Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsTo open a U.S. checking or savings account, choose an insured institution and an account that fits your needs, confirm its identity-document and deposit requirements, apply, then review fees and account rules before relying on it. Requirements vary by bank and credit union, so verify them with the provider before you begin.
1. Choose the account and institution
Decide whether you need checking for everyday payments, savings for money you want to set aside, or both. Compare accounts at banks and credit unions based on how you expect to use them—not just on whether an account can be opened online.
- Check monthly maintenance fees and the conditions for waiving them.
- Compare the minimum balance needed to avoid a fee with the initial opening deposit; these are not necessarily the same amount.
- Review ATM access and charges, per-check or transaction fees, and direct-deposit terms.
- Consider online and mobile banking, bill payment, alerts, and any related costs.
- For savings accounts, compare the interest rate and the terms that affect access to your money.
- Review overdraft and insufficient-funds fees, including whether you can opt out of or reduce overdraft coverage.
- Decide whether you need branch service or are comfortable applying for and managing the account online.
The CFPB’s bank-account checklist outlines several of these comparison points.
2. Verify deposit insurance
Before depositing money, confirm that the bank is FDIC-insured or that the credit union has NCUA insurance. Use the agencies’ verification tools rather than relying only on an institution’s name or advertising. The CFPB describes FDIC coverage as up to $250,000 for eligible deposits under the same ownership; the amount protected depends on ownership and account circumstances, so a balance is not automatically fully insured. The CFPB explains the distinction in its FDIC and NCUA insurance guidance.
#1 Best Overall
3. Ask what identification the institution accepts
There is no single document list that every bank or credit union accepts for every application. Ask the institution which forms of identification it accepts, whether its online application supports your documents, and whether it may require an in-person or follow-up identity check.
A driver’s license or passport is common, but alternatives may be accepted. The CFPB’s March 2021 checklist says some institutions accept foreign passports or consular IDs and notes that a Social Security card, a bill showing your name and address, or a birth certificate may serve as additional documentation. Those examples are not a guarantee of acceptance at any particular institution; confirm before applying.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
For banks covered by its guidance, the Office of the Comptroller of the Currency says a customer identification program must collect a person’s name, date of birth, address, and an identification number. Depending on the applicant, the identification number may be a taxpayer identification number, passport number and issuing country, alien identification card number, or another government document number for certain non-U.S. persons. The bank must verify the information, using documents or other means. See the OCC’s identity-document guidance for its scope and examples.
4. Prepare your information and opening deposit
Have your identifying information ready, along with any documents the institution says it needs. You may also need a way to fund the account, such as a transfer or another deposit method offered by the provider.
Free tools Windows power users keep installed
One-click scans. No signup required.
The CFPB’s March 2021 checklist says, “You usually need to make an initial deposit between $25 and $100 to open a savings or checking account.” Treat that as a guide from a dated checklist, not a current rule or a promise that every account requires a deposit in that range. The FDIC’s GetBanked resource also says amounts vary and may be as little as $25. Ask the institution for its current opening-deposit requirement and separately check any balance needed to avoid fees.
5. Apply and complete account setup
Depending on the institution, you may be able to apply in a branch, on its website, or through its app. Follow the provider’s instructions and supply the requested information accurately.
Rank #4
- Submit the application through the channel the institution offers.
- Complete any identity checks or follow-up requests. An online application does not guarantee that verification will be completed online.
- Make any required opening deposit using an accepted method.
- Review and sign the account documents.
- Set up online or mobile access and activate any debit or ATM card if provided.
6. Understand the rules before using the account
Before scheduling payments or relying on a deposited check, ask when deposited funds become available, how overdraft coverage works, and what you must do to avoid account fees. Banks set check-funds availability policies within federal limits, and overdraft fees may apply to checks, electronic payments, or debit-card transactions. The CFPB’s bank-account resource hub explains these issues and provides guidance for comparing account terms.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.7. If an application is denied
Start with the institution’s notice: it may identify the reason and any report used in its decision. Options depend on those details. The CFPB describes steps for people denied a checking account because of past banking history in its bank-account guidance.
The Tool Desk
Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Quick Recap
Best Value
- It can be a gift option
- Comes with secure packaging
- Helpful in various ways
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
