Most banks do not charge a fee to open a checking account, but some do — and the fee varies widely depending on the bank and the account type you choose.
When you walk into a bank or apply online, opening a basic checking account is usually free. The bank makes money from the deposits you keep there and the loans they make with that money, not from charging you to start an account. However, a small number of banks do charge an upfront fee to open a checking account, typically between $25 and $100. This is less common than it used to be, but it still happens.
The real cost to watch for is not the opening fee — it is the monthly maintenance fee that kicks in after the account is open. Some accounts charge $10 to $15 per month just to keep the account active, while others charge nothing at all. A few banks waive the monthly fee if you meet certain conditions, like keeping a minimum balance or setting up direct deposit.
Key Takeaways
- Most major banks and credit unions do not charge a fee to open a checking account, though a small number still do.
- Monthly maintenance fees are more common than opening fees and range from $0 to $15 per month depending on the bank and account type.
- Many banks waive monthly fees if you maintain a minimum balance, set up direct deposit, or meet other conditions.
- Online banks and credit unions typically charge lower or no monthly fees compared to traditional brick-and-mortar banks.
- You can ask the bank directly about all fees before you open an account — they are required to disclose them in writing.
When banks charge an opening fee
Opening fees are uncommon at large national banks like Chase, Bank of America, and Wells Fargo. You can open a basic checking account at these banks for free online or in person. However, some regional banks and smaller institutions do charge an upfront fee, usually $25 to $100, to open a new account.
Premium or specialty accounts sometimes come with opening fees. For example, a bank might charge $50 to open a high-yield checking account or a business checking account. These accounts often come with extra features like higher interest rates, more ATM access, or business services, which is why the bank charges to set them up.
Credit unions almost never charge an opening fee. If you are a member of a credit union, you can open a checking account for free. Some credit unions do require a small membership fee (usually $5 to $25) to join, but that is separate from opening the account itself.
Monthly maintenance fees and how to avoid them
Monthly maintenance fees are the bigger cost to watch for. A standard checking account at a traditional bank might charge $10 to $15 per month just to keep the account open. Over a year, that adds up to $120 to $180 in fees for doing nothing wrong.
Many banks let you waive the monthly fee if you meet one or more conditions. The most common ways to avoid the fee are: keep a minimum balance in the account (often $500 to $1,500), set up direct deposit of your paycheck, make a certain number of debit card purchases per month, or maintain a linked savings account at the same bank. Some banks waive the fee if you do just one of these things; others require you to do two or three.
Online banks and credit unions typically charge no monthly maintenance fee at all. Banks like Ally, Charles Schwab, and Discover have checking accounts with no monthly fee and no minimum balance requirement. Credit unions also tend to have lower or zero monthly fees. If you want to avoid monthly charges entirely, these are your best options.
What fees to ask about before you open an account
Banks are required by law to give you a document called a Disclosure Statement or Fee Schedule before you open an account. This document lists every fee the bank charges. Ask for it before you commit, or look for it on the bank's website — it is usually in a PDF under "Pricing" or "Fees."
The fees to specifically ask about are: opening fee, monthly maintenance fee, overdraft fee, ATM fee (especially out-of-network ATM fees), minimum balance requirement, and fee waivers. If the bank representative cannot answer these questions clearly, ask to speak to someone else or find a different bank. A good bank will make their fees easy to understand.
When you compare accounts, add up the total cost for a year. An account with no opening fee but a $12 monthly maintenance fee costs $144 per year. An account with a $50 opening fee and no monthly fee costs $50 in year one. Over time, the account with no monthly fee is cheaper, but you need to do the math for your own situation.
Opening a checking account online versus in person
Opening an account online and opening one in person cost the same — both are free at banks that do not charge opening fees. The difference is convenience and speed. Online applications take 5 to 10 minutes and you can do them from home. In-person applications take longer but let you ask questions face-to-face and sometimes get a debit card on the spot.
Some banks charge a fee only for in-person account opening, not for online opening. This is rare, but it happens. If you are opening an account at a bank you have not used before, check their website or call ahead to confirm there is no opening fee for the method you plan to use.
What happens if you close the account soon after opening it
If you open a checking account and close it a few weeks later, you will not owe any extra fees beyond what you have already paid. Banks do not charge a fee to close an account. However, if you closed the account while it had a negative balance (you owed the bank money), you would owe that balance before the account can be closed.
Some banks do have a rule that if you close an account within a certain time frame — usually 90 days to 6 months — they will not let you open another account with them for a set period. This is to prevent people from opening accounts just to get sign-up bonuses and then closing them. Check the bank's terms before you open if you think you might close the account quickly.
Sign-up bonuses and how they work
Many banks offer sign-up bonuses when you open a new checking account — typically $50 to $300 in cash or account credit. These bonuses are assistance programs from the bank, not a fee you pay. To get the bonus, you usually have to meet conditions like setting up direct deposit within 60 days or making a certain number of debit card purchases.
Read the bonus terms carefully. Some bonuses require you to keep the account open for a minimum time period, like 6 months. If you close the account before that time, the bank may take back the bonus. Others have no such requirement. The bonus is real money, but it is not worth opening an account you do not want just to get it.
Frequently Asked Questions
Can I open a checking account with no money?
Yes. Most banks do not require an opening deposit to create a checking account. You can open the account with $0 and deposit money later. A few banks do require a small opening deposit, usually $25 to $100, so ask before you apply if you do not have money on hand right now.
Do I have to pay a fee if I keep a zero balance?
If the account has a monthly maintenance fee and you do not meet the waiver conditions, yes — you will be charged even if your balance is zero. The bank will charge the fee and your account will go negative. To avoid this, either keep the minimum balance the bank requires, meet one of their fee-waiver conditions, or switch to a bank with no monthly fee.
What if I cannot meet the minimum balance requirement?
Switch to a bank with no minimum balance requirement. Online banks and many credit unions do not require you to keep any minimum amount in the account. You can have a checking account with $1 in it and pay no fees. There is no reason to pay monthly fees just because you cannot keep a large balance.
Do I get charged if I never use the account?
If the account has a monthly maintenance fee, yes — you will be charged even if you never make a transaction. The fee is for keeping the account open, not for using it. If you do not plan to use the account, close it to stop the charges. Some banks do close inactive accounts after a long period, but they will charge the monthly fee until they do.
Can the bank change the fees after I open the account?
Yes, banks can change their fees, but they must notify you in advance — usually 30 days. If a bank raises the monthly maintenance fee or adds a new fee, they will send you a notice. You can then decide to accept the new fee or close the account and move to a different bank.