What you need before you walk in or go online

Opening a savings account takes between 10 and 30 minutes, and you can do it in person at a branch, over the phone, or online. Most banks and credit unions require the same core documents: a government-issued photo 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 institutions also ask for a second form of ID or a phone number where they can reach you.

If you do not have a Social Security number, you may be able to open an account with an Individual Taxpayer Identification Number (ITIN) instead, though not all banks accept this. Call ahead to confirm. If you have had banking problems in the past — overdrafts you did not pay back, fraud, or accounts closed by the bank — the institution will see this through ChexSystems, a banking history report. Some banks specialize in second-chance accounts for people with this history; others will deny you outright.

Key Takeaways

  • You will need a photo ID, proof of address, and your Social Security number; most banks can complete the process online or in person in under 30 minutes.
  • Online banks often have no minimum balance requirement and higher interest rates, while brick-and-mortar banks offer in-person support and may require a deposit to open.
  • Your banking history shows up in ChexSystems, so if you have closed accounts or unpaid overdrafts, disclose this upfront or look for banks that work with second-chance accounts.
  • Once your account is open, you will receive a debit card, online login, and routing and account numbers for direct deposit or transfers from other banks.

Opening an account online versus in person

Online banks like Ally, Marcus, and Discover typically have no minimum opening deposit and no monthly fees. You upload photos of your ID and proof of address, answer security questions, and the account opens within a few hours or a business day. You manage everything through an app or website, and customer service is by phone, email, or chat — not face-to-face.

Banks with physical branches — Chase, Bank of America, Wells Fargo, or your local credit union — let you sit down with someone who can answer questions and walk you through options. Many still require a minimum deposit to open (often $25 to $100), and some charge monthly maintenance fees unless you meet conditions like keeping a certain balance or setting up direct deposit. The trade-off is that you can deposit cash immediately and speak to a person if something goes wrong.

Credit unions are member-owned and often have lower fees and higher savings rates than big banks. You must join the credit union first, which usually means living or working in a certain area, belonging to a particular employer, or meeting another membership criterion. Once you join, opening a savings account works the same way as at a bank.

The actual steps to open an account

Online: Visit the bank's website, click "Open an Account" or "Sign Up," and select "Savings Account." Enter your name, address, date of birth, and Social Security number. Upload a photo of your ID and a photo of your proof of address (hold them up to your phone camera or scan them). Answer security questions about your past addresses and previous accounts. Review the account terms, including the interest rate and any fees. Agree to the terms and submit. The bank will send you a confirmation email with your account number and routing number. You can usually start using the account within 24 hours, though transfers from other banks may take three to five business days to appear.

In person: Bring your ID, proof of address, and Social Security number to a branch. Tell the employee you want to open a savings account. They will ask how much you want to deposit initially (if anything) and whether you want online banking and a debit card. They will fill out or have you fill out an account application, run your information through ChexSystems, and if you are approved, hand you temporary account information on the spot. Your debit card arrives by mail in 7 to 10 business days. You can start using online banking and transfers immediately.

By phone: Call the bank's customer service number and ask to open a savings account. They will ask the same questions as the online form, verify your identity by asking security questions, and may ask you to confirm your address by mail or email. This route is slower than online or in-person because you cannot upload documents in real time, but it works if you prefer talking to a person.

What happens after your account opens

Within one business day, you will receive your account number and routing number by email or in person. Your routing number is the same for all accounts at that bank; your account number is unique to your savings account. You need both to set up direct deposit from your employer or to transfer money from another bank.

If you opened in person or by phone, your debit card will arrive in the mail within 7 to 10 business days. Online banks may not issue a debit card at all, or may charge a small fee for one. You can withdraw money from your savings account through an ATM (using your debit card), by visiting a branch, or by transferring it to a checking account and writing a check or using a debit card there.

Your bank will send you a welcome packet with your account agreement, fee schedule, and privacy notice. Read the fee schedule carefully — it tells you what the bank charges for overdrafts, ATM use outside their network, early withdrawal from CDs, and other actions. Many banks waive fees if you set up direct deposit or keep a minimum balance.

Minimum deposits and account fees

Minimum opening deposits range from zero to $500, depending on the bank and account type. Online banks almost never require a minimum. Traditional banks often require $25 to $100. Some accounts have a minimum balance you must keep in the account at all times; if you drop below it, you pay a monthly fee (usually $5 to $15). Others have no minimum balance but charge a monthly maintenance fee unless you meet a condition — direct deposit, a certain number of transfers, or a linked checking account.

Read the fee schedule before you open. A bank advertising "no monthly fees" may still charge you for things like overdrafts, out-of-network ATM use, or paper statements. If you plan to keep a low balance or make frequent transfers, an online bank with no fees and no minimum is usually cheaper than a traditional bank.

If your application is denied

Banks deny accounts for a few reasons: a negative ChexSystems report (unpaid overdrafts, fraud, or an account closed by the bank), a Social Security number mismatch, or an address that does not verify. If you are denied, the bank must tell you why and give you contact information for ChexSystems so you can check your report for errors.

If the denial was because of ChexSystems, you have options. Some banks specialize in second-chance accounts and will open one for you despite your history — LendingClub, Chime, and many credit unions fall into this category. You may also be able to dispute errors on your ChexSystems report directly with ChexSystems, which can take 30 days. In the meantime, look for a bank that does not use ChexSystems or that has a second-chance program.

Moving money into your new account

Once your account is open, you can move money in several ways. Direct deposit from your employer is the fastest and most reliable — give your employer your routing number and account number, and your paycheck lands in your account on payday. External transfer from another bank takes three to five business days; you log into your new bank's website, select "Transfer Money," enter the other bank's routing number and your account number there, and authorize the transfer. Mobile deposit lets you photograph a check with your phone and deposit it through the bank's app — the funds usually appear within one business day. In-person deposit at a branch or ATM is instant if you use the bank's own ATM, or takes one business day if you use an ATM outside their network.

Frequently Asked Questions

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

Some banks will open an account with an ITIN (Individual Taxpayer Identification Number) instead, but not all. Call the bank before you visit or apply online. Credit unions are sometimes more flexible than large banks on this point. You will still need a photo ID and proof of address.

How long does it take to use my new account?

Online accounts are usually ready within a few hours to one business day. In-person accounts are ready immediately, though your debit card takes 7 to 10 business days to arrive by mail. Transfers from other banks take three to five business days to show up, even if your account is open.

What if I have a ChexSystems record from a closed account?

Disclose it upfront when you open the account — lying about it can get you denied or have your account closed later. Look for banks with second-chance programs, which are designed for people with banking history problems. You can also dispute errors on your ChexSystems report directly with ChexSystems at no cost.

Do I need a minimum balance to keep the account open?

It depends on the bank. Online banks rarely require a minimum. Traditional banks often waive monthly fees if you keep a certain balance (often $500 to $1,500) or set up direct deposit. Read the fee schedule before you open to know what you are committing to.

Can I open multiple savings accounts at the same bank?

Yes. Many people open separate accounts for different goals — one for emergencies, one for a vacation, one for a down payment. Each account has its own number and earns interest separately. There is no limit to how many you can open, though some banks cap how many you can open in a single day.