What you need before you walk in or log on

Most banks and credit unions will ask for a government-issued ID, your Social Security number, and a small opening deposit—usually between $0 and $100, depending on the institution. Some online banks waive the deposit entirely. You'll also need to decide whether you want to open the account in person, by phone, or online, which affects what documents you bring and how long the process takes.

If you don't have a government ID yet, a state driver's license or passport works. If you're opening an account for a minor, you'll need to be their parent or legal guardian and bring their birth certificate or Social Security card along with your own ID. Non-citizens can open accounts with an ITIN (Individual Taxpayer Identification Number) instead of a Social Security number at most banks, though some require a passport or consular ID as well.

Key Takeaways

  • You need a government ID, your Social Security number or ITIN, and usually a small opening deposit to start a savings account.
  • Banks, credit unions, and online banks all offer savings accounts, and each charges different fees and pays different interest rates.
  • Opening in person takes 15 to 30 minutes; opening online or by phone usually takes 10 to 20 minutes and can happen any time of day.
  • After you open the account, you'll receive a debit card and online login information, and you can start depositing money the same day.
  • Ask about monthly maintenance fees, minimum balance requirements, and interest rates before you commit, because these vary widely between institutions.

Where to open: banks, credit unions, or online

A traditional bank branch is the slowest option but the most hands-on. You sit down with a banker, they walk you through the paperwork, and you leave with a temporary debit card or card number the same day. Most banks charge a monthly maintenance fee ($5 to $15) unless you keep a minimum balance or set up direct deposit. Interest rates on savings are typically very low—often under 0.01%.

Credit unions are member-owned and often charge lower fees and pay slightly higher interest rates than banks. You must be a member to open an account, which usually means living or working in a certain area, belonging to a specific employer, or being related to a current member. Membership is free or costs a small one-time fee ($5 to $25). The process process is similar to a bank's, and you can often do it in person or online.

Online banks have no physical branches, so you open entirely through their website or app. The process is fastest—usually 10 to 20 minutes—and you can do it at any hour. Online banks typically charge no monthly fees and pay higher interest rates (currently 4% to 5% on savings accounts, though this changes with the Federal Reserve). The tradeoff is that you can't deposit cash directly; you must transfer money from another account or use mobile check deposit.

The step-by-step process for opening in person

Walk into a branch with your ID and Social Security number. Tell the banker you want to open a savings account. They'll ask you questions: your full legal name, date of birth, address, phone number, and employment status. They'll run a soft credit check (which doesn't hurt your credit score) and check ChexSystems, a banking history database that flags accounts closed for fraud or unpaid overdrafts.

Next, they'll show you the account options—different savings products with different fees and interest rates. Ask about monthly maintenance fees, minimum balance requirements, and the current interest rate. Once you choose, you'll sign paperwork (usually 2 to 4 pages) that confirms the account terms and your identity. You'll make your opening deposit by cash, check, or debit card. The banker will give you a temporary debit card number or a physical card to take home, and you'll receive login credentials for online banking.

The whole process takes 15 to 30 minutes. You can start using the account when ready, though checks you deposit may take 1 to 5 business days to clear.

Opening online or by phone

Online opening is the fastest route. Go to the bank's or credit union's website, click "Open an Account," and fill in your personal information. You'll upload a photo of your ID (driver's license or passport) and sometimes a photo of yourself. The system verifies your identity against your Social Security number and checks ChexSystems. Most online banks complete this in 10 to 20 minutes and send you login credentials when ready.

You'll then link a bank account to fund your opening deposit. This usually takes 1 to 3 business days for the money to arrive, though some online banks let you transfer from another account when ready. You won't receive a physical debit card for 5 to 10 business days, but many online banks let you use a temporary card number or digital wallet (Apple Pay, Google Pay) right away.

Phone opening is less common but available at some banks and credit unions. Call the number on their website, give the same information you'd enter online, and the representative will walk you through it. This takes 20 to 30 minutes. You'll still need to upload your ID and link a bank account for the deposit, so the overall timeline is similar to online opening.

