What you need to open a savings account

You need a government-issued photo ID, proof of your current address, and your Social Security number. That is the baseline for any bank or credit union. Some institutions also ask for an initial deposit before they open the account — this ranges from zero dollars at some online banks to $25 or $100 at others. A few still require $500 or more, though this is less common than it used to be.

Proof of address can be a utility bill, lease, mortgage statement, or government mail dated within the last 60 days. If you do not have one, a bank statement, insurance document, or tax return often works. Call ahead to ask what your specific bank accepts — the rules vary by institution and sometimes by branch.

If you do not have a Social Security number, you can open an account with an Individual Taxpayer Identification Number (ITIN) at many banks and credit unions, though not all. Ask before you go in.

Key Takeaways

  • You will need a photo ID, proof of address, and your Social Security number or ITIN to open an account at a bank or credit union.
  • Online banks often have lower minimum deposits or no minimum at all, while traditional brick-and-mortar banks may require $25 to $500 to start.
  • You can open an account in person at a branch, online through a bank's website, or by phone at some institutions.
  • Once your account is open, you receive a debit card and online access, and you can begin depositing money immediately.

Opening an account in person at a bank or credit union

Walk into a branch during business hours with your ID, proof of address, and Social Security number. Tell the teller or banker you want to open a savings account. They will ask you to choose between a regular savings account, a high-yield savings account, or sometimes a money market account — ask them to explain the differences in interest rates and any monthly fees before you decide.

The banker will fill out the account application with you, show you the fee schedule, and explain how you can deposit and withdraw money. You will sign paperwork, and they will give you a temporary debit card or card number on the spot. Your account is usually active the same day, though some banks take 24 hours to process it fully.

If you are opening an account at a credit union, you may also need to become a member. This usually means paying a one-time membership fee (often $5 to $25) and meeting a membership requirement — for example, living in a certain county or working for a specific employer. Ask about this before you start the application.

Opening an account online

Visit the bank's website and look for a button that says "Open an Account" or "get your free guide." You will enter your personal information, Social Security number, and address into an online form. The bank will verify your identity — some use instant verification through a third-party service, while others ask you to upload photos of your ID and proof of address.

The whole process usually takes 10 to 15 minutes. Once approved, you can log into your account immediately and see your account number. You can start depositing money the same day by transferring from another bank account you own, or by setting up direct deposit from your employer or benefits.

If you need a physical debit card, the bank will mail it to your address — this typically arrives within 7 to 10 business days. Some online banks let you use a temporary card number for online purchases while you wait for the physical card.

Opening an account by phone

Some banks and most credit unions let you open an account by calling their customer service line. You will provide your information verbally, and they will mail you the paperwork to sign and return. This method is slower than in-person or online — it can take one to two weeks from your first call to having an active account.

Ask the representative whether you can start depositing money before you return the signed paperwork, or whether you have to wait until they receive it back. Some institutions allow this; others do not.

What happens after you open the account

Your account is now active and assigned an account number. You can deposit money by transferring it from another bank account, setting up direct deposit from your paycheck, or depositing cash and checks at an ATM or branch. Most banks let you start using your account the same day it opens, even if your debit card has not arrived yet.

Log into your online banking portal or download the bank's mobile app to check your balance, set up automatic transfers, and monitor your account. Many banks let you set up automatic savings — for example, moving $50 from your checking account to savings every payday — right from the app.

Review the fee schedule the bank gave you when you opened the account. Common fees include monthly maintenance fees (usually $0 to $15), overdraft fees if you spend more than you have, and ATM fees if you use an out-of-network machine. Some banks waive monthly fees if you keep a minimum balance or set up direct deposit.

Choosing between a bank and a credit union

Banks are for-profit institutions with branches in many locations and usually lower interest rates on savings. Credit unions are member-owned nonprofits with fewer branches but often higher interest rates and lower fees. Both are insured by the federal government — banks through the Federal Deposit Insurance Corporation (FDIC) and credit unions through the National Credit Union Administration (NCUA) — so your money is protected up to $250,000.

If you want convenience and many branch locations, a large national bank may suit you. If you want higher interest on your savings and lower fees, a credit union or online bank is often the better choice. Compare the interest rate, monthly fees, minimum deposit, and ATM access at three or four institutions before you decide.

Frequently Asked Questions

Can I open a savings account if I have bad credit?

Yes. Banks and credit unions do not check your credit score to open a savings account. They may check ChexSystems, a banking history database, to see if you have had accounts closed for unpaid fees or fraud. If you have a history with ChexSystems, some banks will still open an account for you, though a few will not.

Do I need a minimum deposit to open an account?

It depends on the bank. Online banks often have no minimum deposit. Traditional banks may require $25 to $500. Credit unions vary widely. Call or check the bank's website before you go in to find out what they require.

How long does it take to open an account?

In person: same day. Online: 10 to 15 minutes, with full access immediately. By phone: one to two weeks. The speed depends on how the bank verifies your identity and whether they need you to return signed paperwork.

What if I do not have a permanent address?

Some banks accept a shelter address, a PO box, or a friend's address as proof of residence. Call ahead and explain your situation — many institutions have options for people experiencing homelessness or housing instability. Credit unions and community banks are often more flexible than large national banks.

Can someone else open an account for me?

No. You must be present in person or complete the online application yourself. A parent or guardian can open a custodial savings account for a minor, but you will need to be there or provide your information. Banks cannot open accounts for someone else without their direct involvement.