How to open a bank account in the US

What you need to open a bank account

Banks need to verify the identity of people opening accounts.

The exact documents and information accepted vary by institution, but you should be prepared to provide some combination of:

• your full legal name;
• date of birth;
• residential address;
• government-issued identification;
• Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN), when required;
• contact information;
• an initial deposit, if the account requires one.

If you open an account at a branch, common forms of identification can include a driver’s license, state ID, or passport.

Some financial institutions may also accept foreign passports or consular identification documents.

If your current address is different from the one on your identification, the bank may ask for additional proof of address, such as a lease or recent bill.

Online applications can work differently. The bank may try to verify your identity electronically using information such as your taxpayer identification number, date of birth, and address.

If the system cannot verify you - something that can happen when you have recently moved to the United States and have a limited US record - the bank may ask for additional documentation or require you to visit a branch.

Can you open a US bank account if you’re not a US citizen?

US citizenship itself is not necessarily required to have a bank account.

What matters is whether the particular financial institution can verify your identity and whether you meet its account requirements.

This distinction is especially important for newcomers.

A bank may accept a foreign passport or other identification, while another may have different requirements. Some institutions also require an SSN for a particular account or online application process.

Before applying, check the bank’s current eligibility and identification requirements rather than assuming every institution follows the same rules.

Can you open a bank account without an SSN?

Potentially, but it depends on the institution.

Some financial institutions may accept an Individual Taxpayer Identification Number (ITIN) in situations where an applicant does not have an SSN. Other institutions or particular products may have different requirements.

An ITIN is a tax-processing number issued by the IRS to certain people who need a US taxpayer identification number but are not eligible for an SSN.

An important distinction: the IRS does not issue an ITIN simply because someone wants to open a bank account. You must independently qualify for an ITIN under IRS rules.

If you have neither an SSN nor an ITIN, do not assume that opening an account is impossible. Check directly with banks about alternative identification they may accept, particularly for in-person applications.

Related: Can you open a US bank account without an SSN?

Step 1: Decide what kind of account you need

For most newcomers, the first account will be a checking account.

Checking accounts are designed for everyday money management:

• receiving your paycheck;
• paying bills;
• using a debit card;
• withdrawing cash;
• transferring money;
• setting up direct deposit.

A savings account is generally better for money you do not expect to spend every day.

Many people eventually use both:

You do not necessarily need to open both on day one. Start with the account that solves your immediate problem.

Step 2: Compare banks before applying

Do not choose an account based only on the bank’s name. Look at the actual terms.

Monthly fee

Ideally, look for an account with no monthly maintenance fee or a fee you can easily avoid. A $10 monthly fee costs $120 per year.

Minimum balance

Check whether you must maintain a certain balance to avoid fees. An account advertised as “free” may still have conditions attached to it.

Minimum opening deposit

Some accounts can be opened with $0, while others require an initial deposit.

ATM access

Look at where you can withdraw cash without paying an ATM fee. If you expect to use cash frequently, ATM availability can matter more than a small signup bonus.

Branch access

An online bank may work perfectly if you are comfortable managing everything digitally. For a newcomer whose identity is difficult to verify electronically, however, access to a physical branch can be useful.

International transfers

If you regularly send or receive money internationally, check:

• incoming wire fees;
• outgoing wire fees;
• international transfer options;
• foreign transaction policies.

FDIC insurance

For a traditional bank account, verify that the bank is FDIC-insured.

Eligible deposits at an FDIC-insured bank are automatically insured up to the applicable limits. The standard amount is $250,000 per depositor, per FDIC-insured bank, per ownership category. You do not have to purchase FDIC insurance separately.

A note about fintech apps and FDIC insurance

A financial app is not necessarily a bank. Some fintech companies provide banking services through partner banks. That distinction matters.

If a nonbank company says funds are held at an FDIC-insured partner bank, read the account disclosures carefully to understand where the money is actually held and how deposit insurance may apply. Do not assume that the fintech company itself is FDIC-insured.

Step 3: Gather your documents

Before starting an application, have your documentation ready.

A useful checklist is:

• government-issued photo ID;
• passport, if applicable;
• SSN or ITIN if you have one and the institution requests it;
• US residential address;
• proof of address, if necessary;
• email address;
• US phone number, if required;
• money for the opening deposit, if applicable.

Newcomers should check the institution’s identification requirements before submitting an application. This can save you from starting an online application that you cannot complete.

Step 4: Apply online or at a branch

Many bank accounts can be opened entirely online.

You will enter your personal information, complete identity verification, review required disclosures, and agree to the account terms.

