Managing a Savings Account

Use these savings account tips to better understand how to manage a savings account.

Opening a savings account

Compare rates and services at different banks before opening a savings account to decide which account best meets your needs.

To open a savings account:

  1. Visit the financial institution of your choice, and speak to a customer service agent about opening a savings account.
  2. Bring:
    • Two forms of identification, including one with a picture
    • Your Social Security Number
    • Money for your first deposit, which can be cash or a check
  3. Be prepared to fill out information on a signature card that will remain on file at the bank. The bank uses the card to verify the signature on checks that bear your name. Signature cards typically include:
    • Your name
    • Your current address and length of time at the address
    • Your previous address and length of time at that address
    • The type of account, such as single or joint
    • Your signature
  4. Once your account is approved, you can make your first deposit.

Save money regularly so you will be better prepared to deal with an emergency and achieve your financial goals.