Opening a bank account is an essential step for managing your finances. Figuring out which documents you need doesn’t have to be a guessing game. Thankfully, the requirements to open a bank account are virtually the same whether you’re opening an account online or in person.
So, what do you need to open a bank account? Our guide breaks down the eight requirements to open a bank account, such as a checking or savings account.
1. Government-issued ID
You can’t open a bank account without a government-issued ID. An ID proves your identity and ensures the bank complies with legal requirements.¹ So, what identification can you use to open a bank account?
Here are a few acceptable forms of identification:
- Driver’s license
- Birth certificate
- Passport
Usually, people grab their driver’s license or passport. Some banks require at least two forms of ID, so check the requirements at your bank of choice before you head in or log on. Also, ensure your ID is current and not expired, as banks don’t accept outdated identification.
2. Social Security card
Have your Social Security card handy, because you’ll have to provide your Social Security number to set up a new bank account. If you’re opening an online bank account, there’s no need to have a physical copy of your card.
3. Proof of address
This is one people often forget. To open up a bank account, you’ll need proof of address, usually in the form of a financial document. This ensures all communication, including bank statements and alerts, reaches you without issue. Documents you can use for proof of address to open a bank account include:
- Utility bills
- Your lease
- Billing statements
Banks will not accept a written copy of your address. Instead, you’ll need official pieces of mail that have your full name and address on them to qualify for an account.
4. Contact information
In addition to your name and address, financial institutions will also ask for contact information like your:
- Phone number
- Mailing address
This information is used to contact you and allows you to access features like online banking.
5. Opening deposit
Some financial institutions require an opening deposit, which is a certain amount of money put into the account when you open it. But how much do you need to open a bank account? On average, banks require a minimum opening deposit of around $25 to $100,² but the amount can vary. So, it’s important to double-check how much a specific bank requires before opening an account with them.
6. For joint accounts: other applicant’s information
If you’re opening a joint account, you’ll need the following information from the other member with whom you’re opening the account:
- Their full legal name
- Their Social Security number
- Their identity documents
- Their contact information
There may be an option to have a primary account member, so discuss who that should be before opening the account together.
7. If under 18: co-owner
Minors often require a co-owner to open an account. If you’re under 18, you’ll need a legal guardian to help you complete your application. Similar to a joint account, you’ll need your co-owner to share their:
- Full legal name
- Social Security number
- Identity documents
- Contact information
Remember that once you become a legal adult, you can apply to be the sole owner of your bank accounts by requesting your co-owner be removed.
What happens after you open your new account?
Once you’ve opened your bank account, you’ll receive your account and routing numbers. You’ll also get instructions on how to set up mobile banking.
Some brick-and-mortar banks might send a welcome kit with important information about your new account. This can include details on accessing your online banking portal, setting up direct deposit, and ordering checks. You can also access this information via your online account.
Once you’ve set up and have started using your new bank account, review your bank statements and ensure all transactions are accurate. If there are any discrepancies, you should report them immediately so your bank can review them.
Additionally, monitoring your spending, tracking your balance, and avoiding overdrafts are also part of being responsible with your bank account.
Many banks offer additional banking features and services like budgeting tools and savings programs to assist you in reaching your financial goals. Take advantage of these features and don’t forget to update your contact information if it changes.
Tips for opening a bank account online
Opening a new bank account online is a convenient way to gain control of your finances and keep your bank information at your fingertips. Here are a few tips to remember as you apply:
- Apply online to expedite the application process.
- Download the mobile app to track your income and expenses on the go.
- Enable transaction alerts to flag suspicious activity on your account.
- Set up direct deposit to automatically receive payments in your account.
Enabling these features can streamline the application process and make maintaining your bank account a breeze.
Easily open an online account with mobile banking
Next time you’re wondering what you need to open a bank account, you can rest easy compiling these essential documents for a successful application. If you’re ready to skip the headache, learn the benefits of mobile banking by opening a free online bank account.
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Frequently asked questions
How long does it take to open a bank account?
The amount of time it takes to open a new bank account depends. In person, you might spend about an hour at the bank while they go through your paperwork, enter everything into the computer, print out documents for you, etc. Opening an online bank account typically makes the process a bit quicker.
How much does it cost to open a bank account?
Some financial institutions don’t require you to deposit any money when opening a new bank account. Other institutions might require a minimum opening deposit ranging from a few dollars to hundreds of dollars. Remember to check before you open the account to avoid any surprises. With Chime, you can rest assured knowing that you aren’t in for surprise fees like monthly maintenance or a minimum opening deposit.
Can I open a bank account without a social security number?
In general, you need a Social Security number to open a bank account. This security measure ensures no one else is opening an account in your name. Some banks will accept a foreign ID instead of an SSN, but you may need to provide additional documentation such as an Individual Taxpayer Identification Number. It’s recommended to call the financial institution to see what you’ll need before opening your new account.
Can you open a bank account without an ID?
Opening a bank account without an ID is generally not possible, as banks are required to follow Know Your Customer (KYC) regulations. Whether you’re opening a new account online or in-person, a driver’s license, birth certificate, or passport will be necessary to complete the application process if a Social Security number is not enough to verify your identity.
Are there any fees associated with maintaining a bank account?
Some bank accounts charge a monthly fee to your checking account for service and maintenance. Depending on the bank, you could be charged anywhere between $5-$15 for a basic checking account. Before opening an account with a new bank, review whether you’ll be charged monthly to avoid a surprise fee. Chime doesn’t believe in charging customers to manage their accounts with us, but not every banking institution is the same.
Can I open a bank account with a foreign ID?
Whether or not you can use a foreign ID to open a bank account depends on the bank you’re working with and the state you’re in. Many banks will accept a foreign passport or national ID as a valid form of identification. It’s always best to call ahead to see what forms of identification they accept.
What happens if I don't have a permanent address?
If you’re transient or don’t have a permanent address, it’s still possible to open a bank account. Depending on the financial institution, they may require additional documentation such as an address of a homeless shelter, or a letter from a support organization. You can also ask a friend or family member if you can use their address or register a P.O. box.