How to Open a Bank Account

How to Open a Bank Account

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Opening a bank account takes less than 30 minutes at most banks, and you can do it online or in person. The process is straightforward, but knowing what to expect — and what to look for — makes it easier to choose the right account from the start.

Infographic: how to open a bank account

Choose the right type of account

Most people starting out need two accounts: a checking account for everyday spending and a savings account for money they want to set aside. You don’t have to open both at once, but opening them at the same bank makes transferring between them easier.

  • Checking account — for daily use: paying bills, debit card purchases, receiving your paycheck via direct deposit. This is the account you’ll use most.
  • Savings account — for money you want to keep separate: an emergency fund, a short-term goal, or just a buffer. Earns a small amount of interest.

If you’re a student, ask specifically about student accounts — many banks offer them with no monthly fees and no minimum balance requirements.

Watch: how to open a bank account

Choose a bank

The main decision is between a traditional bank, an online bank, or a credit union:

  • Traditional banks have physical branches you can walk into. Useful if you ever need in-person help or want to deposit cash regularly. Major banks have ATMs nationwide.
  • Online banks have no branches but typically offer higher interest rates on savings and lower fees. Everything is done through an app or website. Good if you’re comfortable managing finances digitally.
  • Credit unions are member-owned nonprofits. They often have lower fees and better rates than commercial banks, but membership is sometimes restricted to certain employers, locations, or organizations.

Whatever you choose, confirm the bank is FDIC-insured (or NCUA-insured for credit unions). This protects your deposits up to $250,000 per depositor if the bank fails.

Before committing, compare: monthly fees and how to waive them, minimum balance requirements, ATM network size, and overdraft policy.

What you need to open an account

Requirements vary slightly by bank, but most ask for:

  • Government-issued photo ID — driver’s license, state ID, or passport
  • Social Security number — required for identity verification and tax reporting; non-negotiable at U.S. banks
  • Proof of address — a utility bill, lease agreement, or piece of official mail with your current address; some banks accept a college enrollment letter if you’re a student
  • Initial deposit — some accounts require a minimum opening deposit, often $25–$100; many online banks have no minimum
  • A second form of ID — some banks ask for this; a credit card, student ID, or a second government document usually works

How to open the account: step by step

Opening online

  1. Go to the bank’s website and find the “Open an Account” page.
  2. Choose the account type (checking, savings, or both).
  3. Enter your personal information: name, address, date of birth, Social Security number.
  4. Upload or photograph your ID when prompted.
  5. Fund the account with an initial deposit — usually by entering another bank account’s routing and account number, or by debit card.
  6. Review and sign the account agreement electronically.
  7. Your account is typically open within minutes. Your debit card arrives by mail in 5–10 business days.

Opening in person

  1. Bring your ID, Social Security number, proof of address, and your initial deposit (cash or check).
  2. Tell the banker what type of account you want to open.
  3. They’ll walk you through the paperwork and verify your documents.
  4. You’ll sign an account agreement.
  5. Some branches issue a temporary debit card on the spot; otherwise it arrives by mail.

After you open the account

  • Set up online and mobile banking. Download the bank’s app and register. Turn on transaction alerts so you get notified of activity on your account.
  • Set up direct deposit. Give your employer your routing number and account number. Most employers need this on a direct deposit form; some accept a voided check.
  • Know your fees. Find out what triggers monthly fees, overdraft fees, and ATM fees — and set reminders or alerts to avoid them.
  • Keep a small buffer. Don’t let your checking account run to zero. Timing differences between when you spend and when transactions clear can cause overdrafts.

Further Reading

This article is for general educational purposes only and does not constitute financial advice. Account requirements and features vary by bank — review the terms before opening any account.

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