A bank account is a financial account managed by a bank, which helps a consumer save his money. Individuals use bank saving accounts to store their assets in a liquid form, meaning the money is accessible daily and can be withdrawn at any time. Individuals with bad credit or who do not want their credit score reviewed can open a savings account without a credit check.
Choose a bank. You may choose to go with a local bank or credit union or the local branch of a national financial institution. Factors you may wish to consider include the location of the bank as well as the interest rate offered on its savings accounts. Banks that offer consumers high interest rates can be located using the Bank Rate database (see Resources).
Choose the banking product you wish to use. Most banks offer different types of savings accounts, depending on your personal needs. Select the type of account that best matches your lifestyle. For example, some banks offer accounts with higher interest rates, but a limit on the number of withdrawals allowed. This gives individuals who don't need to access their money regularly a chance to take advantage of higher investment returns.
Request a paper application by visiting the local branch of the bank. Alternatively, you may wish to open a bank account online. All national banks, such as Ally Bank and Bank of America, allow individuals to submit an application over the Internet. Online applications are typically processed at a faster rate than those submitted via postal mail.
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Fill out the application. You will need to provide your name, contact information and personally identifiable data such as your social security number and birth date.
Read the terms of service. The terms are often printed in a separate brochure included with a paper application or in a separate window when submitting an online application. You must agree to these terms before submitting the application.
Sign the application if using a paper application. Make a photocopy of the completed form for your own records, then send the original to the address listed on the application. If using an online application, print the form and then click "Submit." The bank will process your application without checking your credit and send you the appropriate paperwork when the account is set up and ready for your use.