What You Need to Open a High Yield Savings Account
Juno Team
Dec 01, 2023
It’s a common belief that any interest-earning account will have you jump through hoops for it - maybe ask for a lot of information, or require a significant opening deposit, or check your credit even.
The good news is that most high yield savings accounts are fairly simple to open. You’ll only need some basic information in most cases, and many accounts can be opened in just a few minutes. Whether you’re a U.S. citizen or have moved to the country recently, keep reading for insight into the basic requirements for savings accounts.
What are the basic requirements to open a high yield savings account?
Opening a high yield savings account is relatively easy - most people can open one in a few minutes even. There are just a few things you’ll need to complete the application. First, you’ll need to share basic identity information, like your:
- Legal name, as it appears on identification documents
- Physical address (not a P.O. box, though it may be used for mailing addresses)
- Mobile phone number
- Valid email address
While there are savings accounts for minors that might earn a little bit of interest, you’ll need to be at least 18 years old to open a high yield savings account and may need to provide your date of birth. This has to do with financial regulations in the U.S. aimed at protecting children and teens.
You also may need documents to verify your identity. While every organization has a different list they will accept, there are some common universal documents:
- State-issued driver’s license
- State-issued identification card
- U.S.-issued passport
- Foreign-issued passports*
*If you’re working in the U.S but aren’t a citizen, you may still be eligible. Check out the next section for more information.
Are there citizenship or residency requirements for high yield savings accounts?
Some banks or financial institutions may require U.S. citizenship or residency, and those will often require a Social Security Number to get started. There are others who offer FDIC-insured high yield savings accounts to non-residents however, and they won’t require an SSN to open an account. This means international students or immigrants may be eligible for the higher rates and benefits of a high yield account.
Is there a credit check to open a high yield savings account?
Most organizations that offer high yield savings accounts won’t perform a hard credit check, though they may review non-standard reports to prevent fraud or identity theft. When opening accounts with a new financial institution, identity verification is one of the primary qualifiers so any reports are used to confirm your identity. These won’t impact your credit score.
Do high yield savings accounts require a minimum balance or opening deposit?
Every account is different, but a significant majority of high yield savings accounts won’t require an opening deposit, though the ones that do often have some of the highest rates. The same is true of minimum balances. Most savings accounts won’t have a minimum balance to earn interest or avoid fees, but the ones that do have minimum balance requirements will typically have rates that align with them.
Don’t stress too much about either - Juno is working with banks to offer high yield savings accounts with rates starting at 5%, with NO opening deposit OR minimum balance. Join 10,000+ members to access exclusive benefits.
Written By
Juno Team
Juno came into existence to help students save money on student loans and other financial products through group buying power by negotiating with lenders. The Juno Team has worked with 90,000+ students and families to help them save money.
