What you need to bring and where to go
To open a savings account, you will need a government-issued photo ID, proof of your current address, and your Social Security number. Most banks also ask for an initial deposit — this can be as small as $25 at some institutions, though others require $100 or more. A few banks have no minimum at all.
You can open an account in person at a bank branch, online through a bank's website, or by phone with some institutions. In-person is often easiest if this is your first account, because a banker can walk you through the choices and answer questions on the spot. Online and phone accounts move faster if you already know what you want.
If you do not have a photo ID yet, a state ID or passport works. If you do not have a current address — for example, if you are unhoused or living temporarily — ask the bank about their options. Many will accept a shelter address, a PO box, or a letter from a social service agency confirming where you receive mail.
Key Takeaways
- Bring a photo ID, proof of address, and your Social Security number to open an account in person, or have these ready if you open one online.
- The initial deposit required varies by bank, from zero to $100 or more, so compare a few institutions before you choose.
- Banks charge different monthly fees, and some waive fees if you keep a minimum balance or set up direct deposit — ask about this before you open.
- Once your account is open, you receive a debit card and checks, which take a few days to arrive by mail.
Documents you will need to bring or provide
Photo ID: A driver's license, state ID, or passport. If you do not have one, some banks will accept a tribal ID or a passport card. A few will work with you on alternatives — call ahead if you are unsure.
Proof of address: A recent utility bill, lease, mortgage statement, or government mail with your name and current address. The document usually needs to be from the last 60 days. If you do not have one, a bank statement from another institution, a letter from your employer, or a letter from a social service agency can sometimes work instead.
Social Security number: You will need to provide this verbally or in writing. If you do not have a Social Security number yet, you may still be able to open an account — ask the bank whether they can use an Individual Taxpayer Identification Number (ITIN) instead.
Initial deposit: Have your debit card or cash ready. If you are opening online, you will link a bank account or debit card to transfer the first deposit. Some banks let you mail a check instead.
The questions a banker will ask you
When you sit down or call, the banker will ask what type of account you want. For a savings account, you are already on the right path. They may also ask whether you want a regular savings account (which earns a small amount of interest and has limits on how many withdrawals you can make per month) or a money market account (which usually earns more interest but requires a higher balance). For most people starting out, a regular savings account is the simpler choice.
The banker will ask how you plan to deposit money — whether you will bring cash, use direct deposit from your paycheck, or transfer from another account. They will also ask whether you want online banking and a debit card. Say yes to both. Online banking lets you check your balance anytime, and a debit card is useful even if you also use cash.
They will ask about overdraft protection. This is a service that covers you if you spend more than you have in the account — the bank lends you the difference and charges a fee. For someone new to banking, it is usually safer to decline this. Instead, set up alerts on your phone so you know when your balance is low.
Monthly fees and how to avoid them
Most banks charge a monthly maintenance fee for a savings account, ranging from $2 to $10 per month. However, many banks waive this fee if you meet one of these conditions: you keep a minimum balance (often $500 to $1,500), you set up direct deposit from your paycheck, or you maintain a certain number of debit card transactions per month.
Some banks, particularly online-only banks and credit unions, charge no monthly fee at all. If you are just starting out and do not yet have a steady paycheck or savings, a no-fee account is worth seeking out. You can always move your money later once your situation changes.
Ask the banker about the fee structure before you open the account. Get it in writing or take a photo of the fee schedule. This protects you if a fee appears on your statement and you need to dispute it.
What happens after you open the account
Once your account is open, you will receive a confirmation email or letter with your account number. Within a few days, your debit card and a book of checks (if you requested them) will arrive by mail. Your online banking login will be ready to use when ready, even before the physical card arrives.
Log into your online account as soon as you can and set up alerts. Most banks let you choose to be notified by text or email when your balance drops below a certain amount, when a large deposit arrives, or when a withdrawal is made. These alerts help you catch fraud and avoid overdrafts.
If you set up direct deposit, give your employer your new account number and routing number. You can find both on a blank check or in your online banking portal. Direct deposit usually takes one to two pay periods to start, so do not be alarmed if your first paycheck still goes to your old account.
Opening an account online versus in person
Opening online is faster — you can finish in 10 to 15 minutes from your phone or computer. You upload photos of your ID and proof of address, enter your information, and transfer your initial deposit. The account is usually active the same day or the next business day.
Opening in person takes longer but gives you a chance to ask questions and understand what you are signing up for. A banker can explain the fee structure, show you how to use the debit card and online banking, and help you set up alerts. This is especially valuable if you are new to banking or uncomfortable with technology.
If you open online and later have questions, you can always call the bank's customer service line or visit a branch. You do not have to choose one method and stick with it forever.
What to do if the bank says no
Some banks will decline to open an account if you have unpaid fees at another bank, a history of overdrafts, or a record in ChexSystems (a database banks use to check account history). If this happens, ask the bank why. You have the right to know the reason.
If you were declined because of ChexSystems, you can request a free copy of your report from ChexSystems directly to see what is listed. If there is an error, you can dispute it. If the information is correct but old, some banks will still work with you — ask about second-chance banking accounts, which have higher fees but fewer restrictions.
Credit unions often have more flexible policies than large banks. If a bank turns you down, try a credit union in your area. You may need to be a member of a certain group or live in a certain area to join, but membership is usually open to anyone who meets basic criteria.
Frequently Asked Questions
Do I need a job to open a savings account?
No. Banks do not require proof of employment. You will need an ID, proof of address, and your Social Security number, but not a job. If you receive benefits, a pension, or income from any source, you can open an account.
What is the difference between a savings account and a checking account?
A savings account is meant for money you want to keep and grow. It earns interest (a small amount of money the bank pays you) and usually limits how many times per month you can withdraw. A checking account is for money you use regularly — you can write checks, use a debit card, and make unlimited withdrawals. Many people have both.
Can I open an account if I have bad credit?
Yes. Banks do not check your credit score to open a savings account. They may check ChexSystems, which tracks account history, but credit score does not matter. A savings account will not help or hurt your credit.
How much money do I have to keep in the account?
That depends on the bank and the account type. Some accounts have no minimum balance. Others require you to keep $500 or $1,000 to avoid a monthly fee. You can always keep more, but you do not have to. Ask about the minimum before you open.
What if I lose my debit card?
Call your bank when ready. They will cancel the card and send you a new one, usually within 5 to 10 business days. In the meantime, you can still access your money through online banking, at an ATM, or by visiting a branch. Your account number stays the same.