Opening a savings account is one of the easiest and smartest steps you can take to manage your money. Whether you’re setting aside cash for emergencies, planning a vacation, or saving for a future purchase, a savings account gives you a safe place to keep your money while earning a little interest along the way.
The good news? Opening one usually doesn’t take long often less than an hour, and sometimes just a few minutes online. Here’s everything you need to know, explained in plain English.
What You’ll Need Before You Get Started
Banks in the U.S. are required by law to confirm who you are before opening an account. Because of that, you’ll need to share some basic personal information and documents.
Most banks will ask for:
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Your full legal name
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Date of birth
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Current address
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A government-issued ID (such as a driver’s license or passport)
If you’re a U.S. citizen, you’ll also need your Social Security number. If you’re not, the bank may ask for a passport, a taxpayer identification number, or another approved form of identification.
Some banks ask for just one ID, while others may request a second document, like a Social Security card or a utility bill showing your address.
If you plan to open your account at a branch, it’s smart to check the bank’s website or call ahead so you know exactly what to bring.
Ways to Open a Savings Account
Most banks offer more than one way to apply. You can usually choose the option that feels easiest for you.
Opening an Account Online or Through an App
This is often the fastest method. You fill out an application, enter your personal details, and the bank verifies your identity electronically. In many cases, you won’t need to upload any documents at all.
Online banks, in particular, are known for quick sign-ups and higher interest rates.
Opening an Account In Person
If you prefer face-to-face help or have questions, visiting a bank branch can be a good choice. A bank employee can walk you through the process and explain the account features.
Just keep in mind that wait times can vary, especially at busy branches.
Opening an Account by Phone
Some banks also allow you to apply over the phone, though this option is less common than online or in-person applications.
Filling Out the Application
Once the bank verifies your identity, you’ll complete a short application. This usually includes:
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Your phone number and email address
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Agreement to the bank’s terms and conditions
If you already have a checking account with that bank, the process may be even faster since they already have your information on file.
Making Your First Deposit
After your account is approved, you’ll typically need to fund it. You can usually do this by:
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Transferring money from another bank account
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Depositing a check (in person or through a mobile app)
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Depositing cash at a branch
Some savings accounts don’t require a minimum opening deposit, but many banks still expect you to add money within a certain time. If you leave the account empty too long, it could be closed automatically.
Always make sure your bank is FDIC-insured (or NCUA-insured if it’s a credit union). This protects up to $250,000 of your money if the institution ever fails.
Joint Savings Accounts: What to Know
A joint savings account is shared by two people commonly spouses, partners, or parents and children. Both account holders can deposit, withdraw, and view the account activity.
To open one, both people must:
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Be listed on the application
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Provide their own identification
If you want to add someone to an existing account, some banks require both of you to visit a branch together.
Opening a Savings Account for a Child
In most states, minors can’t open a savings account alone. Instead, an adult must be listed as a joint owner or custodian.
Typically, the adult provides their ID and personal details, while the child provides a birth certificate or Social Security card. These accounts are a great way to teach kids healthy money habits early.
How to Choose the Right Savings Account
Not all savings accounts are the same, so it’s worth comparing a few options before deciding.
Interest Rates (APY)
If earning interest is your top priority, online banks often offer higher rates because they don’t have the cost of physical branches.
Fees and Minimums
Some accounts charge monthly fees or require a minimum balance. These costs can cancel out the interest you earn, especially if your balance is small.
For example, a slightly lower interest rate with no fees may leave you better off than a high-rate account that charges monthly maintenance fees.
Convenience and Features
Think about how you’ll use the account:
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Do you need to deposit cash regularly?
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Do you want ATM access?
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Are you comfortable using mobile check deposit?
Choose a bank that fits your daily habits not just one that looks good on paper.
Frequently Asked Questions
How long does it take to open a savings account?
If you apply online and have everything ready, it can take just a few minutes. Opening an account at a branch may take longer, depending on wait times.
Do I need money to open a savings account?
Some savings accounts have no minimum opening deposit, so you can open one even if you’re not ready to add money right away.
Please take a look at this as well:
What Does “Interest Earned on Savings” Mean?
