What you need to bring and the basic steps
Opening a savings account at a credit union takes about 15 to 30 minutes in person, or sometimes longer online depending on the institution. You will need a government-issued photo ID (driver's license, passport, or state ID card), proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number. Some credit unions also ask for a second form of ID or proof of income, though this is less common for savings accounts than for loans.
The actual process is straightforward: you walk in or log onto the credit union's website, tell them you want to open a savings account, provide the documents listed above, and sign the account agreement. The credit union will run a check through ChexSystems (a banking history database) to see if you have had problems with accounts at other banks. This is not a credit check and does not affect your credit score. Most people are approved on the spot. You will choose how much to deposit to start the account—some credit unions require a minimum opening deposit of $5 to $25, while others have no minimum.
Key Takeaways
- Bring a photo ID, proof of address dated within 60 days, and your Social Security number to open an account in person.
- The credit union will check ChexSystems to verify your banking history, but this does not pull your credit report or affect your credit score.
- Opening deposits range from $0 to $25 depending on the credit union; ask about the minimum before you go in.
- You can open an account online at many credit unions, though the process may take a few extra days to verify your identity.
- If you are not yet a member of the credit union, you may need to join first, which usually costs nothing or a small one-time fee.
Membership requirements before you can open an account
Credit unions are member-owned cooperatives, so you must become a member before you can open a savings account. Membership is usually free or costs a small one-time fee (typically $5 to $25). The credit union will ask you to join when you apply for the account—it is not a separate step. Some credit unions have open membership (anyone can join), while others limit membership to people who work for a specific employer, live in a specific area, or belong to a specific organization. If you are unsure whether you are may be able to access to join, call the credit union or check their website before you make the trip.
A few credit unions offer "associate membership" for people who do not meet the standard criteria. This usually costs more (sometimes $50 to $100) and may come with fewer services, but it lets you open an account. Ask whether this option exists if you are turned down for regular membership.
What happens after you sign the paperwork
Once you have signed the account agreement and made your opening deposit, the credit union will issue you a debit card (usually within 7 to 10 business days) and set up online and mobile banking access. You can start using your account immediately—you do not have to wait for the debit card to arrive. The credit union will give you a temporary card number or let you set up transfers and bill pay through their website or app right away.
Your first statement will arrive 30 days after you open the account (or you can view it online sooner). The statement will show your opening deposit, any fees, and any interest earned. Interest rates on savings accounts vary widely by credit union—some pay 0.01% and others pay 4% or higher, depending on the account type and the credit union's rates. Ask about the current rate before you open the account, because rates change frequently.
Opening an account online versus in person
Many credit unions let you open a savings account entirely online. The process is similar: you upload a photo of your ID, provide your address and Social Security number, and make an opening deposit by linking a bank account or using a debit card. The main difference is timing. In-person accounts are usually active the same day. Online accounts typically take 1 to 3 business days because the credit union has to verify your identity through a video call or by checking your information against third-party databases.
Online opening is faster if you cannot visit a branch during business hours, but it requires you to have a working camera and internet connection. Some credit unions do not offer online opening at all, so check their website first. If the credit union requires a video call to verify your identity, they will send you a link and tell you when to call.
Fees and what to watch for
Most credit unions do not charge monthly maintenance fees on savings accounts, which is one reason people choose them over banks. However, some do charge a small monthly fee (usually $2 to $5) if your balance falls below a certain amount—often $100 to $500. Read the fee schedule before you open the account and ask whether the fee is waived if you set up direct deposit or maintain a minimum balance.
Other fees to watch for: overdraft fees (if you link the savings account to a checking account and overdraw), ATM fees if you use an ATM outside the credit union's network, and early withdrawal penalties if you open a certificate of deposit (CD) instead of a regular savings account. Most credit unions waive ATM fees at their own machines and at machines in the CO-OP or Allpoint networks, which have tens of thousands of locations nationwide. Ask which network your credit union belongs to.
Moving money in and out of your new account
Once your account is open, you can deposit money by transferring it from another bank account, depositing a check through mobile deposit (if the credit union offers it), or depositing cash at a branch. You can withdraw money by visiting a branch, using an ATM, or transferring it back to another bank account. Transfers between your credit union account and another bank usually take 1 to 3 business days. Transfers between accounts at the same credit union are usually instant.
If you want to set up automatic transfers—for example, moving money from checking to savings every payday—you can do this through online banking. The credit union will ask you to provide the account number and routing number of the other bank if you are transferring from outside the credit union. This information is on the bottom left of your checks or in your online banking portal at your other bank.
What to do if you are denied or run into problems
If the credit union denies your application, it is usually because of a ChexSystems report showing unpaid overdrafts or closed accounts in bad standing at another bank. You have the right to see your ChexSystems report for free. Visit chexsystems.com or call 1-800-428-9623 to request it. If there is an error, you can dispute it directly with ChexSystems, and they will investigate within 30 days.
If you were denied because of membership criteria (not ChexSystems), ask whether the credit union offers associate membership or whether there is a waiting period before you can reapply. Some credit unions will reconsider your application after 6 to 12 months if your banking history improves.
Frequently Asked Questions
Do I need to be a member of the credit union before I open a savings account?
Yes, but membership and account opening happen at the same time. When you apply for the account, the credit union will enroll you as a member (usually for free or a small one-time fee) and then open the account. You do not need to do anything separately.
What if I do not have a proof of address?
Call the credit union and ask what documents they will accept. Some will take a recent bank statement, utility bill, or lease. Others may accept a government benefits letter or a letter from your employer. A few credit unions will waive the address requirement if you provide additional ID or if you open the account online with a video call.
Can I open a savings account if I have been denied before?
It depends on why you were denied. If it was because of ChexSystems, you can try again after fixing the issue (paying off overdrafts, for example) or by finding a credit union that does not use ChexSystems. If it was because you did not meet membership criteria, you may be able to join later if your circumstances change, or you can ask about associate membership.
How much interest will I earn on my savings?
Interest rates vary by credit union and change frequently. Rates typically range from 0.01% to 4% or higher depending on the account type and the credit union's current rates. Ask the credit union for the current rate before you open the account, and check back periodically because rates can change.
Can I open an account for someone else, like a child?
Most credit unions let you open a joint account or a custodial account for a minor. A joint account has two owners with equal access. A custodial account is owned by the child but controlled by an adult until the child reaches age 18 or 21 (depending on state law). Ask the credit union which option they offer and what documents you will need for the child.