A savings account is one of the easiest and safest ways to store money while earning a little extra through interest. Whether you’re building an emergency fund, saving for a vacation, or helping your child learn good money habits, opening a savings account is often the first step.
Before you can open one, banks are required to verify who you are. That means you’ll need to provide certain documents and personal details. Below, we’ll walk through exactly what you’ll need, how the process works, and what’s different when opening an account for a child.
Key Points to Know First
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Banks require proof of identity and address to open a savings account.
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The process usually includes choosing an account, submitting documents, and making an initial deposit.
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Opening a savings account for a minor requires paperwork from both the child and a parent or legal guardian.
Documents Required to Open a Savings Account
To open a savings account in the U.S., you’ll need to confirm your identity and personal information. This helps banks comply with federal regulations and protect against fraud.
Primary Identification
Most banks will ask for a government-issued photo ID, such as:
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Driver’s license
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State-issued ID card
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U.S. passport
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Military ID
This ID must be valid and clearly show your full name and photo.
Additional Identification (If Needed)
Some banks may request a second form of identification. Common examples include:
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Social Security card
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Birth certificate
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Credit card or employee ID with your name
Proof of Address
If the bank needs to confirm where you live, they may ask for a document showing your current address, such as:
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Utility bill (electric, water, internet)
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Bank or credit card statement
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Lease agreement or mortgage statement
For example, if you recently moved and your driver’s license hasn’t been updated yet, a utility bill can help confirm your address.
Opening a Savings Account Online vs. In Person
Many banks allow you to open a savings account:
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Online
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At a branch
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Over the phone
When opening an account online, you’ll usually need to create login credentials and verify your identity through email, text message, or security questions. The documents are the same, but everything is uploaded digitally instead of shown in person.
Documents Needed to Open a Savings Account for a Minor
Savings accounts for children are typically opened as custodial or joint accounts. The exact rules vary by bank, but a parent or legal guardian must be involved.
What the Adult Needs
The parent or guardian opening the account must provide:
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Government-issued photo ID
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Social Security number
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Proof of address
What the Child Needs
The child also needs identification, even though they’re not opening the account alone. Banks usually accept:
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Birth certificate
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Social Security card
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Passport
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School ID (in some cases)
Some banks may require more than one document for the child.
Important Notes for Minor Accounts
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Certain features (like debit cards) may be limited by age.
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Many banks waive monthly fees for children and teens.
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Minimum deposit requirements are often lower or waived for minors and students.
In many cases, you’ll need to visit a branch together, though some banks allow online applications.
How to Open a Savings Account Step by Step
Opening a savings account is usually quick and straightforward. Here’s how it typically works:
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Decide what you want
Look for features that matter to you, such as higher interest rates, no monthly fees, or easy mobile access. -
Compare banks and accounts
Online banks often offer higher interest rates, while traditional banks provide in-person support. -
Gather your documents
Have your ID, Social Security number, and proof of address ready. -
Complete the application
This can be done online or at a bank branch. -
Fund the account
Some accounts require an initial deposit. If your balance drops below a certain amount, the bank may charge a fee.
Withdrawal Limits: What to Know
Although federal rules no longer strictly limit savings account withdrawals to six per month, some banks still enforce their own limits. If you plan to move money in and out frequently, check your bank’s policy to avoid surprise fees.
Frequently Asked Questions
How do I open a high-yield savings account?
A high-yield savings account is opened much like a regular savings account. You’ll need the same identification and personal details. However, these accounts may require a higher opening deposit or ongoing minimum balance. They’re commonly offered by online banks.
Where is the best place to open a savings account?
You can open a savings account at banks, credit unions, or online financial institutions. Make sure the institution is FDIC-insured (or NCUA-insured for credit unions). If you already have a checking account, opening a savings account at the same bank can be more convenient but shopping around may help you earn more interest.
Please take a look at this as well:
How to Open a Health Savings Account (HSA): A Beginner-Friendly Guide
