Banks require different things, and the basics are simpler than you might think

Most banks will open a savings account if you bring a government-issued ID, proof of address, and an initial deposit—often as little as $25. The exact requirements depend on the bank, your age, and whether you have a history with them. Some banks ask for a Social Security number; others accept an Individual Taxpayer Identification Number (ITIN). A few have no minimum deposit at all. What matters is knowing what your bank requires before you walk in or click apply.

Once the account is open, keeping it active is usually straightforward: most banks just want you to use it. Some require a minimum balance to avoid a monthly fee. Others charge a fee if you don't make a deposit within a certain period. A few have no ongoing requirements at all. The catch is that these rules vary widely, and they can change, so reading your account agreement matters more than memorizing a list.

Key Takeaways

  • You will need a government-issued ID, proof of address, and usually an initial deposit to open a savings account at a traditional bank.
  • Minimum deposit amounts range from zero to several hundred dollars depending on the bank and account type.
  • Many banks charge a monthly fee if your balance falls below a set amount, typically $100 to $500.
  • Some banks require regular deposits or activity to keep the account open; others have no activity requirement at all.
  • Online banks often have lower or no minimum balance requirements but may require a debit card or linked checking account.

What you need to bring or provide to open an account

A valid government-issued ID is the first requirement at nearly every bank. This can be a driver's license, passport, state ID card, or military ID. The bank needs to verify your identity and comply with federal anti-money-laundering rules. If you don't have a government ID, some banks will accept a combination of documents—a utility bill plus a school ID, for example—but this is less common and may require a manager's approval.

Proof of address comes second. A recent utility bill, lease agreement, mortgage statement, or government mail with your name and address usually works. Some banks accept a bank statement from another institution. The document typically needs to be dated within the last 60 days, though this varies. If you don't have a permanent address, some banks will accept mail sent to a shelter, PO box, or care-of address, but you'll need to ask first.

An initial deposit is required by most traditional banks, ranging from $25 to $500. Online banks and some credit unions often have no minimum deposit. The deposit can usually come from a check, debit card, or transfer from another account. A few banks will waive the minimum if you set up direct deposit, though this requirement is becoming less common.

Minimum balance requirements and monthly fees

A minimum balance requirement is the lowest amount the bank wants you to keep in the account at all times. If your balance drops below it, you typically pay a monthly fee—usually $5 to $15. Common minimums are $100, $300, or $500, though some accounts have no minimum at all. The requirement applies to your daily balance, not your average balance, so even one day below the threshold can trigger a fee.

Some banks waive the minimum if you meet other conditions: setting up direct deposit, maintaining a linked checking account, or making a certain number of debit card transactions per month. Read the fine print of your specific account, because these waivers are common but not universal. Online banks tend to have lower or no minimums because their operating costs are lower.

Monthly maintenance fees exist separately from minimum balance fees. A bank might charge $3 to $10 per month just for having the account, regardless of your balance. Many banks waive this fee if you maintain the minimum balance or meet activity requirements. Some accounts have no monthly fee at all. The fee structure is always spelled out in the account agreement, which the bank must give you before you open the account.

Activity and deposit requirements

Some banks require you to make at least one deposit or withdrawal per month, or per quarter, to keep the account active. This is less common than it used to be, but it still exists at certain banks and credit unions. If you don't meet the requirement, the bank may charge a fee or, in rare cases, close the account. The requirement is usually stated clearly in the account agreement.

Direct deposit—having your paycheck or government payment sent straight to the account—is often encouraged by banks and may unlock benefits like waived fees or higher interest rates. However, most banks do not require direct deposit to keep a savings account open. If a bank does require it, that requirement will be in the account agreement.

Inactivity for an extended period—usually one to three years with no deposits, withdrawals, or other activity—can result in the account being closed or transferred to the state as unclaimed property. This is rare for active accounts, but it can happen if you open an account and never use it. If you think an old account may have been closed, contact the bank or check your state's unclaimed property database.

Special requirements for minors and non-citizens

If you are under 18, you will usually need a parent or guardian to co-sign the account or open a custodial account in their name with you as the beneficiary. Some banks allow teens to open their own accounts at 13 or 14 with parental permission. The requirements vary by bank, so call ahead if you are under 18.

If you are not a U.S. citizen, you can still open a savings account. You will need a valid passport or travel document instead of a driver's license, and proof of address. Some banks ask for a Social Security number; others accept an ITIN or a tax ID number from your home country. A few banks require a U.S. address, which can be a barrier if you are living abroad. Credit unions are sometimes more flexible than large banks on this point.

What happens if you don't meet the requirements

If your balance falls below the minimum, the bank charges a fee—usually $5 to $15. This fee is deducted from your account, which can push your balance even lower. If you incur multiple fees in a row, your balance can drop to zero or negative. Some banks will close the account if it remains negative for 30 to 60 days.

If you fail to meet an activity requirement—such as making a deposit within the required timeframe—the bank may charge a fee or close the account. Before closing an account, most banks send a notice, so you have a chance to make a deposit or contact them. If your account is closed, you can usually reopen it, but some banks may require you to wait a period of time or pay a fee.

If your account is closed due to inactivity or non-payment of fees, any remaining balance is yours. The bank will send you a check or allow you to transfer the funds. If you don't claim the money within a certain period—usually three to five years—it goes to your state's unclaimed property program. You can search for unclaimed money at unclaimed.org or your state treasurer's website.

How to find a bank with requirements that fit your situation

If you have a low or irregular income, look for banks with no minimum balance requirement. Online banks like Ally, Charles Schwab, and Marcus typically have no minimums and no monthly fees. Credit unions often have lower minimums than large banks and may waive fees for members who maintain a checking account with them.

If you cannot provide a Social Security number, call ahead and ask whether the bank accepts an ITIN or other tax ID. Some banks have policies against this; others do it routinely. Second-chance banking programs, often run by credit unions or community banks, are designed for people with limited banking history or no ID and may have different requirements.

If you are opening an account for the first time or after a long gap, bring all the documents you have—ID, proof of address, and any other official mail with your name on it. Banks have some flexibility in what they accept, and a manager can often approve alternatives if the standard documents are not available.

Frequently Asked Questions

Can I open a savings account without a Social Security number?

Yes. You can use an ITIN (Individual Taxpayer Identification Number), a passport, or other government-issued ID. Some banks accept these routinely; others require a manager's approval. Call the bank first to confirm they accept non-SSN identification before you visit.

What is the difference between a minimum balance requirement and a monthly fee?

A minimum balance requirement is the lowest amount you must keep in the account to avoid a fee. A monthly fee is a charge the bank takes just for having the account, regardless of your balance. Some accounts have both, some have one, and some have neither.

What happens if my account balance goes negative?

The bank will charge an overdraft fee, usually $25 to $35. Your balance becomes negative, and you owe the bank that amount plus the fee. If the negative balance is not paid within 30 to 60 days, the bank may close the account and report it to ChexSystems, which can make it harder to open accounts elsewhere.

Can a bank close my account without warning?

Banks can close accounts, but they must usually give you notice—typically 30 to 60 days. The most common reasons are repeated overdrafts, suspected fraud, or violation of the account agreement. If your account is closed, you have the right to withdraw any remaining balance.

Do I need direct deposit to keep a savings account open?

No. Most banks do not require direct deposit to maintain a savings account. However, some banks offer perks—like waived fees or higher interest rates—if you set up direct deposit. Check your account agreement to see if direct deposit is required or just encouraged.