Key Takeaway: Opening a checking account typically requires a valid government-issued ID, an identification number (such as a Social Security number or Individual Taxpayer Identification Number) and, at some banks, an initial deposit. Opening one won’t typically show up on your credit report or affect your credit score.
A checking account is probably one of the most important financial accounts you’ll own. It’s where you can manage your money, make deposits, and write checks to cover purchases and pay bills. Additionally, opening a checking account doesn’t affect your credit score because checking accounts are deposit accounts, not credit products, and aren’t reported to the three major credit bureaus.
There are a few key pieces of information you’ll likely need, including photo identification such as a driver’s license, as well as personal contact information such as a phone number, home address and email.
You’ll also likely need to provide an identification number and birthdate so your bank or credit union can verify your information. Keep reading to learn what to consider when opening a checking account and what information you’ll likely need.
- Choosing a checking account
- What do you need to open a checking account?
- What else to consider when opening a checking account
- Does opening a checking account affect your credit score?
- FAQs about opening a checking account
Choosing a checking account
While gathering required documents and information for your application, you’ll need to decide what type of checking account is right for you. Some potential options: basic checking, interest checking, cash rewards accounts, student accounts and business checking accounts. There are many banks and credit unions to compare. Benefits, rates and fees can vary.
What do you need to open a checking account?
To open a checking account, you’ll probably have to provide a variety of information and documentation to verify your identity and ensure the bank has all the information it needs to get your account up and running.
Keep in mind that the exact requirements will depend not only on the bank you choose but also the type of account. You’ll probably need to provide the following:
- Photo ID — The financial institution will need to verify your identity. You may have to show a photo ID such as a state-issued driver’s license, passport, military ID or another form of photo ID.
- Identification number — A bank is likely to request your Social Security number or Individual tax identification number (or ITIN), alien ID card number, passport number, and issuing country or another government-issued identification number.
- Contact information — Banks will also require contact information such as your mailing address, email address and phone number.
- Minimum deposit — Some banks don’t require a minimum deposit to open a checking account, while others may ask for a small amount (such as $25) to get started.
- Business information — If you’re opening a business account, financial institutions are likely to ask for your employer identification number (or EIN), business formation documents, business license and ownership agreements.
- Parent or guardian information — If you’re opening a checking account and are under 18, you may need a parent or legal guardian as an account co-owner. They’ll have to provide the same information.
What else to consider when opening a checking account
Checking account requirements and benefits can vary dramatically. Here are some factors to consider.
- Minimum balance requirements — Some banks may require you to maintain a certain balance to avoid paying monthly charges. Look for those that don’t have minimum balance requirements or those that work for your financial situation.
- Costs — Banks may charge you for maintenance fees, overdrafts, the cost of checks and more. Be sure to compare fees across various banks and look for those with no or low service fees.
- ATM access — If you regularly get cash from ATMs, you may want a bank that allows free or low-fee ATM transactions.
- Mobile banking — Make sure the bank has the mobile features you want.
- Rewards — Some accounts offer rewards for purchases you make with a debit card, similar to some credit cards. While this can be a nice perk, be sure to weigh it alongside the other pros and cons.
- Interest checking — Some checking accounts allow you to earn interest, like a savings account. Compare the interest rates across different banks and consider whether you’ll be able to maintain the monthly balance some financial institutions require to earn money on your deposits.
- One-stop banking — Some people prefer to do all their banking with one financial institution. If that’s you, consider all of what a bank offers, including savings and money market accounts, certificates of deposit, credit cards and loans.
Does opening a checking account affect your credit score?
Opening a checking account generally won’t affect your credit score. Checking accounts are deposit accounts, not credit products, which means they often don’t result in a hard inquiry and aren’t typically reported to the three major credit bureaus — Experian, Equifax and TransUnion. Since a checking account doesn’t involve borrowing money, simply opening one shouldn’t cause your score to go up or down.
In rare cases — typically when your checking account is linked to a credit product such as a line of credit for overdraft protection — a bank may perform a hard inquiry, which could temporarily lower your score by a few points. Before you apply, it’s worth confirming with the bank whether the application involves a hard credit pull.
Your credit score is primarily based on how you manage credit, including factors like payment history, credit utilization and the length of your credit history. These factors aren’t tied to deposit accounts like checking.
Some financial institutions review your banking history through a specialty consumer reporting agency called ChexSystems. A ChexSystems report tracks information like past overdrafts, unpaid fees and account closures — not your credit history. A ChexSystems review is not a credit inquiry and does not affect your credit score.
Some banks may also run a soft credit inquiry when you apply, which is a quick look at your credit that won’t impact your score.
FAQs about opening a checking account
Yes — many banks and credit unions let you open a checking account online. You’ll generally need to provide the same information you would at a branch: a valid government-issued ID, an identification number (such as a Social Security number or Individual Taxpayer Identification Number) and basic personal details like your address and date of birth. Some banks may also ask for an initial deposit to fund the account, so it’s worth checking the requirements before you start the application.
Many banks and credit unions let you open a checking account with no minimum deposit at all — especially online banks and accounts built around fee-free banking and designed to reduce barriers to entry, such as Credit Karma Money™.
Banks don’t typically check your credit score when you apply for a checking account. Instead, they review your banking history through ChexSystems, a specialty consumer reporting agency that collects data on checking account applications, openings and closures — including negative items like unpaid fees and involuntary closures.