What Do You Need to Open a Savings Account?

What Do You Need to Open a Savings Account?

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Depositing money in a savings account not only places money in a secure place; it also allows the account holder to earn money through interest. When opening a savings account, it is important to have the correct documentation.

Product
Before applying, a customer will need to select the type of savings account he wants to open. Most banks have several different types of savings accounts that may require that certain minimum balances be maintained and that offer different interest rates.

Application
Any customer wanting to open a savings account will first need to complete an application. The application will typically require the applicant's full name, Social Security number, date of birth and mailing address.

Identification
Acceptable forms of ID are a state-issued ID card or driver's license. Some banks will also allow noncitizens to open an account with a government-issued ID from their home country. Students, or those under 18, may be required to show alternative forms of ID such as a birth certificate and school identification card. If you're opening an account online, your Social Security number should match the name of the applicant and the debit or credit card being used to make the deposit.

Credit Check
Many banks will automatically submit your identification information to ChexSystems and run a credit check to assess your banking and credit history. A bank may refuse a customer's application because of past credit or banking problems. Some banks have special accounts designed for those customers who have had trouble opening up a bank account elsewhere.

Deposit
A deposit must be made to open the savings account. Deposit amounts vary according to the account type. If you're opening a savings account online, you will be required to fund the deposit with a credit or debit card.

Keywords: banking, savings, opening a savings account, Deposit,Credit Check,types of savings accounts, account holder