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 banks ask for a driver's license or passport. For proof of address, bring a recent utility bill, lease, or mortgage statement — something dated within the last 60 days. You will also need to decide how much money to deposit to start the account, though many banks have no minimum opening deposit.
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. Call ahead to confirm, because not all institutions offer this option. Bring the same documents you would for a Social Security number account.
If you are under 18, a parent or legal guardian must be present and will typically be listed as a co-owner on the account. Some banks have separate teen savings accounts with different rules and lower or no fees.
Key Takeaways
- You need a photo ID, proof of address dated within 60 days, and your Social Security number or ITIN to open an account.
- Most banks and credit unions have no minimum opening deposit, though some require $25 to $100.
- You can open an account in person at a branch, online through a bank's website, or by phone with some institutions.
- The entire process usually takes 15 minutes to an hour in person, or a few minutes online if you have all documents ready.
- Compare monthly fees, interest rates, and withdrawal limits before choosing a bank, because these vary widely between institutions.
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. Bring your photo ID, proof of address, and Social Security number or ITIN. Tell the teller or a new accounts representative that you want to open a savings account. They will ask you questions about your employment, income, and how you plan to use the account — this is standard and takes a few minutes.
You will review and sign account paperwork, which includes the deposit account agreement (the rules of the account) and a signature card. The representative will explain the monthly fee, if any; the interest rate the bank is currently paying; and how to access your account online or by phone. If you are opening the account with an initial deposit, bring cash, a check, or a debit card to fund it.
Once you sign, your account is open. You will receive a debit card in the mail within 7 to 10 business days, and you can start using your account online or at the ATM immediately. Some banks give you a temporary card to use right away.
Opening an account online
Many banks and most online-only banks let you open a savings account entirely through their website. Go to the bank's homepage and look for a button that says "Open an Account" or "New Customer." You will answer questions about yourself, upload photos of your ID and proof of address, and verify your Social Security number or ITIN.
The process is usually faster online — often 10 to 20 minutes — but you cannot hand over cash. You will need to fund the account by transferring money from another bank account you own, or by mailing a check. Some banks let you link an external account and transfer money the same day; others take one to three business days to confirm the transfer.
After you submit your information, the bank will review it and send you an email confirming your account is open. You can log in to your online account and see your balance within hours. Your debit card arrives by mail in 7 to 10 business days.
Opening an account by phone
Some banks and credit unions let you open a savings account by calling their customer service line. This is less common than in-person or online, but it works if you cannot visit a branch and prefer not to open an account online. Call the bank's main number and ask to speak with someone in new accounts.
You will answer the same questions as you would online or in person. The representative will ask you to mail or upload photos of your ID and proof of address. Once the bank receives and verifies these documents, your account opens. This route usually takes 3 to 5 business days because of the time needed to receive and process your documents by mail.
Comparing banks before you open
Before you choose a bank, compare three things: monthly maintenance fees, interest rates, and withdrawal limits. Monthly fees vary from $0 to $15 per month depending on the bank and account type. Some banks waive the fee if you keep a minimum balance or set up direct deposit. Interest rates also vary — online banks typically pay higher rates than traditional banks, but rates change frequently.
Check whether the bank charges a fee if you withdraw money more than a certain number of times per month. Federal law used to limit savings account withdrawals to six per month, but that rule changed in 2020. Most banks no longer enforce a limit, but some still do. Ask before you open.
Use a comparison tool on the bank's website or a financial website to see current rates and fees. Call the bank directly if you have questions — the information on the website may not reflect the most recent changes.
What happens after you open your account
Once your account is open, you can deposit money by transferring it from another account, depositing cash or checks at an ATM or branch, or having your paycheck deposited directly. Direct deposit is the fastest way to get money into your account — it usually arrives on payday or within one business day.
You can check your balance online, by phone, or at an ATM anytime. Most banks send you a monthly statement by email or mail showing all deposits, withdrawals, and interest earned. Keep these statements for your records.
If you need to close the account later, contact the bank and ask how to do so. Most banks let you close an account online, by phone, or in person. Make sure you withdraw all your money first or transfer it to another account.
If you have no ID or proof of address
If you do not have a government-issued photo ID, some banks and credit unions will open an account using other forms of identification, such as a state ID card, tribal ID, or passport card. Call the bank ahead of time to ask what they accept.
If you do not have proof of address, bring a letter from a government agency, employer, or utility company that shows your name and current address. Some banks accept a lease or rental agreement. If you are homeless or do not have a permanent address, ask the bank if they have an alternative process — many do.
Frequently Asked Questions
Can I open a savings account without a Social Security number?
Yes, if you have an ITIN (Individual Taxpayer Identification Number). Not all banks offer this, so call ahead. You will still need a photo ID and proof of address. Some credit unions are more likely to open accounts for people without a Social Security number than traditional banks.
How much money do I need to open an account?
Most banks have no minimum opening deposit. Some require $25, $50, or $100. Check the bank's website or call to confirm before you go in. If you cannot meet the minimum, try a different bank or credit union.
Can I open an account if I have been denied before?
Yes. Banks use ChexSystems, a checking account history database, to screen new customers. If you were denied because of unpaid fees or fraud, you can still open an account at a different bank or at a credit union, which may have less strict screening. Ask the bank that denied you why, so you know what to expect elsewhere.
How long does it take to start using my account?
If you open in person or online, you can use your account online or at an ATM the same day. Your debit card arrives by mail in 7 to 10 business days. If you open by phone, your account opens after the bank receives your documents, usually 3 to 5 days.
Do I need to keep a minimum balance to avoid fees?
It depends on the bank. Some charge a monthly fee unless you keep a certain balance, such as $500 or $1,000. Others waive the fee if you set up direct deposit. Read the account agreement or ask the bank what the fee waiver options are.