How Long Does It Take to Open a Bank Account?

Depending on whether you’re opening an account online or in person, the application may take anywhere from a few minutes to an hour, though the verification process may take longer in some cases. Whether you’re opening a checking account or a savings account can also make a difference in how much time you’ll need to spend.

Read on to learn what to expect when you open a new bank account, plus tips to help you accomplish this important financial task as quickly as possible.

What to Do Before Opening a Bank Account

To begin opening a new bank account, you’ll need to make two key decisions: where you’ll open the account and the type of account you want. Options for where to park your funds typically include the following:

•   Banks: People often use the term “bank” to refer to traditional brick-and-mortar ones, including large national chains and smaller, local banks. You can physically visit them, typically through a lobby or drive-through, and they offer a range of savings and lending services.

•   Credit unions: Credit unions, on the other hand, are a different kind of financial institution (usually brick and mortar, as well). With this structure, account holders are members. Some credit unions are national, while others are more regional in terms of their reach and their branches. Members usually need to meet certain guidelines to join, perhaps related to their job or geography, and they can often benefit from lower loan rates and higher interest when saving.

•   Online banks: Services offered by online banks are likely to be similar to those of brick-and-mortar banks. However, account holders will bank through a website and/or mobile app. Because online banks don’t have the expense of physical locations to maintain, they may often offer better interest rates and charge fewer fees than traditional banks.

Once you’ve decided whether a traditional bank, online bank, or a credit union feels like the right fit for you, you’re ready to move ahead to the next step. The second key decision is what kind of account to open.

•   Checking account: The account holder opens a checking account by depositing money into this account, whether in person, online, or through direct deposit. They then have the ability to write checks, use a debit card, or use an online payment system (such as PayPal) to make purchases, pay bills, and so forth. Sometimes, the money in the account may earn interest.

•   Savings account: With this kind of account, once the money is deposited, the goal is usually for it to grow, perhaps as an emergency savings account or one designed to save up for a larger purchase. Financial institutions will differ in the interest rates they’ll pay, so you may want to shop around and see where you can get the best deals, noting whether there are minimum balance requirements and other qualifications required.

•   Money market accounts: These are another fairly common option. Money market accounts are typically used to hold money that the account holder doesn’t intend to spend right away. Many money market accounts also come with convenient check-writing and debit card features if you do want to use the funds you’ve deposited. This type of account earns interest.

How Long Does It Take to Open a Bank Account?

If time is of the essence — say, you’ve just moved to a new town and need to get your banking set up, or you’re a recent grad who’s just starting “adulting” — you may wonder how long it takes to open a bank account.

Various kinds of financial institutions have different processes and timelines for creating a bank account. Completing the steps to open an account may be faster online than in person.

Online

Online applications typically have fields where you can quickly enter information or check a particular box. So, you may be able to complete an application in about 15 minutes, especially if you have all of your personal data at hand. Approval may be nearly instantaneous, but it could also take a few days depending on the bank and if additional information is needed or the application is more complex.

Physically

It may take a bit longer to physically apply at a brick-and-mortar because you may need to wait in line to see a teller, unless you made an appointment in advance, and possibly fill in the application by hand. Then, in general, the time needed to approve the account may vary from a few minutes to the same day to a few days, depending on the bank and the circumstances. It’s possible, however, that you may be issued a debit card right away, though this isn’t always the case.

Keep in mind that for both online and in-person applications, associated checks will usually be mailed to you in the post, which can take a week to 10 days till receipt.

How to Open a Bank Account

Here are the steps to follow to open a bank account:

•   Once you know the type of account you want to open and where, you can go to a physical location during banking hours or open the account yourself online, anytime and anywhere. Be prepared with government forms of ID, which can include a driver’s license, state ID, military ID, or a passport. Also have your Social Security number handy.

•   Financial institutions will ask for personal information, including your name, address, telephone number, date of birth, and Social Security number, to verify your identity.

•   The financial institution may check your credit before opening up the bank account. Usually, if they do, it’s through what’s known as a soft pull or soft credit inquiry, which are only visible to you on your credit report. What’s more, the prospective account holder typically doesn’t need to have stellar credit to qualify. It’s just a checkpoint as the bank gets to know you and determines whether you pose a risk in terms of keeping your account in good standing. If you’re concerned about this step for any reason, ask about the bank’s policy before proceeding.

•   Once an account is approved, you’ll need to agree to the terms and conditions, perhaps by signing a physical document at a brick-and-mortar location or by checking an “I agree” button online. Then, you can make a deposit of funds that’s at least enough to meet the financial institution’s minimum requirement.

Recommended: What Do I Need to Open a Bank Account?

What to Do If You Cannot Open a Bank Account

If you’re turned down for a bank account (yes, unfortunately, it can happen), the first step can be to check the rejection letter to find out the reason. If that isn’t clear, then ask the financial institution why the account couldn’t be opened right now.

Also ask about the timeframe to remedy the situation and/or reapply. How long does it take to get a bank account approved after a rejection? It’s possible that the solution is simple, perhaps requiring more information or a clarification.

If your banking history is an issue, you can work toward fixing that. In the meantime, you could try other financial institutions with different guidelines. Also, some banks have products specifically designed for people trying to build or repair their credit, such as what’s known as a second chance account. They may come with more restrictions, but they can serve as a bridge between now and when you can qualify for other bank accounts.

The Takeaway

If you’re ready to open a bank account, whether it’s a checking or a savings account, you’ll have the choice to do so at a brick-and-mortar bank, an online bank, or a credit union. Typically, applying to an online bank will be your quickest option, with an account potentially being set up in just a few minutes. The same process at a physical bank may take an hour (not including travel time). In either case, the application may be approved on the spot or you may need to wait for approval depending on the bank’s policy and application details.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What do I need to open a bank account?

Financial institutions will typically want to see government forms of ID, such as your driver’s license, state ID, passport, or military ID. You’ll also need to share personal information, including your name, address, phone number, and email address, along with your date of birth and Social Security number. And you often need to make an initial deposit of funds, although the specifics vary by bank.

How much money do you need to open a bank account?

It depends. Financial institutions vary in terms of how much they require as a minimum deposit amount, with some not requiring any amount at all. Sometimes, banks will charge a fee if you don’t maintain a certain balance in your account, so compare financial institution policies to find one that works well for you.

How fast can I open a bank account?

The process of applying for a bank account, it can be as quick as 15 minutes or so. Approvals, however, may take anywhere from an instant to a few days, depending on the bank and the complexity of the application. For example, a joint account with multiple beneficiaries might take longer. Also, it can take a week or more to get physical checks and/or a debit card by snail mail.

Photo credit: iStock/Vladimir Sukhachev

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2026 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
*Awards or rankings from Forbes are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q226-025