What Do You Need To Open a Bank Account

Considering opening a new checking account? Whether you’re switching banks or opening your first account, you may have questions. Learn more now.

Thinking about opening a new checking account? Whether you’re switching banks or opening your first account, you may have questions about how to open a bank account and the required documents you’ll need to get started.

Most banks allow U.S. citizens and permanent residents over 18 (19 in some states) to open a bank account in person or online. If you aren't a citizen or permanent resident, such as an international student, you may need to visit a branch in person with the appropriate documentation to get started.

Opening a bank account is a relatively straightforward process, but it helps to educate yourself before beginning. Here's what you need to know.

Common Types of Bank Accounts

Banks may offer multiple deposit account options for new customers, but most fall into two main categories: checking and savings.

Checking Accounts

Checking accounts make it easy to pay bills with debit cards, online bill pay services, or paper checks. Many have no or waivable monthly fees and offer access to an ATM network, which means there may be no charge to withdraw money from your account. Some even come with overdraft protection, which can help you avoid high fees if you overspend on your account.

Checking accounts may pay very little (if any) interest on money stored in them, as they are designed to help manage day-to-day expenses.

Savings Accounts

Savings accounts, on the other hand, offer tools for helping you save for the future, whether it's a modest savings goal or a big one. These accounts pay interest on money stored within the account and often charge no monthly fees to those who maintain a minimum balance. Savings accounts typically don't come with check writing or debit cards and may limit the number of withdrawals per month.

Which One Is Best?

Customers may not have to choose between checking or savings. Some banks bring the best of both accounts together, such as PNC's Virtual Wallet^®, giving customers a convenient way to manage daily purchases with the earnings of a savings account.

What Do I Need To Open a Bank Account?

Many banks offer the option of opening a bank account online or in person. Whatever process you choose, the documentation needed is generally the same — banks want to verify your personal information and may require an initial deposit.

Typically, you'll need to provide:

• A U.S. government-issued photo ID
• Personal information, such as Social Security number, date of birth, and proof of U.S. residential address (such as a utility bill)
• Funds for a deposit (some banks do not require this)

However, check with your financial institution of choice first. That way, you'll have the best information. Having everything ready ahead of time may help streamline the process and get your new bank account up and running quickly.

What Do I Need To Open a Joint Bank Account?

When two people want to share a savings or checking account, the application process will prove a little different. In addition to needing ID documents and residential addresses for both applicants, the bank may need contact information, such as a phone number or email for each person on the account. Both applicants must be present to open a joint bank account in person. They also need to decide on how they will log into the account, get notifications, and manage deposit or bill pay tools.

What Does a Minor Need To Open a Bank Account?

Those under age 18 (19 in some states) will require a co-signer or adult applicant available to help them open an account. Banks typically require the adult to present a government-issued photo ID and provide contact information, such as mailing address and phone number. Any minors will need to provide a valid Social Security number and other information, depending on their age at the time of account opening.

Many accounts for minors and students have educational features that let the minor access online tools and account notifications while also letting the parent keep an eye on activity.

What Forms Of Personal Identification Are Acceptable For Opening A Bank Account?

Banks often ask for two forms of personal identification and proof of residence. Usually, U.S. government-issued photo IDs are accepted.

These can include:

• A driver's license
• A military ID
• A state ID
• A passport or passport card

These documents help the bank verify your identity and residence in the U.S. Some banks may also accept a school ID or letter of enrollment as a form of identification if you're a college student and eligible for a student bank account.

What Other Documents Might I Need To Open A Bank Account?

In addition to a government-issued photo ID, banks may ask for other documents as the second form of personal identification.

These may include:

• Social Security card
• Alien registration or permanent resident card
• Individual taxpayer identification number (ITIN)

These documents add another layer of verification for the bank, prove your identity and current place of residence, and help safeguard you from potential identity theft.

In some instances, you may need to provide additional documentation depending on the bank account being opened.

For example:

You may also need to provide a Tax Identification Number when applying for a business bank account.

Minors applying for bank accounts with co-signers or those opening joint accounts may need to provide personal information and documentation for each person listed on the account.

Your bank may also ask for an email and phone number for contact purposes.

Can I Open A Bank Account Without Documents?

By law, banks must verify your identity before opening a bank account^[1]. If you don't have a Social Security number, you may still be able to open a bank account. While a Social Security number may be preferred for tax reporting reasons, some banks may not need this number to open an account^[2]. However, you'll still need to provide an acceptable replacement for a Social Security number, such as an Individual Taxpayer Identification Number or passport.

How Much Money Do I Need To Open A Bank Account?

Some banks do not require a minimum deposit, while others do once the account is approved. If you need to make an initial deposit, there are a few options:

• Write a check for the amount
• Provide cash
• Transfer funds from another bank account

Depending on your account, some banks may require a minimum balance threshold for better rates or waived account fees.

Check with the bank to determine whether an initial deposit is required, your options for providing the funds, and if there are any balance requirements.

How To Open a Bank Account

Now that you feel more comfortable with what's needed to get started, here's how to open a bank account step-by-step.

Step 1: Choose An Account

The first step may be the most important. You want to decide what kind of account best suits your needs. So here are a few factors to keep in mind as you research your options:

• Initial deposit requirements
• Minimum balance requirements
• Account fees, including monthly maintenance and overdraft
• The interest rate on savings accounts
• Branch and ATM locations
• Any perks or rewards

Step 2: Confirm The Requirements

Once you've picked a bank, browse the website, or call to find out what you need to open a bank account. Make a list of the necessary documents and note whether you can open an account online, along with the age and citizenship requirements.

Step 3: Pick Your Accounts

Review the bank’s website to determine which accounts are the best for your needs. Most banks offer some combination of checking and savings accounts. However, you may find a few different options within each account type. Review the materials, look at the balance fees and minimums, and don't hesitate to contact the bank with questions.

Step 4: Start the Application Process

Now it's time to apply for your bank account. With your documents ready, visit a local bank branch or apply for an account online. From there, follow the instructions to provide your personal information, proof of address, and any other documentation needed. If the bank requires an initial deposit, you’ll need to cover it at this time too. You can make it via electronic transfer for online account openings.

Open A Bank Account Today

Opening a bank account may help you start on the path toward building your financial future — it's a great first step for managing money.

Now that you know what you need to open a bank account, it's time to explore the options.

Learn more about PNC's Virtual Wallet^® Checking Account.