What you need to open a savings account
To open a savings account at a bank or credit union, you will need a government-issued photo ID, proof of your current address, and your Social Security number. Most institutions also ask for an initial deposit, which ranges from zero dollars at some online banks to $25 or more at traditional banks. A few banks waive the deposit requirement if you set up direct deposit from your employer or another regular income source.
You can open an account in person at a branch, online through a bank's website, or by phone with some institutions. Online accounts typically open fastest — often within minutes — while in-person accounts may take 15 to 30 minutes. Phone applications usually take 20 to 45 minutes and require you to verify your identity through security questions or a video call.
Key Takeaways
- You need a photo ID, proof of address, and your Social Security number to open a savings account at any bank or credit union.
- The initial deposit requirement varies by institution, from zero at some online banks to $25 or $50 at brick-and-mortar banks.
- Online accounts open fastest, usually within minutes, while in-person accounts take 15 to 30 minutes and phone accounts take 20 to 45 minutes.
- After opening, your account number and routing number arrive by mail or email within one to three business days, and you can begin depositing money immediately.
Gathering your documents before you go
Start by collecting your photo ID — a driver's license, state ID card, or passport all work. 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. Some banks accept a government benefits statement or insurance policy as proof of address.
Have your Social Security number ready. If you do not have one, you can still open an account at some banks and credit unions using an Individual Taxpayer Identification Number (ITIN), though options are more limited. Call ahead to confirm the bank accepts ITIN before you visit or apply online.
Know how much money you can deposit on opening day. You do not need to meet the minimum deposit requirement immediately at all banks — some allow you to deposit it within 30 days — but confirm this when you call or before you click submit online.
Opening an account in person at a branch
Walk into any branch of the bank or credit union where you want to open an account during business hours. Tell the employee at the desk or window that you want to open a savings account. They will ask you to fill out an account application form, which takes five to ten minutes and asks for your name, address, phone number, email, Social Security number, and employment information.
The employee will review your documents, verify your identity, and explain the account features — interest rate, monthly fees, minimum balance requirements, and how to access your account online or by phone. Ask about any fees that apply if your balance drops below the minimum or if you make more than a certain number of withdrawals per month. Once you sign the paperwork, the account opens immediately, and you receive your account number on the spot.
Bring a checkbook or debit card application home with you, or ask the bank to mail it. Your debit card typically arrives within five to ten business days. You can start depositing money the same day using the account number the bank gives you, even if your physical card has not arrived yet.
Opening an account online
Go to the bank's or credit union's website and look for a button that says "Open an Account" or "get your free guide." You will answer questions about the type of account you want, your personal information, and your Social Security number. The process usually takes 10 to 15 minutes.
Most online banks ask you to verify your identity by uploading a photo of your ID and proof of address. Take clear photos of both documents and upload them through the website. The bank reviews these images and confirms your identity within a few minutes to a few hours. Some banks use a video call instead, where you show your ID to a camera and answer security questions.
Once your identity is confirmed, your account opens, and you receive your account number and routing number by email or text message. You can begin depositing money immediately using these numbers. A physical debit card arrives by mail within five to ten business days. If you need to deposit cash, you can use the bank's ATM network or transfer money from another account you already have.
Opening an account by phone
Call the bank's customer service number and tell them you want to open a savings account. A representative will walk you through the application over the phone, asking for your name, address, Social Security number, and employment details. Have your ID and proof of address nearby so you can read information from them if the representative asks.
The representative will verify your identity by asking security questions or requesting that you confirm details from your credit report. This process takes 10 to 20 minutes. Once verified, your account opens, and the representative provides your account number and routing number over the phone. Write these down or ask the bank to email or mail them to you.
A debit card and welcome packet arrive by mail within five to ten business days. You can start depositing money as soon as you have your account number, either by transferring from another account or by mailing a check to the address the bank provides.
What happens after you open your account
Your account is active immediately, but your debit card and checks take five to ten business days to arrive by mail. During this time, you can deposit money by transferring it from another bank account, mailing a check, or using the bank's ATM if you have a temporary card number.
Log into your online account using the username and password you created during the opening process. You can view your balance, set up automatic transfers, and arrange direct deposit from your employer. Most banks let you download a mobile app to check your balance and deposit checks by taking a photo of them.
Review your account agreement and fee schedule, which the bank mails or emails to you. Pay attention to monthly maintenance fees, overdraft fees, and withdrawal limits. Some savings accounts limit you to six withdrawals per month; going over this limit may trigger a fee or convert your account to a checking account.
Choosing between a bank and a credit union
Banks and credit unions both offer savings accounts, but they work differently. Banks are for-profit businesses owned by shareholders. Credit unions are nonprofit organizations owned by their members. Credit unions often charge lower fees and pay higher interest rates on savings, but they may have stricter membership requirements or fewer branches and ATMs.
To open an account at a credit union, you must meet a membership requirement — for example, you might need to live in a certain county, work for a specific employer, or be related to an existing member. Some credit unions have no membership restrictions. Call the credit union before you visit to confirm you meet their requirements.
Banks have more branches and ATMs nationwide, making it easier to deposit cash and withdraw money in person. Online banks have no physical branches but often charge no fees and pay competitive interest rates. Choose based on what matters most to you: convenience, low fees, high interest, or a combination of these.
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 or check the bank's website to confirm. You will still need a photo ID and proof of address. Some credit unions are more likely to accept ITIN than large national banks.
What if I do not have a current address to prove?
Bring any document showing your name and address dated within the last 60 days: a utility bill, lease, mortgage statement, insurance policy, or government benefits letter. If you are homeless or do not have mail, ask the bank whether they accept an affidavit of residence signed by a notary or a letter from a shelter or social service agency.
Do I have to deposit money on the day I open the account?
Not always. Some banks waive the initial deposit if you set up direct deposit or maintain a minimum balance. Others require the deposit on opening day. A few allow you to deposit it within 30 days. Ask the bank about their specific requirement before you open the account.
How long does it take to receive my debit card?
Debit cards typically arrive within five to ten business days of opening your account. Some banks offer temporary card numbers you can use online or at ATMs while you wait for the physical card. If your card does not arrive within two weeks, contact the bank to confirm your address is correct.
Can I open multiple savings accounts at the same bank?
Yes. Many people open separate savings accounts for different goals — one for emergencies, one for a vacation, one for a down payment. Each account has its own number and can earn interest independently. Ask the bank whether there are any fees for holding multiple accounts.