What you need before you walk in

To open a savings account in your name, you will need a government-issued photo ID, proof of your current address, and your Social Security number or Individual Taxpayer Identification Number (ITIN). Most banks and credit unions ask for these three things in this order. Bring originals, not copies — staff will verify them on the spot.

Your proof of address can be a utility bill, lease agreement, mortgage statement, or government mail dated within the last 60 days. A driver's license counts as both ID and address proof if it is current. If you do not have a photo ID yet, you can open an account with a passport or state ID card instead.

Some banks also ask for a minimum opening deposit, which ranges from zero to $300 depending on the institution. A few banks waive this if you set up direct deposit from an employer or government payment. Ask about this when you call ahead — it can save you money on the first day.

Key Takeaways

  • Bring a government photo ID, proof of your address from the last 60 days, and your Social Security number or ITIN to any bank or credit union branch.
  • Most accounts open the same day you visit, though some banks may take one to three business days to activate the debit card.
  • Credit unions often have lower minimum deposits and fewer monthly fees than large banks, but they may have fewer ATMs in your area.
  • You can open an account online with some banks if you have a valid ID and can verify your identity through video or by mail, though this takes longer than opening in person.
  • Once your account is open, you can deposit money by visiting a branch, using an ATM, or setting up direct deposit from your employer or benefits.

Opening in person at a bank or credit union branch

Walk into any branch during business hours with your documents and ask to open a savings account. A staff member will take you to a desk, ask your name and address, and verify your ID and Social Security number against their system. This takes about 15 minutes. They will ask you to choose a username and password for online banking and sign paperwork that lists the account rules, fees, and interest rate.

Your account number is issued immediately. You can deposit money the same day by handing cash or a check to the teller, or you can leave and deposit later. Your debit card arrives by mail in five to ten business days. If you need cash access before then, ask the teller for a temporary card or withdrawal slip you can use at that branch's ATM.

Credit unions often move faster than large banks because they have fewer customers per branch. If you are a member of a credit union through your employer, union, or community group, open your account there first — membership is usually free and the process is identical to a bank.

Opening online without visiting a branch

Many banks let you open a savings account from home through their website or mobile app. You will enter your name, address, and Social Security number, then upload photos of your ID and proof of address. Some banks verify your identity instantly through a database match; others ask you to record a short video call with a staff member or mail in copies of your documents.

Online opening takes one to five business days because the bank has to confirm your identity without seeing you in person. Your account number arrives by email once approval is complete. You can then log in to transfer money from another bank account you own, or you can wait for your debit card to arrive by mail and use an ATM.

Online opening works best if you already have a bank account elsewhere and can transfer money to fund the new account. If you only have cash, you will need to visit a branch or ATM eventually anyway, so opening in person saves time.

What happens after you open the account

Once your account is open, you can deposit money in four ways: visit a branch and hand cash or a check to a teller, use the bank's ATM with your debit card, set up direct deposit from your employer or government benefits, or transfer money from another bank account you own online. Direct deposit is the fastest and most reliable for regular deposits like paychecks or tax refunds.

Your bank will send you a monthly statement by email or mail showing all deposits, withdrawals, and fees. Read it carefully the first month to make sure the interest rate and fees match what you were told. If something is wrong, call the customer service number on the back of your debit card and ask for a correction.

You can withdraw money at any time by visiting a branch, using an ATM, or transferring it back to another account online. Savings accounts have a limit of six withdrawals per month in some cases, though this rule has become less common. Check your account agreement to see if this applies to you.

Banks versus credit unions: what differs

Banks are for-profit companies; credit unions are member-owned nonprofits. For a savings account, the practical difference is that credit unions usually charge lower monthly fees, pay slightly higher interest, and have lower minimum deposits. Banks have more branches and ATMs nationwide, so they are easier to use if you travel or move often.

Both are equally safe — your money is insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) at banks or the National Credit Union Administration (NCUA) at credit unions. If the institution fails, your money is protected. The choice comes down to convenience: pick the one with branches or ATMs near your home and work.

Common fees and how to avoid them

Monthly maintenance fees range from zero to $15 depending on the bank and account type. You can avoid them by keeping a minimum balance (usually $500 to $1,000), setting up direct deposit, or using the bank's mobile app instead of visiting branches. Some banks waive fees for customers under 25 or over 65.

Overdraft fees occur when you spend more than your balance and the bank covers the difference. These fees range from $25 to $40 per transaction. You can prevent overdrafts by linking your savings account to a checking account so money transfers automatically, or by turning off overdraft protection so transactions simply decline instead of charging a fee.

ATM fees apply when you use another bank's ATM — usually $2 to $3 per withdrawal. Use your own bank's ATM or ask for cash back at a grocery store checkout to avoid this. Some banks reimburse out-of-network ATM fees if you maintain a high balance or pay a monthly fee for premium membership.

If you do not have an ID or Social Security number

If you do not have a government photo ID, you can use a passport, state ID card, or tribal ID. If you do not have a Social Security number, you can use an ITIN (Individual Taxpayer Identification Number), which the IRS issues to people who file taxes but are not may be able to access for a Social Security number. Apply for an ITIN through the IRS website or at a tax preparation office.

Some banks will open an account with just an ITIN and no photo ID if you bring a second form of ID like a foreign passport or consular ID card. Call ahead to ask — policies vary by bank and branch. Credit unions are often more flexible with non-standard ID, so try your local credit union first if a bank turns you down.

If you have no ID at all, you will need to get one before opening an account. Visit your state's DMV website to learn how to apply for a state ID card (different from a driver's license and does not require a driving test). The process takes two to four weeks and costs $10 to $30.

Frequently Asked Questions

Can I open a savings account if I have bad credit or a history with ChexSystems?

Yes. Savings accounts do not require a credit check — banks only verify your identity and Social Security number. ChexSystems is a checking account history system, not a credit report. Even if you are listed there, you can open a savings account. Some banks offer second-chance checking accounts if you need that too.

How much money do I need to open an account?

Most banks require zero to $300 as an opening deposit, though some waive this if you set up direct deposit. A few banks have no minimum at all. Call the bank or check their website before you visit — this varies by institution and account type.

What is the difference between a savings account and a money market account?

A savings account is basic: you deposit money, earn a small amount of interest, and withdraw when you need it. A money market account usually requires a higher minimum balance (often $2,500 or more) but pays higher interest. For most people starting out, a regular savings account is the right choice.

Can I open an account for someone else, like my child?

No, not in their name alone. You can open a joint account with your name and theirs, or a custodial account where you control the money until they turn 18 or 21. Ask the bank about custodial accounts if you want to save money for a minor.

How long does it take to receive my debit card?

Five to ten business days by mail is standard. Some banks offer rush delivery for a fee. If you need cash access before the card arrives, ask the teller for a temporary card or a withdrawal slip you can use at that branch's ATM.