What you need to bring and where to go

Opening a savings account takes between 15 minutes and a few days, depending on whether you walk into a branch or do it online. You will need a government-issued ID (driver's license, passport, or state ID card), proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number. Some banks also ask for a phone number and email address.

You can open an account at a brick-and-mortar bank branch, a credit union, or entirely online through a bank's website or app. Online accounts often open faster—sometimes in under an hour—because there is no waiting for an appointment or standing in line. In-person accounts let you ask questions and hand over documents directly, which some people prefer if they are opening their first account or have an unusual situation.

Credit unions typically require you to become a member before opening an account, which usually means paying a small one-time membership fee (often $5 to $25) or meeting a local requirement like living in a certain county or working for a specific employer. Banks do not have this step.

Key Takeaways

  • You will need a government ID, proof of address, and your Social Security number to open a savings account at any bank or credit union.
  • Online accounts open faster than in-person accounts and can be completed in under an hour from your computer or phone.
  • Credit unions require membership before opening an account, while banks do not.
  • Minimum opening deposits range from $0 to $500 depending on the institution, and some accounts have monthly maintenance fees you can avoid by keeping a minimum balance.
  • Once your account is open, you can deposit money by direct deposit, mobile check deposit, wire transfer, or in-person at a branch or ATM.

Minimum deposit and account fees

Most banks and credit unions do not require you to deposit money to open the account—you can open it with $0 and add funds later. Some institutions, particularly larger national banks, ask for a minimum opening deposit of $25 to $500. Check the bank's website or call before you go in; this information is usually listed under "Account Requirements" or "Getting Started."

Once the account is open, some banks charge a monthly maintenance fee (typically $5 to $15) if your balance falls below a certain amount or if you do not set up direct deposit. Others charge no monthly fee at all. Read the fee schedule carefully—it is usually a document called the "Schedule of Fees" or "Deposit Account Agreement"—because these fees add up over time and can eat into your savings.

Credit unions often have lower or no monthly fees, which is one reason people choose them over banks. However, you may have fewer ATM locations and branch locations to use, depending on which credit union you join.

Online account opening: step by step

If you are opening an account online, start by visiting the bank's website or downloading their app. Look for a button that says "Open an Account" or "get your free guide." You will be asked to enter your name, date of birth, Social Security number, and current address. Have your ID and proof of address nearby so you can type in the information accurately.

Next, the bank will ask you to verify your identity. Some banks do this by asking security questions based on your credit history. Others send a code to your phone or email that you enter to confirm you are who you say you are. A few banks require you to take a photo of your ID with your phone camera and upload it.

Once identity verification is complete, you will choose your account type (usually just "Savings Account"), set a PIN or password, and agree to the account terms. The bank will then tell you your account number and routing number. You can start using the account immediately, though it may take one to two business days for the account to appear in your online banking portal.

In-person account opening at a branch

Walk into any branch during business hours with your ID, proof of address, and Social Security number. Tell the teller or a banker that you want to open a savings account. They will hand you the account agreement to read and sign, ask you a few questions to verify your identity, and process the paperwork.

The whole process usually takes 15 to 30 minutes. At the end, you will receive a debit card (which may arrive in the mail a few days later), your account number, and your routing number. You can start depositing money that same day.

If the branch is busy, you may be asked to make an appointment. Many banks let you book an appointment online or by phone, which guarantees you will not have to wait.

How to deposit money into your new account

Once your account is open, you have several ways to put money in. Direct deposit is the most common: your employer or a government agency (like Social Security) sends your paycheck or payment straight to your account. You give your employer your account number and routing number, and the money appears in your account automatically on payday.

Mobile check deposit lets you photograph a check with your phone and upload it through the bank's app. The check clears in one to three business days. Wire transfer moves money from another bank account to your new savings account in one business day, though some banks charge a fee ($15 to $30) for incoming or outgoing wires.

You can also deposit cash in person at a branch or at an ATM that belongs to your bank. Some banks charge a small fee for cash deposits at ATMs, so ask before you use one. If your bank is part of a shared branching network or ATM network, you may be able to deposit at other banks' branches and ATMs as well.

What happens if you are denied

Banks and credit unions check your banking history through a system called ChexSystems. If you have unpaid overdrafts, wrote bad checks, or closed accounts with outstanding balances in the past five to seven years, you may be denied. If this happens, ask the bank why you were denied—they are required to tell you.

You can request your ChexSystems report for free at www.chexsystems.com to see what information is on file. If there is an error, you can dispute it. If the information is correct, some banks and credit unions that specialize in second-chance accounts will open an account for you anyway, though they may charge higher fees or require a larger deposit.

If you were denied because of your credit score or income, that is not the bank's reason to refuse—banks do not check credit scores for savings accounts. If a bank tells you that, ask them to put their reason in writing and consider going to a different bank.

Frequently Asked Questions

Do I need a job to open a savings account?

No. Banks and credit unions do not require proof of employment to open a savings account. You need a government ID, proof of address, and your Social Security number. Some banks ask for an income source on the application form, but they do not verify it or require a minimum income.

Can I open an account if I do not have a Social Security number?

Most banks require a Social Security number or an Individual Taxpayer Identification Number (ITIN). Some banks and credit unions will open an account with an ITIN if you are not a U.S. citizen. Call ahead to ask, because policies vary by institution.

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

If you open online, your account is usually ready to use within an hour, though it may take one to two business days to appear in your online banking portal. If you open in person, you can use your account the same day. Deposits take one to three business days to clear, depending on the deposit method.

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

A savings account is meant for money you want to keep and grow; it usually earns interest and limits how many times you can withdraw per month. A checking account is for everyday spending; it has no withdrawal limits and usually does not earn interest. Many people have both.

Can I open more than one savings account?

Yes. You can open multiple savings accounts at the same bank or at different banks. Some people open separate accounts for different goals—one for emergencies, one for a vacation, one for a down payment. There is no limit to how many you can have.