What Do You Need To Open A Bank Account?

If you’re ready to open a bank account, it’s as simple as having a government-issued photo identification, an initial deposit and some basic information – such as a phone number and proof of address – ready to go. In some cases, you might be able to handle the entire process online.

Let’s take a deeper dive into the documentation that banks and credit unions will accept. We’ll also look at what you might need to do for joint accounts and for minors opening a bank account.

The First Steps To Opening A Bank Account

Before you gather all the necessary documents, it helps to research the type of bank account you want. Checking accounts often include benefits such as:

• Direct deposit
• Debit cards you can use at an ATM
• The ability to transfer funds

Both checking and savings accounts typically allow online banking and offer mobile apps.

Experts recommend having both types of account. The checking account is for everyday expenses, while a savings account helps you prepare for larger purchases and emergencies.

It’s best to consider accounts that offer protection from overdraft fees, low minimum account balances, competitive interest rates, mobile banking options, and other perks.

Documents You’ll Need To Open A Bank Account

Financial institutions usually require some basic documentation for you to open a bank account.

Identification Cards

You’ll need some form of government identification that includes a photo. Acceptable forms of ID typically include a current:

• Driver’s license
• U.S. passport (or foreign passport, depending on the bank)
• Military ID card
• State ID card

Proof Of Address

Some institutions will need proof of address. A pay stub or utility bill featuring your address should work here.

Personal Information For A Bank Account Application

In addition to the documentation we mentioned, be sure to have other personal information handy.

Contact Information

Have a phone number close by when filling out your bank account application. Mobile phone numbers are acceptable.

Identification Numbers

When applying for your bank account, you might need to enter identification numbers. The numbers from the forms of ID mentioned earlier should work. Alternatives might include your Social Security number, Individual Taxpayer Identification Number (ITIN), alien identification card or passport number.

Minimum Opening Deposit: What To Expect

In many cases, financial institutions require a minimum deposit for you to open a bank new account. An initial amount of $25 – $100 is common. Be sure to keep enough money in the account to meet the bank’s minimum balance requirements.

When You Might Need Additional Documents To Open An Account

Some circumstances might require more information to open a bank account. Let’s take a look at a few.

You’re Opening A Student Bank Account

Student accounts are a great way for minors to manage their personal finances and build financial literacy. But if you’re younger than 18, your parent or legal guardian may need to help with opening the account.

Student bank accounts sometimes offer benefits that traditional accounts don’t. These benefits may include a reduced monthly maintenance fee and a lower initial deposit.

You’re Opening A Joint Account

People opening a joint account will all need their respective identification and background information on-hand.

You Have A Troubled Banking History

Typically, banks won’t check your credit score to determine your eligibility to open an account.  However, banks may run a report from a checking account-monitoring service that shows your past activity with bank accounts. This type of report can reveal frequent overdrafts, suspected fraud and bad checks.

In some cases, banks may deny an application for an account. You can be proactive, though, by getting a free copy of your checking account activity report and checking for issues.

The Bottom Line: Having Your Documents Ready Makes It Easy To Open A Bank Account

Opening a checking account or savings account is easy and straightforward. In some cases, you might not even need to visit a local branch. Just be sure to have your government-issued ID and your proof of address ready to go.

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