What you need to open a bank account

You need a government-issued photo ID, proof of your current address, and your Social Security number. Most banks also ask for an initial deposit, though some accounts have no minimum. You can open an account in person at a branch, online through a bank's website, or by phone with some institutions.

The process takes 15 to 30 minutes in a branch and can be instant online, depending on the bank. You'll choose the type of account—checking, savings, or both—and decide whether you want a debit card. Some banks issue the card immediately; others mail it within 5 to 10 business days.

Key Takeaways

  • You must bring a government photo ID, proof of address (utility bill, lease, or government mail), and know your Social Security number.
  • Most banks require an opening deposit, but many online banks and credit unions have zero-minimum accounts.
  • Opening an account online is faster than in person, but you'll need to verify your identity through video call or by uploading documents.
  • Your debit card arrives within days to two weeks; you can use your account number and routing number to receive money before the card arrives.

Opening an account in person at a branch

Walk into any branch of a bank or credit union with your ID, proof of address, and Social Security number. A banker will ask you what type of account you want and whether you have an opening deposit ready. Bring a checkbook or debit card application if you want either one set up that day.

The banker will run a background check through ChexSystems, a database that tracks banking history. This check looks for unpaid overdrafts, fraud, or closed accounts with negative balances. A bad ChexSystems record can block you from opening an account at most banks, though some credit unions and online banks do not use it.

Once approved, you'll sign documents, make your deposit, and receive your account number. You can start using the account immediately through online banking or at an ATM, even if your debit card has not arrived yet.

Opening an account online

Go to the bank's website and click the link to open an account. You'll enter your name, address, Social Security number, and ID information. The bank will ask you to verify your identity, usually through a video call with a representative or by uploading photos of your ID and proof of address.

Verification takes 10 minutes to a few hours. Once approved, your account opens immediately and you can log in to transfer money, set up direct deposit, or link an external account. Your debit card ships within 3 to 10 business days.

Online banks often have lower fees and higher interest rates on savings accounts because they have no physical branches. However, you cannot deposit cash directly into an online-only account—you'll need to transfer money from another bank or use a partner ATM network.

What happens if you are denied

Banks deny accounts most often because of a ChexSystems record. If you were denied, ask the bank which reason they gave—overdrafts, fraud, or a closed account with a negative balance. You can request a free copy of your ChexSystems report at chexsystems.com to see what is on file.

If the record is wrong, you can dispute it directly with ChexSystems. If it is correct, you have a few options: wait for the negative item to age off (usually 5 years), pay off any outstanding balance the bank is reporting, or open an account at a bank or credit union that does not use ChexSystems. Second-chance banking programs and some credit unions specifically serve people with banking history problems.

If you were denied for other reasons—insufficient income, too many recent accounts opened, or fraud concerns—ask the bank whether you can reapply after a set period or what documentation might change their decision.

Choosing between checking and savings accounts

A checking account is for money you spend regularly. It comes with a debit card, online bill pay, and usually unlimited deposits and withdrawals. Most checking accounts pay no interest on your balance.

A savings account is for money you want to keep and grow. It earns interest, but you are limited to six withdrawals per month (though this rule is enforced less strictly now). Savings accounts have lower fees than checking accounts.

Many people open both at the same bank. A checking account handles daily expenses and bills, while a savings account holds emergency money or money toward a goal. Some banks offer money market accounts, which combine features of both and pay higher interest if you maintain a larger balance.

Understanding fees and minimum balances

Banks charge fees for overdrafts (when you spend more than you have), monthly maintenance, ATM use outside their network, and paper statements. Some banks waive monthly fees if you keep a minimum balance, set up direct deposit, or maintain a linked savings account.

Minimum balance requirements vary widely. Traditional banks often require $500 to $1,500 to avoid a monthly fee. Online banks and credit unions frequently have zero-minimum accounts. If you cannot maintain a minimum, look for banks that waive fees based on direct deposit instead.

Read the fee schedule before you open an account. Many banks post it online under "Pricing" or "Disclosures." The most expensive accounts are those with high minimums and high overdraft fees—a single overdraft can cost $30 to $35.

Getting your account ready to use

Once your account is open, set up online banking through the bank's website or app. Create a username and password, then add a phone number for security alerts. Link an external bank account if you want to transfer money between banks.

If you need to receive money before your debit card arrives, give the sender your account number and routing number. You can find both on a temporary check the bank provides or in your online banking portal. Direct deposit takes 1 to 2 business days to process.

Set up bill pay through your bank's website if you want to pay bills electronically. You can schedule payments to arrive on a specific date, which is useful for rent or loan payments. Keep your login information secure and enable two-factor authentication if the bank offers it.

Frequently Asked Questions

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

Most banks require a Social Security number, but some credit unions and banks in areas with large immigrant populations will open accounts using an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to confirm before visiting a branch.

What counts as proof of address?

A utility bill, lease agreement, mortgage statement, or government mail dated within the last 60 days all work. A bank statement from another bank also counts. A driver's license with a current address printed on it may be enough on its own at some banks.

How long does it take to receive my debit card?

Standard mail delivery takes 5 to 10 business days. Expedited shipping costs extra and takes 2 to 3 business days. You can use your account number to receive direct deposits or transfers before the card arrives.

What if I do not have a permanent address?

Some banks accept a shelter address, a PO box, or a friend's address as proof of residence. Call the bank first to ask what they accept. Credit unions are sometimes more flexible than large banks on this requirement.

Can I open an account for someone else?

No. The person whose name is on the account must be present and provide their own ID and Social Security number. A parent can open a custodial account for a minor child, but the child's information is still required.