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What do you need to open a bank account?
Before you apply, make sure you meet these requirements to open a bank account.
Requirements vary from bank to bank, but you’ll generally need to provide your personal information and verify your identity.
5 things you need to open a bank account
If you’re an existing customer with a bank, they’ll have your personal information on file and you likely won’t need to supply any extra details. But if you’ve never held an account with that particular bank before, you’ll typically be asked to provide the following information.
- Your name
- Your address
- Your phone number
- Your Social Security number
- Your email address
Depending on the type of account you open, there may also be circumstances where you need to supply some additional information.
- Kids bank account. Your child’s birth certificate.
- Student account. Your student ID, .edu email address or proof of enrollment.
- Overseas account. Your passport, visa details, destinations and travel dates.
- Linked account. Routing and accounts numbers of external banks.
- Business account. You’ll typically need to provide details of your business structure, your employer identification number, your business license and any ownership agreements. If you’re not a sole proprietor, you’ll also need to include information about the other owners.
Most banks require you to meet certain eligibility requirements before you can open an account. These include:
- At least 18 years of age.
- Resident of the United States.
- Proof of address.
- Government-issued photo ID.
How can I provide photo ID?
Some banks allow you to verify your ID online. You’ll need to have your ID handy when applying for a bank account online and then follow the on-screen prompts to photograph your ID. However, some banks may require you to bring your ID to the nearest branch. Alternatively, your bank may require you to provide a certified copy of your documents by mail.
How much money do I need to open a bank account?
The amount of money you need to open a bank account depends on the type of bank account you’re opening. Some banks don’t require any initial deposit to open a checking account, while others may ask for amounts ranging from $10 to $100. When it comes to savings accounts, you may need to open the account with an initial deposit to start earning interest. And for certificates of deposit (CDs), you’ll usually need an amount between $250 and $2,500 to get started.
Compare popular bank accounts
Compare checking and savings accounts by switching tabs and comparing them by interest rates, fees and minimum required deposits.
Opening a new bank account is a relatively simple process, but it’s a good idea to have all your personal documents handy to make sure the process runs smoothly. And to get the best bank account for your needs, compare savings accounts and checking accounts before getting started.
Image source: Getty Images
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