To open a savings account, choose a bank, apply online or in a branch, provide your ID and Social Security number, and fund the account. Most online applications take 5–10 minutes and are approved instantly. You can be earning 4.50–5.00% APY the same day you apply. This step-by-step guide covers what you need, how to choose the right bank, and what to watch out for. For the best current rates, see the best high-yield savings accounts.
Step 1: Choose the Right Savings Account
Before opening, decide what you need:
| If you want… | Best account type | Examples |
|---|---|---|
| Highest APY, no fees | Online HYSA | Ally, Marcus, SoFi, Wealthfront |
| Check-writing access | Money market account | Ally MMA, Discover MMA |
| Everything at one bank | Traditional savings | Chase, Bank of America |
| Credit union benefits | Credit union savings | Navy Federal, Alliant, local CU |
| Kids’ account | Custodial savings | Capital One Kids, Ally |
2026 top HYSA rates: Wealthfront Cash (5.00%), SoFi (4.60%), Ally (4.50%), Marcus (4.50%)
What You Need to Open a Savings Account
Gather these before you start the application:
Required for all accounts:
- Government-issued photo ID (driver’s license, passport, or state ID)
- Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN)
- US residential address (PO Box alone is not accepted)
- Date of birth
- Email address and phone number
For funding:
- Routing and account number of an existing bank account (for ACH transfer)
- Debit card (some banks accept)
- Check (for in-branch opening)
For minors (under 18):
- Parent or guardian’s ID and SSN
- Child’s SSN (required for interest reporting)
- Some banks require the child’s birth certificate
Step 2: Apply Online (5–10 Minutes)
Most online banks have a simple application flow:
1. Go to the bank’s official website — type the URL directly; don’t click email links. Look for the FDIC logo and a secure (https://) connection.
2. Click “Open an Account” or “Get Started”
3. Enter personal information:
- Full legal name (as it appears on your ID)
- Date of birth
- SSN/ITIN
- Current address
- Email and phone number
4. Verify your identity — the bank runs an identity check (soft credit pull in some cases; no hard credit pull for savings accounts). Some banks ask you to upload a photo of your ID.
5. Set up a funding method — enter your existing bank’s routing and account numbers, or link via Plaid/instant verification.
6. Review and agree to terms — read the account agreement, fee schedule, and privacy policy.
7. Submit — most decisions are instant. You’ll receive an email confirmation and account number.
Step 3: Fund the Account
Via ACH transfer from another bank (most common):
- Enter your existing bank’s routing and account numbers
- Transfer takes 1–3 business days to settle
- Some banks allow a small immediate credit for new accounts
Via debit card:
- Instant or same-day funding at some banks (Ally, SoFi, Wealthfront)
Via check (in-branch):
- Funds available immediately (personal check) or after a hold period
Via direct deposit:
- Set up your employer to deposit to the new account — effective for next pay cycle
Step 4: Set Up Account Security
Before you start using the account:
- Enable two-factor authentication (2FA) — use an authenticator app, not just SMS, for the best security
- Set up account alerts — text/email alerts for deposits, withdrawals, and balance thresholds
- Save account numbers and routing numbers in a secure password manager — you’ll need these for direct deposit setup
Bank Opening Requirements at a Glance (2026)
| Bank | Minimum Deposit | Application | ID Required |
|---|---|---|---|
| Ally Bank | $0 | Online/app | Yes |
| Marcus by Goldman Sachs | $1 | Online | Yes |
| SoFi Bank | $0 | Online/app | Yes |
| Wealthfront Cash | $1 | Online/app | Yes |
| Capital One 360 | $0 | Online/app/branch | Yes |
| Discover Bank | $0 | Online | Yes |
| Chase Savings | $25 | Online/branch | Yes |
| Bank of America | $100 | Online/branch | Yes |
| Alliant Credit Union | $5 (donation) | Online | Yes + membership eligibility |
Opening a Savings Account at a Branch
If you prefer in-person opening:
- Bring photo ID and your Social Security card (or a document with your SSN)
- Bring your initial deposit (cash, check, or debit card)
- Ask the banker about: monthly fees and how to waive them, minimum balance requirements, current APY (often different from online promotions), and whether direct deposit triggers any rate bonus
- Sign the account agreement — keep a copy
Branch tip: Traditional banks often have promotional rates or fee waivers for new accounts. Ask specifically about current promotions before signing.
After Opening: Next Steps
- Set a savings goal — link the account to a specific target (emergency fund, vacation, down payment)
- Automate contributions — set up a recurring transfer from checking to savings on payday
- Check your interest — log in after your first month to verify the APY matches what was advertised
- Review the fee schedule — confirm there are no dormancy fees, paper statement fees, or monthly fees you weren’t expecting
For guidance on how much to save, see how much money to keep in savings and the emergency fund guide. For minimum balance details by bank, see the HYSA minimums guide.
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