What Do You Need to Open a Savings Account?

Starting a savings habit is one of the smartest financial moves you can make, and opening a dedicated account is the first step. But if it’s your first time doing so, you might be wondering what you need to bring, how to qualify, or how the process works. Whether you’re looking to build an emergency fund, save for a future purchase, or just gain more control over your finances, having the right account in place makes a difference.

In this blog, we’ll walk through everything you need to open a savings account, including identification requirements, documents, deposit guidelines, and how to choose the right bank or credit union for your needs.

Why Open a Dedicated Savings Account?

Separating your spending money from your savings is a key part of building financial discipline. Keeping those funds in one place increases the temptation to spend them. That’s why opening an account specifically for saving can help you stay focused on your goals.

These accounts also come with benefits beyond separation. Most earn interest, which helps your money grow gradually over time. Some offer additional features like automatic transfers from your checking account or tools that round up debit purchases to boost savings. Over time, these small habits add up.

What You’ll Need to Get Started

Opening a new account isn’t complicated, but it does require a few key pieces of information and documentation. Banks and credit unions must follow federal regulations that help prevent fraud and money laundering, so they need to verify your identity before approving your application.

Here’s what most financial institutions will ask for:

Full Legal Name and Date of Birth

Your name and birthdate must match what’s listed on your government-issued identification. These details help the bank create your account and ensure that it’s tied to your verified identity.

Social Security Number or ITIN

To comply with federal regulations, you’ll be asked to provide your Social Security number (SSN) or an Individual Taxpayer Identification Number (ITIN). This information helps the bank report interest earnings to the IRS and supports identity verification.

Government-Issued Photo Identification

You’ll need a valid photo ID, such as a driver’s license, passport, state-issued ID card, or military ID. This document must be current and unexpired. If you’re opening your account in person, bring the original. If you’re applying online, you’ll typically need to upload a clear photo of the ID.

Proof of Address

While not always required, many institutions ask for proof of your residential address. This could include a utility bill, lease agreement, mortgage statement, or a piece of official mail with your name and address printed on it.

Do You Need an Initial Deposit?

Many accounts require an initial deposit, though the amount can vary. Traditional brick-and-mortar banks may ask for a deposit of $25 to $100 to open your account. Some online banks, however, allow you to open an account with no money at all or just a small amount transferred electronically.

It’s a good idea to check this requirement before you begin the application so you know whether you’ll need to move funds from another account or bring cash to a branch.

Can You Open a Savings Account Online?

Yes, most banks and credit unions now allow you to open an account entirely online. The process usually takes 10 to 15 minutes and involves filling out your personal information, uploading ID documents, and agreeing to the terms and conditions.

Once your identity is verified and any required deposit is received, you’ll receive your account details, including your routing and account numbers. Some institutions even offer immediate access to your online banking dashboard so you can start managing your account right away.

Comparing Your Account Options

Not all banks are created equal, and not all accounts offer the same features. When choosing where to open a savings account, it helps to compare your options side by side. Here are a few factors to consider:

Interest Rate (APY)

The annual percentage yield (APY) tells you how much interest your balance will earn over time. High-yield savings accounts, often offered by online banks, may have significantly better rates than traditional options.

Fees and Minimum Balance Requirements

Some accounts charge monthly maintenance fees unless you maintain a minimum balance. Others are fee-free. Be sure to read the account disclosures and avoid surprises that could reduce your savings.

Online and Mobile Access

Does the bank offer a strong mobile app? Can you set up alerts, transfer money easily, or deposit checks remotely? Convenient tools like these make it easier to stay on top of your savings goals.

Customer Service and Support

Look for a financial institution with a reputation for quality customer support. Having access to real people—whether through phone, chat, or in person—can make your banking experience much smoother.

Age Requirements and Opening a Joint Account

To open a personal account on your own, you typically need to be 18 or older. If you’re under 18, a parent or guardian will need to co-own the account with you. These joint or custodial accounts allow minors to build smart financial habits early, with oversight from a trusted adult.

When the child reaches the age of majority, the account may convert into an individual account or remain a joint account depending on the institution’s policy.

What Happens After You Open the Account?

Once your account is open, you can begin using it to build your savings. Most banks encourage setting up a recurring transfer from your checking account to make saving automatic. This “set it and forget it” approach helps you stay consistent.

You’ll also receive your account and routing numbers, which can be used to link the account to direct deposits or other financial apps. Make sure to sign into online banking, download the mobile app, and review your account settings.

Some people like to nickname their accounts based on goals, like “Travel Fund” or “New Car Savings.” This small step can help keep you motivated and remind you of your purpose each time you log in.

Common Mistakes to Avoid

While opening an account is straightforward, there are a few pitfalls to watch out for:

Not comparing fees or interest rates across institutions
Forgetting to fund the account, which can lead to closure or inactivity
Using the account like a checking account and frequently withdrawing funds
Ignoring terms that require minimum balances or activity to avoid fees

Staying aware of these common mistakes can help you get the most value out of your new account.

Final Thoughts

Opening a savings account is an important step toward reaching your financial goals. With just a few documents and a bit of research, you can set up an account that helps you build a stronger financial future. Be sure to compare institutions, understand account requirements, and take advantage of tools that encourage smart saving habits.

Once your account is active, the real work—and reward—comes from using it consistently. Even small, regular deposits can grow into something meaningful over time.