How Long Does It Take to Open a Bank Account?

If you need a new checking or savings account, you might be wondering, “How long does it take to open a bank account?” The answer is going to depend on your bank and the method you use to open your account, but it can be anywhere from minutes to a couple of days. And if you’re looking to save money for specific purposes, you may want to consider talking with a financial advisor. You may also want to do some savings account comparisons to find the best rates on the market.

How Long It Takes to Open a Bank Account

How long does it take to open a bank account? Unfortunately, the answer is “it depends.”

If you’d prefer to open an account in person, the process may take much longer (i.e., 30 minutes to an hour or more), and you may also have to wait if you don’t book an appointment in advance, but you’ll open the account the same day. This is why this is the preferred method of opening a bank account if you have cash that needs to be deposited. If all your paperwork is lined up, then your account will be fully operational within minutes.

If you’d prefer to open an account in person, the process may take much longer (i.e., 30 minutes to an hour or more). You may have to wait a while unless you book an appointment in advance. This is the preferred method of opening a bank account if you have cash that needs to be deposited, and if all your paperwork is lined up, then your account will be fully operational within minutes.

How Long Does It Take to Get a Debit Card?

The length of time it takes to get a debit card is going to depend on a number of things, from where you live to what bank you’re using. The standard for what many banks will tell you when your bank account is open is that your card will arrive in the mail within 7–10 business days. Many debit cards will arrive earlier than this because most banks make getting them out as fast as possible a priority for customers.

Some banks might even issue a debit card to you on the spot if you’re able to go to a branch and open your account in person. This will be a temporary card, and you’ll still receive your more permanent card, with your name on it, within the 7–10 day window.

What to Do Before Opening a Bank Account

There are several steps you’ll need to take before opening a bank account. For example, think about the kind of account you’ll need. Do you need another checking account or a savings account? The differences between the two could help you decide, depending on what your goals are.

Many banks also offer multiple types of checking accounts. That means you’ll need to weigh your options and think about the benefits and features that matter most to you.

You may also need to consider opening an account at a different bank (or a credit union). For example, if you’re looking for an account with a high-interest rate, you can compare savings accounts and find a bank with good returns for savers.

If you find an account you like, you’ll need to dig deeper. Is there a minimum balance requirement? How much will the bank charge if you bounce a check or overdraw your account? What’s the protocol if there’s fraud or theft? Taking these kinds of factors into account is necessary if you’re trying to find an account that’s a good fit for you.

How to Compare and Choose a Bank Account

When looking at different bank accounts, one of the first things to check is the interest rate. A higher annual percentage yield (APY) means your savings can grow faster. Online banks usually offer better rates than brick-and-mortar banks, but it’s important to check if the rate applies to everyone or only to certain balances or account setups.

Also pay attention to fees and balance rules. Some banks may charge monthly fees if your balance drops below a set amount. Other costs can include fees for transfers, paper statements, or ATM use. Picking an account with fewer fees can help you hold onto more of your savings.

Think about how you plan to use the account. If you like going to a branch in person, a traditional bank may be a better fit. But if you’re fine with online or mobile banking, you might benefit more from an online bank. It’s also helpful to see how easy it is to move money around and whether the bank offers tools to help manage your account.

How to Open a Bank Account

A man trying to determine how long it takes to open a bank account.

When you’re ready to open a bank account, you may not even have to speak with someone face-to-face. Many banks and credit unions allow you to open an account online or over the phone.

Some banks require an initial deposit to open an account, which can vary depending on the bank and account type. Other banks may also require proof of employment or income, like a pay stub, if you plan on depositing your salary into an account.

Different financial institutions have various rules and policies. But generally, what you need to open a bank account includes the following:

Your date of birth
Email
Address
Phone number
Some form of ID (passport, Social Security card or driver’s license)
If you’ll be making a deposit by transferring money from another bank account, be prepared to share that account number

Don’t forget to set up any automatic features that may make your life easier, like direct deposit. Automatic bill pay may also be worth setting up, especially if it reduces your interest rate on a loan you have through the bank.

Will a Bank Charge Fees When Opening an Account?

Fees will depend on the bank and the type of account that you are opening. In general, some banks charge fees for certain services, like monthly maintenance, overdraft or ATM fees.

However, many banks also offer free checking accounts or waive certain fees if you meet specific requirements. These requirements can include maintaining a minimum balance or making a certain number of transactions each month.

Some common fees associated with the opening of a bank account include:

Monthly maintenance fees: This is a monthly bank fee for maintaining your account.
Overdraft fees: If you overdraw your account, meaning you spend more than you have in your account, some banks may charge you a fee.
ATM fees: Some banks may charge a fee for using an ATM that’s not in their network.
Minimum balance fees: Some banks may charge a fee if you don’t maintain a minimum balance in your account.
Transaction fees: Some banks may charge a fee for certain types of transactions, such as wire transfers or foreign transactions.

What to Do If You Can’t Open a Bank Account

When a bank processes your application for a new account, it checks your identity. Many financial institutions also check a consumer reporting database to assess your banking habits. Most banks that do so use a service known as ChexSystems. If it wants to know your credit score, a bank may pull your credit report, too.

A bank could reject your application for a new account if you have a history of making bad banking decisions (like bouncing checks or failing to pay fees). What’s more, a bad credit score could potentially keep you from opening a new account.

If a bank says you can’t open a new account, you’ll need to be proactive. It’s a good idea to ask the bank why it denied your request. To go a step further, you can get a copy of your report from ChexSystems (or whatever screening service the bank uses) to see if there are any problems you can address.

If that doesn’t help, you can look into getting a second chance checking account. These kinds of accounts are geared toward consumers who’ve made poor financial choices in the past. In exchange for opening a second chance checking account, you may owe additional fees and face other restrictions.

Bottom Line

A couple sitting down to open a bank account.

Opening a bank account usually doesn’t take that long, regardless of whether you apply online or in-person. Filling out an application may take minutes and receiving all the documents you need could take up to 10 business days, but your account will be open and operational either the same day or within two business days. If you’re in a rush, it’s best to prepare for the application process by pulling out all the documents you need ahead of time.

Tips for Saving Money

A savings account is a great tool to use in addition to a normal checking account. While you’re waiting to use it, that money can actually be earning essentially risk-free. Check out the top savings accounts now.
If you’re opening a second checking account, or a savings account to help put some money away for the future, then a financial advisor might be able to help you with your goals. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.