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Written by

Brian McKay

| Fact checked | Published April 9, 2023 | Updated September 28, 2026 | 6 min read

How to Open a Bank or Credit Union Account: Step-by-Step Guide

Q: What do you need to open a bank account?

To open a bank account you typically need: a government-issued photo ID (driver's license, U.S. passport, or state ID), a Social Security number or Individual Taxpayer Identification Number (ITIN), your current address, date of birth, and an initial deposit. For online accounts, you will usually also need an email address and a funding source such as a debit card or existing bank account for the opening deposit.

Q: Can I open a bank account online?

Yes. Most banks and credit unions allow you to open a checking or savings account entirely online in 5 to 10 minutes. You will need to provide personal information, upload or photograph your ID, and fund the account with a debit card, existing bank account, or mobile check deposit. Online banks have no physical branches but typically offer the same FDIC insurance and faster digital features than traditional banks.

Q: How much money do you need to open a checking account?

Most banks require an opening deposit of $25 to $100 to open a checking account, though some online banks and credit unions require $0. Some accounts also have ongoing minimum balance requirements to avoid a monthly fee; these are separate from the opening deposit and range from $0 at online banks to $1,500 or more at traditional banks. Always check both the opening deposit requirement and the ongoing minimum balance requirement before applying.

Q: What is the difference between a bank and a credit union?

Banks are for-profit financial institutions owned by shareholders. Credit unions are not-for-profit cooperatives owned by their members. Credit unions typically offer lower fees, lower loan rates, and better savings rates than traditional banks, and are insured by the NCUA up to $250,000 per member. Banks are generally larger with more branch and ATM locations and may offer more advanced digital tools. Both provide checking accounts, savings accounts, and most standard banking products.

Q: Can I open a bank account without a Social Security number?

Yes. Many banks and credit unions accept alternative identification numbers for account opening, including an Individual Taxpayer Identification Number (ITIN), a foreign passport with country of issuance, an alien identification card number, or a Matricula Consular card. Requirements vary by institution. If you do not have a SSN, call the institution before applying to confirm which forms of ID they accept.

To open a bank account you need a government issued photo ID, your Social Security number or ITIN, a physical address and an opening deposit, which is often $0 to $100 at online banks and credit unions. Most banks let you apply online in about 10 minutes, and credit unions also require that you meet their membership rules. Money you do not need for spending earns an average of 1.97% APY in a high yield savings account, verified by MonitorBankRates as of October 13, 2026.

Opening a checking or savings account is faster than it has ever been. Most banks and credit unions let you apply online in 5 to 10 minutes with no branch visit required. You will need a government-issued ID, a Social Security number or ITIN, and typically $25 to $100 for an opening deposit, though many online banks and credit unions require no minimum at all.

The more consequential decision is choosing the right institution. Banks and credit unions differ in fees, rates, ATM access, and digital features in ways that will affect you every month. This guide covers exactly what you need to open an account and what to compare before you do.

High yield savings

1.97%

avg APY

Standard savings

0.81%

avg APY

Money market

3.07%

avg APY

12 month CD

2.94%

avg APY

MonitorBankRates national averages as of October 13, 2026, computed from rates published by more than 8,000 banks and credit unions.

Key facts

Time to Open: 5 to 10 minutes online
ID Required: SSN/ITIN + photo ID
Opening Deposit: $0 to $100 at most institutions
Insurance: FDIC (banks) / NCUA (credit unions)

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.

Compare Checking Accounts

Find the best checking accounts at banks and credit unions nationwide.

All Checking Rates Credit Union Checking

Frequently Asked Questions

What do you need to open a bank account? ▼

You typically need a government-issued photo ID (driver's license, passport, or state ID), a Social Security number or ITIN, your current address, date of birth, email address, and funding for an opening deposit. Online applications usually take 5 to 10 minutes and let you photograph your ID from your phone.

Can I open a bank account online? ▼

Yes. Most banks and credit unions let you open a checking or savings account entirely online in 5 to 10 minutes. You will provide your personal information, photograph or upload your ID, and fund the account via debit card or ACH transfer. Online banks typically offer lower fees and better rates than traditional branches.

How much money do you need to open a checking account? ▼

Most banks require an opening deposit of $25 to $100. Many online banks and credit unions require $0. Separate from the opening deposit, some accounts also have ongoing minimum balance requirements to waive a monthly fee; these can range from $0 to $1,500 or more at traditional banks. Always check both requirements before applying.

What is the difference between a bank and a credit union? ▼

Banks are for-profit institutions owned by shareholders. Credit unions are not-for-profit cooperatives owned by their members, typically offering lower fees and better rates. Both provide FDIC or NCUA insurance up to $250,000. Credit unions require membership eligibility; banks are open to anyone. Both offer checking accounts, savings accounts, and most standard banking products.

Can I open a bank account without a Social Security number? ▼

Yes. Many banks accept an ITIN, foreign passport, alien identification card, or Matricula Consular card in place of a Social Security number. Requirements vary by institution. Call ahead to confirm what forms of ID are accepted before applying, especially at smaller community banks and credit unions.

This article is for general information and is not financial advice. Rates shown are market averages, not offers; terms and fees are set by each institution.