Documents Needed To Open a Savings Account

Identification and Other Requirements for Opening a Savings Account

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A savings account provides a way to safely save money while also earning interest on those funds. Savings accounts have many benefits, and some accounts may even include extra features with easy access to funds.

Opening a savings account requires documents and personal information for verification purposes. Learn which are needed to set up a savings account, how these requirements differ for minors, and steps on how to open a new savings account.

Key Takeaways

  • For verification purposes, certain documents typically are required to open a savings account, such as a government-issued photo ID or utility bill.
  • Opening a savings account consists of several steps, including conducting research, gathering required documents, and setting aside a minimum deposit, if required.
  • To open a savings account for a minor, both the parent/legal guardian and the child must provide identification and personal documentation.

What Documents Do You Need To Open a Savings Account?

To open a savings account, you’ll need to verify your identity and provide a number of personal documents. Banks and other financial institutions typically require a U.S. or state government-issued photo ID such as a driver’s license, but that can also include a state ID, passport, or military ID.

You may be required to provide a secondary form of ID, such as a Social Security card or birth certificate. Depending on the bank, this may be something as simple as a credit card or employee ID with your full name. If the financial institution also needs to confirm your address, it may accept a utility bill or financial statement that displays your address.

A savings account can be opened at a bank branch, online, or over the phone, depending on the bank or credit union. Setting up an account online may require you to first create an online username and password, then complete an alternate verification method, such as confirming your email or phone number.

What Documents Do You Need To Open an Account for a Minor?

The requirements to open an account for a minor may vary depending on the financial institution; they may even limit some features to minors who are 14 years of age or younger. Typically, a parent or legal guardian must open the account for the minor.

The adult who is opening the account will be asked to provide personal information and identification. The minor must also provide identification to open an account, since the account is in their name as well. Documents that are required include a driver’s license if applicable; a passport, Social Security card, birth certificate, or school ID are usually accepted. (Some banks may require a combination of these documents.)

Typically, you and your child must complete the process at the bank in person, although some banks may offer online applications.


Savings accounts for minors may require a minimum deposit, although many banks waive fees for those under age 18 or students in general who are under age 25 and enrolled in school or an educational or vocational program.

How To Open a Savings Account

The process of opening a savings account is similar to opening a checking account. Opening an account consists of steps including:

  • Determining whether you prefer a high-yield interest rate, lower fees, or specific account features such as online bill pay
  • Conducting research to find the best options to match your preferences
  • Gathering documents required to open the account
  • Filling out an application with all required personal information online or in person
  • Depositing the minimum deposit amount, if required; some banks may charge a fee if your balance falls below that minimum


While the Federal Reserve has suspended the six-withdrawal monthly limit, some banks may still implement this rule. Check with your bank if you’ll be making withdrawals on a regular basis.

Frequently Asked Questions (FAQs)

How do I open a high-yield savings account?

The process of opening a high-yield savings account can differ depending on the bank, although it typically is similar to a regular savings account. These accounts require the same personal information and identification as a traditional savings account, but require a higher initial deposit or higher minimum balance.

Where should I open a savings account?

You can open a savings account at any bank, credit union, or other financial institution that offers such products. Be sure the one you choose is FDIC-insured. If you already have a checking account, it typically is more convenient to open a savings account with the same bank, although you may opt to shop around for higher rates.

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The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
  1. Consumer Financial Protection Bureau. “Checklist for Opening a Bank or Credit Union Account,” Page 1.

  2. Navy Federal Credit Union. “How To Open a Savings Account.”

  3. Consumer Financial Protection Bureau. “Checklist for Opening a Bank or Credit Union Account,” Page 3.

  4. US Bank. “How To Open a Bank Account for a Minor.”

  5. Bank of America. “Get a Head Start on Your Future.”

  6. FINRA. “Savings Accounts.”

  7. Federal Reserve. “​​Federal Reserve Board Announces Interim Final Rule To Delete the Six-Per-Month Limit on Convenient Transfers From the ‘Savings Deposit’ Definition in Regulation D.”

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