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A checking account gives you quick access to your money for everyday spending and bill payments. Whether you prefer applying online or visiting a branch, the process is straightforward once you know what to expect.
This guide walks you through how to open a checking account step by step. You'll also learn what documents to gather, how to compare your options, and which fees to watch out for.
Key takeaways
Opening a checking account typically takes three steps: choose your financial institution, complete an application, and making any required opening deposits..
Requirements vary by institutions, typically, you’ll need a government-issued ID, your Social Security number, and proof of address to apply.
Compare fees, ATM access, and mobile banking features before you choose an account.
Some financial institutions let you open an account with no money, while others ask for an initial amount, typically $25 to $100.
How to open a checking account
Opening a checking account is simpler than you might expect. Most financial institutions let you apply online in minutes. Here's the process in three steps.
1. Choose your financial institution and account type
Start by comparing financial institutions and account types. Look at monthly fees, minimum balance requirements, ATM networks, and mobile banking features. Consider whether you prefer an online-only platform or a traditional institution with branches you can visit.
As you research, look for a reputable institution that keeps your deposits secure as a regulated bank or through regulated partner banks and offers strong account protections like fraud monitoring and instant card locking. A trusted institution with solid app security helps keep your money safe and accessible.
2. Complete an application
Many financial institutions let you apply online. Head to the website and look for the application page. Online-only platforms may let you open an account entirely online in just a few minutes.
During the application, you'll provide personal information and documents. After you submit, the institution will verify your identity and may review your banking history. If approved, you'll receive your account materials in the mail, including a debit card when applicable.
3. Fund your account and set up direct deposit
Once approved, you'll deposit money to fund your account. Some institutions let you open an account with no money, while others ask for a minimum deposit of $25 to $100.1
Setting up direct deposit sends your pay straight to your account. It's a convenient way to get paid, and some financial institutions waive monthly fees when you enroll. To set it up, provide your employer with your new account and routing numbers and fill out a direct deposit form.
What you need to open a checking account
Gathering your documents ahead of time makes the application process faster. Requirements vary by institution, but most ask for the same basics.
Government-issued photo ID: A driver's license, state ID, or passport works.
Social Security number or ITIN: Financial institutions use this to verify your identity.
Proof of address: A utility bill, lease agreement, or bank statement showing your current address.
An opening deposit: Some accounts require $25 to $100 to start, though many online platforms have no minimum.1
If you're opening a joint account, each applicant needs to provide their own documents and identification. If you're under 18, you'll usually need a parent or guardian on the account.
What is a checking account?
A checking account is a type of account that lets you deposit and withdraw money quickly for everyday use. Money in a checking account is typically used for regular expenses like paying bills, buying groceries, or covering rent.
Most checking accounts come with a debit card linked directly to your balance. You can use it to make purchases in stores, shop online, or withdraw cash from ATMs.
Since checking accounts are designed for easy access, they usually don't earn much interest. If you want your money to grow, consider keeping extra cash in a high-yield savings account.
Types of checking accounts
Financial institutions offer several types of checking accounts. Before opening one, consider which type fits your needs.
Traditional checking accounts: These come with a debit card, online bill pay, and often overdraft protection. Many have no monthly fee or waive the fee if you meet certain conditions.
Premium checking accounts: These offer the same features as traditional accounts, plus extras like waived ATM fees or discounted loan rates. They may require a higher minimum balance or charge a monthly fee.
High-interest checking accounts: These earn a higher annual percentage yield than traditional accounts. The APY may increase if you maintain a higher balance, receive qualifying direct deposits, or pair your checking with other accounts.
Student checking accounts: Designed for young people, these often have lower fees and may require a parent as a joint account holder.
Senior checking accounts: Built for older adults, these can offer perks like ATM fee reimbursement and waived monthly fees.
Business checking accounts: Intended for business owners, these help you keep business revenue separate from personal finances and typically come with a business debit card.
Compare the benefits of a checking account to decide which type suits your needs.
What to compare when choosing a checking account
Not all checking accounts are the same. Before you pick one, compare these features across your options.
Balance minimums: Some accounts require a minimum opening deposit or daily balance.
Fees: Checking account fees vary widely. Look at monthly maintenance fees, overdraft fees, and ATM charges.
Online and mobile banking: Make sure the app and website let you do everything you need, from checking balances to paying bills.
ATM access: Some institutions have larger fee-free ATM networks than others.
Interest rates: If you're considering a rewards or interest checking account, compare APYs and any requirements for earning interest.
Online vs. in-person: Online platforms often charge fewer fees, but traditional institutions offer branches you can visit.
Other products: Consider what else the institution offers, like savings accounts or credit-building tools.
Common checking account fees to watch for
Understanding potential fees helps you avoid surprises. Here are the most common ones.
Monthly fees: Some institutions charge a monthly maintenance fee just for having an account. You may be able to waive it by meeting a minimum balance or enrolling in direct deposit.
Overdraft fees: If you don't have enough money to cover a transaction, you may be charged an overdraft fee. A typical overdraft fee is around $30 to $35 per transaction.2 Some financial institutions offer overdraft protection to help you avoid these charges.
Out-of-network ATM fees: Using another institution's ATM to withdraw cash could result in a fee from your financial institution or a separate surcharge from the ATM operator.
Stop payment fees: If you ask to stop an outgoing transaction like a bill payment or check, you may be charged.
Paper statement fees: Some institutions charge a small fee for mailing paper statements instead of electronic ones.
Foreign transaction fees: Using your debit card or withdrawing cash in another country may trigger a fee.
Online vs. traditional checking accounts
Should you open an online checking account or go with a traditional institution? Both have advantages worth considering.
Online checking accounts often come with these benefits and drawbacks:
Pros: Lower or no monthly fees, higher interest rates on some accounts, and around-the-clock access through mobile and web apps.
Cons: No physical branches – which can make depositing cash harder – and no face-to-face customer service.
Traditional checking accounts often offer a different experience:
Pros: In-person customer service at branches, easier cash deposits, and access to services like cashier's checks.
Cons: More fees or requirements to avoid them, and often lower interest rates.
Consider what matters most to you. If you rarely use cash and prefer managing money from your phone, an online account may be a good fit. If you value in-person help, a traditional institution might work better.
Manage your money with a checking account
A checking account is a foundational tool for managing your finances. Whether you need to pay bills, buy groceries, or transfer money to savings, it all starts with having an account you can rely on. The Chime Checking Account lets you apply online in minutes with no monthly fees.
Once your account is set up, learn how much money you should keep in your checking account to balance access and savings.