Bank accounts are where many people choose to keep their funds for savings and to pay their expenses. Whether you’re opening a checking or savings account, most banks require an ID and some basic information, like your birth date, address and Social Security number. Some banks may require an opening deposit and proof of address.
Having everything ready can help you set up your account quickly. Let’s look at what you usually need to open a bank account.
Documents and information commonly needed to open a bank account
Opening a bank account, whether online or in person, typically follows a similar, straightforward process. Banks usually require specific documents and information to confirm your identity and comply with federal regulations. Here’s what you’ll likely need:
- Valid, government-issued ID: This can be a driver’s license, state ID or passport. You might have to show your ID if you apply in person. For online applications, you may be able to simply type in your ID number.
- Date of birth: Banks need your date of birth to help verify your identity.
- Some banks may require a Social Security number: Your Social Security number helps banks check your identity. Banks that do not require a Social Security number may request additional forms of identification.
- Proof of address: Banks may require proof of your current address. This can include a utility bill, lease agreement or pay stub.
The bank may also ask for information about your employment and income. If you’re opening a joint account, your co-applicant may need to provide his or her personal information as well.
Having these documents ready will make the process smoother and allow you to set up your account faster, whether you choose to do so online or at a branch.
If an account holder is under 18
There may be extra steps if account holders are under 18 years old, as they may not be able to open accounts on their own. Most banks require at least one account holder to be over 18, but minors may be able to share a bank account with a parent or guardian. The bank may require an acceptable form of government ID for the minor, such as a birth certificate.
How to open a bank account
Once you have the required documents, opening a bank account is a straightforward process.
- Choose a bank or credit union: Research different financial institutions to find one that suits your needs.
- Select the type of account you want to open:·Decide whether you need a checking account for daily transactions, a savings account for building savings or both.
- Submit your application: Apply in person or online. Be ready with personal information and documentation.
- Make an opening deposit: Some banks may require an initial deposit. You can usually do this with cash, check or electronic transfer from another account.
Disclosure: This article is for general educational purposes. It is not intended to provide financial advice. It also is not intended to completely describe any Citi product or service. You should refer to the terms and conditions financial institutions provide for various products.
