What You Need Before You Walk In
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 banks ask for all three on the same day. Bring an original document for your address — a utility bill, lease, or mortgage statement dated within the last 60 days works at nearly every institution. A copy is not enough.
You will also need an opening deposit. This amount varies by bank and account type. Some banks require $25; others ask for $100 or $500. A few offer accounts with no minimum opening deposit. Call or check the bank's website before you go, because showing up without enough cash or a debit card to cover the opening deposit means a wasted trip.
If you do not have a Social Security number, some banks and credit unions will open an account using an Individual Taxpayer Identification Number (ITIN) instead. Ask the bank directly whether they accept ITINs, because policies differ by institution and by state.
Key Takeaways
- Bring a government photo ID, proof of your address dated within 60 days, and your Social Security number or ITIN to open an account in person.
- Opening deposits range from $0 to $500 depending on the bank and account type, so confirm the amount before you arrive.
- You can open many savings accounts online without visiting a branch, though you will still need to verify your identity and provide the same documents.
- Banks and credit unions have different fee structures — some charge monthly maintenance fees, while others waive fees if you maintain a minimum balance.
- Once your account is open, you will receive a debit card and online banking access, usually within one to two business days.
Opening an Account in Person at a Branch
Walk into any branch during business hours with your ID, address proof, and opening deposit. Tell the teller or banker you want to open a savings account. They will hand you a signature card and a disclosure form that explains the account terms, fees, and interest rate. Read the disclosure before you sign — it tells you whether the bank charges a monthly maintenance fee and what that fee is.
The banker will ask how you want to fund the account. You can hand over cash, write a check, or use a debit card. Most banks process the deposit immediately. They will issue you a temporary debit card on the spot or mail one within five to seven business days. You will also receive login credentials for online banking, either printed or emailed.
The entire process takes 15 to 30 minutes. Before you leave, ask the banker for the account number and routing number — you will need these if you want to set up direct deposit from your employer or transfer money from another account.
Opening an Account Online
Many banks and credit unions let you open a savings account entirely online. Go to their website, click "Open an Account" or "New Customer", and follow the steps. You will enter your name, address, Social Security number, and employment information. The bank will ask you to upload a photo of your ID and sometimes a photo of your address proof.
Online banks verify your identity using the information you provide — they cross-check it against credit bureaus and public records. This process usually takes a few minutes to a few hours. Once you are verified, you will fund the account by linking an existing bank account and transferring money, or by providing a debit card number.
You will have online access to your account immediately, but your debit card will arrive by mail in five to ten business days. Some online banks do not issue debit cards at all — they are designed for saving and transfers only, not for everyday spending.
Understanding Fees and Interest Rates
Banks charge different fees for savings accounts, and these fees can eat into your balance if you are not careful. A monthly maintenance fee is the most common — it ranges from $0 to $10 per month depending on the bank. Some banks waive the fee if you keep a minimum balance, make a certain number of deposits per month, or set up direct deposit.
Other fees to watch for include overdraft fees (charged if you spend more than you have), ATM fees (charged when you use an out-of-network ATM), and inactivity fees (charged if you do not use the account for a long time). Read the fee schedule on the bank's website or ask the banker to walk you through it before you open the account.
Interest rates on savings accounts vary widely. Banks advertise an Annual Percentage Yield (APY), which is the amount of interest your money will earn in a year. Online banks typically offer higher APY than brick-and-mortar banks because they have lower overhead costs. Compare APY across several banks before you decide — the difference between 0.01% and 4.5% APY means hundreds of dollars over time on a large balance.
What Happens After You Open the Account
Once your account is open, you can deposit money by visiting an ATM, mailing a check, or setting up direct deposit from your paycheck. Direct deposit is the fastest way to get money into your account — it usually arrives on payday or within one business day. To set up direct deposit, give your employer the account number and routing number from your bank.
You can withdraw money at any ATM that displays your bank's logo, or by visiting a branch and asking the teller. Some banks charge a fee for out-of-network ATM withdrawals, so check whether your bank has ATMs near your home or work before you open the account.
You will receive monthly statements showing your deposits, withdrawals, interest earned, and fees charged. Most banks send statements online only now, though you can request paper statements if you prefer. Review your statement each month to catch errors or unauthorized transactions.
Choosing Between a Bank and a Credit Union
Banks and credit unions both offer savings accounts, but they operate differently. Banks are for-profit businesses owned by shareholders. Credit unions are nonprofit organizations owned by their members. This difference affects fees, interest rates, and customer service.
Credit unions often charge lower fees and offer higher interest rates on savings accounts because they return profits to members rather than shareholders. However, credit unions have smaller ATM networks than banks, so you may pay out-of-network fees more often. Banks have more branches and ATMs, but typically charge higher fees and offer lower interest rates.
To join a credit union, you must meet membership requirements — these vary by credit union and might include living in a certain area, working for a specific employer, or belonging to a particular organization. Ask the credit union about membership before you try to open an account.
Special Situations: No ID, No Address, or Bad Credit
If you do not have a government photo ID, some banks will open an account using a passport, tribal ID, or military ID. If you have none of these, ask the bank whether they accept alternative forms of identification — policies vary. You may need to bring additional documents like a birth certificate or Social Security card.
If you do not have a permanent address, some banks will accept mail from a shelter, a trusted friend's address, or a PO box. Call ahead and explain your situation — the banker can tell you what documents they will accept before you make the trip.
Having poor credit or a history of overdrafts will not prevent you from opening a savings account. Banks do not run a credit check for savings accounts the way they do for loans or credit cards. However, if you have been reported to ChexSystems (a banking history database) for unpaid overdrafts or fraud, some banks may refuse to open an account. You can request a free copy of your ChexSystems report at www.chexsystems.com to see whether you are listed.
Frequently Asked Questions
How long does it take to open a savings account?
In person, the process takes 15 to 30 minutes. Online, it takes 10 to 20 minutes to complete the application, but identity verification can take a few hours to a few days. Your debit card will arrive by mail in five to ten business days after your account opens, though you can use your account online immediately.
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 ITINs, so call ahead and ask. Some banks also accept passports or other government-issued ID in place of a Social Security number, depending on your situation.
What is the difference between a savings account and a checking account?
Savings accounts are designed for storing money and earning interest. Checking accounts are designed for everyday spending and bill payments. Savings accounts typically limit how many withdrawals you can make per month, while checking accounts do not. Interest rates on savings accounts are higher than on checking accounts.
Do I need to keep a minimum balance in my savings account?
It depends on the bank. Some banks require a minimum balance to avoid monthly fees or to earn interest. Others have no minimum balance requirement. Check the account terms before you open the account — the banker or website will tell you whether a minimum balance applies.
What should I do if I lose my debit card?
Call your bank immediately — the number is on your statement or the back of your card. The bank will freeze your card to prevent unauthorized use and mail you a replacement within five to ten business days. You can still access your money online or at a branch while you wait for the new card.