Opening a savings account requires documents and personal information for verification purposes. Learn which are needed to set up a savings account, how these requirements differ for minors, and steps on how to open a new savings account.
What Documents Do You Need To Open a Savings Account?
To open a savings account, you’ll need to verify your identity and provide a number of personal documents. Banks and other financial institutions typically require a U.S. or state government-issued photo ID such as a driver’s license, but that can also include a state ID, passport, or military ID. You may be required to provide a secondary form of ID, such as a Social Security card or birth certificate. Depending on the bank, this may be something as simple as a credit card or employee ID with your full name. If the financial institution also needs to confirm your address, it may accept a utility bill or financial statement that displays your address. A savings account can be opened at a bank branch, online, or over the phone, depending on the bank or credit union. Setting up an account online may require you to first create an online username and password, then complete an alternate verification method, such as confirming your email or phone number.
What Documents Do You Need To Open an Account for a Minor?
The requirements to open an account for a minor may vary depending on the financial institution; they may even limit some features to minors who are 14 years of age or younger. Typically, a parent or legal guardian must open the account for the minor. The adult who is opening the account will be asked to provide personal information and identification. The minor must also provide identification to open an account, since the account is in their name as well. Documents that are required include a driver’s license if applicable; a passport, Social Security card, birth certificate, or school ID are usually accepted. (Some banks may require a combination of these documents.) Typically, you and your child must complete the process at the bank in person, although some banks may offer online applications.
How To Open a Savings Account
The process of opening a savings account is similar to opening a checking account. Opening an account consists of steps including:
Determining whether you prefer a high-yield interest rate, lower fees, or specific account features such as online bill pay Conducting research to find the best options to match your preferences Gathering documents required to open the account Filling out an application with all required personal information online or in person Depositing the minimum deposit amount, if required; some banks may charge a fee if your balance falls below that minimum
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