What You Need to Do Right Now
Opening a savings account takes between 15 minutes and a few days, depending on whether you do it online or in person. You will need a government-issued ID, proof of your address, and your Social Security number or tax ID. Most banks let you start online and finish in one session; some require you to visit a branch or wait for mail verification. You can open an account with as little as $0 to $25, though some banks ask for a minimum deposit.
Key Takeaways
- You need a government ID, proof of address, and your Social Security number before you start, whether online or in person.
- Online accounts open fastest — usually within minutes — but some banks mail a debit card or require a phone call to confirm your identity.
- In-person accounts at a branch take 30 minutes to an hour and let you deposit cash the same day.
- Banks vary on minimum opening deposits; many now allow $0, but some require $25 or more.
- After you open the account, it takes one to three business days for the account number to activate and for you to move money in or out.
Opening an Account Online
Online banks and the online portals of traditional banks are the fastest route. Go to the bank's website, click "Open an Account" or "Sign Up", and follow the form. You will enter your name, date of birth, address, phone number, and Social Security number. The bank will ask for your ID — you can usually upload a photo of your driver's license or passport on the spot.
After you submit, the bank verifies your identity in real time or within a few hours. If verification is instant, you get an account number immediately and can start using the account the same day. If the bank needs to mail you a debit card or confirmation code, that step adds three to seven business days. Some banks call you by phone to confirm your identity instead of mailing anything; ask during signup which method they use.
Online-only banks (like Ally, Marcus, or Discover) have no branches, so you cannot deposit cash in person. You will transfer money from another bank account or have your paycheck deposited directly. Traditional banks with online signup (like Chase, Bank of America, or Wells Fargo) let you use their ATMs and branches once your account is active.
Opening an Account in Person at a Branch
Walk into any branch of the bank you choose during business hours. Bring your government ID, proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number. Tell the teller you want to open a savings account.
The teller will ask you questions about how you plan to use the account — whether you want online access, a debit card, and whether you will deposit cash or transfer from another bank. They will enter your information into the system, verify your identity on the spot, and print your account number. You can deposit cash immediately if you want. The account is usually active within one business day, though you may not see transferred funds until two to three business days later.
In-person signup takes 30 minutes to an hour. This route works well if you want to deposit cash right away, prefer talking to a person, or do not have a computer or internet at home.
What Happens After You Open the Account
Once your account number is issued, the bank sends you a debit card by mail (if you requested one) and sets up online login credentials. You can log in to your account online or through the bank's app as soon as the account is active, usually within one business day. You will see your account number, routing number, and current balance.
If you want to move money into the account, you can transfer from another bank account you own, have your employer deposit your paycheck directly, or deposit cash at a branch or ATM (if the bank has one). Transfers from other banks take one to three business days to show up. Direct deposit from your employer usually appears on the day you are paid or the day after.
Your debit card arrives by mail within seven to ten business days. Until it arrives, you can still access your money through online transfers, ATM withdrawals (if the bank has ATMs), or by visiting a branch.
Choosing Between Banks
The main differences are interest rate, fees, and convenience. Interest rate is what the bank pays you on the money you keep in the account — rates vary from nearly 0% at some traditional banks to 4% to 5% at online banks, depending on the current market. Fees might include a monthly maintenance fee (usually $0 to $15), overdraft fees if you spend more than you have, or ATM fees if you use another bank's machine. Convenience means whether the bank has branches near you, whether it has ATMs you can use for free, and whether you can deposit checks by phone or app.
If you want to deposit cash often, choose a bank with branches or ATMs near your home or work. If you rarely use cash and do not mind waiting for transfers, an online bank usually offers higher interest rates and lower fees. If you want both, a traditional bank with an online option (like Chase or Bank of America) works, though the interest rate is usually lower than an online-only bank.
Documents You Will Need
| Document Type | What Counts | Why the Bank Needs It |
|---|---|---|
| Government ID | Driver's license, passport, state ID card | Proves who you are |
| Proof of Address | Utility bill, lease, mortgage statement, or bank statement dated within 60 days | Confirms where you live |
| Social Security Number or Tax ID | Your nine-digit SSN or ITIN | Required by law to prevent fraud and report interest earned |
If you do not have a government ID, some banks will open an account with a passport from another country or a state ID card. If you do not have proof of address, ask the bank whether they accept a recent bank statement, utility bill in someone else's name at your address, or a lease. If you do not have a Social Security number, you can use an Individual Taxpayer Identification Number (ITIN) instead.
What to Do If Something Goes Wrong
If your online application is rejected, the bank will tell you why — usually because your identity could not be verified, your address could not be confirmed, or there was a problem with your Social Security number. Call the bank's customer service line and ask what information they need. You may need to visit a branch in person, provide additional documents, or correct a typo in your application.
If you opened an account online but your debit card never arrives after two weeks, call the bank and ask them to remail it or issue a replacement. If you transferred money from another bank and it has not shown up after three business days, contact both banks — the sending bank can tell you whether the transfer was sent, and the receiving bank can tell you whether it arrived.
If you see a charge or fee you do not recognize, call the bank immediately. Many banks will reverse a fee if you ask, especially if it is your first time. If the bank made a mistake, they will correct it and may refund the fee.
Frequently Asked Questions
Can I open a savings account if I do not have a Social Security number?
Yes. You can use an Individual Taxpayer Identification Number (ITIN) instead. Some banks ask for an ITIN during signup; others may require you to visit a branch and bring additional documents like a passport or visa. Call the bank before you apply to confirm they accept ITINs.
What is the difference between a savings account and a checking account?
A savings account earns interest on your balance and is meant for money you keep there. A checking account is for money you spend regularly and usually earns little or no interest. Many people have both — they use checking for bills and everyday spending, and savings for money they want to set aside.
Do I have to keep a minimum amount of money in the account?
Most banks no longer require a minimum balance, but some still do — usually $25 to $500. Check the bank's website or ask before you open the account. If you fall below the minimum, the bank may charge a monthly fee or close the account.
How long does it take to move money out of my new account?
Transfers to another bank take one to three business days. Withdrawals at an ATM or branch are instant. If you need the money right away, visit a branch or ATM in person.
Can I open more than one savings account?
Yes. You can open accounts at different banks or multiple accounts at the same bank. Some people open separate accounts for different goals — one for emergencies, one for a vacation, one for a down payment. Each account earns interest separately.