There are many types of bank accounts to choose from. Depending on the type of account, you may need to provide certain documentation.
The documentation needed varies by bank, but generally banks will want to see proof of your identity, including your name, address and date of birth. They may also require a Social Security number or identification number (TIN) and an initial deposit.
Choose a bank.
There are many factors to consider when choosing a bank, including fees, interest rates and accessibility. You should choose a bank that fits your financial goals and lifestyle.
A good bank will make it easy to access your money with branches, ATMs and mobile banking. You should also consider whether a bank offers online or app-based banking services, and what kind of rates you can earn on your savings.
Some banks have special account types to suit specific needs, such as money market accounts that offer higher interest rates than regular savings accounts. You should also look at a bank's fee schedule to avoid being charged for unnecessary services.
You should also check the bank's reputation and the security of its facilities and systems. You can usually find this information in the bank's online or print publications. Additionally, you should ensure that your deposits are insured by the FDIC or NCUA. This means that your deposit balances are protected up to $250,000 in case the bank fails.
Fill out an application.
A bank will typically require you to fill out an application before opening a savings account, either online or at the bank branch. It will want to know basic information about you, such as your name, Open an account Social Security number and date of birth. It will also want to see some form of identification, such as a driver's license or passport. It can be easy to make mistakes on application forms due to small print, different formats and unfamiliar phrasing, so it's a good idea to practice filling out an application first.
It may be possible to open a savings account with a bank or credit union that does not have a physical branch, but you will need to bring government-issued identification and cash. You will also need a way to verify your address and a Social Security number or taxpayer identification number. If you are applying for a student or custodial account, the institution will also need to ask for parent or guardian verification.
Make a deposit.
After selecting the bank and type of account you want, you need to make an initial deposit. Depending on the account, this may be in the form of cash, a check from another bank or a money order. Be sure to choose an amount that satisfies any minimum balance requirements and that’s enough to cover any charges you might incur.
Some banks offer accounts with direct deposit. The organization that sends you the funds tells its bank to transfer them to your account via ACH (Automated Clearing House). Once they’re in your account, you can spend or save the money as you please.
Many banks ask you to provide two forms of personal identification and proof of address. The types of ID vary by bank, but usually, U.S. government-issued photo ID is accepted, including driver’s licenses and passports. For students, a school ID or letter of enrollment might be acceptable for verification of student status and residence.
Activate your account.
When the application and review process are complete, the bank will send you your account documents. It's important to read them so you know what to expect with your new account.
Once you have your documentation, you can open an account either online or in person. Whichever process you choose, the bank will want to verify your identity and may require a minimum initial deposit.
You'll need a valid form of ID such as a driver's license, state ID or passport, along with other basic personal information including your birth date and an identification number such as a Social Security number, Individual Taxpayer Identification Number or phone number. You'll also need to specify if you're opening an account individually or as a joint account owner with another person.
Some banks will have age and eligibility requirements for certain types of accounts, such as a child's first savings or student checking account. These requirements will likely be listed on the bank's website or in its application materials.
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