What you need to bring and where to go

Opening a bank account takes one visit to a branch or one online application, usually completed in 15 minutes to an hour. 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 or Individual Taxpayer Identification Number. Some banks also ask for a second form of ID or proof of income, though this varies by institution.

You can open an account in person at a branch, by phone, or online through the bank's website. In-person is fastest if you have questions; online is fastest if you know exactly what you want. Banks that operate only online (sometimes called neobanks) typically have lower fees and minimum balances, but no physical branch to visit if you need cash or face-to-face help. Traditional banks with branches charge more in fees but offer in-person service and ATM access.

Before you go, decide what type of account fits your needs. A checking account is for regular deposits and withdrawals—paying bills, getting paychecks, writing checks. A savings account is for money you want to keep separate and earn interest on. Many people open both at the same time. Some banks bundle them into one package with a single application.

Key Takeaways

  • Bring a photo ID, proof of address dated within 60 days, and your Social Security number to open an account in person or online.
  • In-person applications at a branch take 15 to 30 minutes; online applications often take 10 to 15 minutes and may be completed the same day.
  • Online-only banks have lower fees and minimum balances but no physical branch; traditional banks charge more but offer ATM networks and in-person service.
  • You will receive a debit card, online login, and routing and account numbers within one to five business days of opening.
  • Some banks hold new accounts for a few days before allowing transfers or large withdrawals as a fraud precaution.

What happens during the application

The bank will ask for your name, address, date of birth, Social Security number, and employment status. They will verify your identity by checking your ID against their system and may run a soft credit check (which does not affect your credit score). They will also ask what you plan to use the account for and whether you want online banking and a debit card.

At this point, the bank will disclose the account terms: monthly fees (if any), minimum balance requirements, overdraft policies, and interest rates on savings. Read these carefully. Some banks charge $12 to $15 per month for a basic checking account; others charge nothing. Some require you to keep $500 or $1,000 in the account at all times; others have no minimum. These differences add up over a year.

Once you sign (in person or electronically), the account is open. You will be given or shown your account number and routing number immediately. Your debit card will arrive by mail in 5 to 10 business days. You can start using the account for direct deposits and bill payments right away, even before the card arrives, because the routing and account numbers work immediately.

Minimum balances and monthly fees

A minimum balance is the smallest amount of money you must keep in the account to avoid a fee. This varies widely. Some banks require $0; others require $500, $1,000, or more. If your balance drops below the minimum, the bank charges a monthly fee—typically $10 to $15—until you bring it back up. A few banks waive the fee if you set up direct deposit or maintain a linked savings account.

Monthly maintenance fees are separate from minimum balance fees. A bank might charge $12 per month just for having the account, regardless of your balance. However, many banks waive this fee if you meet one condition: direct deposit of at least $500 per month, maintaining a minimum balance, or keeping a linked savings account with a certain balance. Read the fine print to see what waives the fee at your bank.

Online banks and credit unions typically have no monthly fees and no minimum balances. If you keep a low balance or receive an irregular paycheck, these may save you money. Traditional banks justify their fees by offering in-person service, ATM networks, and customer support by phone.

Overdraft protection and what happens when you overspend

An overdraft occurs when you spend more money than you have in your account. The bank can either decline the transaction (preventing you from overspending) or allow it and charge you an overdraft fee—usually $25 to $35 per transaction. Some banks charge multiple fees if several transactions overdraft on the same day.

You can link a savings account or credit card to your checking account for overdraft protection. If you overdraft, the bank automatically transfers money from the linked account to cover it, usually charging a small transfer fee ($5 to $10) instead of a large overdraft fee. This is optional; you can choose to have overdrafts declined instead, which prevents the fee but also prevents the purchase.

Federal law allows you to opt out of overdraft protection for debit card and ATM transactions. If you do, the bank must decline the transaction rather than charge a fee. This is the safest choice if you want to avoid surprise fees. Ask the bank about their overdraft policy and your options before you open the account.

Getting your debit card and setting up online access

Your debit card will arrive by mail 5 to 10 business days after you open the account. When it arrives, you must activate it by calling the number on the back or using the bank's app or website. Until you activate it, the card will not work. Some banks send a temporary card number via email or text so you can make purchases online while you wait for the physical card.

Online banking is set up during the application. You will create a username and password and may set up two-factor authentication (a code sent to your phone or email each time you log in). This protects your account from unauthorized access. You can then view your balance, transfer money between accounts, pay bills, and deposit checks by taking a photo of them (called mobile check deposit).

Most banks also offer a mobile app with the same features as the website. The app is often faster for checking your balance or depositing a check. Some banks charge a small fee for certain services—like wire transfers or cashier's checks—so ask about these before you need them.

How long until you can use the account

You can use your account for direct deposit and bill payments immediately after opening, even if you are still waiting for your debit card. Your employer or biller will need your routing number and account number, which you receive on the day you open the account.

Some banks place a hold on new accounts for the first few days as a fraud precaution. During this hold, you may not be able to withdraw cash or transfer money out, even though you can deposit money in. This hold typically lasts 1 to 5 business days. Ask the bank whether they use a hold and how long it lasts.

If you are depositing a check into a new account, the bank may hold the funds for 5 to 10 business days before they are available to spend. This is separate from the account hold and is standard practice for all new checks at any bank. If you need the money sooner, ask whether the bank offers next-day or same-day availability for checks under a certain amount.

Choosing between banks: what to compare

Before you open an account, compare these features across at least two or three banks: monthly fees, minimum balance requirements, overdraft fees, interest rates on savings, ATM network size (if you use ATMs), and customer service availability (phone, chat, email, or in-person). A spreadsheet with these columns makes the comparison quick.

If you receive a regular paycheck, prioritize banks that waive fees for direct deposit. If you travel or live in multiple places, prioritize banks with large ATM networks or that reimburse ATM fees. If you keep a low balance, prioritize online banks with no minimums and no fees. If you need in-person help, prioritize banks with branches near your home or work.

Many banks offer sign-up bonuses—$50 to $300 deposited into your account if you open an account and meet certain conditions (usually a direct deposit of at least $500 within 30 days). These bonuses are real money, but read the terms carefully. Some require you to keep the account open for a certain period or maintain a minimum balance, or the bonus is clawed back.

Frequently Asked Questions

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

Yes, if you have an Individual Taxpayer Identification Number (ITIN) issued by the IRS. Some banks also accept a passport or other government ID in place of a Social Security number. Call the bank before you visit to confirm what they accept, because policies vary.

What if I don't have a proof of address?

Some banks accept alternative documents: a lease, mortgage statement, utility bill, insurance policy, or government letter. If you have none of these, ask the bank what they will accept. A few banks will open an account with just an ID and Social Security number if you cannot provide a proof of address, though this is less common.

Can I open an account if I have been denied before or have unpaid bank fees?

Banks check a system called ChexSystems, which records closed accounts, overdrafts, and unpaid fees. If you appear in ChexSystems, some banks will deny you. However, many banks (including some large ones) do not use ChexSystems or have programs for people with banking history issues. Call ahead and ask whether the bank will open an account for you given your history.

Do I need to open both checking and savings at the same time?

No. You can open a checking account now and add a savings account later, or open them separately at different banks. However, opening both at the same time takes only a few extra minutes and some banks waive fees if you maintain both accounts together.

What if I want to close the account later?

You can close an account at any time by visiting a branch, calling the bank, or using online banking. The bank will ask you to withdraw or transfer any remaining balance. If you have outstanding checks or pending transactions, the bank may ask you to wait a few days before closing. There is no fee to close an account.