Opening a savings account is typically quick and simple, especially when you have all the necessary information and documents in hand or ready to upload.
Let’s look at what you might need to open a savings account, from required information and minimum deposits to accepted forms of ID.
Do you need a minimum deposit to open a savings account?
While banks and credit unions may not ask for a minimum deposit, some may require $25-$100 or more to open a savings account. It’s a good idea to check your financial institution’s deposit requirements before visiting one of their branch locations or trying to open an account online.
What do you need to open a savings account?
Financial institutions need both public and private information from you to open an account. Your details help banks and credit unions stop fraud and illegal activity and meet any legal or tax obligations that may come up. Your address and contact information are also necessary when your bank or credit union needs to communicate with you.
Here’s a general list of information that you may need to supply to open a savings account:
- Complete legal name
- Social Security number or Individual Taxpayer Identification Number (ITIN)
- Birth date
- Proof of address
- Most recent contact information, including email and phone number
All of this information can usually be found on primary and secondary forms of ID, as well as certain documents that serve as proof of address.
Banks or credit unions typically require the following to verify your identity and address:
- Two forms of government-issued identification
- One primary ID, such as a passport, permanent resident card, or driver’s license
- One secondary ID, such as a Social Security card
- Proof of address, which may include:
- A utility bill in your name
- A lease or rental agreement
- Another official document confirming your residential address
