What you need to open a bank account
To open a bank account, you need a government-issued ID, proof of your current address, and your Social Security number or tax ID. Most banks also ask for an initial deposit, though some accounts have no minimum. The whole process takes 15 to 30 minutes in person or online, and your account is usually active the same day or within one business day.
The specific documents vary slightly by bank and account type. A driver's license or passport works for ID. For address proof, bring a recent utility bill, lease, or mortgage statement with your name and current address. If you don't have a Social Security number, you can use an Individual Taxpayer Identification Number (ITIN), though not all banks accept it — call ahead to confirm.
Some banks waive the initial deposit for certain account types, particularly if you set up direct deposit. Others require $25 to $100 to start. A few online banks have no minimum at all. If you're opening an account for a minor, you'll need to be a parent or legal guardian and bring their birth certificate or Social Security card along with your own ID.
Key Takeaways
- You need a government ID, proof of your address, and your Social Security number or ITIN to open an account at most banks.
- The initial deposit requirement ranges from zero to $100 depending on the bank and account type, and some banks waive it if you set up direct deposit.
- Opening an account takes 15 to 30 minutes and your account is usually active the same day or next business day.
- Online banks typically have fewer requirements and lower minimums than brick-and-mortar banks, but you cannot deposit cash in person.
- If you have no credit history or a poor one, you can still open a basic checking or savings account — banks do not run a credit check for deposit accounts.
Opening an account in person versus online
Opening in person at a branch takes longer but lets you ask questions and deposit cash immediately. You walk in with your documents, speak to a banker, sign paperwork, and leave with a debit card or a temporary one. Some banks issue the card on the spot; others mail it within 5 to 7 business days.
Opening online is faster — you upload photos of your ID and proof of address, answer security questions, and fund the account by linking another bank account or using a debit card. The whole thing takes 10 to 15 minutes. Your account opens instantly, but you won't have a physical debit card for 7 to 10 business days. If you need to deposit cash, you'll have to use an ATM, a partner bank's branch, or mobile deposit (if the bank offers it).
Online banks have no branches, so they're purely digital. They typically charge no monthly fees and have no minimum balance. In-person banks often charge monthly maintenance fees unless you meet conditions like keeping a minimum balance or setting up direct deposit. Choose based on whether you need to deposit cash regularly and whether you prefer talking to someone in person.
What happens after you open the account
Once your account is open, you'll receive a debit card, a checkbook (if you opened a checking account), and online banking access. Your bank will send you login credentials by email or mail. Set up your username and password immediately, then enable two-factor authentication if the bank offers it — this adds a security layer by requiring a code from your phone when you log in from a new device.
Link your account to other services you use: your employer's payroll system for direct deposit, your utility companies for automatic bill pay, or payment apps like Venmo or PayPal. Direct deposit is the fastest way to get paid and often unlocks fee waivers or higher interest rates on savings accounts. Automatic bill pay lets you schedule recurring payments so you don't miss a due date.
Review your bank's fee schedule and account terms. Most checking accounts charge no monthly fee if you maintain a minimum balance (often $500 to $1,500) or receive direct deposit. Savings accounts may charge a fee if you make more than a certain number of withdrawals per month — federal rules used to cap this at six, but that limit was removed in 2020, so check your bank's current policy. Overdraft fees apply if you spend more than you have; these range from $25 to $35 per transaction and can add up fast if you're not careful.
Opening an account without a Social Security number
If you have an ITIN but no Social Security number, you can open an account at many banks, but not all. Call your bank first to confirm they accept ITINs. Bring your ITIN documentation (IRS Form W-7 or a tax return showing your ITIN) along with your ID and proof of address.
Some banks require an ITIN holder to open an account in person rather than online. Others ask additional questions about your immigration status or employment. A few large banks — including Bank of America, Wells Fargo, and Chase — do accept ITINs, but policies change and vary by branch. Community banks and credit unions are sometimes more flexible. If you're turned down, ask the bank for the specific reason and whether a different account type might work.
Opening an account with a poor credit history or no history
Banks do not run a credit check to open a checking or savings account. Credit checks are only used for credit products like loans or credit cards. So even if you have no credit history, bad credit, or past defaults, you can open a deposit account at any bank that will accept your ID and proof of address.
Some banks do run a background check through ChexSystems, a banking history database. This checks whether you've had accounts closed for overdrafts, fraud, or other problems. If you've had issues in the past, you may be denied. If you're denied, ask which bank reported the problem and request your ChexSystems report to verify the information is correct. You can dispute errors with ChexSystems directly.
If you're denied at a mainstream bank, try a credit union or a second-chance banking program. Credit unions often have more lenient policies and lower fees. Some banks offer second-chance checking accounts specifically for people with banking history problems — these usually have higher fees and lower limits on debit card transactions, but they let you rebuild your banking record.
Choosing between a checking account and a savings account
A checking account is for money you spend regularly. It comes with a debit card and checks, lets you make unlimited deposits and withdrawals, and earns little to no interest. Use it for paychecks, bills, and everyday purchases.
A savings account is for money you want to keep and grow. It earns interest (though the rate varies widely), limits the number of withdrawals you can make per month, and has no debit card. Use it to build an emergency fund or save toward a goal.
Most people open both at the same bank. The checking account handles cash flow; the savings account holds a buffer. Some banks offer high-yield savings accounts that earn significantly more interest than standard savings accounts — these are worth comparing if you have money sitting idle. Online banks typically offer higher interest rates on savings than in-person banks because they have lower overhead costs.
Documents you'll need at each step
| Step | Documents Needed |
|---|---|
| Proving your identity | Driver's license, passport, state ID, or tribal ID |
| Proving your address | Utility bill, lease, mortgage statement, or government mail dated within the last 60 days |
| Providing your tax ID | Social Security number, ITIN, or EIN (for business accounts) |
| Opening for a minor | Parent/guardian ID, minor's birth certificate or Social Security card |
| If you have an ITIN | ITIN documentation (Form W-7 or tax return showing ITIN) |
Frequently Asked Questions
Can I open a bank account online if I don't have a permanent address?
Most banks require proof of a current address, which is difficult without a permanent home. Some banks accept a PO box, shelter address, or care-of address. Call the bank before you try to open an account online and explain your situation — some will make exceptions or let you open in person with alternative documentation.
How long does it take to get my debit card after I open an account?
If you open in person, the bank may issue a temporary card on the spot or mail one within 5 to 7 business days. If you open online, the card arrives in 7 to 10 business days. Some banks offer expedited shipping for a fee. You can usually use your account online or through mobile deposit before the physical card arrives.
What if I lose my job before I meet the direct deposit requirement for a fee waiver?
Call your bank and explain the situation. Many banks will waive fees temporarily or switch you to an account with no minimum balance requirement. Some will waive fees if you maintain a certain balance instead. Banks would rather keep your account open than close it, so they're often willing to work with you.
Can I open multiple accounts at the same bank?
Yes. You can open a checking account, a savings account, and a money market account all at the same bank under your name. Some people do this to separate spending money from savings or to take advantage of different interest rates. Each account has its own number and can be managed separately online.
Do I need to bring cash for the initial deposit?
No. If you open online, you can link another bank account and transfer money electronically, or use a debit card. If you open in person, you can bring a check, cash, or link another account. Some banks waive the initial deposit entirely if you set up direct deposit, so you don't need to bring anything.