How to open a savings account in the US

Choosing a space to store your money away for the future is one of the most important steps of your financial journey. In the US, learning how to open a savings account helps you keep your daily spending separate from the money you want to put aside for later.

Whether you're keeping money for a rainy day or a big purchase, a savings account is generally more efficient than keeping cash at home because it can give your money the chance to grow.

We want to make sure handling your money is easy and doesn't feel like a chore. Read on to learn how to open a savings account and why. We'll also let you know how to open one with us. Check out our high yield savings account to get higher rates.

Revolut is not a bank. Plan fees and cancellation fees apply. Terms and Conditions apply. No min balance to open; $0.01 min. Only 1 High Yield Account is permitted per user and is limited to $10,000 in customer initiated deposits. The max combined balance of all Savings accounts is $250,000 per customer. Savings account services provided by Cross River Bank, Member FDIC, insured up to $250,000.

The information provided is accurate as of February 9, 2026.

The content of this page is for general information purposes only and doesn't constitute financial advice. If you've any questions about your personal circumstances, please seek professional and independent advice. We aren't a financial advisor.

How to open a savings account in the US?

If you're in a hurry to get started, here's a short look at how you can get a savings account in the US:

1. Compare providers: Look for high interest rates and monthly fees. With Revolut, you have access to a high yield savings account and a Standard account without subscription fees.
2. Get your papers ready: Have your Social Security Number (SSN) and an ID with your photo ready to open your account.
3. Fill out the form: With Revolut, opening an account and verifying your identity generally takes a few minutes.
4. Start saving: Once your account's open, add money to it and let it grow while you sleep.

$0 subscription fees for Standard account only.

How to open a Revolut savings account

Getting started is quick and easy. Here's how to open your Revolut account and start growing your money:

• Download the app: Get the app from the App Store or Google Play.
• Confirm who you are: Put in your phone number and follow the steps to share your ID and a selfie.
• Add money: Link a bank account or a debit card to add money to your Revolut balance.
• Set up your Savings account: Look under your balance, tap Accounts, then + Add new, then Savings.
• Add money: Move some money from your main balance to start earning interest right away.

Can you open a savings account online?

Yes, you can open a savings account online in the US. Several providers offer this functionality nowadays, including us. You can follow the whole process in only a few minutes in our intuitive app. You'll just need to share your details, upload photos of your ID, and connect another account to move your money over to us.

Opening a savings account: what you need to know before starting

Getting an account is simple, but you've got to follow a few rules to keep your money protected and stay within US law. Knowing these rules before you start will help you finish your signup without any trouble.

What information is needed to open a savings account?

You'll need a few things to prove who you are. Most providers ask for these:

• Social Security Number (SSN) or ITIN: This is needed for taxes on the money you earn.
• Photo ID from the government: A driver’s licence, state ID, or passport.
• Proof of where you live: A bill or a letter that shows your current US home address.
• Info about you: Your full name, birthday, and how to contact you.

We only need this information to open your account. If you've already created and account, you don’t need to provide it again.

Understanding interest rates and APY

The Annual Percentage Yield (APY) is just a way of saying how much your money will grow in one year. This number includes something called compounding. This is when you earn money on your savings, and then these earnings are part of the money that will grow later. It's like a snowball rolling down a hill — it gets bigger and bigger as it goes. A higher APY means your money will grow faster. It's smart to compare different places and their APYs.

The Annual Percentage Yield (APY) is a variable rate and may change at any time. APYs vary by plan and account type.

Choose the savings account that fits your goals

Picking the right account depends on how often you'll need your money and how much growth you want. Some are good for money you might need soon, while others are better for putting money away for a long time.

• Standard savings accounts: These are easy to use and good for money you might need quickly.
• High yield savings accounts: These usually give you a higher rate and are built to help your money grow fast.
• Certificates of deposit (CDs): These lock your money away for a set time, and you might have to pay a fee if you want to access it early.
• Money market accounts: These are a mix of checking and savings and sometimes come with a card you can use.

We don't provide CDs or money market accounts in the US.

Revolut savings account

We've got a new way of doing things that puts you in charge of your money. If you're looking for a simple way to save money, our account could be just what you need.

With us, you can:

• set up Savings Vaults for different things you want to buy.
• earn high rates on a high yield savings account.
• save without thinking by rounding up your change when you buy things.
• see in-app how much money you've earned every day.
• take your money out whenever you want with no fees or waiting times.

In the US, we're a financial technology company, not a bank. Our Savings account services are provided by Cross River Bank, Member FDIC, insured up to $250,000. This means you can sleep easy knowing your money's safe while it grows.

Learn more about how we protect your money.

Ready to start?

Handling your money and watching it grow should be easy. You can manage everything in our app, so your daily spending and your savings are all in one place.

You can start your high yield savings account with as little as $0.01 up to $250,000, and be able to check your balance 24/7 and see your savings every single day.

By keeping your savings away from your main spending account, you'll find it easier to reach your goals.