First, you will need to select a bank, which can seem intimidating given the number of options out there.
Second, whether you apply online or in person, you will need to provide documentation to confirm your identity (see Acceptable Forms of ID for Banks below). And third, you may be required to make an initial deposit into the bank account depending on the requirements of the bank and that specific account (see Requirements to Open a Bank Account below).
With a parent or guardian co-signer or joint account holder, minors and teenagers can also have access to a Huntington checking or savings account. Be sure to check with your financial institution to verify the documentation that will be needed to open an account. Additional documentation may be required if you’re looking to open a business account or certain types of investment accounts.
Acceptable Forms of ID for Banks
Most banks request two forms of government issued ID. Generally, the phrase “government issued ID” covers the following types of ID:
- Driver’s license
- REAL ID card
- DoD ID card (also known as Department of Defense ID Card)
- Passport/Passport card
- Social security card
- Birth certificate
Financial institutions that require two forms of ID may want at least one of the IDs to be a photo ID. If you don’t have two of these documents, contact your bank and ask them what you need. There may be alternatives.
Requirements to Open a Bank Account
In addition to having two forms of ID and money for the initial deposit, there may be other requirements to open a bank account.
- If you’re worried about your credit score, ask the bank whether or not they will pull your credit history to open a checking account. This can vary from bank to bank.
- If you’re under 18 years old, you will need a parent or guardian over 18 to open the account with you.
- If you’re a parent and want to open a bank account for your child or teenager, your qualifications may need to be approved to open the account. You should be aware that banks may review your prior banking history, looking for overdrawn accounts, fraud, and other behaviors that indicate negative financial history†.
- If you’re opening a joint account, you will need to provide documentation to confirm the identity of each person listed as an account holder and a signature from each of them. It’s best to get everybody together in one place to complete the application.
Every bank has different application requirements to open an account. As a tip, it’s important to monitor your credit score, pay your bills on time, and not overextend your or your family’s budget to help maintain healthy finances.
How Much Money Do You Need to Open a Bank Account?
The simple answer, it can vary from bank to bank. It can also depend on the bank account type.
At Huntington, all three of our checking accounts have a no minimum deposit requirement to open. However, in two of our checking accounts, you will need to keep a certain balance threshold, so maintenance fees can be waived and to become eligible to receive more competitive rates.
Savings and investment accounts have different application and balance requirements. To learn more, check out our different types of savings accounts to get specific information. Huntington offers a variety of accounts to help everyone reach their financial goals.
If you open an account with Huntington, you can take advantage of The Hub, our digital banking tools that can help you manage your finances.
If you want a basic checking account with no monthly maintenance fee, or an interest-earning checking account, we've got the options that are right for you.
Learn More
If you’re looking to open a checking or savings account or need help finding what account is best for you, talk to a Huntington banker today. We’re ready to help. Are you ready to open a Huntington bank account? Apply online or visit your local Huntington branch today!
† Sarita Harbour, “Why Banks Run a Credit Check when You Open a Checking Account.” Go Banking Rates. August 30, 2016.
Updated Mon, Oct 12 2020 9:34 AM EDT
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Checking accounts play an integral role in many aspects of life, whether it's receiving your paycheck or transferring money to someone else.
Nearly eight in 10 (79%) U.S. adults 18 and older have a bank account, such as a checking account, according to the Fed's report on the economic well-being of U.S. households in 2019 to May 2020. Of all the kinds of bank accounts, checking accounts through a bank or credit union offer the quickest and easiest access to your money.
Below, CNBC Select reviews how checking accounts work, common fees, how they compare to savings accounts and how you open a checking account.
A checking account is a type of bank account that allows you to easily deposit and withdraw money for daily transactions. This may include depositing a check you receive, taking out cash with your debit card or setting up direct deposit for your paychecks.
Checking accounts are one of the most liquid bank accounts, meaning you have easy access to your money. They often allow unlimited deposits and withdrawals (though they may have daily maximums ranging from $300 and $5,000, depending on the bank).
The primary purpose of a checking account is to hold your money in a secure place for the short term, so it's available when you need it to pay your bills and other expenses. You can have your paycheck sent to your checking account (known as direct deposit) and then move a portion your earnings to a savings or investment account where it can grow over time.
Checking accounts shouldn't be used for long-term goals, such as saving for a house, since you earn a low interest rate, averaging about .04%. However, some banks may provide a variety of tiers for their checking accounts so there is always the chance to earn slightly more interest if you keep more money in your account.
Like most financial products, checking accounts often charge fees. Here are two of the most common (and how to avoid them):
- Monthly service fee: Many checking accounts, especially from major banks, charge monthly fees to maintain your account that range up to $15. You may be able to waive the monthly fee if you meet certain requirements, such as maintaining a minimum balance or setting up direct deposit. There are also no-fee checking accounts that don't have any monthly fees.
- Overdraft fee: If you spend more than the amount in your account, you may be hit with a steep overdraft fee averaging around $30. This can be avoided if you enroll in overdraft protection, which will decline transactions greater than your checking account balance or transfer extra funds from a linked savings account.
Don't miss: 7 common fees of checking accounts and how to avoid them
While checking and savings accounts are both types of bank accounts, they serve different purposes and the actions you can take with each vary. Here are some key differences:
- Checking accounts come with a debit card. The debit card you receive allows you to withdraw money from your checking account. Savings accounts don't provide a debit card, though you may be able to use one to access funds if your account is linked to a checking account at the same bank.
- Checking accounts often have unlimited withdrawals. This provides flexibility on when you can access your money, compared to savings accounts that cap withdrawals at six times a month per law.
- Interest rates are lower for checking accounts. Since checking accounts have low interest rates averaging .04%, it's better to put large amounts of money in savings accounts with interest rates at or over 1%.
After you've chosen a checking account, it's relatively simple to open. You can sign up online or visit a local branch. You'll need to provide personal information, such as your name, address and birthday, plus your social security number.
In some cases, the bank may run a credit check, but it will likely be a soft pull that doesn't hurt your credit. You can double check the terms before opening an account to verify this.
Depending on the bank, you may be required to deposit money to open your account, which can be done by cash, check or online transfer. This can range from $1 to upwards of $50.
You should also verify that the checking account is insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA). The FDIC and NCUA both provide a standard insurance amount of $250,000 per depositor, per bank or credit union. This insurance protects and reimburses you up to your balance and the legal limit in the case your bank or credit union fails.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.