Most banks do not charge you to open a checking or savings account
The majority of banks and credit unions in the United States do not charge an upfront fee to open an account. You can walk in, provide identification and proof of address, and leave with an active account at no cost. However, some banks do charge monthly maintenance fees once the account is open, and certain account types or circumstances can trigger charges you should know about before you commit.
The real cost of a bank account is not usually the opening itself—it is what happens after. A monthly fee might apply if you do not keep a minimum balance, make too few transactions, or choose a premium account type. Some banks waive these fees if you set up direct deposit or maintain a certain balance. Others charge nothing no matter what you do.
Key Takeaways
- Opening a basic checking or savings account costs nothing at most banks and credit unions, though you will need a government ID and proof of your current address.
- Monthly maintenance fees range from zero to $15 or more depending on the bank and account type, and many banks waive them if you meet conditions like direct deposit or a minimum balance.
- Some banks charge fees for specific actions after opening: overdrafts, wire transfers, out-of-network ATM use, or closing the account too soon.
- Credit unions typically charge lower or no monthly fees compared to large national banks, though membership requirements vary.
- Online banks almost never charge monthly maintenance fees because they have lower overhead costs than brick-and-mortar branches.
When banks do charge to open an account
A few banks and financial institutions charge a small fee to open an account, usually between $25 and $100. This is less common than free opening, but it happens. Some banks charge this fee only for certain account types—for example, a premium checking account with extra perks might have an opening fee while a basic account does not. A few banks charge a fee to open a savings account but not a checking account, or vice versa.
Before you open an account anywhere, ask directly: "Is there a fee to open this account?" The answer should be clear. If the bank hesitates or gives you a complicated answer, that is a sign to ask for the fee schedule in writing or look elsewhere.
Monthly maintenance fees and how to avoid them
After your account is open, the bank may charge a monthly maintenance fee—typically $5 to $15 per month. This fee pays for the bank's costs to maintain your account. However, most banks let you avoid this fee by meeting one or more conditions. Common ways to waive monthly fees include setting up direct deposit of your paycheck, keeping a minimum balance (often $500 to $2,500), making a certain number of debit card transactions per month, or maintaining a linked savings account.
Online banks and credit unions tend to charge lower monthly fees or none at all. If you are comparing accounts, look at the fee schedule and ask which conditions waive the monthly charge. Some banks waive fees for customers under 25 or over 65. Others waive fees for military members or government employees. The fee structure varies widely, so do not assume all banks charge the same amount.
Fees that appear after you open the account
Opening the account is free or cheap, but other charges can add up once you start using it. An overdraft fee occurs when you spend more money than you have in the account; this typically costs $25 to $35 per overdraft. A wire transfer fee (sending money to another bank) usually runs $15 to $30. Using an out-of-network ATM can cost $2 to $5 per withdrawal. Requesting a cashier's check or a stop payment on a check may cost $10 to $20.
Some banks also charge a fee if you close the account within a certain period—often 90 days to six months. This is called an early closure fee and typically ranges from $25 to $100. Read the account agreement before opening to see which of these fees apply and what triggers them. Many online banks and credit unions charge fewer or none of these fees.
How to find accounts with no opening or monthly fees
Start by checking online banks, which almost never charge opening or monthly maintenance fees because they do not operate physical branches. Banks like Ally, Charles Schwab, and Discover have checking and savings accounts with no monthly fee and no minimum balance requirement. Credit unions also tend to charge lower fees than large national banks; you can search for credit unions in your area through the CO-OP network or Allpoint.
If you prefer a traditional bank with physical branches, call or visit several and ask for their fee schedule in writing. Compare the monthly maintenance fee, the conditions to waive it, and the fees for overdrafts, wire transfers, and early closure. Some large national banks like Chase and Bank of America offer accounts with no monthly fee if you set up direct deposit or maintain a minimum balance. Smaller regional banks often have lower fees than national chains.
What you need to bring to open an account
You will not pay a fee to open, but you will need to provide documents. Bring a government-issued photo ID (driver's license, passport, or state ID card) and proof of your current address. Proof of address can be a recent utility bill, lease agreement, mortgage statement, or bank statement in your name. Some banks accept a government document like a tax return or W-2 as proof of address if you do not have a utility bill.
You will also need to provide your Social Security number so the bank can run a background check through ChexSystems, a banking history database. If you have had problems with a previous bank account—overdrafts, fraud, or unpaid fees—this check may flag you, and some banks may decline to open an account for you. You can request your own ChexSystems report to see what is on file before you apply.
Comparing account types and their costs
| Account Type | Typical Opening Fee | Typical Monthly Fee | Common Waiver Conditions |
|---|---|---|---|
| Basic checking (online bank) | $0 | $0 | None required |
| Basic checking (national bank) | $0 | $0–$15 | Direct deposit or minimum balance |
| Premium checking | $0–$100 | $15–$35 | Minimum balance ($5,000+) or linked accounts |
| Savings account | $0 | $0–$10 | Minimum balance or linked checking |
| Credit union checking | $0 | $0–$5 | Membership; often none required |
Frequently Asked Questions
Can I open a bank account with no money?
Yes. Most banks do not require an opening deposit. You can open an account with $0 and deposit money later. However, some banks ask for a small opening deposit—often $25 to $100—though this is less common. Ask the bank before you open whether an opening deposit is required.
Do I have to pay a fee if I close my account right away?
Many banks charge an early closure fee if you close the account within 90 days to six months of opening. This fee is typically $25 to $100. Check the account agreement before opening to see if an early closure fee applies and how long you must keep the account open to avoid it.
What happens if I cannot meet the conditions to waive the monthly fee?
If you cannot set up direct deposit or maintain a minimum balance, you will pay the monthly maintenance fee. However, you can switch to a different bank or account type that does not charge a fee. Online banks and many credit unions offer accounts with no monthly fee regardless of balance or activity.
Will opening a bank account hurt my credit score?
No. Opening a bank account does not affect your credit score. Banks check ChexSystems (a banking history database) rather than your credit report. However, if you overdraft or fail to pay fees, the bank may report you to ChexSystems, which can make it harder to open accounts at other banks in the future.
Are there banks that charge nothing for anything?
Some online banks and credit unions come close. Ally Bank, Charles Schwab, and Discover offer checking and savings accounts with no opening fee, no monthly fee, no minimum balance, and no overdraft fees (they decline transactions instead). Credit unions vary, but many charge no monthly fee and lower fees for other services than national banks do.