What you need to bring and why

Most banks and credit unions will ask for two pieces of identification before you open an account. One should be a government-issued photo ID — a driver's license, passport, or state ID card. The second can be another photo ID, or a document that shows your current address, like a utility bill, lease, or bank statement dated within the last 60 days.

You will also need to provide your Social Security number. The bank uses this to check your banking history through ChexSystems or Early Warning Services, systems that track whether you have had accounts closed for overdrafts, fraud, or other problems. This check takes a few minutes and happens while you are there or shortly after you leave.

Some banks ask for an initial deposit on the spot — often $25 to $100, though some have no minimum. A few online banks let you open an account with zero dollars and deposit later, but most brick-and-mortar branches expect money to move that day. Bring a debit card, checkbook, or cash if you plan to fund the account when ready.

Key Takeaways

  • You will need a government photo ID, proof of address, and your Social Security number before any bank will open an account.
  • The bank runs a background check through ChexSystems or Early Warning Services, which takes a few minutes and looks at your history with other banks.
  • Most branches require an opening deposit of $25 to $100, though online banks sometimes allow you to start with nothing.
  • The account is usually active the same day, and you can begin depositing and withdrawing money when ready.
  • If you have been denied in the past, a second-chance bank or credit union may accept you even if a mainstream bank will not.

The steps from arrival to active account

Walk into the branch or visit the bank's website and ask to open a savings account. A teller or online form will ask you to choose the type of account — usually "savings" or "money market" — and whether you want online access, a debit card, or a checkbook. For a basic savings account, you typically need only online access and the ability to make deposits and withdrawals.

The bank will then collect your identification and Social Security number and run the background check. This happens in real time at most branches. If you pass — which most people do — the teller will show you the account agreement, a document that lists the interest rate, monthly fees, minimum balance requirements, and withdrawal limits. Read this carefully or ask the teller to explain any part you do not understand.

Once you sign, the account exists. You can deposit money when ready by handing cash or a check to the teller, transferring funds from another account online, or setting up a direct deposit from your employer. The account is active the same day, though a check deposit may take one to three business days to clear.

What happens if the background check fails

If ChexSystems or Early Warning Services shows that you closed an account with a negative balance, wrote bad checks, or had fraud reported, the bank may deny you. This does not mean you cannot open an account anywhere — it means you cannot open one at that bank.

If you are denied, ask the bank which system flagged you and request a copy of your report. You have the right to see what they saw. If the information is wrong — for example, if the account was closed by the bank, not by you, or if the balance was paid — you can dispute it with the reporting agency and ask the bank to reconsider.

If the information is correct, look for a second-chance bank or credit union in your area. These institutions specialize in serving people who have been denied elsewhere. They may charge higher fees or require a larger opening deposit, but they will open an account. Some credit unions also waive the background check entirely if you become a member first.

Fees and minimums that vary by bank

Most savings accounts charge a monthly maintenance fee if your balance falls below a certain amount — often $300 to $500. Some banks waive this fee if you set up direct deposit, keep a linked checking account open, or maintain a higher balance. Online banks typically have no monthly fee and no minimum balance at all.

Interest rates also vary widely. A savings account at a large national bank might pay 0.01% annually on your balance, while an online bank might pay 4% to 5%. The difference compounds over time: $1,000 in a national bank account earns roughly $0.10 per year, while the same $1,000 in a high-yield online account earns $40 to $50 per year. Ask the bank for the current Annual Percentage Yield (APY) before you open, because rates change frequently.

Some accounts limit how many times you can withdraw money per month — often six withdrawals before a fee kicks in. This rule is less common now, but it still exists at some banks. Check the account agreement for this detail if you plan to withdraw money regularly.

Opening an account online versus in person

Online banks move faster: you can open an account in 10 to 15 minutes from your phone or computer, and the account is active when ready. You upload photos of your ID and proof of address, provide your Social Security number, and fund the account by linking a bank account or transferring money from another source. There is no waiting in line and no pressure to deposit a minimum amount on the spot.

In-person accounts at a branch take longer but offer a chance to ask questions and understand what you are signing. A teller can explain the fee structure, show you how to use the online banking platform, and help you set up direct deposit on the same day. If you are not comfortable with technology or prefer to handle money in person, a branch account may suit you better.

The account itself works the same way either route: you can deposit checks by phone camera, transfer money online, and withdraw at ATMs. The main difference is speed and the experience of opening it.

What to do after the account is open

Once your account is active, set up online banking if you have not already. This lets you check your balance, transfer money, and deposit checks by taking a photo with your phone. Most banks also offer a mobile app that does the same thing.

If your employer offers direct deposit, provide your new account number and routing number to your payroll department. Direct deposit moves your paycheck into the account automatically on payday, usually one day before you would receive a paper check. This is the fastest and safest way to get paid.

Review your account agreement again and note the withdrawal limit, monthly fee threshold, and how interest is calculated. Set a calendar reminder to check your balance once a month, especially in the first few months, to make sure deposits are posting correctly and no unexpected fees are being charged.

Frequently Asked Questions

Can I open a savings account if I do not have a Social Security number?

No. Banks are required by federal law to collect a Social Security number or Individual Taxpayer Identification Number (ITIN) before opening any account. If you have an ITIN, most banks will accept it in place of a Social Security number. If you have neither, you will need to obtain one before opening an account.

How long does it take for money to show up after I deposit a check?

A check deposited in person at a branch usually clears within one business day. A check deposited by mobile app typically takes two to three business days. Deposits made on weekends or after 2 p.m. on a weekday are usually processed the next business day. The bank will show the deposit in your account when ready, but the money may not be available to withdraw until the check clears.

What if I want to close the account later?

Call the bank or visit a branch and ask to close the account. The bank will send any remaining balance to you by check or transfer it to another account you specify. There is no fee to close an account, and you can do it anytime. Make sure you have moved any automatic deposits or payments to a different account first.

Do I need a minimum balance to keep the account open?

This depends on the bank. Some require a minimum balance to avoid a monthly fee, while others have no minimum at all. Check your account agreement or call the bank to find out. If you fall below the minimum, the bank will charge a fee each month until your balance rises again or you close the account.

Can I open more than one savings account?

Yes. You can open multiple savings accounts at the same bank or at different banks. Some people do this to separate money for different goals — one account for an emergency fund, another for a vacation, another for a down payment. Each account earns interest separately, and you can manage them all through online banking.