You usually need three things to open a checking and savings account. Make sure you ask about the requirements at each bank or credit union to be sure.

1. Picture ID

A valid Driver’s License, State ID, passport, or Permanent Residence Card may be acceptable. Sometimes you need more than one picture ID to open an account. Some banks and credit unions accept foreign-issued identifications such as the Matrícula Consular issued by Mexican consulates. Make sure you ask what forms of ID are accepted. If you are an immigrant, your consulate may offer help with identification. Contact your local consulate for more information. The Mexican consulate has been very active in this area. To visit the Mexican Consulate's website, click here (this will open the Mexican Consulate's website in a new window).

2. Social Security Number or Tax Identification Number

This is used both for tax purposes -- to track interest earned on the account -- and as an additional form of identification. It is sometimes used to run a credit check before opening an account.

3. Cash To Deposit In The Bank

You often need between $1 and $­100 to open free and low-cost checking and savings accounts. Make sure you have found out the minimum balance requirements for accounts before you open the account. By maintaining a higher balance, you will receive free or low-cost service. Checking accounts that are free or charge low fees might not pay you interest. Be sure to ask before opening your account.