Has your piggy bank filled up? Maybe you need a safer place to keep the money you’ve saved from the lemonade stand in your driveway — or maybe it would be handy to have a credit or debit card in your wallet.
Whatever you’re looking to do with your money, it might be time to open a bank account. There are many potential benefits to having a bank account, including convenience, security and even access to credit.
According to Balancing Everything, over 94% of American households had bank accounts in 2019. Now, banking continues to be an important part of the average American’s finances.
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What you need to open a bank account
You should prepare the following items, according to Chase.
- The most basic information you will need is your contact information, including name, address and phone number.
- Chase suggests you also have at least two forms of government-issued photo ID, like a valid driver’s license or a passport. The Consumer Finance Protection Bureau, though, says some banks accept foreign passports and consular IDs if you don’t have United States identification.
- You will need your social security number or individual taxpayer ID number, according to Chase.
- You’ll likely need proof of your address, like a utility bill with your current address on it.
- Depending on the financial institution you’re applying to, you may need additional documentation. For a student checking account, you may need proof of enrollment…
