What Do You Need To Open a Bank Account?
Written by
Preston Hartwick
Edited by
Elizabeth Constantineau
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If you’re looking to open a bank account at a bank or credit union, you might be wondering what documents and information you’ll need to apply for one. Whether you are looking to open a checking account, high-yield savings or money market account you don’t want to have to go back and forth to make sure you have all the things you need to do so.
Quick Take: What You Need To Open a Bank Account
Opening an account at a branch or online from the comfort of your home requires similar documentation. Here’s a list of what you’ll typically need to open a bank account:
- Full legal name and date of birth: This basic personal information can often be supplied by a birth certificate, driver’s license or even proof of address.
- Social Security number or individual taxpayer identification number: If you don’t have a Social Security card, don’t worry, you are not always required to have a government-issued Social Security number or ITIN to open a bank account. Some financial institutions will accept a foreign passport number or other government-issued ID number.
- A valid government-issued photo ID: This type of ID would most commonly include a driver’s license, government-issued ID or passport.
- Contact information: Make sure your bank can get a hold of you by supplying contact information such as your current phone number and email address.
- Proof of address: This is an official document displaying your name and address — not a P.O. box. Accepted documents may include a lease agreement, utility bill, mortgage statement, bank statement or credit card statement.
- Opening deposit: This is the money you deposit to fund the account.
Make sure you familiarize yourself with any terms and conditions of the deposit account agreement no matter if you’re opening a joint account or just a personal one. If you go to a bank or credit union branch, take hard copies of your documentation.
If you are unable to supply your required personal information with necessary documents or you have a special situation, schedule a meeting with a bank associate to discuss your options.
What Are the Requirements for Opening a Bank Account?
To open a new bank account, you must meet certain qualifications. Factors that banks and credit unions consider include:
- Age: Typically, you must be at least 18 years old to open an account of your own. Minors may open a bank account with a co-owner who is a parent or guardian.
- Banking history: Banks don’t check your credit score when you open a checking or savings account, but they may screen your banking history for unpaid negative balances, overdraft fees or bounced checks. If you owe money to another bank or credit union, you may not be able to open a new account.
- Fraud: If a consumer is flagged for potentially fraudulent activity, they may not be able to open a new bank account elsewhere. Banks and credit unions want to protect themselves from financial loss.
How Do I Open a Bank Account for the First Time?
The rules for opening a bank account for the first time are no different than those for people who already have bank accounts. Ensure you have the proper identification documents and the money needed to meet the bank’s minimum initial deposit requirements. You will need to select the type of account you wish to open and submit an application. If you’re approved for a bank account, you can usually start using it immediately.
How To Decide Which Bank Is Best for You
Some banks may offer features that fit your personal preferences and financial needs. Take the time to research different banks and compare their various benefits, types of accounts, physical locations, mobile apps and service fees.
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You’ll also need to choose which account to open. If you need quick access to your money, a checking account is a good option. If you’re planning to tuck your funds away to grow, consider a savings account or certificate of deposit instead. Some banks and credit unions require you to open a specific account first, like having a checking account before you can open a savings account.
Checking vs. Savings: Which Account Should You Open?
Once you’ve settled on a bank, and have checked the eligibility requirements for opening an account, it’s time to decide which type of account best suits your daily banking needs. Two of the most common types to open are a checking or savings account.
Checking Accounts
| Pros | Cons |
|---|---|
| You can direct deposit your paychecks in it | May have to pay monthly maintenance fees |
| Can link a debit card to use for transactions | Could have to pay other fees such as overdraft fees if the account is overdrawn or ATM withdrawal fees if you use ones that are out of network |
| Ability to set up autopay to automatically pay your bills | Can take a few business days for checks to clear or certain transactions to go through |
Savings Accounts
| Pros | Cons |
|---|---|
| This account is a good option for an emergency fund to make sure you’re covered for any future financial shocks | Doesn’t earn as much APY as other deposit accounts such as money market accounts or CDs |
| High-yield savings accounts allow you to earn interest on your money which grows your savings faster | Though a safe place to keep your money, it doesn’t grow your wealth as quickly as other more risky investments such as stocks or bonds |
| Can help you set and achieve financial goals such as saving for a down payment for a house or retirement | May have transaction limits on withdrawals |
How Much Do You Need To Open a Bank Account?
When you open your bank account, you’ll need to fund it before you can start using it, even if you don’t have a job. Some banks require a minimum initial deposit varying from $25 to $100 when you open an account. There are also accounts that don’t require a minimum opening deposit. Ask your financial institution if there are any minimum deposit requirements you’ll need to meet.
If your bank requires a minimum deposit, there are a few ways you can deposit the money. You can write a check or transfer funds from another bank account you already have, or you can provide cash.
Keep in mind that some banks charge monthly fees for their account services. You can typically avoid the fees by meeting certain requirements, like maintaining a minimum balance or receiving your paycheck via direct deposit. Ask your bank about any fees it charges and how you can minimize them.
Final Take To GO
Today, there are more options than ever for people looking to open a new bank account. Whether you’re looking to bank with a traditional brick-and-mortar establishment or an up-and-coming online bank, you’ll be sure to find a bank that suits your financial needs and comes with the products and services you require.
Be sure to research several potential options and read reviews from existing customers. Once you’ve settled on the perfect fit, prepare to apply by collecting any required documents. Opening a bank account should be relatively straightforward and can take just a few minutes online or at a branch.
Caitlyn Moorhead, Virginia Anderson and Katy Hebebrand contributed to the reporting for this article.
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- Consumer Financial Protection Bureau. "Checklist for opening a bank or credit union account."