What happens after you open the account

Within 1 to 3 business days, your opening deposit will show in your account. You'll receive a physical debit card in the mail within 5 to 10 business days (or when ready if you opened at a branch). You can start depositing money right away through mobile check deposit (if the bank offers it), transfers from another account, or direct deposit from your employer.

Log into your online account or app to set up alerts—notifications when your balance drops below a certain amount, when a deposit clears, or when a withdrawal happens. This helps you catch fraud early. You can also set up automatic transfers to move money into savings on a regular schedule, which many people find easier than saving manually.

If you opened at a branch, ask for a receipt showing your account number and routing number. If you opened online, this information is in your account settings. You'll need both numbers to set up direct deposit with your employer or to receive wire transfers.

Fees and terms to ask about before you commit

Monthly maintenance fees range from $0 to $15 depending on the bank and account type. Some banks waive the fee if you keep a minimum balance (often $500 to $2,500), set up direct deposit, or maintain a linked checking account. Ask whether the minimum is a daily balance or an average balance—daily is harder to maintain.

Interest rates on savings accounts vary widely. As of now, online banks pay 4% to 5%, while traditional banks often pay under 0.5%. The rate changes when the Federal Reserve adjusts its benchmark rate, so ask whether the bank guarantees the rate or can change it. Most can change it at any time, though they usually give you notice.

Ask about withdrawal limits. Federal law used to cap savings withdrawals at six per month, but that rule was suspended in 2020. Most banks now allow unlimited withdrawals, but some still limit them or charge a fee after a certain number. Ask about overdraft protection too—if you accidentally overdraw, does the bank cover it (and charge a fee), or does the transaction decline?

If you have no ID or credit history

Banks are required to verify your identity, so you'll need some form of government-issued ID. If you don't have one, explore for a state ID at your local DMV—you'll need a birth certificate, proof of address (a utility bill or lease), and a small fee (usually $10 to $30). This takes 1 to 2 weeks.

If you have no credit history or a poor one, it won't stop you from opening a savings account. Banks check ChexSystems (banking history) and sometimes run a soft credit check, but neither determines whether you can open a savings account. A checking account is slightly harder to open without credit history, but savings accounts are straightforward.

If you've been denied a bank account in the past, ask why. If it was because of ChexSystems, you can dispute the record at ChexSystems.com. If it was because of fraud or unpaid overdrafts, you may need to wait 3 to 5 years or pay the debt before a traditional bank will open an account. In the meantime, some credit unions and online banks are more flexible.

Frequently Asked Questions

How much money do I need to open a savings account?

Most banks require an opening deposit of $0 to $100. Some online banks require nothing. A few traditional banks require $500 or more. Call or check the website before you go in—the requirement varies by institution and sometimes by account type.

Can I open a savings account if I don't have a Social Security number?

Yes. You can use an ITIN (Individual Taxpayer Identification Number) instead. You'll need to bring your ITIN letter from the IRS, a government-issued ID (passport or consular ID), and proof of address. Not all banks accept ITINs, so call ahead to confirm.

How long does it take to use my account after I open it?

You can use your account when ready if you opened in person or online. Your opening deposit may take 1 to 3 business days to show up. Your physical debit card arrives in 5 to 10 business days, but most banks let you use a temporary card number or digital wallet right away.

What's the difference between a savings account and a checking account?

A savings account is meant for money you're keeping; it usually pays interest and limits withdrawals (though most now allow unlimited ones). A checking account is for money you spend regularly; it comes with a debit card and checks, pays little or no interest, and allows unlimited transactions. Many people have both.

Can I open an account for someone else?

No, not as the sole owner. If you're opening an account for a minor, you'll be the custodian and they'll be the beneficiary—you control the account until they reach the age of majority (usually 18 or 21, depending on your state). If you want to open an account for an adult, they must be present or sign documents themselves.