What Do You Need to Open a Bank Account?

Often the hub of a person’s financial life, bank accounts can be quick and simple to open with the right materials in hand, including a valid government-issued photo ID, personal information such as your Social Security number (SSN), and perhaps an opening deposit.

Here, learn the details on what you need to open a bank account and how to navigate the process itself.

Checklist of What You Need to Open a Bank Account

Here’s a list of what you are likely to need when opening a savings or checking account. Gathering these materials before you actually begin the process of starting a new account can help you save time and frustration.

A Valid Government-Issued Photo ID

You’ll need to provide a valid government-issued photo ID such as a driver’s license, non-driver state ID card, or passport. Double-checking the expiration date is a smart move.

Your Social Security Number (SSN)

Be prepared to provide your SSN as a means of identification. You’ll also need to give contact information such as your address, phone number, and email. You might be required to submit proof of residency, such as a utility bill.

If you’re opening a joint account, you’ll need the identifying and personal information listed above for all the account owners. If you are doing this in person at a bank branch, you may or may not need the other person present. It’s a good idea to check in advance so you can avoid any inconvenience.

Proof of a Physical Address

You might be required to submit proof of your physical address. This can often be a document such as a utility bill.

Your Contact Information

You’ll also need to give contact information such as your address, phone number, and email.

Funds for an Opening Deposit

In many instances, you’ll need an initial deposit when opening a bank account. The minimum opening deposit varies from bank to bank but is often between $25 and $100, according to the Consumer Financial Protection Bureau. In some cases, it can be absolutely zero. You might need to establish direct deposits going forward. If you’re transferring the minimum deposit from another bank, you will likely need the routing and account numbers for that account.

How to Open a Bank Account in 5 Simple Steps

With these materials in hand, it can be quite simple to open a bank account. Here are the typical steps involved.

Step 1: Choose the Right Bank and Account for Your Needs

First, determine if you want to open a checking, savings, or combined checking and savings account. Or you might want to open a couple of different accounts at once.

Then, you can review various options in order to choose a bank. For instance:

•   You might decide to go with an online bank because of the convenience and the higher interest rates they may offer.

•   You might prefer a traditional bank, with a nearby branch, where you can regularly meet with the team in person.

•   You might like to bank at a credit union that you can become a member of based on, say, your profession.

Shop around a bit, and compare features (such as fee-free banking) to find the best fit.

Step 2: Gather the Documents From the Checklist Above

As noted above, whether you are applying online or in person, you will need to have a few documents needed to open an account on hand, including government-issued photo ID and your SSN.

Step 3: Complete the Application Online or in Person

Whether in person or online, you will want to make sure to fill this out carefully, double-checking the information to make sure it’s accurate.

Step 4: Fund Your New Account

You may or may not need to pay a deposit to get your account up and running. (If you are opening an account online and an opening deposit is required, you can typically do an electronic funds transfer.)

Many banks look for $25 to $100 as an opening deposit, but some — especially for checking accounts — may allow you to open an account without any cash.

Step 5: Set Up Online Access and Your Debit Card

Depending on the kind of bank account you are opening, you may need to wait to get a debit card, checks, and other materials. However, you should be able to use your account right away for at least some functions, such as setting up direct deposit and making electronic payments.

Opening an Account Online vs at a Bank Branch

The requirements for opening a bank account at an online vs. traditional bank are similar if not the same, generally requiring personal information and ID documents. Worth noting: You might open a bank account in person with cash. However, with an online bank account, you would probably need to make an electronic transfer or set up direct deposit.

Also keep in mind that while you can often open a bank account online in minutes, it may take a week or two for documents and your debit card to arrive and allow full access.

The Takeaway

Opening a bank account is usually quite simple. Typically, you’ll need personal information, government-issued photo ID, and an opening deposit to open a bank account. Once your bank account or accounts are established, you can enjoy a variety of conveniences and features that can help you manage your money better.

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

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

You will often need an initial deposit to open your checking account or your savings account. For checking and savings accounts, this can often be between $25 or $100, depending on the bank and the account services you’ve signed up for. In some cases, though, a bank may let you open a checking account with no money until your first paycheck or other amount of money is deposited.

What ID do I need to open a bank account?

You will typically need a government-issued photo ID to open a bank account. Usually, this means a driver’s license, a non-driver’s ID card, or a valid passport.

Do I need a good credit score to open a bank account?

You don’t need a good credit score to open a bank account. Here’s why: Banks typically don’t check your credit score when you apply for a checking or savings account. Instead, they may review your banking history via a ChexSystems report, which tracks past overdrafts, bounced checks, or unpaid fees. If you have a negative history with ChexSystems, you might be denied an account.

How long does it take to open an account online?

If you have all the necessary materials at hand (such as your SSN and government-issued ID), it may take just minutes to open a bank account online. However, it could take a week or two for the bank to fully process your application and send your debit card and other documents.

Can I open a bank account for my child?

You can typically open a bank account for your child, either as a joint account or a custodial account (like an UGMA account). You’ll usually need your ID and the child’s birth certificate and/or SSN as part of the application process.

Photo credit: iStock/spawns
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