Most banks do not charge a fee to open a checking or savings account

Opening a basic checking or savings account at most banks costs nothing. You walk in, provide identification and proof of address, sign the paperwork, and the account is open. No opening fee, no deposit required to start.

However, some banks do require a minimum opening deposit—usually between $25 and $100—before they will activate the account. This is not a fee you lose; it is money that goes into your account and belongs to you. You can withdraw it immediately after opening if you want, though some banks require you to keep a minimum balance to avoid monthly fees later.

Online banks and credit unions almost never charge opening fees or require opening deposits. Traditional brick-and-mortar banks vary widely, and some have eliminated these requirements in recent years to compete for customers.

Key Takeaways

  • Most banks charge nothing to open a checking or savings account, and many require no deposit at all.
  • Some banks require a minimum opening deposit of $25 to $100, but this money is yours to keep or withdraw.
  • Online banks and credit unions typically have no opening fees or deposit requirements.
  • Monthly maintenance fees are separate from opening costs and depend on the account type and bank.
  • If you have no identification or proof of address, some banks and credit unions offer second-chance accounts with different requirements.

When banks do require an opening deposit

Banks that require an opening deposit usually do so to cover the cost of setting up the account and to ensure you have some skin in the game. The amount varies: some ask for $25, others for $100 or more. Premium accounts—those with higher interest rates or more features—often have higher opening deposit requirements.

The deposit goes directly into your account. If you deposit $50 to open the account, you have $50 in the account. You are not paying the bank $50; you are funding your own account. Some banks let you withdraw it the same day. Others require you to keep a minimum balance to avoid monthly fees, which means you cannot drop below that amount without triggering a charge.

Before you open an account, ask the bank directly: "Is there an opening deposit requirement, and if so, can I withdraw it immediately?" The answer tells you whether you need cash on hand or whether you can open the account with zero dollars.

Monthly fees are separate from opening costs

Even if opening is free, the bank may charge you a monthly maintenance fee once the account is active. This is where the real cost lives. Monthly fees range from $0 to $15 or more, depending on the bank and account type.

Many banks waive the monthly fee if you meet certain conditions: direct deposit of your paycheck, maintaining a minimum balance, or using the bank's debit card a certain number of times per month. Read the account terms carefully. A free account to open can cost you $10 a month if you do not meet the waiver requirements.

Online banks and many credit unions charge no monthly fees at all, regardless of balance or activity. If you are opening your first account and want to avoid surprises, these are safer choices.

What you need to bring to open an account

To open an account, you will need 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 utility bill, lease, mortgage statement, or bank statement dated within the last 60 days. Some banks accept a recent piece of mail from a government agency.

You will also need to provide your Social Security number or Individual Taxpayer Identification Number (ITIN). The bank uses this to verify your identity and report interest earned on the account to the IRS.

If you do not have a photo ID or proof of address, you have options. Some banks and credit unions offer second-chance accounts designed for people without traditional documentation. These accounts may have higher fees or lower transaction limits, but they exist. Call ahead and ask whether the bank offers accounts for people without standard ID.

Online accounts versus in-person accounts

Online banks almost never charge opening fees or require opening deposits. They also typically charge no monthly maintenance fees. The trade-off is that you cannot walk into a branch to deposit cash or speak to someone face-to-face. You deposit checks by photographing them with your phone, and you withdraw cash at ATMs (often free at a network of partner ATMs, sometimes with a fee).

In-person banks at physical locations may charge opening fees or require deposits, but they offer the ability to deposit cash directly and speak to a teller. Some people prefer this; others find it unnecessary. If you rarely use cash and are comfortable with mobile banking, an online bank saves you money and hassle.

Credit unions—member-owned financial institutions—usually have no opening fees and no monthly fees. Many also have no minimum opening deposit. The catch is that you must be a member of the credit union, which usually means you work for a certain employer, belong to a certain organization, or live in a certain area. Check whether you are may be able to access before you visit.

What happens if you cannot afford an opening deposit

If a bank requires an opening deposit and you do not have the cash, you have several paths forward. First, ask the bank whether they will waive the requirement. Some do for customers in hardship. Second, look for banks or credit unions with no opening deposit requirement—many exist, especially online.

Third, consider a second-chance account. These are designed for people who have had banking problems in the past or who lack traditional documentation. They may have higher fees or lower limits, but they are real accounts that build your banking history. Ask the bank or credit union directly: "Do you offer second-chance accounts?"

Fourth, if you have a trusted friend or family member, ask whether they will lend you the opening deposit temporarily. You deposit it, then withdraw it the next day. This is legal and common. Just make sure the bank allows immediate withdrawal before you try it.

Frequently Asked Questions

Do I have to keep money in the account after I open it?

No, unless the bank requires a minimum balance to avoid monthly fees. If there is no minimum balance requirement, you can open the account and leave it empty. If there is a requirement—say, $500—you must keep at least that much in the account or pay a monthly fee. Check the account terms before opening.

Can I open an account with no money at all?

Yes, at banks and credit unions with no opening deposit requirement. Online banks almost always fall into this category. Call the bank or check their website to confirm before you visit or apply online.

What if I do not have a Social Security number?

You can use an Individual Taxpayer Identification Number (ITIN) instead. If you do not have either, some banks and credit unions will work with you, but options are limited. Call ahead and explain your situation. Second-chance accounts sometimes have different documentation rules.

Can I open an account for someone else?

No. The person opening the account must be present and provide their own ID. If you want to open an account for a minor, you will be a joint account holder or custodian, and both you and the minor may need to be present. Rules vary by bank and by the minor's age.

What if the bank says I owe them money from a closed account?

The bank may refuse to open a new account if you have an unpaid debt from a previous account. You can dispute this or negotiate a payment plan, but the bank is not required to open a new account until the debt is resolved. Ask what you owe and whether they will accept a payment plan.