The basic steps to open a savings account

Opening a savings account takes about 15 to 30 minutes and requires you to visit a bank or credit union branch in person, or complete an online application if the institution offers it. You will need a government-issued ID, proof of your current address, and your Social Security number. The bank or credit union will verify this information, run a background check through ChexSystems (a banking history database), and then create your account on the spot or within one business day.

Once your account is open, you can deposit money immediately. Most banks let you start with any amount — some have no minimum, while others require $25 to $100 to open. You will receive a debit card within 5 to 10 business days and can begin using your account right away, even if the card has not arrived yet.

Key Takeaways

  • You need a government ID, proof of address, and your Social Security number to open an account at any bank or credit union.
  • In-person applications take 15 to 30 minutes; online applications can be completed in 10 minutes but may require verification by mail or phone.
  • Most banks and credit unions run a ChexSystems check, which reviews your banking history but does not prevent you from opening an account if you have had past problems.
  • Your debit card arrives in 5 to 10 business days, but you can deposit and withdraw money before it arrives by visiting a branch.
  • Credit unions often have lower fees and higher interest rates than banks, but you must be a member of the organization or community they serve.

What documents you need to bring

Bring one government-issued photo ID — a driver's license, passport, or state ID card. If your ID does not show your current address, bring a second document that does: a utility bill, lease, mortgage statement, or recent bank statement dated within the last 60 days. A cell phone bill or credit card statement usually works too, though policies vary by bank.

You will also need to provide your Social Security number. If you do not have one, some banks and credit unions will open an account using an Individual Taxpayer Identification Number (ITIN) instead, though this is less common. Call ahead to confirm the bank accepts ITIN before you visit.

In-person versus online account opening

Opening an account at a branch takes 15 to 30 minutes. A banker will ask you questions about your income, employment, and how you plan to use the account. They will verify your documents on the spot and create your account immediately. You can deposit money right then and leave with a temporary debit card or a receipt you can use to withdraw cash.

Online account opening is faster — usually 10 minutes — but comes with a catch. You photograph or upload your ID and proof of address, and the bank verifies them automatically or by phone within 24 hours. Some banks require you to verify your identity in person at a branch or through a video call before the account is fully active. A few banks mail you a verification code you must enter online. Check the bank's website to see which method they use before you start.

Banks versus credit unions: what differs

Banks are for-profit businesses open to anyone. Credit unions are member-owned nonprofits, so you must meet membership requirements — usually living or working in a specific area, belonging to a certain profession, or being related to a current member. Credit unions typically charge lower fees, pay higher interest on savings, and offer more flexible lending, but they have fewer branches and ATMs than large banks.

Both banks and credit unions are insured by the federal government up to $250,000 per account type per institution. This means your money is protected even if the bank or credit union fails. If you have more than $250,000, you can open multiple accounts at different institutions to keep all your money insured.

What happens after you open the account

Your account is active immediately or within one business day. You can deposit money by visiting a branch, using an ATM, or setting up direct deposit from your employer or government benefits. You can withdraw money at any ATM owned by your bank or credit union, or at a branch.

Your debit card arrives by mail in 5 to 10 business days. Until it arrives, you can still access your money by visiting a branch or using your bank's mobile app to transfer funds or pay bills. Some banks let you use your phone number or email to withdraw cash at ATMs before your card arrives.

If the bank denies you or flags your account

Banks use ChexSystems to check your banking history. If you have unpaid overdrafts, closed accounts with outstanding balances, or a history of fraud, ChexSystems will show it. However, a negative ChexSystems report does not automatically disqualify you — many banks will still open an account for you, though some may require a larger deposit or restrict certain features.

If a bank denies you, ask why. You have the right to a written explanation. You can also request your ChexSystems report for free at chexsystems.com and dispute any errors. Some banks specialize in second-chance accounts for people with banking problems; these accounts often have higher fees but no ChexSystems check. Credit unions are sometimes more flexible than banks in this situation.

Minimum deposits and ongoing fees

Minimum deposits to open vary widely. Many online banks have no minimum. Traditional banks often require $25 to $100. Some accounts waive the minimum if you set up direct deposit. Check the bank's website or call before you visit to confirm the amount.

Monthly maintenance fees range from $0 to $15, depending on the bank and account type. Many banks waive the fee if you maintain a minimum balance (often $500 to $1,500), set up direct deposit, or use their debit card a certain number of times per month. Online banks tend to have lower or no fees because they have fewer physical branches. Read the fee schedule on the bank's website before opening — it is usually listed under "Pricing" or "Fees."

Frequently Asked Questions

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

Yes, if you have an Individual Taxpayer Identification Number (ITIN). Not all banks accept ITIN, so call ahead. You may also open an account with a passport and proof of address if you are a non-citizen. Some credit unions are more flexible than banks on this requirement.

How long does it take to access my money after I open an account?

You can deposit and withdraw money immediately at a branch or ATM. If you deposit a check, it typically clears within one to two business days. Direct deposits from your employer or government benefits usually arrive within one to two business days of the scheduled date.

What if I do not have a current address to prove?

Bring any document with your name and address dated within the last 60 days — a utility bill, lease, or bank statement. If you are homeless or do not have a permanent address, some banks and credit unions will accept a shelter address or a letter from a social service agency confirming your identity.

Can I open a savings account for someone else?

No. The account holder must be present with their own ID and Social Security number. If you want to open an account for a minor, you typically become a joint account holder or custodian, and you must both be present with ID. Rules vary by bank, so ask before you visit.

What is the difference between a savings account and a checking account?

A savings account is designed for storing money and earning interest; most limit you to six withdrawals per month. A checking account is for frequent deposits and withdrawals and usually earns no interest. Many people open both at the same bank to separate spending money from savings.