What you need to open a savings account

Most banks and credit unions will ask for a government-issued ID, your Social Security number, and a small opening deposit—often $25 to $100, though some accounts have no minimum. You'll also need to choose whether you want the account in person, online, or by phone. Each route has different requirements and takes different amounts of time.

If you're opening in person at a branch, bring your ID and Social Security card. If you're opening online, you'll upload photos of your ID and answer security questions to verify your identity. By phone, a representative will walk you through the same verification but you'll mail in documents afterward. Have your current address ready—banks use this to check fraud databases and comply with federal anti-money-laundering rules.

Key Takeaways

  • You need a government ID, Social Security number, and usually $25 to $100 to open an account, though some banks waive the minimum deposit.
  • Online accounts open fastest—often within minutes—but in-person accounts let you ask questions and understand the account before money moves.
  • Banks verify your identity against fraud databases, which can take one to three business days even after you've submitted documents.
  • Your choice of bank matters: credit unions often have lower fees and higher interest rates, while large banks have more branches and ATMs.
  • Once your account is open, you can deposit money by transfer, direct deposit, mobile check deposit, or in-person at a branch or ATM.

Opening online versus in person

Online accounts are fastest. You can complete the entire process in 10 to 20 minutes, and the account is usually ready to use within hours. The bank sends you account and routing numbers when ready so you can start moving money. The downside: you can't ask questions face-to-face, and if something goes wrong during verification, you'll troubleshoot by phone or email.

In-person accounts take longer—usually 30 minutes to an hour at the branch—but you walk out with a debit card, a checkbook if you want one, and answers to questions about fees, interest rates, and how to use the account. A representative can also spot problems before they happen: if your address doesn't match your ID, they can fix it on the spot instead of your account being frozen later. In-person is better if you're new to banking or if you want to understand the account before your money goes in.

By phone, you get the speed of online with some of the guidance of in-person, but you'll need to mail in ID copies and wait for the bank to receive and process them. This route usually takes three to five business days.

What happens during identity verification

After you submit your information, the bank runs your ID and Social Security number against fraud databases and credit bureaus. This is not a credit check—it doesn't affect your credit score—but it does take time. The bank is looking for signs that someone else is using your identity, that your ID is fake, or that you're on a government watchlist.

This verification usually completes within one business day for online accounts, but can take up to three business days. During this time, your account exists but you may not be able to deposit or withdraw money. The bank will email or call you if there's a problem—usually a mismatch between what you entered and what's on file with the Social Security Administration. If that happens, you'll need to correct the information or provide additional documents like a birth certificate or passport.

If you're opening an account with a joint owner—a spouse, parent, or adult child—both people need to verify their identity. This doubles the verification time and requires both people to be present (in person or online) during the process.

Banks versus credit unions: which is faster and cheaper

Credit unions often have lower fees and higher interest rates on savings, but they may take longer to open an account because they're smaller and have fewer staff. Banks are faster because they're larger and have automated systems, but they often charge monthly maintenance fees ($5 to $15) and pay almost no interest on savings.

If you're opening an account to save money and earn interest, a credit union or an online bank usually makes sense. If you need a physical branch nearby for deposits and withdrawals, a large bank may be worth the fees. Some credit unions let you join based on where you work, where you live, or a family connection—check whether you're a member before you assume you can't open an account.

Opening timelines are similar either way: online accounts open in hours, in-person accounts in 30 minutes to an hour, and phone accounts in three to five business days. The difference is what happens after: credit unions may offer better rates but fewer ATMs, while banks offer convenience but charge more.

How to fund your account after it opens

Once your account is open and verified, you can move money in four ways. Direct deposit is the fastest and most reliable: you give your employer or benefit provider your account and routing number, and money lands in your account on payday without you doing anything. Bank transfer lets you move money from another bank account you own—this usually takes one to three business days. Mobile check deposit lets you photograph a check and upload it through the bank's app—the check clears in one to three business days. In-person deposit at a branch or ATM is when ready if you use the bank's own ATM, but may take one business day if you use another bank's ATM.

For your first deposit, direct deposit is best because it's automatic and you don't have to remember to move money. If you don't have direct deposit yet, a bank transfer from another account you own is the safest option. Avoid wiring money from someone else's account—the bank may freeze your account while they verify the money came from a legitimate source.

What to do if verification gets stuck

If the bank can't verify your identity within three to five business days, they'll contact you by phone or email. The most common reasons are a mismatch between your name on your ID and your name on file with Social Security (for example, a maiden name or a recent legal name change), an address that doesn't match, or a Social Security number that's flagged as belonging to someone else.

If this happens, call the bank's customer service number on your account statement or the bank's website. Have your ID and Social Security card ready. The representative will tell you what information doesn't match and what documents they need to fix it. You may need to provide a birth certificate, marriage certificate, divorce decree, or a letter from Social Security. This process usually takes another three to five business days once you submit the documents.

If you've been waiting more than a week and the bank hasn't contacted you, call them. Don't assume the account is denied—it may just be in the queue.

Fees and interest rates to compare before you choose

Before you open an account, look at three things: the monthly maintenance fee (if any), the interest rate, and the minimum balance required to earn interest. A bank that charges $10 a month in fees will cost you $120 a year, which wipes out interest on a small balance. An online bank that charges no fees and pays 4% to 5% interest is worth opening even if the nearest branch is far away.

Interest rates change weekly, so don't lock into a choice based on today's rate. Instead, choose a bank with no monthly fees and a history of competitive rates. Credit unions and online banks usually win on both counts. Large national banks usually charge fees and pay almost nothing on savings.

The minimum balance to earn interest varies widely: some banks require $0, others require $500 or $1,000. If you can't maintain the minimum, you won't earn interest even if the advertised rate is high. Read the account terms before you open—the bank's website usually has a PDF you can read.

Frequently Asked Questions

Can I open a savings account if I don't have a Social Security number?

Some banks will open an account using an Individual Taxpayer Identification Number (ITIN) instead, but not all. Call the bank before you go in. Credit unions are more likely to accept an ITIN than large national banks. You'll still need a government-issued ID.

How long does it take to get a debit card after I open an account?

If you open in person, you usually get a debit card on the spot or within a few days. If you open online, the bank mails the card, which takes five to ten business days. Some online banks offer a temporary digital card you can use when ready while you wait for the physical card.

What if I want to open an account but I'm under 18?

You can open a savings account at any age, but you'll need a parent or guardian to co-own it until you turn 18. Both of you need to be present (in person or online) during the opening process. At 18, you can convert it to an account in your name alone or open a separate account.

Do I need to keep a minimum balance in my savings account?

It depends on the bank. Some accounts have no minimum. Others require $25 to $500 to keep the account open and avoid a monthly fee. Check the account terms before you open. If you fall below the minimum, the bank may charge a fee or close the account.

Can I open multiple savings accounts at the same bank?

Yes. Many people open separate savings accounts for different goals—one for emergencies, one for a vacation, one for a down payment. Each account has its own interest rate and terms. The bank will verify your identity once, then let you open additional accounts in minutes.