What do we need to open a bank account

Has your piggy bank filled up? Maybe you need a safer place to keep the money you’ve saved from the lemonade stand in your driveway — or maybe it would be handy to have a credit or debit card in your wallet.

Whatever you’re looking to do with your money, it might be time to open a bank account. There are many potential benefits to having a bank account, including convenience, security and even access to credit. 

According to Balancing Everything, over 94% of American households had bank accounts in 2019. Now, banking continues to be an important part of the average American’s finances.

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What you need to open a bank account

You should prepare the following items, according to Chase.

1. The most basic information you will need is your contact information, including name, address and phone number.
2. Chase suggests you also have at least two forms of government-issued photo ID, like a valid driver’s license or a passport. The Consumer Finance Protection Bureau, though, says some banks accept foreign passports and consular IDs if you don’t have United States identification.
3. You will need your social security number or individual taxpayer ID number, according to Chase.
4. You’ll likely need proof of your address, like a utility bill with your current address on it.
5. Depending on the financial institution you’re applying to, you may need additional documentation. For a student checking account, you may need proof of enrollment in an eligible school like a student ID or an acceptance letter to the institution in question.
6. You may also need to provide a deposit at the time of applying, especially if your state has a minimum deposit requirement.

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How to open a bank account

According to Chase, you’ll have to take the following steps to open an account at most banks:

1. Choose a bank based on benefits (account management, withdrawal limits and more) and convenience (ATM locations and access to bank locations).
2. Confirm you are eligible. Many banks have age requirements or require parental involvement.
3. Start the application process. Call the bank or go in-person to get your questions answered.
4. Choose the accounts you want. Do you want a checking account, a savings account or both?
5. Make sure you understand your new account after you’re approved.

How much money do you need to open a bank account?

Some states have minimum deposit requirements for opening a bank account.

According to the Consumer Finance Protection Bureau, you will typically need an initial deposit between $25 and $100 for a checking or a savings account.

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• Bank accounts
• Checking accounts
• How to open a checking account online

You can apply online for a checking account if you’re 18 years or older and a legal U.S. resident. You’ll need the following information:

• Your Social Security number.
• A valid, government-issued photo ID like a driver’s license, passport or state or military ID.
• A minimum opening deposit of $25 to activate your account (once you’ve been approved). This can be paid with a credit, debit or prepaid card, a transfer from another U.S. Bank account or a transfer from another financial institution.

Checking account resources

Our featured accounts:

U.S. Bank Smartly™ Checking account

An interest-bearing checking account that’s eligible for Smart Rewards™

Monthly maintenance fee

$6.95 or $0

There are multiple ways to get the monthly maintenance fee waived.1

Safe Debit account2

A bank account minus the checks with no overdraft fees

Monthly maintenance fee

$4.95

Monthly maintenance fee can’t be waived

Want to open a checking account in person?

You can visit any U.S. Bank branch to open a checking account. You’ll still need identification and personal details, such as your Social Security number and a valid government-issued ID. You can also call a U.S. Bank representative at 800-398-0371 to ensure you have everything you need to open a checking account or other bank account.

Ready to apply?

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Disclosures

1. Members of the military (requires self disclosure) and customers ages 24 and under and those 65 and over pay no monthly maintenance fee. All others can have it waived by meeting any one of the following criteria: Have combined monthly direct deposits totaling $1,000 or more; or keep a minimum average account balance of $1,500 or more; or hold an eligible U.S. Bank credit card; or qualify for one of the four Smart Rewards™ tiers (Primary, Plus, Premium or Pinnacle).

   The average account balance is calculated by adding the balance at the end of each calendar day in the statement period and dividing that sum by the total number of calendar days within the statement period. Other fees may apply.

   Please refer to the Consumer Pricing Information disclosure for more details.

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Mobile device access fees – The U.S. Bank Mobile app is free to download. Your mobile carrier may charge access fees depending upon your individual plan. Web access is needed to use the Mobile app. Check with your carrier for specific fees and charges. Some mobile features may require additional online setup. Any fees for optional transactions will be identified during registration for these services and during their use.

Text messaging fees – For text alerts, standard messaging charges apply through your mobile carrier and message frequency depends on account settings. Check with your carrier for specific fees and charges.

Deposit products are offered by U.S. Bank National Association. Member FDIC.