Most banks charge nothing to open an account, but some require a minimum deposit

You can open a checking or savings account at most banks and credit unions for zero dollars. No application fee, no opening fee, nothing. The bank makes money from the interest they earn on your deposits and the fees they charge for overdrafts or other services—not from charging you to start an account.

Some banks do require a minimum opening deposit—typically $25 to $100—but this is money that goes into your account, not money you pay the bank. You own it. A few banks, mostly smaller regional ones or those targeting high-net-worth customers, may require $500 or more, but these are uncommon for basic checking accounts.

The real costs come later: monthly maintenance fees (usually $5 to $15 if you don't meet balance or direct-deposit requirements), overdraft fees ($25 to $35 per overdraft), ATM fees if you use another bank's machine, and wire transfer fees. None of these are charged upfront when you open the account.

Key Takeaways

  • Opening a checking or savings account costs nothing at most banks and credit unions, with no application or opening fees.
  • Some banks require a minimum opening deposit of $25 to $100, but this money stays in your account and belongs to you.
  • Monthly maintenance fees, overdraft fees, and ATM fees are where banks charge you, not at account opening.
  • Credit unions and online banks typically have lower or no monthly fees compared to large national banks.
  • You can compare fee schedules on each bank's website before you open an account.

Minimum opening deposits vary by bank and account type

If a bank requires a minimum opening deposit, the amount depends on the account type and the bank's own rules. A basic checking account at a large national bank like Chase, Bank of America, or Wells Fargo usually requires $0 to $25. A savings account or money market account may require $25 to $100. Premium accounts—like those with higher interest rates or extra features—can require $500 or more.

Online banks like Ally, Charles Schwab, and Discover often have no minimum opening deposit at all, because they have lower overhead costs than brick-and-mortar branches. Credit unions typically require $0 to $50, though some require you to buy a share (usually $5 to $25) to become a member before you can open an account.

The minimum deposit requirement is not a fee. You deposit $50, and you have $50 in the account. You can withdraw it the next day if you want, though some banks may require you to keep a certain balance to avoid monthly fees. Always check the bank's fee schedule before opening—most banks publish this online as a "Schedule of Fees" or "Pricing Information" document.

Monthly maintenance fees are the cost most people actually pay

After the account is open, the fee that affects you most is the monthly maintenance fee—a charge the bank takes out each month just for having the account. This fee ranges from $0 to $15 at most banks, though some specialty accounts charge more.

You can usually avoid this fee by meeting one of the bank's conditions. Common ways to waive the monthly fee include: keeping a minimum balance (often $500 to $1,500), setting up direct deposit of your paycheck, making a certain number of debit card purchases each month, or maintaining a linked savings account. Online banks and credit unions often waive the fee for everyone, with no conditions.

If you do not meet the waiver condition, the fee comes out of your account automatically each month. A $12 monthly fee adds up to $144 per year—more than many people realize they are paying. This is why comparing fee structures before you open matters: a bank with no monthly fee saves you money even if it requires a $50 opening deposit.

Overdraft fees and ATM fees add up quickly

Once your account is open and you start using it, other fees can appear. An overdraft fee is charged when you spend more money than you have in your account. Most banks charge $25 to $35 per overdraft, and some charge multiple fees if you overdraft multiple times in one day. A single mistake—forgetting a check you wrote, or a subscription charge you forgot about—can cost $35 or more.

An ATM fee is charged when you withdraw cash from an ATM that does not belong to your bank. This fee is usually $2 to $3 per withdrawal. If you use out-of-network ATMs frequently, these fees add up. Many banks offer free ATM access through a network of partner banks or ATMs, so check whether your bank participates in a network like Allpoint or MoneyPass before you open.

Other fees you may encounter include wire transfer fees ($15 to $30), stop-payment fees ($25 to $35), and fees for closing an account early (rare, but some banks charge this). None of these are charged when you open the account—they only appear if you use those services.

Credit unions and online banks often have lower total costs

If you want to minimize what you pay, credit unions and online banks typically charge fewer fees than large national banks. Credit unions are member-owned nonprofits, so they return profits to members rather than shareholders. Most credit unions charge no monthly maintenance fee, no overdraft fees (or lower ones), and participate in shared branching networks so you can access your account at other credit unions nationwide.

Online banks like Ally, Charles Schwab, Discover, and Chime have no physical branches, which means lower operating costs. They pass this on to customers by charging no monthly fees, no overdraft fees, or no ATM fees. Some online banks reimburse all ATM fees you incur, anywhere in the world. The trade-off is that you cannot walk into a branch to deposit cash or speak to someone in person—everything is done online or by phone.

A large national bank like Chase or Bank of America may charge $12 per month plus $35 per overdraft. A credit union or online bank may charge $0 per month and $0 per overdraft. Over a year, the difference can be $200 or more, even if you never overdraft. If you do overdraft once, the gap widens immediately.

How to compare costs before you open

Before you open an account, visit the bank's website and look for the fee schedule or pricing guide. This document lists every fee the bank charges and the conditions to waive them. Compare at least three banks: a large national bank, a credit union in your area, and one online bank. Write down the monthly maintenance fee, the minimum opening deposit, the overdraft fee, and the ATM fee for each.

Then think about how you will use the account. If you get paid by direct deposit and rarely overdraft, a bank with a monthly fee waived by direct deposit might be fine. If you overdraft occasionally or use ATMs frequently, an online bank with no overdraft fees and free ATM access saves you money. If you need to deposit cash regularly, a credit union or bank with physical branches matters more than one with the lowest fees.

You can open an account online at most banks in 10 to 15 minutes. You will need your Social Security number, a government-issued ID, your address, and a phone number. Some banks ask for a minimum opening deposit right away; others let you fund the account after opening. Once the account is open, you can change banks later if you find a better fit—there is no penalty for closing an account and moving to another bank.

Frequently Asked Questions

Do I have to pay to open a bank account?

No. Most banks and credit unions charge nothing to open a checking or savings account. Some require a minimum opening deposit of $25 to $100, but that money goes into your account and belongs to you—it is not a fee. You may pay monthly maintenance fees later if you do not meet the bank's waiver conditions, but opening itself is free.

What is the difference between an opening deposit and an opening fee?

An opening deposit is money you put into the account; you own it and can withdraw it anytime. An opening fee is money you pay the bank to open the account; you do not get it back. Most banks charge no opening fee. Some require an opening deposit, but this is not a fee—it is your money.

Can I avoid monthly fees?

Yes. Most banks waive monthly maintenance fees if you meet one condition: direct deposit, a minimum balance, a certain number of debit card purchases, or linking a savings account. Online banks and many credit unions waive the fee for everyone. Read the fee schedule to see which waiver option is easiest for you.

What happens if I cannot meet the minimum opening deposit?

Open an account at a bank or credit union with no minimum opening deposit. Online banks like Ally and Chime have no minimum. Many credit unions also have no minimum. You can compare options on each bank's website before you open.

Are there any hidden fees I should know about?

No fees are truly hidden—they are all listed in the bank's fee schedule. The fees people are surprised by are overdraft fees ($25 to $35), ATM fees ($2 to $3), and monthly maintenance fees ($5 to $15). Read the fee schedule before opening so you know what to expect.