If you're new to the United States and don't have a Social Security Number, you've probably hit a wall trying to open a bank account. Most online applications demand that nine-digit number before they'll let you deposit a cent. But here's the thing the big banks don't advertise: you don't actually need an SSN to open a high-yield savings account. You need an ITIN — an Individual Taxpayer Identification Number — and the right bank.
We've combed through the documentation requirements, interest rates, and real-world accessibility of the top accounts that accept alternative IDs. These are the things actually worth buying for new Americans ready to put their cash to work.
Why an ITIN changes everything
An ITIN is a tax-processing number issued by the IRS to individuals who need a U.S. taxpayer ID but aren't eligible for an SSN. It looks just like an SSN (nine digits, starting with 9) and serves the same purpose for banking. Major U.S. banks — including Chase, Bank of America, and Citibank — allow you to open accounts with an ITIN instead of an SSN.1 Some online-focused banks and fintechs go even further, accepting foreign passports alone.
The documentation you'll typically need: a valid foreign passport, your ITIN assignment letter from the IRS, and proof of a U.S. address (a utility bill or lease agreement works). That's it. No green card required.
The three best options, compared
We picked three accounts that cover the spectrum — a fintech built for global citizens, a traditional brick-and-mortar giant, and an online bank that chases yield. Each serves a different need.
1. Wise — Best for flexibility and international living
Wise (formerly TransferWise) is a fintech that operates multi-currency accounts, letting you hold, send, and receive money in dozens of currencies. It's a natural fit for new Americans who still move money across borders. Wise accepts alternative IDs and doesn't require an SSN to open an account.2 You get a U.S. routing and account number, so you can receive direct deposits and pay bills like any domestic account.
The trade-off: Wise isn't a traditional high-yield savings account. It doesn't pay competitive interest on U.S. dollar balances. Its strength is flexibility — if you need to send money home or manage income in multiple currencies, nothing else comes close.
2. Chase — Best for stability and branch access
Chase is one of the largest banks in the U.S., and it explicitly allows account openings with an ITIN, visa, or green card.1 That's a big deal for new arrivals who want the reassurance of a physical branch, a nationwide ATM network, and a brand name that landlords and employers recognize.
Chase's savings rates aren't the highest you'll find — their standard savings account yields are modest. But for someone building U.S. credit and banking history, Chase offers a reliable on-ramp. You can pair a Chase Savings account with a Chase checking account and start establishing the kind of banking relationship that makes future credit cards and loans easier to get.
3. CIT Bank — Best for pure yield
If your priority is earning the highest possible interest rate on your savings, CIT Bank (a division of First Citizens Bank) is the standout. Online-focused banks like CIT don't have the overhead of physical branches, and they pass those savings on to customers in the form of competitive APYs.
CIT Bank accepts ITINs for savings account openings, though you'll want to confirm current documentation requirements when you apply. The trade-off is that you won't find a local branch to visit — everything happens online. But for a straightforward high-yield savings account where your money grows while you wait, CIT is the pick.
How they stack up
| Feature | Wise | Chase | CIT Bank |
|---|
| Best for | International flexibility | Stability & branch access | Highest yield |
| ID accepted | Passport / alternative ID | ITIN / visa / green card | ITIN (confirm current policy) |
| Interest rate | Low (not yield-focused) | Modest | Competitive HYSA rates |
| Physical branches | No |
What you'll need to apply
Before you open an account, gather these documents:
- ITIN assignment letter (CP 565 Notice) from the IRS — or your SSN if you eventually get one
- Valid foreign passport (some banks may accept a consular ID or driver's license)
- Proof of U.S. address — a lease, utility bill, or bank statement with your name and address
- Initial deposit — some accounts require a minimum opening deposit (typically $25–$100)
Most banks let you apply online or in person. If you're unsure, call ahead and ask whether they accept ITINs for the specific account type you want. Policies can vary by branch and by state.
The bottom line
You don't need an SSN to start saving in the U.S. An ITIN unlocks access to the same banking system everyone else uses. Start with Wise if you move money internationally, Chase if you want a bank you can walk into, and CIT Bank if your only goal is the highest yield.
We may earn a commission if you open an account through links on this page — at no extra cost to you. Our recommendations are based on independent research and testing.
