What you need before you walk in or go online

Most banks and credit unions need two pieces of information to open a savings account: proof of who you are and proof of where you live. A driver's license or state ID covers both. If you don't have either, a passport works for identity, and a recent utility bill, lease, or mortgage statement works for address.

You'll also need to decide how much money to deposit to start. Many banks have no minimum. Some require $25 or $100. Credit unions sometimes require you to buy a share (usually $5 to $25) before you can open an account. Call or check the website of the place you're considering—this number changes between institutions and sometimes between branches.

Have your Social Security number ready. The bank will use it to run a background check through ChexSystems, a database that tracks banking history. This is routine and doesn't hurt your credit score. If you've had problems with a bank account before—overdrafts you didn't pay, fraud, or closed accounts—the bank may see that and decline you, but many banks work with people who have ChexSystems records.

Key Takeaways

  • You need a government ID (driver's license, state ID, or passport) and proof of address (utility bill, lease, or mortgage statement) to open an account.
  • Most banks have no minimum opening deposit, but some require $25 to $100, and credit unions may charge a one-time share fee of $5 to $25.
  • The bank will check your history through ChexSystems, a banking database, which is normal and does not affect your credit score.
  • You can open an account in person at a branch or online through the bank's website, and online accounts usually open the same day.
  • After opening, you'll receive a debit card by mail (usually within 5 to 10 business days) and can start using the account immediately with a temporary card or online transfers.

Opening in person at a branch

Walk into any branch with your ID, proof of address, and the opening deposit amount. Tell the teller you want to open a savings account. They'll hand you a form or walk you through it on their computer. The form asks for your name, address, phone number, email, Social Security number, and employment information. It takes about 10 minutes to fill out and sign.

The teller will run your ChexSystems check while you wait. If you pass, your account opens that day. You'll get a temporary debit card on the spot or within a few days, and your permanent card arrives by mail in 5 to 10 business days. You can start moving money into the account immediately, either by depositing cash or a check at the branch or by having your employer or another bank transfer money in.

Bring a second form of ID if you have one—a Social Security card, birth certificate, or utility bill with your name on it. Banks don't always require it, but having it speeds things up if there's any question about your identity.

Opening online

Most banks let you open a savings account on their website without visiting a branch. Go to the bank's homepage, find the link for "Open an Account" or "New Accounts," and click it. You'll answer questions about yourself, upload photos of your ID and proof of address, and choose a username and password.

The whole process takes 10 to 15 minutes. The bank verifies your documents and runs the ChexSystems check, usually within a few hours. You'll get an email confirming your account is open. Some banks let you use a temporary card number to make purchases online or through their app the same day. Your physical debit card arrives by mail in 5 to 10 business days.

Online accounts are faster than in-person accounts if you're in a hurry. The tradeoff is that you can't deposit cash or checks until your card arrives, though most online banks let you transfer money from another bank account you already have.

What happens after your account opens

Once your account is open, you can move money in. If you opened in person, you can deposit cash or checks at the branch. If you opened online, you can transfer money from another bank account using the routing number and account number the bank gives you. Some banks also let you deposit checks by taking a photo with your phone and uploading it through the app.

Your debit card will arrive by mail. Until it does, you can still access your money through the bank's website or app, or by calling the bank to request a wire transfer. Some banks issue a temporary card number you can use online or add to your phone's digital wallet.

Set up direct deposit if your paycheck or benefits go to a bank account. You'll need to give your employer or the benefits office your new routing number and account number. Direct deposit usually starts within one to two pay periods.

Choosing between a bank and a credit union

Banks are for-profit companies. Credit unions are member-owned nonprofits. Both offer savings accounts, but they work differently. Banks are everywhere and often have lower opening deposits. Credit unions sometimes have better interest rates on savings and lower fees, but you have to be a member to open an account, which usually means living or working in a certain area or belonging to a certain group.

Credit unions are insured the same way banks are—up to $250,000 per account through the National Credit Union Administration (NCUA) if it's a federal credit union, or through a state insurance fund if it's state-chartered. Banks are insured through the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account. Either way, your money is protected if the institution fails.

If you're new to banking or rebuilding after problems, some credit unions and community banks are more willing to work with you than large national banks. Ask whether they report to ChexSystems and what their policy is for people with banking history issues.

If the bank declines you

If ChexSystems shows a problem—unpaid overdrafts, fraud, or a closed account—the bank may say no. This doesn't mean you can't open an account anywhere. Second-chance banking programs exist specifically for this situation. Some credit unions and community banks offer them. You may pay higher fees or have a lower opening deposit limit, but you can still build a banking history.

You can also request your ChexSystems report for free at www.chexsystems.com. If there's an error on it, you can dispute it. Sometimes the information is outdated or wrong, and correcting it helps you open an account elsewhere.

If you're declined, ask the bank why. They're required to tell you. If it's a ChexSystems issue, get your report and fix any errors. If it's something else, try a different bank or a credit union—policies vary widely.

Frequently Asked Questions

Do I need a minimum deposit to open a savings account?

Most banks have no minimum opening deposit. Some require $25 to $100. Credit unions may charge a one-time share fee of $5 to $25 to become a member before you can open an account. Check the specific bank or credit union's website or call to find out what they require.

How long does it take to open an account online?

The application itself takes 10 to 15 minutes. The bank verifies your documents and runs a background check, which usually takes a few hours. Your account is typically open the same day, though you won't receive your physical debit card by mail for 5 to 10 business days.

Can I use my account before my debit card arrives?

Yes. You can transfer money from another bank account, deposit checks by photo through the app, or use a temporary card number online. Some banks issue a temporary card you can add to your phone's digital wallet. You can also call the bank to request a wire transfer or visit a branch to deposit cash or checks.

What if I don't have a government ID?

A passport works if you don't have a driver's license or state ID. For proof of address, use a recent utility bill, lease agreement, mortgage statement, or government mail with your name and address. If you have neither, some banks and credit unions will work with you—call ahead and ask what documents they accept.

Will opening a savings account hurt my credit score?

No. Opening a savings account does not affect your credit score. The bank checks ChexSystems, which is a banking history database, not a credit bureau. ChexSystems does not report to credit agencies and does not impact your credit.