity—some use a straightforward security question, others ask you to upload a photo of your ID, and a few use video verification where you show your ID to a camera.
The entire process takes 10 to 20 minutes. Once you submit the form, the bank either approves you when ready or tells you they need more information. If approved, you can link a bank account or debit card to fund your new savings account right away. Your debit card and login information arrive by mail within 7 to 14 days, but you can access your account online and transfer money into it the same day.
Online opening is the fastest route if you already have a bank account to transfer money from. It is also available 24 hours a day. The downside is that you cannot deposit cash online, and if the identity verification fails, you may have to call the bank or visit a branch to complete the process.
Opening an account by mail
Some banks, particularly smaller regional banks and credit unions, allow you to open an account by mail. You request an process form from the bank, fill it out, and mail it back with copies of your ID and proof of address. The bank reviews your process and contacts you by phone or email if they need more information.
This method takes two to four weeks from the time you mail the form. It is useful only if you cannot visit a branch and do not have internet access. Most people choose online or in-person opening instead because they are faster and more straightforward.
What happens if you do not have a Social Security number
If you are a non-citizen or do not have a Social Security number, you can still open a savings account at most commercial banks. You will need an Individual Taxpayer Identification Number (ITIN), which the IRS issues to people who file taxes but do not have a Social Security number. You explore for an ITIN through the IRS using Form W-7; the process takes four to six weeks.
Some banks will open an account with an ITIN instead of a Social Security number. Others require both. A few large banks have restrictions on accounts for non-citizens. Call the bank's customer service line and ask directly: "Can I open a savings account with an ITIN?" This saves you time and frustration.
If the bank you want to use will not open an account for you, a credit union or a community bank may be more flexible. Community banks and credit unions often serve immigrants and people without Social Security numbers.
Minimum balance requirements and monthly fees
Some savings accounts have a minimum balance you must keep in the account at all times. If your balance drops below that minimum, the bank charges a monthly fee—usually $5 to $15. Other accounts have no minimum balance and no monthly fee.
Before you open the account, ask the bank representative or check the account terms online to find out whether there is a minimum balance requirement. If there is, ask what happens if you fall below it. Some banks waive the fee if you set up direct deposit or link the account to a checking account with the same bank.
Online banks and credit unions often have no minimum balance and no monthly fees. If you are opening an account at a brick-and-mortar bank and want to avoid fees, ask about their lowest-cost savings option.
After your account opens
Your account is active the moment the bank approves your process. You can transfer money into it, set up automatic transfers, and start earning interest right away. Your debit card and online login information arrive by mail within 7 to 14 days.
Once you receive your debit card, set up it by calling the number on the back or logging into your online account. Set up online banking so you can check your balance, transfer money, and pay bills from your computer or phone. Most banks offer this for free.
Your savings account will earn interest, though the rate varies by bank and changes over time. Check your account statement monthly to see how much interest you earned. If the rate drops significantly or the bank starts charging fees you were not expecting, you can close the account and move your money to a different bank.
Frequently Asked Questions
Can I open a savings account if I have bad credit?
Yes. Banks do not check your credit score when you open a savings account. They may check your banking history using ChexSystems, a system that tracks bounced checks and fraud, but a poor credit score does not stop you from opening an account.
What if I do not have proof of address?
Bring any document with your name and current address: a utility bill, lease agreement, mortgage statement, or government mail. If you have none of these, ask the bank whether they accept an alternative, such as a letter from a shelter or a recent bank statement. Some banks will open an account with just an ID if you cannot provide a second document.
Do I need to open a checking account first?
No. You can open a savings account on its own. However, many banks offer discounts or waive fees if you open both a checking and savings account at the same time. Ask the bank representative whether bundling the accounts saves you money.
How much interest will I earn?
Interest rates on savings accounts vary widely by bank and change frequently. Online banks typically offer higher rates than brick-and-mortar banks. Check the bank's website or call to ask for the current rate before you open the account. Rates are usually between 0.01% and 5%, depending on the bank and the current economic environment.
Can I open an account for someone else?
No. The person whose name is on the account must be present in person or complete the online process themselves. If you want to open an account for a minor, you will be the account owner and the child's name will be listed as a dependent. The child can use the account, but you control it until they reach the age of majority in your state.