What you need to do to open a savings account

Opening a savings account takes between 15 minutes and a few days, depending on whether you do it in person, online, or by mail. You will need to provide your name, address, Social Security number, and a form of ID — usually a driver's license or passport. The bank or credit union will run a background check through ChexSystems (a banking history database) and may ask about your employment or income. Once approved, you can fund the account when ready if you open it in a branch, or within a few days if you open it online.

The actual process differs slightly between banks, credit unions, and online-only institutions. A traditional bank branch will hand you forms to sign and may ask you to make an initial deposit on the spot. An online bank will send you a link to create a login, verify your identity through your phone or email, and then let you transfer money from another account. Credit unions often require you to become a member first, which adds a step but usually takes just minutes.

Key Takeaways

  • You will need a government-issued ID, your Social Security number, and proof of your current address to open an account at any bank or credit union.
  • Banks check your history through ChexSystems, a database that tracks closed accounts and overdrafts — a negative history may slow approval or require a second form of ID.
  • Online banks are fastest if you already have another bank account to transfer money from, since they can verify your identity electronically.
  • Credit unions require you to join before opening an account, but membership is usually free and takes minutes to complete.
  • Your first deposit can be as small as $0 to $25 at most institutions, though some online banks have no minimum at all.

What documents and information to bring or provide

Every bank and credit union will ask for the same core information: your full legal name, date of birth, current address, phone number, and Social Security number. Bring one government-issued photo ID — a driver's license works best, but a passport, state ID card, or military ID are also accepted. If your address on your ID does not match where you currently live, bring a second document that shows your current address, such as a utility bill, lease, or recent bank statement.

Some institutions ask for your employment information or annual income, though this is optional and does not affect approval. If you are opening an account for a child under 18, you will need to bring the child's birth certificate and your own ID. If you are opening a joint account with another person, both account holders must be present (in person or online) and provide their own ID and Social Security number.

How ChexSystems checks affect your process

When you explore to open a savings account, the bank runs your name and Social Security number through ChexSystems, a private database that tracks banking history. ChexSystems records closed accounts, overdrafts, and fraud reports from other banks. A clean history takes seconds to verify. A negative history — such as an account closed due to overdrafts or unpaid fees — may trigger a phone call from the bank asking for an explanation, or it may result in a denial.

If you have been denied before due to ChexSystems, you can request a copy of your report for free at ChexSystems.com. The report shows what banks reported about you and gives you a chance to dispute inaccurate information. Some banks and credit unions specialize in accounts for people with negative ChexSystems histories, though these accounts often have higher fees or lower interest rates. Asking the bank directly whether they work with applicants who have ChexSystems issues can save you time.

Opening an account in person versus online

Opening in a bank branch takes 15 to 30 minutes. You walk in, speak to a teller or new accounts representative, provide your ID and information, sign the account agreement, and can deposit money when ready. The bank prints your debit card on the spot or mails it within a few days. This route works well if you prefer to ask questions face-to-face or if you do not have another bank account to transfer money from.

Opening online takes 10 to 20 minutes and can be done at any time. You fill out a form on the bank's website, upload a photo of your ID, and verify your identity through a text message or email link. The bank then asks you to link another bank account so it can verify you own that account by depositing and withdrawing small amounts — this verification takes one to three business days. Once verified, your savings account is active and you can transfer money. Your debit card arrives by mail in five to seven business days.

Opening by mail is rare but possible at some banks and credit unions. You request an process, fill it out, mail it back with copies of your ID and proof of address, and wait for approval. This route takes two to three weeks and is mostly used by people who cannot visit a branch or access the internet.

Initial deposit requirements and minimum balances

Most banks require an initial deposit of $0 to $25 to open a savings account. Some online banks have no minimum deposit at all — you can open the account and fund it later. A few traditional banks require $100 or more, though this is becoming less common. The initial deposit is straightforward money you put into the account; it is not a fee.

After the account is open, some banks require you to maintain a minimum balance — often $100 to $500 — to avoid a monthly fee. Online banks and credit unions typically have no minimum balance requirement. If you fall below the minimum, the bank charges a fee (usually $5 to $15 per month) until your balance rises again. Reading the account agreement before you sign tells you whether a minimum applies to the specific account you are opening.

What happens after you open the account

Once your account is approved and funded, the bank assigns you an account number and routing number. These numbers appear in your online banking login, on your debit card, and on any statements the bank sends you. You can begin transferring money into the account when ready if you opened it online or in person. If you opened it by mail, you will need to wait for written confirmation before you can start using it.

Your debit card arrives by mail within five to ten business days. Until it arrives, you can still access your money through online banking, mobile app, or by visiting a branch. If you need cash before the card arrives, you can withdraw from a teller at any branch of your bank, or at an ATM if your bank is part of a shared ATM network. Some online banks have no physical branches, so you can only withdraw at partner ATMs or by transferring money to another account.

Frequently Asked Questions

Can I open a savings account without a Social Security number?

No. Banks are required by federal law to collect your Social Security number as part of account opening. If you do not have a Social Security number, some credit unions may accept an Individual Taxpayer Identification Number (ITIN) instead, but this varies by institution. Call ahead to ask whether your credit union accepts ITINs.

What if I do not have a government-issued ID?

Most banks require a photo ID. If you do not have one, some credit unions or community banks may accept a combination of documents — such as a passport card, tribal ID, or school ID plus a utility bill. Call the bank or credit union before you visit to ask what documents they will accept.

How long does it take to get my debit card?

Debit cards usually arrive within five to ten business days of account opening. Some banks offer expedited shipping for a fee. Until your card arrives, you can withdraw cash at a branch teller or at an ATM if your bank has a network. Online banks without branches require you to transfer money to another account or use a partner ATM.

Can I open a savings account if I have been denied before?

Yes. If you were denied due to ChexSystems, you can request your report and dispute errors. Some banks specialize in second-chance accounts for people with negative banking history. These accounts may have higher fees or lower interest rates, but they allow you to rebuild your banking record.

Do I need to have direct deposit set up to open an account?

No. Direct deposit is optional. You can fund your savings account by transferring money from another account, depositing cash at a branch or ATM, or having someone else transfer money to you. Direct deposit is straightforward a faster way to move money in, not a requirement.