For someone with an established US identity record, this can take only a few minutes.

Newcomers can encounter additional verification. For example, an automated system may have trouble confirming a recently established address.

If your online application cannot be completed, that does not necessarily mean you are ineligible for an account. Contact the institution and ask whether you can provide additional documentation or complete the process at a branch.

Step 5: Read the account disclosures

Do not skip this part.

Before opening the account, look for:

• monthly maintenance fee;
• minimum balance requirement;
• overdraft policy;
• ATM fees;
• wire-transfer fees;
• minimum opening deposit;
• interest or APY, when applicable;
• requirements for promotional bonuses;
• account-closing fees or restrictions, if any.

Banks are required to provide disclosures concerning important terms of deposit accounts.

A signup bonus should not outweigh an account that will cost you money every month.

Step 6: Fund your account

Depending on the account, you may be able to fund it using:

• ACH transfer from another bank;
• debit card;
• check;
• cash at a branch;
• wire transfer;
• direct deposit.

Some accounts do not require an opening deposit. Others do. Check the account’s current requirements before applying.

Step 7: Set up the account

Once the account is open, take a few minutes to finish the setup.

Turn on account alerts

Useful alerts include:

• low balance;
• large transaction;
• debit-card transaction;
• direct deposit;
• unusual activity.

Set up direct deposit

If your employer supports it, direct deposit can make getting paid considerably easier.

Some accounts also offer benefits or bonuses tied to qualifying direct deposits, but always read the exact requirements.

Add your debit card to your wallet

Once available, you can add the card to services such as Apple Pay or Google Wallet if supported.

Enable two-factor authentication

Use the strongest authentication method the institution offers. Financial accounts deserve better protection than a reused password.

What should newcomers look for in a first US bank account?

Your first account does not need to have every possible feature.

For many newcomers, the priorities are simpler:

1. You can actually qualify for the account.
2. There is no unnecessary monthly fee.
3. The identification requirements work for your situation.
4. Your deposits have appropriate protection.
5. You can easily receive income and pay expenses.
6. The ATM or branch network fits how you live.

After establishing your US financial life, you can optimize for APY, rewards, signup bonuses, and other features. Getting the foundation right comes first.

Does opening a bank account build your credit?

Usually, a standard checking or savings account does not build your credit history by itself.

Bank accounts and credit accounts serve different purposes.

Your checking account can help you manage income and bills, but building a US credit profile generally requires credit activity that is reported to the credit bureaus.

If building credit is your next goal, continue with How to build credit from zero in the US.

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

It depends entirely on the account.

Some accounts have no minimum opening deposit. Others require you to deposit a specific amount when opening the account.

Do not confuse the minimum opening deposit with a minimum balance requirement. They are different:

• Opening deposit = what you need to put into the account initially.
• Minimum balance = an amount you may need to maintain to meet certain account conditions.

Check both before applying.

Should you open an account online or in person?

If you have an SSN, established US address, and documents that can easily be verified electronically, online opening is often convenient.

If you have just arrived in the country, have limited US records, or plan to use foreign identification, visiting a branch may make the verification process easier.

There is not one universally better option. Choose based on your documentation and the bank’s requirements.

Before you apply: five-minute checklist

• ☐ Confirm that you meet the account’s eligibility requirements.
• ☐ Check which forms of identification are accepted.
• ☐ Check the monthly fee.
• ☐ Check the minimum opening deposit and balance requirements.
• ☐ Verify the bank’s FDIC status or understand the fintech’s partner-bank arrangement.
• ☐ Check ATM access.
• ☐ Read the overdraft policy.
• ☐ Check international transfer fees if relevant.
• ☐ Read the current account disclosures directly from the provider.

Frequently asked questions

Do you have to be a US citizen to open a bank account?

Not necessarily. Financial institutions establish their own eligibility and identity-verification procedures. Non-US citizens may be able to open accounts when they can provide identification and other information accepted by the institution.

Do you need an SSN?

Not every situation is identical. Some institutions may accept an ITIN where appropriate, while individual banks and products can have different requirements. Check directly with the institution before applying.

Can I use a foreign passport?

Some financial institutions accept foreign passports or consular identification documents. Acceptance varies, so confirm the bank’s current requirements.

Is money in a US bank account insured?

Eligible deposits held directly at an FDIC-insured bank are automatically covered by FDIC deposit insurance, subject to coverage rules. The standard limit is $250,000 per depositor, per insured bank, per ownership category.

Will opening a checking account improve my credit score?

A normal checking account generally is not a credit account and typically does not build your credit history on its own. If building credit is your goal, look separately at appropriate credit-building options.