Key Takeaways
- You need proof of identity, a Social Security Number, and proof of address to open most bank accounts.
- Basic documents needed to open a bank account include a government-issued ID and a recent utility bill or lease agreement.
- Banks require various documents to verify your identity and follow federal banking laws.
- Requirements for opening a bank account are usually the same whether you’re opening a checking or savings account.
Opening a bank account is easier than most people think. You just need a few basic documents that prove who you are and where you live. A bank account gives you a place to safely store money, pay bills online, and build your financial history. You can still access financial services and get a loan without a bank account, but it’s always easier to qualify for better opportunities when you have one.
When opening a bank account, the institution will ask for certain information because federal law requires it to verify every customer’s identity.
So, what do you need to open a bank account? This guide covers everything you’ll need to open a bank account in person or online.
- What Are the Requirements for Opening a Bank Account?
- What Information Do I Need to Open a Bank Account?
- What Documents Are Required to Open a Bank Account?
- What Do I Need to Open a Bank Account for a Child or Teen?
- What Do Non-Residents Need to Open a Bank Account?
- What Do I Need to Open a Joint Banking Account?
- What Do I Need to Open a Checking Account vs. a Savings Account?
- Frequently Asked Questions
- Open Your Bank Account with Confidence
What Are the Requirements for Opening a Bank Account?
Banks need to confirm you are who you say you are. The requirements to open a bank account follow federal banking rules that every financial institution must follow. These rules help stop money laundering and identity theft.
So, what is needed to open a bank account? Here are the basic requirements you’ll need to meet:
Proof of identity
Banks must verify your identity using government-issued documents. You’ll need to show a valid photo ID, provide your Social Security number, and prove you have a physical U.S. address. The USA PATRIOT Act requires all banks to collect this information from every person who opens an account. The law was created to prevent criminals from using the banking system for illegal activities.
Initial deposit
Some banks ask for money upfront when you open an account. The deposit can range in amount, but many banks have dropped this requirement to attract new customers. Others will waive the deposit if you set up direct deposit from your employer.
Minimum 18 years old
You must be at least 18 years old to open a standard bank account on your own. This age requirement exists because bank accounts are legal contracts. People under 18 generally can’t enter into contracts by themselves. If you’re younger than 18, you can still open a bank account with a parent or guardian as a joint owner.
What Information Do I Need to Open a Bank Account?
Banks collect specific personal details when you open your account. You’ll need to provide accurate information because the bank will verify everything you tell them.
Personal information
The bank will ask for your complete legal name as it appears on your government ID. You’ll also need to share your date of birth, current physical address, phone number, and email address. Make sure you know this information before you go to the bank.
Social Security Number or Individual Taxpayer Identification Number
Banks must collect either your Social Security Number or Individual Taxpayer Identification Number (ITIN). They use this number to report interest earned on your account to the IRS. The bank will verify your number against government databases.
What Documents Are Required to Open a Bank Account?
Knowing what documents you need to open an account ahead of time can save you time. Most banks accept the same types of identification and address verification.
Personal identification
You must bring at least one form of government-issued photo identification. Here are the documents most banks accept:
- State-issued photo ID. A current identification card from your state’s Department of Motor Vehicles works just as well as a driver’s license.
- Driver’s license. This is the most common form of ID people use to open bank accounts.
- Passport. Both U.S. passports and valid foreign passports are accepted at most banks.
All forms of identification must be current and not expired.
Proof of address
Banks need to verify where you actually live. They want to see an official document with your name and current address printed on it. These documents must be recent, usually from the last one to three months:
- Utility bill: Electric, gas, water, or internet bills all work as proof of address.
- Lease agreement: If you rent your home, bring a copy of your signed lease.
- Mortgage statement: Homeowners can use their most recent mortgage bill or statement.
- Official mail: Government letters or tax documents with your address are acceptable.
- Recent bank or credit card statement: If you already have an account somewhere else, that statement can prove your address.
