Choose a Bank or Credit Union

• 1). Choose a bank. Shop for an account with a high interest rate and low fees.
  
  Websites such as Bankrate.com allow users to compare rates and fees at many financial institutions, both local and nationwide.
  
  In addition, consider an account that will allow you enough access to meet your needs. Federal regulations limit the number of withdrawals that can be made per month from a traditional savings account. If you need more frequent access to your money, you may be better suited for a money market or checking account.
  
  
• 2). Open the account. Most banks and credit unions allow clients to open accounts either in person at local branches or online.
  
  In order to open a savings account, you will need to provide the bank or credit union with your personal information, such as address and telephone number. You will also need to provide acceptable current identification. Generally the forms of acceptable ID are state issued driver's license or ID card, current military ID, or U.S. passport. In addition, you will need to provide your Social Security Number. If you have not been issued a Social Security Number, bank personnel may still be able to assist you with opening an account in person at a local branch rather than online.
  
  
• 3). Deposit money. Most financial institutions have a minimum amount of money required to open a savings account. You may deposit either cash or checks.
  
  If you deposit checks, however, the bank may place a hold on the checks to ensure they will clear before you are able to access the funds. New account holds can be placed at the bank's discretion and may last up to ten business days.