To open a savings account your need to determine which bank or credit union you want to have your account with. Consider number of locations & ATM’s, the interest rate offered and any fees you will or could be charged. Once you are ready, bring your government issued ID with you to the bank and your money to open the account with. (Note you need to be at least 18 if you want to open an individual account – you can open a joint account with your parent if you are under 18 years old.)
The bank will ask to see your ID (this includes online banks, since they will want to verify your identity), and to fill out a form that includes your name, address, birthdate and social security number. Once you have been deemed qualified and approved, an account will be opened for you and you can make your first deposit. If you went with a traditional brick and mortar bank, don’t forget to set up your online banking to ensure added convenience when using your account.