What you need before you walk in or go online
Most banks require the same core documents to open a savings account: a government-issued photo ID (driver's license, passport, or state ID card), proof of your current address, and your Social Security number. Some banks will ask for a second form of ID if your primary one doesn't have your address on it. A utility bill, lease, or recent bank statement from another institution all work as proof of address.
You'll also need to decide how much money you're depositing to open the account. Most banks have no minimum, but some require $25 to $100 to start. A few banks that cater to people with lower balances may ask for nothing at all. Call or check the bank's website before you go in—this detail changes between institutions and sometimes between branches of the same bank.
If you're opening an account for a child under 18, you'll need to be present as a parent or legal guardian, and you'll need your own ID and Social Security number as well. Some banks require the child to be present; others don't. Ask when you call.
Key Takeaways
- Bring a government photo ID, proof of your address, and your Social Security number—these three things are required at nearly every bank.
- Most banks have no minimum deposit to open a savings account, but some require $25 to $100, so check before you go in.
- You can open an account in person at a branch, online through the bank's website, or by phone with some banks—each route takes different amounts of time.
- The bank will ask you to choose a PIN and set up online access during the opening process, so have a find password in mind.
- Your account is usually active within minutes if you open it in person, or within one to three business days if you open it online.
Opening an account in person at a branch
Walk into any branch of the bank you've chosen during business hours with your documents and initial deposit. Tell the teller or the person at the desk that you want to open a savings account. They'll hand you a signature card or direct you to a desk where an employee will walk you through the process.
The employee will ask you to verify your personal information, confirm your address, and provide your Social Security number. They'll explain the account features—how much interest the account earns, what fees explore if you fall below a minimum balance (if any), and how many withdrawals you can make per month without a fee. Read this carefully or ask them to explain it. Then you'll sign the paperwork, choose a PIN for your debit card if the bank is issuing one, and set up online banking access.
Your account is usually live within minutes. The bank will give you a temporary debit card on the spot or mail one to you within 5 to 10 business days. You can start using your account when ready, even if your physical card hasn't arrived yet, by using online banking or mobile banking to transfer money or set up automatic deposits.
Opening an account online
Go to the bank's website and look for a button that says "Open an Account" or "New Customer." You'll be asked to enter your personal information, Social Security number, and address. The bank will verify your identity by asking security questions based on your credit history, or by asking you to upload a photo of your ID and a recent utility bill or lease.
This verification step usually takes a few minutes, but some banks send you a confirmation code by text or email that you have to enter to prove you control that phone number or email address. Once you're verified, you'll choose your account type, set a PIN, and create your online banking login. The bank will ask how much you want to deposit initially and will provide instructions for transferring money from another bank account.
Your account is usually active within one to three business days. Some banks set up it the same day. You won't have a physical debit card when ready—the bank will mail one to you, which typically arrives within 5 to 10 business days. Until it arrives, you can still use your account through online banking or a mobile app to move money or set up direct deposit.
Opening an account by phone
Some banks allow you to open a savings account by calling their customer service line. You'll need to have your documents in front of you—your ID, proof of address, and Social Security number. The representative will ask you the same questions as an in-person or online opening, verify your identity, and walk you through the account setup.
Phone openings usually take 15 to 30 minutes. The bank will mail you a debit card and any other materials you need. Your account is typically active within one to three business days, and you can start using it through online banking before your card arrives. Not all banks offer phone openings, so call ahead to confirm this is an option.
What happens after your account opens
Once your account is active, you can deposit money by transferring it from another bank account, setting up direct deposit from your employer, or going to a branch to deposit cash or a check. If you set up direct deposit, your employer will need your account number and routing number, which the bank will give you when you open the account or which you can find in your online banking portal.
Your bank will send you a debit card in the mail if you didn't get one in person. You'll also receive a welcome packet with your account number, routing number, and information about fees and interest rates. Keep this information safe—you'll need the account and routing numbers to set up direct deposit or to have someone send you money electronically.
Check your account online or through the mobile app within a few days to make sure everything is set up correctly. If you see any errors or have questions about fees, contact the bank's customer service line right away.
Fees and features to understand before you open
Different banks charge different fees on savings accounts. Some charge a monthly maintenance fee if your balance drops below a certain amount—often $500 to $2,500. Others have no monthly fee at all. Some charge a fee if you make more than a certain number of withdrawals in a month (usually six). Read the fee schedule before you open the account so you understand what you'll be charged.
Interest rates also vary widely. A savings account at one bank might earn 0.01% annual interest, while another earns 4% or higher. The difference matters if you're keeping a large balance or planning to leave money in the account for a long time. Online banks often pay higher interest than traditional brick-and-mortar banks, but they don't have physical branches where you can deposit cash.
Some savings accounts have restrictions on how many times you can withdraw money per month without paying a fee. Federal rules used to limit this to six withdrawals, but that rule changed in 2020. Most banks have removed the limit, but some still have restrictions. Ask about this when you open your account if you think you'll need to withdraw money frequently.
Frequently Asked Questions
Do I need a minimum deposit to open a savings account?
Most banks don't require a minimum deposit, but some ask for $25 to $100 to open the account. A few banks that focus on lower-balance customers have no minimum at all. Check the specific bank's website or call before you go in.
Can I open a savings account if I don't have a Social Security number?
No. Banks are required by federal law to collect your Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you have an ITIN, you can use that instead of a Social Security number.
How long does it take to open a savings account?
In person, it usually takes 15 to 30 minutes. Online, the process takes 10 to 20 minutes, but the account becomes active within one to three business days. By phone, it takes 15 to 30 minutes, and set up takes one to three business days.
What if I don't have a government-issued photo ID?
You'll need some form of government-issued photo ID to open a bank account. If you don't have a driver's license or passport, you can get a state ID card from your local DMV. Some banks may accept other forms of ID—call ahead to ask what they accept.
Can I open a joint savings account with someone else?
Yes. Both account holders will need to be present in person or provide their own identification and Social Security number if opening online or by phone. Both people can withdraw money and make deposits unless you set restrictions with the bank.