What you need before you start

Most banks and credit unions will ask for the same basic documents when you open a savings account. You'll need a government-issued photo ID — a driver's license, passport, or state ID card — and proof of your current address. A utility bill, lease, or recent bank statement with your name and address on it works for the address proof.

You'll also need to provide your Social Security number. Banks use this to check your banking history through a system called ChexSystems, which tracks things like overdrafts and closed accounts. This isn't a credit check — it won't affect your credit score — but it does let the bank see if you've had problems with accounts at other banks.

If you don't have a Social Security number yet, some banks and credit unions will work with you using an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to ask, because not every institution offers this option.

Key Takeaways

  • You need a photo ID, proof of address, and your Social Security number or ITIN to open an account at most banks and credit unions.
  • You can open an account in person at a branch, over the phone, or online, depending on the bank — online is often fastest if you already have a photo ID you can upload.
  • The bank will check your history through ChexSystems, which is not a credit check and won't lower your credit score.
  • You'll choose whether to fund the account right away or leave it empty, and you can start with any amount — many banks have no minimum opening deposit.
  • After opening, you'll receive a debit card and online login information, usually within one to two weeks.

Opening in person at a branch

Walking into a bank or credit union with your documents is the most straightforward route if you're new to banking. Bring your photo ID, proof of address, and Social Security number. A staff member will sit with you, answer questions about the account, and walk you through the paperwork — usually a single form that takes 10 to 15 minutes to complete.

The person helping you will ask how much money you want to deposit to start the account. If you don't have money to deposit right now, that's fine — most savings accounts don't require a minimum opening deposit. You can open the account empty and add money later.

Before you leave, ask when your debit card will arrive and how you'll access your account online. Some banks give you temporary login information on the spot; others mail it separately. If you plan to use the account right away, ask whether you can withdraw cash or make transfers before the card arrives.

Opening online or by phone

Many banks and credit unions now let you open a savings account entirely online. You'll visit their website, click the button to open a new account, and fill out a form with your personal information. When the form asks for your ID, you'll photograph both sides of your driver's license or passport and upload the images. The bank's system checks that the ID is real and matches the name and date of birth you entered.

The whole process usually takes 10 to 20 minutes. Once you submit, the bank reviews your information — this can take anywhere from a few minutes to a few hours — and then sends you an email or text saying your account is open. You'll get online login information right away and can start using the account when ready, even before your physical debit card arrives.

If you prefer to talk to someone, you can call the bank's customer service line and ask to open an account over the phone. They'll ask the same questions as the online form and may ask you to mail in copies of your ID and address proof, or they may use a video call to verify your identity instead.

What happens after you open the account

Once your account is open, the bank will assign you an account number and a routing number. These are the numbers you'll use if someone wants to send you money directly into the account, or if you want to set up automatic transfers from another account. Write these down or save them somewhere safe.

Your debit card will arrive in the mail within one to two weeks. Until it arrives, you can still access your money — you can go to a branch and withdraw cash, or you can transfer money out online if you have another account set up. Some banks also let you use your account number to set up direct deposit from an employer or government benefit, which means money goes straight into your account without you having to do anything.

You'll receive online banking login information — usually a username and temporary password. Log in as soon as you can and change the password to something only you know. This is how you'll check your balance, move money between accounts, and see your transaction history.

Choosing between a bank and a credit union

Banks and credit unions both offer savings accounts, but they work slightly differently. A bank is a for-profit business owned by shareholders. A credit union is a nonprofit owned by its members — the people who have accounts there. This difference sometimes shows up in fees and interest rates, though not always.

Banks are usually easier to access if you travel or move — they have branches in most cities. Credit unions often have fewer locations, but they're part of shared branching networks, which means you can use another credit union's branch to deposit or withdraw money even if it's not your credit union. Banks also tend to have more online features and mobile apps.

Credit unions sometimes offer lower fees and slightly higher interest rates on savings, especially if you're new to banking or have had trouble with banks before. Some credit unions are specifically designed for people building credit or returning to banking after a gap. If you're not sure which to choose, look at what's available in your area and compare the fees and interest rates.

Understanding fees and interest

Most savings accounts charge no monthly fee, but some do — usually between $5 and $15 per month. The fee is often waived if you keep a minimum balance (which might be $100, $500, or $1,000) or if you set up direct deposit. Before you open an account, ask what the monthly fee is and whether you can avoid it.

Your savings account will earn interest, which means the bank pays you a small percentage of the money you keep in the account. The rate changes based on what the Federal Reserve does with interest rates — when rates go up, your savings rate usually goes up too. Right now, savings account interest rates vary widely depending on the bank, so it's worth comparing a few before you decide.

Some accounts have restrictions on how many times you can withdraw money per month. Federal rules used to limit this to six withdrawals, but that rule changed. Still, some banks keep limits in place, so ask before you open the account if you think you'll need to withdraw money frequently.

If the bank says no

Occasionally a bank will decline to open an account for you. This usually happens if ChexSystems shows a history of overdrafts, bounced checks, or accounts closed by the bank due to unpaid fees. If this happens, ask the bank why they declined — they're required to tell you.

You have options. Some banks specialize in second-chance accounts for people with banking history issues. Credit unions are sometimes more flexible than big banks. You can also try a different bank entirely — different institutions use different standards, and one bank's "no" doesn't mean every bank will say no.

If you were declined because of incorrect information in ChexSystems, you can dispute it. Contact ChexSystems directly through their website and ask them to investigate the error. This can take 30 days, but it's worth doing if you know the information is wrong.

Frequently Asked Questions

Do I need a minimum deposit to open a savings account?

Most banks and credit unions don't require a minimum opening deposit. You can open an account with zero dollars and add money whenever you're ready. Some accounts do have minimums — usually $25 to $100 — so ask before you open if you're not sure.

Can I open an account if I don't have a permanent address?

This is harder but not impossible. Some banks will accept a shelter address, a PO box, or a friend's address as long as you can show a recent document with that address on it. Call ahead and explain your situation — different banks have different policies, and some are more flexible than others.

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

A savings account is meant for money you want to keep and grow. A checking account is meant for money you use regularly — you write checks, use a debit card, and pay bills from it. Many people have both. Savings accounts usually earn interest; checking accounts usually don't.

How long does it take to open an account online?

The process itself takes 10 to 20 minutes. The bank's review can take anywhere from a few minutes to a few hours. You'll usually get confirmation the same day, and you can use the account right away, though your physical debit card takes one to two weeks to arrive.

What if I want to close the account later?

You can close a savings account anytime by calling the bank, visiting a branch, or using online banking. They'll ask you how you want to receive any remaining balance — by check, transfer to another account, or cash withdrawal. There's usually no fee to close an account.