Best Savings Accounts for ITIN Holders
You don't need a Social Security Number to open a bank account in the United States. Here's which banks accept ITINs, how to get competitive rates, and what documents you'll need.
💡 The Good News
Many major banks accept Individual Taxpayer Identification Numbers (ITINs) instead of Social Security Numbers. You have access to the same FDIC-insured accounts and competitive rates as anyone else.
What Is an ITIN?
An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the IRS to individuals who are required to have a U.S. taxpayer identification number but don't have—and aren't eligible for—a Social Security Number.
ITINs are issued to:
- Non-resident aliens who need to file a U.S. tax return
- Resident aliens who need to file a U.S. tax return
- Dependents or spouses of U.S. citizens or resident aliens
- Dependents or spouses of non-resident visa holders
Key point: An ITIN does not provide work authorization or immigration status. It's purely for tax purposes—but banks can legally accept it for account verification.
Banks That Accept ITIN (No SSN Required)
Here are major banks confirmed to open accounts for ITIN holders:
Major National Banks
Bank of America
Accepts ITIN for savings and checking
APY: 0.01% (standard savings) — not competitive
Best for: Branch access, established banking relationship
Note: Must open in-branch with ITIN documentation
Wells Fargo
Accepts ITIN for savings and checking
APY: 0.01-0.15% — not competitive
Best for: Wide branch network, bilingual services
Note: May require in-branch verification
Chase
Accepts ITIN for savings and checking
APY: 0.01% — not competitive
Best for: Credit card relationship, branch access
Note: In-branch opening required for ITIN
Citibank
Accepts ITIN in most markets
APY: 0.01-0.05% — not competitive
Best for: International banking, Costco connection
Note: Availability varies by location
Online Banks (Higher Rates)
Marcus by Goldman Sachs
Accepts ITIN for online savings
Our pick for ITIN holders seeking high yield.
No minimum balance, no fees, FDIC insured. Can open online with ITIN.
Discover Bank
Accepts ITIN for savings
Good rates, established bank, $200 bonus for new customers.
1% cashback debit card available.
Fintechs (No SSN Required)
Chime
Accepts ITIN
Easy signup, no minimum balance, fee-free checking + savings.
Note: Uses partner banks (Bancorp/Stride), not a direct bank.
Majority
Designed for immigrants
Built specifically for immigrants. Accepts foreign passports, consular IDs.
International money transfers, multi-language support.
Monthly fee: $5.99 (includes features)
⚠️ Important: While fintechs like Chime are convenient, we generally recommend direct banks (Marcus, Discover) for serious savings due to the risks of middleware arrangements demonstrated by the Synapse collapse.
Documents You'll Need
To open a bank account with an ITIN, you'll typically need:
📋 Required Documents
-
1
ITIN Letter (CP565) — The official IRS letter assigning your ITIN
-
2
Valid ID — Passport (most widely accepted), or consular ID (some banks)
-
3
Proof of Address — Utility bill, lease agreement, or bank statement showing U.S. address
-
4
Initial Deposit — Varies by bank ($0-$100 typical)
How to Get an ITIN
If you don't have an ITIN yet, here's how to apply:
- Complete Form W-7 — Available on IRS.gov
- Attach required documentation — Proof of identity and foreign status
- Submit with tax return — Or proof of tax filing requirement
- Wait 7-11 weeks — Processing time varies
You can apply by mail, through an IRS-authorized Certified Acceptance Agent (CAA), or at an IRS Taxpayer Assistance Center.
Our Recommendations for ITIN Holders
Direct bank, no minimums, accepts ITIN online. Best rate available to ITIN holders.
$200 bonus for new customers. 1% cashback debit. Accepts ITIN.
Low rate, but 4,000+ branches. Helpful for in-person banking needs.
Built for immigrants. Accepts consular IDs. International transfers included.
Common Questions
Can I build credit with an ITIN?
Yes. Some banks and credit card issuers allow you to build credit history with an ITIN. Credit card options for ITIN holders include secured cards from Discover and Capital One.
Is my money safe without an SSN?
Yes. FDIC insurance protects deposits regardless of your immigration status or tax ID type. Your money is just as safe as anyone else's—up to $250,000 per depositor, per bank.
What if my ITIN expires?
ITINs expire if not used on a federal tax return for three consecutive years. You'll need to renew with Form W-7. Banks may require updated documentation when you renew.
Can I open a business account with an ITIN?
Yes, for sole proprietorships. For LLCs or corporations, you'll need an EIN (Employer Identification Number), which you can obtain with an ITIN.
The Bottom Line
You absolutely can open a high-yield savings account without a Social Security Number. The best options for ITIN holders:
- For highest APY: Marcus by Goldman Sachs (3.65%)
- For bonuses + good rate: Discover Bank (3.60% + $200 bonus)
- For branch access: Bank of America, Wells Fargo, Chase
- For new immigrants: Majority (designed for immigrants)
Don't settle for a mattress or check-cashing services. You have the same access to FDIC-insured, high-yield savings accounts as anyone else. Use them.
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