Depending on where you choose to open your account, you have several options.

In person: To open an account at a bank or credit union, you can stop in at your local branch. Don’t forget to call or check the website ahead of time to make sure that you have the documentation you need to open your account. By law financial institutions are required to verify a customer’s identification before opening an account.

Online: You can now open savings accounts using the internet without ever entering a branch. However, to put money into the savings account, you will need to link it to an existing account. Some internet savings account options can offer much higher yields than a typical retail bank because they don’t have the overhead. If you already have a checking account, you can simply open an account and transfer money from your checking account to this high-yield account through a direct deposit feature. You can choose to get paper or e-statements that will show your mounting balance.

In store bank branches: Many stores, including supermarkets, now have bank branches in their locations. These “in-store” branches have extended hours in the evenings and weekends and in some cases kiosks that are available 24 hours a day. Some check-cashers and retailers have begun partnering with banks to open accounts for people who don’t feel welcome or comfortable in a bank branch. You’ll need to bring the same documents to start these accounts. Deposits and withdrawals may be made via the check-casher, retailer or by kiosks set up in convenience stores and other convenient locations.

Retailers: Some reloadable, prepaid cards can be linked to actual savings accounts at a financial institution. You can purchase these prepaid cards at retailers including check cashers, grocery stores and drugstores. This can offer you the option of both convenience in using the prepaid card and the ability to begin saving money. Make sure to ask whether your prepaid card can be linked to a federally insured savings account. You will be required to provide customer identification information upon purchase of the card but you will receive account statements (either monthly or quarterly) to track your savings.

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