The bank may ask for two different documents if your ID doesn’t show your current address.
What Do I Need to Open a Bank Account for a Child or Teen?
Opening a bank account for a child or teen follows most of the same rules as adult accounts. A parent or legal guardian must be present and will become a joint owner on the account. The child can’t remove the adult from the account until they turn 18.
You’ll need to bring identification for both yourself and your child. The bank will ask for the child’s Social Security Number and birth certificate. Some banks offer special accounts designed just for minors that come with lower fees and no minimum balance requirements.
Teaching kids about money early helps them build good financial habits. Many banks also offer educational resources through programs like MoneySKILL® personal finance courses that teach young people about budgeting and saving.
What Do Non-Residents Need to Open a Bank Account?
Non-U.S. residents can open bank accounts at many American banks. The process takes a bit more effort because you’ll need to provide additional documentation. Most banks require non-residents to apply in person rather than online.
You’ll need a valid passport from your home country as your primary form of identification. The bank may also ask for your visa or other immigration documents that show you’re legally in the United States. Instead of a Social Security Number, you can use an Individual Taxpayer Identification Number.
For proof of address, you’ll need U.S.-based documents like a utility bill or lease agreement in your name. If you just arrived in the country, a letter from your employer or university confirming your address may work. Call different banks in your area to compare their requirements for non-residents.
What Do I Need to Open a Joint Banking Account?
Joint bank accounts work well for married couples, business partners, or family members who want to share finances. Both people who will own the account need to be present when you open it. Each person must bring their own government-issued photo ID and Social Security Number.
The bank will verify the identity of every owner on the account. This means both people need to provide proof of address separately. If you share the same address, one utility bill with both names on it may work, but it’s safer to bring two different documents just in case.
Joint account holders share equal access to all the money in the account. Either person can deposit money, withdraw cash, or write checks without the other person’s permission. Make sure you discuss how you’ll manage the account before you open it.
What Do I Need to Open a Checking Account vs. a Savings Account?
The documents needed to open a bank account are the same whether you choose a checking or savings account. Both account types require proof of identity, your Social Security Number, and proof of address. The main difference is how you’ll use each account.
Checking accounts are built for everyday spending. You can write checks, use a debit card, and withdraw money as often as you need. Most checking accounts don’t pay interest on your balance.
Savings accounts help you set money aside for future goals. They usually pay interest on your balance, which helps your money grow over time. Savings accounts work best for money you don’t need to touch often.
You can open both types of accounts at the same time. Many people keep a checking account for bills and daily expenses while using a savings account to build an emergency fund. If you’re working on breaking bad money habits, keeping your spending accounts separate from your savings helps you stay on track.
Frequently Asked Questions
Can you open a bank account without a Social Security Number?
Yes. You can open a bank account using an Individual Taxpayer Identification Number in place of a Social Security Number. The ITIN serves the same purpose for banking requirements. Not all banks accept ITINs, so you’ll need to call ahead and ask.
Do bank account requirements vary by institution?
Basic bank account requirements stay consistent across most banks because federal law sets the minimum standards. However, individual banks can add their own rules on top of the legal requirements. Some banks require higher minimum deposits or charge monthly fees unless you maintain a certain balance.
What types of photo ID are accepted for opening a bank account?
Most banks accept driver’s licenses, state-issued ID cards, U.S. passports, military IDs, and permanent resident cards. Your ID must be current and include your photo, full name, date of birth, and an ID number. Temporary or paper IDs usually don’t work because banks can’t easily verify them. College IDs and employee badges aren’t acceptable as primary identification because they’re not government-issued.
Open Your Bank Account with Confidence
Getting your documents together before you visit the bank or open an account online will save you time. Most banks can open your account in about 30 minutes once you have everything they need.
A bank account gives you a secure place to keep your money and makes it easier to manage your finances. When unexpected expenses come up, Sun Loan is here to help. We offer personal loans designed to fit your needs, whether you need help covering a big expense or consolidating debt. Learn more about our personal installment loans.
