What You Need to Open a US Bank Savings Account
US Bank requires a government-issued photo ID, a Social Security number, and an initial deposit to open a savings account. You can open an account online, by phone, or in person at a branch. The initial deposit amount varies by account type—some accounts require as little as $25, while others may require $100 or more. You will also need a valid email address and a phone number.
If you do not have a Social Security number, US Bank may accept an Individual Taxpayer Identification Number (ITIN) instead, though you should call ahead to confirm. Minors can open accounts with a parent or guardian present, and the adult will need to provide their own ID and Social Security number.
The entire process typically takes 10 to 15 minutes online or in a branch. Once your account is open, you can begin depositing money and earning interest on your balance, depending on the account type you choose.
Key Takeaways
- You will need a government-issued photo ID, Social Security number, and initial deposit to open a US Bank savings account.
- US Bank offers multiple ways to open an account: online through their website, by calling 1-800-USB-1234, or in person at a branch.
- Initial deposit requirements range from $25 to $100 depending on the savings account product you select.
- The account opening process takes about 10 to 15 minutes, and you can start using your account immediately after approval.
- Interest rates and monthly fees vary by account type, so compare the different savings products before deciding which one fits your needs.
Opening an Account Online
The online route is the fastest option if you already have internet access and a valid email address. Go to the US Bank website, select "Open an Account," and choose the savings account product you want. You will enter your personal information, including your name, date of birth, address, phone number, and Social Security number.
US Bank will verify your identity using information from credit bureaus and public records. This verification usually takes a few minutes, though occasionally it may take longer if additional information is needed. Once verified, you will choose a username and password, set up online banking access, and arrange your initial deposit.
You can fund the account by linking an external bank account for an electronic transfer, or US Bank can provide you with account details so you can transfer money from another bank. Some accounts allow you to fund them immediately with a debit card as well. Your account will be active once the initial deposit clears, which typically happens within one to two business days.
Opening an Account in Person at a Branch
If you prefer to speak with someone face-to-face, visit a US Bank branch near you. Bring your government-issued photo ID, Social Security number, and the initial deposit amount in cash or by check. A banker will walk you through the account opening process, answer questions about the different savings products, and help you set up online and mobile banking access.
Opening an account in person takes about 15 to 20 minutes. The banker will verify your identity using your ID and may ask questions about the source of your initial deposit. Once complete, your account will be active immediately, and you can use your debit card or online banking to access your funds right away.
To find a branch location and hours, use the US Bank branch locator on their website or call 1-800-USB-1234. Some branches have extended hours on weekdays and limited hours on weekends, so check ahead before you go.
Opening an Account by Phone
You can also open a US Bank savings account by calling 1-800-USB-1234. A representative will guide you through the process, verify your identity, and help you choose the right account type. You will need to provide the same information as you would online: your name, date of birth, address, Social Security number, and phone number.
The phone representative will explain the interest rates, monthly fees, and minimum balance requirements for each savings account option. Once you have decided on an account, they will arrange your initial deposit. You can fund the account by providing banking information for an electronic transfer from another bank, or they can mail you deposit instructions.
Phone opening typically takes 15 to 20 minutes. After the call, you will receive a confirmation email with your account number and instructions for setting up online and mobile banking. Your account will be active once your initial deposit clears, usually within one to two business days.
Understanding Account Types and Fees
US Bank offers several savings account products, each with different interest rates, minimum balance requirements, and monthly fees. The most common options include basic savings accounts with lower minimums and higher monthly fees, and premium savings accounts with higher minimums but better interest rates and lower or no monthly fees.
Monthly maintenance fees typically range from $0 to $15, depending on the account type and whether you meet certain balance or deposit requirements. Many accounts waive the monthly fee if you maintain a minimum balance—often $300 to $500—or set up direct deposit. Interest rates change over time and vary based on market conditions, so check the current rates on the US Bank website before opening an account.
Some accounts offer additional features like overdraft protection, which links your savings account to a checking account to prevent overdraft fees. Others may offer higher interest rates if you agree not to withdraw money for a set period. Review the terms and conditions for each account type to understand what you are getting and what it will cost.
What Happens After Your Account Opens
Once your account is open and your initial deposit has cleared, you can begin using your savings account. You will receive a debit card in the mail within 7 to 10 business days, though you can access your funds through online banking or mobile banking immediately. Your account will have a unique account number, and you can use this number to set up direct deposits or transfers from other accounts.
US Bank will send you a monthly statement showing your deposits, withdrawals, interest earned, and any fees charged. You can view your statement online anytime through your account dashboard, or request paper statements by mail. Interest on your savings account is typically calculated daily and deposited monthly, though the exact timing depends on your account type.
If you need to make changes to your account—such as updating your address, changing your password, or adding overdraft protection—you can do so online, by phone, or in person at a branch. US Bank customer service is available 24/7 by phone at 1-800-USB-1234.
Frequently Asked Questions
Do I need to have a US Bank checking account to open a savings account?
No, you can open a US Bank savings account without having a checking account with them. However, many customers find it convenient to have both accounts at the same bank so they can easily transfer money between them and manage their finances in one place.
What if I do not have a Social Security number?
US Bank may accept an Individual Taxpayer Identification Number (ITIN) if you do not have a Social Security number. Contact US Bank directly at 1-800-USB-1234 to confirm whether an ITIN will work for your situation and what additional documentation you may need to provide.
How long does it take for my initial deposit to clear?
If you fund your account with an electronic transfer from another bank, the deposit typically clears within one to two business days. If you deposit a check in person at a branch, it may take one to three business days depending on the check amount and your account type. Funds deposited through mobile banking may take slightly longer.
Can I open a savings account if I have been denied banking services before?
US Bank uses ChexSystems, a banking history database, to screen new account applications. If you have had accounts closed due to fraud or unpaid fees, you may be denied. However, you can contact ChexSystems to dispute inaccurate information, or you can call US Bank to discuss your specific situation before applying.
What is the difference between a savings account and a money market account at US Bank?
A savings account is designed for general savings with easy access to your money. A money market account typically offers higher interest rates but may require a larger minimum balance and limit the number of withdrawals you can make per month. Compare the rates and terms for both products on the US Bank website to see which fits your needs.