What you need to open a savings account
To open a savings account, you will need a government-issued photo ID, proof of your current address, and your Social Security number. Most banks also ask for an initial deposit — this can be as small as $1 at some banks, or $25 to $100 at others. A few online banks have no minimum deposit at all.
You can open an account in person at a bank branch, over the phone, or online. The process takes about 15 to 30 minutes if you do it in person or online, and the account is usually ready to use the same day or within one business day.
Key Takeaways
- You will need a photo ID, proof of address, and your Social Security number to open any savings account.
- The initial deposit required varies by bank — some ask for $1, others for $25 to $100, and some online banks ask for nothing.
- You can open an account in person, by phone, or online, and most accounts are ready to use within one business day.
- Once your account is open, you can deposit money by direct deposit, transfer from another bank, or in-person deposit at a branch.
Opening an account in person at a branch
Walk into any branch of the bank you have chosen and ask to open a savings account. Bring your photo ID, a piece of mail or utility bill showing your current address, and your Social Security number. The banker will ask you to fill out a form with your name, address, phone number, and email.
You will be asked which type of savings account you want — most banks offer a basic savings account and may also offer a high-yield savings account that pays more interest. The banker will explain the difference and the current interest rate for each. Once you choose, you will sign the account agreement and make your initial deposit. Your account number will be printed on a temporary card or receipt, and you can start using the account right away.
If you want a debit card to withdraw money from ATMs, ask the banker about it during this visit. Some banks issue the card on the spot; others mail it to you within 5 to 10 business days.
Opening an account online
Go to the bank's website and look for a button that says "Open an Account" or "Sign Up." You will be asked to enter your name, address, phone number, email, and Social Security number. The website will ask you to upload a photo of your ID and proof of address — a recent utility bill, lease, or bank statement works for proof of address.
After you submit these documents, the bank will verify them, usually within a few hours. You will then be asked to choose your account type and make an initial deposit. Most online banks let you transfer money from another bank account to fund your new savings account. This transfer usually takes 1 to 3 business days to complete.
Once your account is open and funded, you can log in to the bank's website or app to check your balance and move money around. You will receive a debit card in the mail within 7 to 10 business days.
Opening an account by phone
Call the bank's customer service number and tell them you want to open a savings account. A representative will ask you the same questions as the online or in-person process: your name, address, Social Security number, and which type of account you want.
The representative will mail you forms to sign and return. You will also need to mail or upload copies of your ID and proof of address. Once the bank receives and verifies these documents, they will fund your account and mail you a debit card. This process takes longer than opening in person or online — usually 1 to 2 weeks total.
What happens after you open the account
Once your account is open, you can deposit money in three ways: direct deposit from your employer, a transfer from another bank account you own, or an in-person deposit at a branch if the bank has physical locations.
Direct deposit is the fastest and most common way to fund a savings account. Ask your employer's payroll department for the bank's routing number and your new account number — both appear on your account paperwork or in the bank's app. Give these to payroll, and your paycheck will go directly into your savings account on payday.
If you want to transfer money from another bank, log into your new savings account online or in the app and look for a button that says "Transfer Money" or "Link Account." You will enter the routing number and account number of the other bank, and the transfer will begin. Most transfers take 1 to 3 business days.
Choosing between in-person and online banks
In-person banks have physical branches where you can deposit cash, withdraw money, and talk to a banker face-to-face. Online banks have no branches — you do everything through a website or app. Online banks usually pay higher interest rates on savings because they have lower costs, but they cannot take cash deposits.
If you need to deposit cash regularly, an in-person bank or a bank with ATMs in your area is more practical. If you rarely use cash and want the highest interest rate, an online bank may be the better choice. Some people use both: a local bank for everyday banking and an online bank for savings.
Documents you will need
Have these documents ready before you start the process, whether you are opening an account in person, online, or by phone:
- A government-issued photo ID (driver's license, passport, or state ID card)
- Proof of your current address (a recent utility bill, lease agreement, or bank statement dated within the last 60 days)
- Your Social Security number
- The initial deposit amount (cash, check, or transfer from another account)
Some banks may ask for additional information if you have a complex financial history or if the bank is required to do extra verification for legal reasons. If this happens, the bank will tell you what else they need.
Frequently Asked Questions
Can I open a savings account if I don't have a Social Security number?
Most banks require a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, contact the bank directly — some banks have special accounts for people without a Social Security number, though these are less common.
What if I don't have a proof of address document?
If you cannot provide a utility bill or lease, ask the bank what other documents they accept. Some banks accept a government benefits letter, a letter from your employer, or a recent bank statement from another bank. Call the bank before you visit to confirm what they will take.
How much money do I have to put in to open the account?
This varies by bank. Some banks require $1, others require $25 to $100, and some online banks have no minimum deposit. Check the bank's website or call them before you open the account to find out their requirement.
Can I open a savings account if I have been denied a bank account before?
Yes. Banks use a system called ChexSystems to check your banking history, and some banks will deny you if you have unpaid fees or closed accounts with negative balances. However, many banks work with people in this situation — look for banks that market themselves as "second chance banking" or call ahead to ask if they work with people with banking history issues.
When can I start using my savings account?
If you open the account in person, you can usually use it the same day. If you open it online, it is typically ready within one business day. If you open it by phone, it takes 1 to 2 weeks because documents have to be mailed and verified.