What You Need to Open a Bank Account
Whether you are opening online or in person, every bank and credit union requires you to verify your identity. Have the following ready before you start:
- Government-issued photo ID: U.S. driver's license, state ID, U.S. passport, or military ID. Most online applications let you photograph or upload it from your phone.
- Social Security number (SSN) or ITIN: Required for tax reporting. If you do not have a SSN, many institutions accept an Individual Taxpayer Identification Number (ITIN) instead. See the section below on alternatives for non-SSN applicants.
- Current address: Must match what is on your ID or be verifiable through a utility bill, bank statement, or lease.
- Date of birth: Must be 18 or older for a standard account; minors can typically open a joint account with a parent or guardian.
- Email address and phone number: Required for online applications and for two-factor authentication.
- Opening deposit funding source: A debit card, existing bank account for an ACH transfer, or a check to mail or photograph for mobile deposit. Some institutions also accept cash at a branch.
Step-by-Step: Opening an Account Online
Compare and choose an institution
Before applying, compare monthly fees, minimum balance requirements, ATM network size, overdraft policy, and interest rates. Our checking account rate tables let you filter by institution type and state. For students, student checking accounts typically have no fees and no minimum balance requirements. For businesses, see business checking accounts.
Go to the bank’s website or app and click “Open an Account”
Most institutions have a direct application link on their homepage. Avoid applying through third-party comparison sites that may pre-fill your data before sending you to the bank — apply directly to ensure your information goes straight to the institution.
Enter your personal information
Provide your legal name, date of birth, SSN or ITIN, current address, phone number, and email. Most applications take 3 to 5 minutes to complete. Your application triggers a ChexSystems or Early Warning Services (EWS) inquiry rather than a hard credit pull — this does not affect your credit score.
Upload or photograph your ID
Online applications typically ask you to photograph the front and back of your ID through your phone camera. Ensure the image is clear and all text is readable. Some banks also require a selfie for identity verification.
Fund the account
Provide a debit card number or link an existing bank account via routing and account number to make your opening deposit. Some institutions accept $0 to open and let you fund the account later. Others require $25 to $100 at application. Your debit card for the new account typically arrives within 5 to 10 business days.
Set up direct deposit and account alerts
Once the account is open, update your employer's payroll portal with your new routing and account number. Set up low-balance alerts immediately — this is the single most effective step for avoiding overdraft fees in the first weeks with a new account.
Opening an Account Without a Social Security Number
Many banks and credit unions accept alternative forms of identification for applicants who do not have a Social Security number. Acceptable alternatives typically include:
- Individual Taxpayer Identification Number (ITIN): Issued by the IRS for tax purposes; accepted by most banks in place of an SSN
- Foreign passport with country of issuance
- Alien Identification Card (Green Card)
- Matricula Consular card: Issued by Mexican consulates; accepted by many banks and credit unions, especially in areas with large immigrant populations
- Other government-issued identification where accepted by the institution
Requirements vary by institution. Call or chat with the bank or credit union before applying to confirm what forms of ID they accept. Credit unions are often more flexible than large national banks on ID requirements and may serve specific communities or regions with tailored account options.
Bank vs. Credit Union: How to Choose
| Feature | Bank | Credit Union |
|---|---|---|
| Ownership | For-profit, owned by shareholders | Not-for-profit, owned by members |
| Fees | Typically higher at traditional banks; lower at online banks | Generally lower; many charge no monthly fee |
| Checking rates | Variable; highest at online banks | Often competitive; member-focused |
| ATM access | Varies; large national banks have wide networks | Shared CO-OP network gives access to 30,000+ ATMs |
| Branch access | Better for national banks | Typically local or regional |
| Digital tools | Often more advanced at large banks and online banks | Varies; improving rapidly |
| Insurance | FDIC up to $250,000 | NCUA up to $250,000 |
| Who can join | Anyone | Must meet membership criteria (employer, geography, etc.) |
Credit Unions Often Beat Banks on Fees and Rates: Because credit unions return profits to members rather than shareholders, they consistently offer lower overdraft fees, better savings rates, and fewer nuisance fees than traditional banks. The main drawback is membership eligibility — but most people qualify for at least one credit union through their employer, location, alumni association, or family. Check our credit union checking account rates to see what is available.
Should You Open a Checking or Savings Account First?
If you are opening your first bank account, start with a checking account. It is the foundation of day-to-day financial life — direct deposit, bill pay, debit card purchases, and ATM access all run through checking. Once your checking account is set up and funded, add a savings account and automate a fixed transfer from checking to savings each month.
A high-yield checking account earns interest on your balance while giving you full transaction access — the best of both worlds if you maintain an average balance above the rate-earning threshold. Compare both checking rates and savings rates before deciding where to keep your primary account.
