What you need to bring and where to go
Opening a savings account takes about 15 to 30 minutes and requires two things: a government-issued ID and proof of your address. You can open an account at a bank, credit union, or online bank — each works the same way, though online banks are often faster because there's no waiting in line.
Bring a photo ID (driver's license, passport, or state ID card) and one piece of mail showing your current address — a utility bill, lease, or bank statement dated within the last 60 days works. If you don't have a permanent address, some banks will accept a letter from a shelter or social service agency instead.
You'll also need to decide how much money to deposit to open the account. Most banks require a minimum opening deposit — this ranges from $0 to $300 depending on the bank, but many online banks and credit unions have no minimum at all. You can start with whatever amount makes sense for you.
Key Takeaways
- Bring a government-issued photo ID and one recent piece of mail showing your address to open an account in person or online.
- The opening deposit varies by bank — some require $0, others ask for $25 to $300, so compare before you choose.
- Online banks typically open accounts faster than brick-and-mortar banks, but both are straightforward processes.
- Once your account is open, you can deposit money by direct deposit, ATM, mobile app, or in person at a branch.
- After opening, read the fee schedule so you know what charges explore if your balance drops below a certain amount.
The five steps to open an account
Step 1: Choose your bank. Decide whether you want to bank in person at a physical branch, online, or both. In-person banks let you talk to someone face-to-face and deposit cash directly. Online banks usually have lower fees and higher interest rates, but you'll manage everything through an app or website. Credit unions are member-owned and often have lower fees than big banks, but you have to live or work in a certain area to join.
Step 2: Go to the bank or visit their website. If you're opening in person, walk into a branch during business hours and tell the person at the desk you want to open a savings account. If you're opening online, go to the bank's website and look for a button that says "Open an Account" or "get your free guide." The online process usually takes 10 to 15 minutes.
Step 3: Provide your information. The bank will ask for your full legal name, date of birth, Social Security number, and current address. They'll also ask how you plan to use the account and whether you want online banking and a debit card (you don't need either to have a savings account, but most people set them up). Have your ID and address proof ready to show or photograph.
Step 4: Make your opening deposit. You can deposit money by transferring it from another bank account, bringing cash to a branch, or using a check. If you're opening online, you'll usually transfer money from an existing account — the bank will give you instructions on how to do this. The deposit can be as small as $1 if the bank has no minimum.
Step 5: Confirm your account is open. The bank will give you an account number and show you how to log in online or through their app. Write down your account number and keep it somewhere safe. You should receive a debit card in the mail within 7 to 10 business days if you ordered one, though you can start using your account when ready.
What happens if you don't have an ID or address proof
If you don't have a government-issued ID, some banks will open an account with an ITIN (Individual Taxpayer Identification Number) instead, though not all do. Call ahead to ask. If you don't have a permanent address, bring a letter from a homeless shelter, transitional housing program, or social service agency that confirms you're receiving services there — most banks will accept this as proof of address.
If you have neither an ID nor an address letter, you may need to visit a bank in person rather than opening online. A bank employee can sometimes verify your identity through other means, like a utility bill in your name or a reference from someone who already banks there. This is less common, but it's worth asking.
Understanding fees and minimum balances
Before you open an account, look at the bank's fee schedule — this is a document that lists what you'll be charged for. The most common fees are a monthly maintenance fee (usually $5 to $15) and an overdraft fee (charged if you try to withdraw more money than you have). Some banks waive the monthly fee if you keep a certain balance, make direct deposits, or use their app.
A minimum balance is the smallest amount of money the bank requires you to keep in the account. If your balance drops below it, you may be charged a fee. Many savings accounts have no minimum balance, but some require $100 to $500. Online banks and credit unions typically have lower minimums than large national banks.
Read the fee schedule before you open the account — you can usually find it on the bank's website under "Disclosures" or "Account Terms." If something isn't clear, ask the bank employee or call customer service. Knowing the fees upfront helps you choose an account that won't surprise you later.
How to deposit money once your account is open
Once your account exists, you have several ways to add money. Direct deposit is the fastest — your employer or a government agency sends your paycheck straight to your account, usually within one business day. To set this up, give your employer your account number and routing number (the bank will provide both).
You can also deposit cash or checks in person at a branch, through an ATM (if the bank has one), or by photographing a check with your phone through the bank's app. Some banks let you mail a check to a deposit address. Online banks that don't have branches usually let you deposit checks by photo or transfer money from another bank account.
If you're moving money from another bank account you already have, you can transfer it online — most banks let you link accounts and move money between them in one or two business days. This is a good way to move your first deposit if you're opening an online account.
What to do after your account opens
Once your account is active, set up online banking and read the bank's app if you want to check your balance and move money from your phone. Most banks let you do this right away, even before your debit card arrives. Write down your account number and keep it in a safe place — you'll need it to set up direct deposit or transfer money.
Read any welcome materials the bank sends you, especially the fee schedule and account terms. If the bank offers a savings goal tool or automatic transfer feature, these can help you build your savings without thinking about it. Some banks let you set up a small automatic transfer each week or month — this is a straightforward way to save without having to remember to do it yourself.
If you have questions after opening, call the bank's customer service number or visit a branch. Most banks are used to helping people who are new to banking, and they want you to feel comfortable using your account.
Frequently Asked Questions
Can I open a savings account online if I don't have a permanent address?
Most online banks require a permanent address to open an account. If you don't have one, you may need to open in person at a physical branch instead. Bring a letter from a shelter or social service agency confirming your address, and call the bank ahead of time to confirm they'll accept it.
How long does it take to open a savings account?
In person, it takes 15 to 30 minutes. Online, it usually takes 10 to 15 minutes. Your account is usually active when ready, though if you ordered a debit card it will arrive by mail in 7 to 10 business days. You can start using your account right away even without the card.
Do I need a Social Security number to open a savings account?
Most banks require a Social Security number or ITIN. If you don't have either, call banks in your area to ask which ones will open an account for you — some will, though it's less common. Credit unions sometimes have different rules than banks, so it's worth asking them too.
What's the difference between a savings account and a checking account?
A savings account is meant for money you want to keep and grow — it usually earns a small amount of interest and limits how many times you can withdraw per month. A checking account is for money you use regularly — you can write checks and use a debit card as much as you want, but it usually earns no interest. Many people have both.
Can someone else open a savings account for me?
No — you have to open the account yourself because the bank needs to verify your identity. However, once your account is open, you can give another person permission to access it by adding them as an authorized user, though rules vary by bank.