What you need before you walk in or go online
To open a savings account, you need a government-issued photo ID, proof of your current address, and your Social Security number. Most banks and credit unions will ask for all three before they create the account. Bring a physical ID — a driver's license, passport, or state ID card — because they need to see your face and verify it matches you.
Proof of address can be a recent utility bill, lease, mortgage statement, or government mail with your name and street address. It should be dated within the last 60 days, though some banks accept older documents. If you do not have a utility bill, a bank statement, insurance policy, or property tax notice will work.
Your Social Security number goes on the account application. The bank uses it to check your banking history and report interest you earn to the IRS. If you do not have a Social Security number, some banks and credit unions offer accounts for non-citizens with an ITIN (Individual Taxpayer Identification Number), but you will need to call ahead to confirm they offer this option.
Key Takeaways
- Bring a photo ID, proof of your address dated within 60 days, and your Social Security number or ITIN to open an account in person or online.
- Banks and credit unions have different fee structures and interest rates, so compare monthly maintenance fees, minimum balance requirements, and how much interest you earn.
- You can open an account online in 10 to 15 minutes, or in person at a branch if you prefer to speak with someone face-to-face.
- Once your account is open, you can deposit money by transfer, direct deposit, mobile check deposit, or in-person at a branch or ATM.
Choosing between a bank and a credit union
Banks are for-profit businesses with many branches and ATMs. Credit unions are member-owned nonprofits, usually smaller, with fewer locations but often lower fees and better interest rates. Both are insured by the federal government up to $250,000 per account, so your money is safe either way.
Banks have more convenience if you travel or move often — you can walk into almost any branch and deposit cash or speak with someone. Credit unions often have better rates on savings accounts and lower fees, but you can only use their branches and ATMs. Many credit unions now belong to shared branching networks, which means you can visit other credit union branches to deposit or withdraw cash, even if they are not your bank.
Compare the monthly maintenance fee (some charge $5 to $15 per month, others charge nothing), the minimum balance required to open the account (ranges from $0 to $500), and the interest rate the account pays. A bank with a $0 monthly fee and 4.5% interest is better than one charging $10 per month at 0.01% interest, even if the second one has more branches near you.
Opening an account online
Most banks and credit unions let you open a savings account on their website or mobile app without visiting a branch. The process takes 10 to 15 minutes. You will enter your name, address, Social Security number, and date of birth. The bank will ask you to upload a photo of your ID and proof of address, or you can type in the information and they will verify it later.
After you submit the application, the bank reviews it — usually within a few hours to one business day. Some banks send you a confirmation email immediately; others wait until they have verified your documents. Once approved, you can log into your account online and see your account number, routing number, and available balance.
You will not receive a debit card or checkbook right away. Most banks mail these within 5 to 10 business days. Until they arrive, you can still deposit money by transferring it from another bank account or by setting up direct deposit from your employer or government payments.
Opening an account in person at a branch
Walk into any branch with your ID, proof of address, and Social Security number. Tell the teller or banker you want to open a savings account. They will hand you an application form or pull it up on their computer and ask you the same questions as the online form: your name, address, phone number, employment status, and how you plan to use the account.
The banker will explain the account features — the interest rate, monthly fees, minimum balance, and how to deposit money. They can answer questions about the bank's mobile app, ATM network, and whether they offer overdraft protection. Ask about any current promotions; banks sometimes waive the first month's fee or offer a bonus if you deposit a certain amount within 30 days.
Once you sign the application, the account opens immediately. You can deposit cash or a check right there, and you will walk out with your account number and a temporary debit card or receipt. Your permanent debit card arrives by mail in 5 to 10 business days.
How to fund your new account
You have four main ways to put money into a savings account: transfer from another bank, direct deposit, mobile check deposit, or cash deposit at a branch or ATM.
Bank transfer: If you have money in another bank account, you can transfer it to your new savings account using the other bank's website or app. You will need your new account's routing number and account number, which the bank gave you when you opened the account. The transfer takes 1 to 3 business days.
Direct deposit: If your employer or a government program (Social Security, unemployment, tax refund) sends you money by direct deposit, you can set it up to go straight into your savings account. Give your employer or the government agency your new account's routing number and account number. Direct deposits usually arrive on the same day or within one business day of when they are sent.
Mobile check deposit: Most banks let you photograph a check with your phone and deposit it through their app. Take a photo of the front and back of the check, enter the amount, and submit it. The bank holds the check for a few days while it clears, then the money appears in your account. This usually takes 1 to 3 business days.
Cash deposit: Walk into a branch or ATM with cash and deposit it directly. Cash deposits appear in your account immediately or within one business day.
What happens after your account opens
Your account is now active and earning interest. The bank calculates interest daily based on your balance and pays it into your account monthly or quarterly, depending on the bank. If you have $1,000 in an account earning 4.5% annual interest, you earn about $3.75 per month.
You can withdraw money anytime by visiting a branch, using an ATM, transferring it to another bank account, or writing a check (if your savings account comes with a checkbook). Some banks limit how many withdrawals you can make per month — federal rules used to require this, but most banks have dropped the limit. Check your account agreement to see if yours has one.
Monitor your account through the bank's website or app. You can see your balance, recent transactions, interest earned, and any fees charged. Set up alerts if the bank offers them — many will notify you when your balance drops below a certain amount or when a large transaction occurs.
Frequently Asked Questions
Do I need a minimum deposit to open a savings account?
Some banks require a minimum deposit of $25 to $500 to open an account; others require nothing. Check the bank's website or call before you apply. Many banks waive the minimum if you set up direct deposit or transfer money from another account within 30 days of opening.
What if I do not have a Social Security number?
Some banks and credit unions will open an account using an ITIN (Individual Taxpayer Identification Number) instead. Call ahead to confirm they offer this option, because not all do. You will still need a photo ID and proof of address.
How long does it take to open an account online?
The application itself takes 10 to 15 minutes. The bank reviews and approves it within a few hours to one business day. You can start using the account immediately after approval, though your debit card and checks arrive by mail in 5 to 10 business days.
Can I open a savings account if I have had banking problems before?
Banks check your history using ChexSystems, a database of closed accounts and unpaid fees. If you have unpaid overdrafts or closed an account in bad standing, some banks will decline you. Credit unions are often more flexible. If you are declined, ask the bank why and whether you can reapply after paying any outstanding fees.
What is the difference between a savings account and a checking account?
A savings account is meant for money you want to keep and earn interest on. A checking account is for everyday spending — it usually comes with a debit card and checks. Savings accounts traditionally had limits on withdrawals; checking accounts did not. Today most banks offer both with no withdrawal limits.