What you need to open a bank account

You need a government-issued ID, proof of your current address, and your Social Security number or ITIN. Most banks also want to know your employment status and income, though they do not verify this against tax records—they are checking for patterns of fraud, not auditing you. Bring these documents in person or upload them online, depending on the bank's process.

Some banks have stricter requirements than others. If you have been flagged in ChexSystems (a banking history database that tracks closed accounts and fraud), some mainstream banks will reject you. Credit unions and second-chance banking programs are more flexible in these cases. Bring everything you have; the bank will tell you what is missing.

Key Takeaways

  • You will need a government ID, proof of address, and your Social Security number or ITIN before you walk into a bank or start an online application.
  • The entire process takes 15 minutes to an hour in person, or 10 to 20 minutes online, and your account is usually active the same day.
  • If you have been rejected by banks before, credit unions and second-chance accounts are designed to accept people with banking history problems.
  • You can open an account with zero dollars in most cases, though some banks require a minimum deposit to avoid monthly fees.

Opening an account in person at a bank branch

Walk into any branch of the bank you choose during business hours. Bring your ID, proof of address (a utility bill, lease, or government mail dated within the last 60 days), and your Social Security number. Tell the banker you want to open a checking account, savings account, or both. They will ask you questions about your income and employment—answer honestly but do not overthink it.

The banker will run a ChexSystems check, which takes a few seconds. If you pass, they will have you sign documents and choose a debit card design. Your account opens immediately. You can deposit cash or a check that same day, or leave with a zero balance. Ask for a temporary debit card number if you need to use it right away; the physical card arrives in 7 to 10 business days.

Opening an account online

Go to the bank's website and click "Open an Account" or "Sign Up." You will upload photos of your ID and proof of address, enter your Social Security number, and answer questions about your income and employment. The whole process takes 10 to 20 minutes. Some banks approve you instantly; others take a few hours or up to one business day.

Once approved, you can log into your account and set up direct deposit or transfer money from another bank account. Your debit card ships within 7 to 10 business days. If you need cash before the card arrives, you can withdraw from ATMs using your temporary card number, or visit a branch to withdraw in person with your ID.

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 unlimited deposits and withdrawals. Most checking accounts have no monthly fee if you keep a minimum balance (usually $500 to $1,500) or set up direct deposit. If you do not meet these conditions, you may pay $10 to $15 per month.

A savings account is for money you want to keep separate and earn interest on. You can make up to six withdrawals per month without penalty, though some banks have removed this limit. Savings accounts earn between 0.01% and 5% annual interest depending on the bank and current rates. You can open both at the same time, and most people do.

What happens if you have been rejected before

If a bank rejected you, it was likely because of ChexSystems—a record of closed accounts due to overdrafts, fraud, or unpaid fees. You can check your ChexSystems report for free at chexsystems.com. If there is an error, you can dispute it. If the information is correct, you have options.

Credit unions often accept people with ChexSystems records because they focus on member service rather than profit. You join by living or working in their service area, or by joining an association they partner with. Second-chance banking programs are offered by some mainstream banks and many credit unions; they come with lower limits on debit card spending and ATM withdrawals, but they rebuild your banking history. After 12 to 24 months of good standing, you can graduate to a regular account.

Minimum deposits and monthly fees

Most banks let you open a checking account with zero dollars. However, if you do not maintain a minimum balance (typically $500 to $1,500) or set up direct deposit, you will pay a monthly maintenance fee of $10 to $15. Some banks waive the fee if you keep a certain balance in savings as well, or if you use their credit card.

Online banks and credit unions often have no minimum balance and no monthly fee at all. If you are opening your first account or rebuilding after a rejection, compare the fee structure before you choose. A bank that charges $12 per month costs you $144 per year—money that could stay in your account instead.

After your account opens: next steps

Once your account is active, set up direct deposit if you have a job. This usually takes one pay period to activate, and it often waives monthly fees. Link your account to other banks you use so you can transfer money between them. Download the bank's mobile app and enable push notifications so you see transactions as they happen.

Review your account agreement to understand the overdraft policy. Most banks charge $30 to $35 per overdraft, and some charge multiple times per day if you make several purchases while your balance is negative. Some banks offer overdraft protection, which links your checking account to savings or a credit line so you do not overdraft. Ask about this when you open your account.

Frequently Asked Questions

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

Yes, if you have an ITIN (Individual Taxpayer Identification Number) issued by the IRS. Bring your ITIN documentation instead of a Social Security number. Some banks accept ITINs without question; others require you to call ahead or visit a specific branch. Credit unions are often more flexible with this requirement.

How long does it take to open an account?

In person, 15 minutes to an hour. Online, 10 to 20 minutes. Your account is usually active the same day, though some banks take up to one business day to approve. Your debit card arrives by mail in 7 to 10 business days. You can use your account before the card arrives by setting up transfers or visiting a branch.

What if I do not have proof of address?

Bring whatever you have: a utility bill, lease, government mail, or bank statement dated within the last 60 days. If you have none of these, ask the bank what alternative documents they accept. Some accept a cell phone bill or insurance statement. If you are unhoused, some banks and credit unions have programs for people without a permanent address.

Do I have to open both checking and savings?

No. You can open just a checking account. However, many banks offer better rates or waive fees if you open both and maintain a minimum balance across both accounts combined. Ask the banker whether opening savings would lower your monthly costs before you decide.

Can I open an account if I owe money to another bank?

Yes, but ChexSystems may show the debt. Some banks will still open your account; others will not. If you are rejected, ask whether paying off the old debt would change their decision. Some banks will recheck ChexSystems after you settle, which can clear the way for approval at another institution.