Personal Insights

Does opening a savings account affect your credit score?

Opening a savings account does not affect your credit score. Banks do not report savings account balances or activity to the three major credit bureaus (Equifax®, Experian® and TransUnion®), so you can begin saving without risking your credit score.

Key takeaways

• Opening a savings account does not directly affect your credit score
• Saving can indirectly support healthier credit habits
• Even small savings can reduce reliance on borrowing

Why people worry about savings accounts and credit

Many people hesitate to open a savings account because they want to protect or rebuild their credit and think a savings account is tied to their credit score. That concern is understandable. Payment activity for credit cards, auto loans, mortgages and other products are reported to the three major credit bureaus (Equifax®, Experian® and TransUnion®) and it is easy to assume the same applies to all bank accounts.

Savings accounts work differently, however. They are designed to hold money you already have. Understanding that distinction helps remove unnecessary fear around saving.

Does opening a savings account affect your credit score?

Opening a savings account generally does not affect your credit score.

Because savings accounts are deposit accounts, banks do not share with the three major credit bureaus savings account:

• balances
• deposits
• withdrawals
• account openings or closures

As a result, whether you open or close a savings account:

• Your credit report with Equifax®, Experian® and TransUnion® does not change
• Your credit history is not impacted

An exception may apply where an account is closed due to an overdraft and referred to collections, in which case the bank may report the collection.

“Opening a savings account is one of the simplest ways to get started financially,” said Autumn Voigt, deposit product group manager for Regions. “It generally won’t affect your credit score and can help you build a secure foundation with your own money. This savings can then be used to prepare for unexpected expenses.”

Which financial accounts can directly affect credit scores?

Credit scores change when lenders report activity on accounts that involve borrowing money.

Common examples include:

• credit cards
• personal loans
• auto loans
• student loans
• mortgages

What does affect your credit score?

Your credit score reflects how you manage credit accounts over time.

Key factors that influence your score include:

• Payment history: Whether payments are made on time
• Credit utilization: How much of your available credit you use
• Length of credit history: How long accounts have been open
• New credit activity: How often you apply for credit
• Credit mix: The types of credit accounts you have

Simple best practices that support credit health

Building savings and improving credit often work best together when habits support both.

Helpful practices include:

• Paying at least the minimum due on credit accounts on time every month
• Keeping credit card balances as low as manageable
• Using savings for unexpected expenses instead of relying on credit
• Applying for new credit only when it serves a clear need
• Reviewing accounts regularly for accuracy

“While a saving account does not factor into your credit score, it can influence your financial decisions,” said Caryn Smith, consumer credit card products manager for Regions. “When you have a savings to fall back on, you’re more likely to stay on track with your bills and avoid overdrafts or missed payments that could impact your credit score.”

These ideas are reflected in Doing More Today stories such as “A $25 deposit and a new beginning,” which shows how even a small savings cushion helped reduce reliance on credit and supported steadier financial decisions over time.

How savings fit into a realistic financial plan

A savings account is often a first step toward feeling more secure with money.

Regions encourages starting where you are:

• saving small amounts consistently
• keeping savings separate from spending
• adjusting goals as income or expenses change

Financial solutions like Regions savings accounts, and the bank’s no-cost personalized Regions Greenprint plan® to set goals based on the personal milestones that matter to you, can help connect saving to broader priorities. Regions also offers its Regions Next Step® financial education to anyone at no charge to help build confidence at every stage.

Life moments when people open savings accounts

Questions about savings and credit often come up during changes such as:

• starting a job or career
• managing household expenses
• preparing for emergencies
• rebuilding after financial hardship
• supporting family members

Take the next step

Learn more about managing credit at Regions’ Credit Resource Center. A Regions banker can also explain savings options and answer credit questions. Find the Regions branch near you or schedule an appointment with a Regions banker for personalized guidance.