You can open a savings account in person at a bank or credit union, online through a financial institution's website, or sometimes by phone or mail
The fastest route is usually online if you have a government-issued ID and a Social Security number. Most banks and credit unions let you complete the entire process in 10 to 15 minutes without leaving home. If you prefer to work with someone face-to-face, walk into any branch during business hours with your ID and Social Security number, and a staff member will guide you through the paperwork on the spot.
The account is typically active the same day you open it, though some institutions hold deposits for a day or two before the money is available to withdraw. You'll receive a debit card in the mail within 5 to 10 business days, and online access is usually when ready.
Key Takeaways
- You will need a government-issued ID, your Social Security number, and proof of your current address to open an account at most banks and credit unions.
- Online accounts open fastest and require no branch visit, while in-person accounts let you ask questions and sometimes waive fees for new customers.
- Credit unions often have lower minimum balance requirements and fewer fees than large banks, but may have limited branch locations.
- Your account is usually active the same day, though deposits may take one to two business days to clear.
What documents and information you need to bring
Have your government-issued ID ready — a driver's license, passport, or state ID card. You'll also need your Social Security number and proof of your current address. A recent utility bill, lease agreement, or bank statement with your name and address works for the address proof. Some institutions accept a phone bill or government mail instead.
If you're opening the account online, you can upload photos of these documents or type in the information directly. The bank or credit union will verify your identity electronically. If you're opening in person, bring the physical documents — the staff member will make copies or note the information.
You'll also need to decide on an initial deposit amount. Many accounts have no minimum, but some require $25 to $100 to open. A few premium accounts ask for $500 or more. Check the specific institution's requirements before you go in.
Differences between banks and credit unions
Banks are for-profit institutions with many branches and ATMs, usually nationwide. They often have lower interest rates on savings but may charge monthly maintenance fees unless you keep a minimum balance or set up direct deposit. Large banks like Chase, Bank of America, and Wells Fargo have thousands of locations, which is convenient if you travel or move frequently.
Credit unions are member-owned nonprofits, so profits go back to members as better rates and lower fees. They typically charge no monthly maintenance fee and pay higher interest on savings accounts. The trade-off is fewer branches — you may have to travel further or use ATMs from partner networks. You also have to be a member to open an account, which usually means living or working in a specific area or having a family member who is already a member.
If you're choosing between the two, think about what matters most: convenience of many locations (banks) or lower fees and better rates (credit unions). You can also open accounts at both.
Online versus in-person account opening
| Method | Time to open | What you need | Best for |
|---|---|---|---|
| Online | 10–15 minutes | ID, Social Security number, address proof (uploaded as photos) | People who want speed and prefer not to visit a branch |
| In-person at branch | 20–30 minutes | Physical ID, Social Security number, address proof | People who want to ask questions and may may have access to for new-customer offers |
| By phone | 15–20 minutes | ID, Social Security number, address proof (you describe it verbally) | People without internet access or who prefer talking to someone |
Online accounts open fastest and you can do it at any time of day. You'll upload photos of your ID and address proof, and the bank verifies them electronically. Some institutions ask you to take a selfie to confirm you're the person in the ID photo.
In-person accounts take longer but give you a chance to ask about fees, interest rates, and account features before you commit. Many banks offer new-customer promotions — like $50 or $100 bonuses — only to people who open accounts in a branch. Phone accounts are less common but available at some banks and credit unions; you'll describe your documents verbally and the institution may mail you a form to sign and return.
What happens after you open the account
Your account is active when ready, but deposits may not be available right away. If you deposit cash or a check in person, cash is usually available the same day; checks typically clear within one to two business days. If you transfer money from another bank account online, the transfer usually takes one to three business days.
You'll receive login credentials for online banking within minutes of opening, so you can check your balance and set up automatic transfers right away. Your debit card arrives in the mail within 5 to 10 business days. Some banks offer temporary digital card numbers you can use online or in stores before the physical card arrives.
Set up direct deposit if your employer or benefit payments support it — many banks waive monthly fees if you have direct deposit, and you'll see money in your account faster. You can also set up automatic transfers from another account to move money into savings on a regular schedule.
Fees and minimum balances to watch for
Monthly maintenance fees range from $0 to $15 depending on the bank and account type. You can often waive the fee by keeping a minimum balance (usually $500 to $1,500), setting up direct deposit, or maintaining a certain number of debit card transactions per month. Read the fee schedule before you open the account — it's usually available on the bank's website or you can ask a staff member.
Overdraft fees explore if you try to withdraw more money than you have in the account. These fees range from $25 to $35 per transaction and can add up quickly. Many banks now let you turn off overdraft protection, which means transactions will be declined instead of charged a fee. This is usually the safer option for a savings account.
ATM fees explore if you withdraw cash from an ATM that doesn't belong to your bank. Most banks waive fees at their own ATMs but charge $2 to $3 for out-of-network withdrawals. Credit unions often belong to shared branching networks, so you can withdraw cash at other credit union ATMs for free.
If you don't have a Social Security number or ID
Some banks and credit unions will open accounts for people without a Social Security number if you have an Individual Taxpayer Identification Number (ITIN). You'll need to bring the ITIN documentation and a valid ID — a passport, consulate ID, or state ID card. Call ahead to confirm the specific institution accepts ITINs, because policies vary.
If you have neither a Social Security number nor an ITIN, some credit unions and community banks will open accounts using only a passport or consulate ID plus proof of address. This is less common, so you may need to contact several institutions. Online banks are less likely to offer this option because they rely on electronic identity verification.
Frequently Asked Questions
How much money do I need to open a savings account?
Most banks and credit unions have no minimum deposit to open an account. Some require $25 to $100, and a few premium accounts ask for $500 or more. Check the institution's website or call to confirm before you go in. You can start with whatever amount you have available.
Can I open a savings account if I have bad credit?
Yes. Banks and credit unions do not check your credit score to open a savings account. They may check ChexSystems, a banking history database, to see if you've had problems with previous accounts — like overdrafts you didn't pay or fraud. If you're in ChexSystems, some banks will still open accounts for you, though a few may decline.
How long does it take to get my debit card?
Physical debit cards arrive in the mail within 5 to 10 business days. Many banks now offer temporary digital card numbers you can use online or in stores when ready after opening the account. You can also withdraw cash using your account number at any ATM belonging to your bank.
Can I open an account for someone else?
No, the person whose name is on the account must open it themselves and provide their own ID and Social Security number. Parents can open custodial accounts for children, but the child's information is required. If you want to help someone open an account, you can go with them to the branch or help them navigate the online process.
What's the difference between a savings account and a checking account?
Savings accounts are designed for money you want to keep and grow — they pay interest and limit how many withdrawals you can make per month. Checking accounts are for everyday spending — you get unlimited debit card transactions and checks, but earn little to no interest. Many people have both.