Most banks do not charge you to open a checking or savings account, but some do

Opening a basic checking or savings account is free at most banks and credit unions in the United States. You walk in, provide identification and proof of address, sign paperwork, and leave with an account number. No fee changes hands.

However, some banks charge an account opening fee — typically $25 to $100 — particularly if you are opening a premium or specialty account. A few banks charge nothing upfront but require a minimum deposit to activate the account, which is different from a fee but still means you need money ready. A smaller number of banks have stopped charging these fees in recent years, but the practice has not disappeared entirely.

The real cost of a bank account is not the opening fee. It is the monthly maintenance fee, overdraft charges, and minimum balance requirements that can accumulate over time. Those are what you need to understand before you choose which bank to use.

Key Takeaways

  • Most major banks and credit unions charge nothing to open a checking or savings account, though some specialty accounts may carry a $25 to $100 opening fee.
  • A minimum deposit requirement is not the same as an opening fee — the money is yours, but you cannot withdraw it immediately without closing the account.
  • Monthly maintenance fees, overdraft charges, and balance requirements cost far more over time than any opening fee and vary widely by bank.
  • Credit unions typically charge lower or no fees compared to large national banks, but you must be a member to open an account.
  • Online banks almost never charge opening fees or monthly maintenance fees because they have lower operating costs than brick-and-mortar branches.

When banks charge an opening fee and why

Banks that charge opening fees typically do so for premium accounts — accounts with higher interest rates, more perks, or features aimed at customers with larger balances. A bank might charge $50 to open a premium checking account but nothing for a basic one. Some banks charge opening fees only if you do not meet a minimum deposit at the time you open the account.

Regional and smaller banks are more likely to charge opening fees than national chains. Credit unions almost never charge opening fees, though they may require you to buy a share in the credit union itself — usually $5 to $25 — to become a member. That share is an investment in the credit union, not a fee, and you get it back if you close your membership.

Online banks — Ally, Charles Schwab, Discover, and others — almost universally charge zero opening fees and zero monthly maintenance fees. They can afford to do this because they have no physical branches and lower overhead costs.

Minimum deposit requirements versus opening fees

A minimum deposit requirement is not a fee, but it does mean you need money available when you open the account. Some banks require $100, others $500 or $1,000. You own that money; it sits in your account. You can spend it, but if you close the account before meeting the minimum balance requirement, some banks will charge you a fee for breaking the rule.

This is different from an opening fee because the bank is not taking money from you — they are requiring you to have money in the account. If you have $500 and the minimum is $500, you can open the account and then withdraw $400, leaving $100. The bank does not care as long as you do not close the account below the minimum.

Online banks and many credit unions have zero minimum deposit requirements. National banks like Chase and Bank of America typically require $25 to $100 for a basic checking account.

Monthly fees that cost more than opening fees

Once your account is open, the real cost begins. Most banks charge a monthly maintenance fee — sometimes called a service fee or account fee — that ranges from $5 to $15 per month at national banks. Over a year, that is $60 to $180. Some banks waive this fee if you maintain a minimum balance, set up direct deposit, or keep a linked savings account open.

Overdraft fees are separate and much larger. If you spend more than you have in your account, the bank covers the difference and charges you an overdraft fee — typically $25 to $35 per overdraft. If you overdraft multiple times in one day, you can be charged multiple times. A single mistake can cost $75 to $105.

Online banks and many credit unions charge no monthly maintenance fees and offer overdraft protection (a linked savings account that covers overdrafts without a fee) or simply decline the transaction instead of charging you. This is why the monthly fee structure matters far more than whether the bank charged you $50 to open the account.

How to find banks with no opening fees

Call the bank directly or check their website for the account terms before you visit. The terms document will list opening fees, minimum deposits, and monthly maintenance fees. If the website does not make this clear, call the customer service number and ask: "Is there an opening fee for a basic checking account?" and "What is the monthly maintenance fee?"

Credit unions in your area can be found through CO-OP (a network of credit union ATMs and branches) or through the Credit Union Locator on the CO-OP website. Most credit unions charge no opening fees and lower monthly fees than national banks.

Online banks are the easiest route if you do not need a physical branch. Ally, Charles Schwab, Discover, and others charge zero opening fees, zero monthly fees, and offer overdraft protection. The trade-off is that you cannot deposit cash in person — you deposit checks by phone camera or transfer money from another account.

What happens if a bank charges you an opening fee you did not expect

If you were charged an opening fee and did not know about it beforehand, contact the bank and ask them to reverse it. Many banks will do this once, especially if you are a new customer. Explain that you were not informed of the fee before opening the account.

If the bank refuses, you can close the account and move to another bank. There is no penalty for closing an account shortly after opening it, though some banks may charge a small early closure fee (usually $25). Check the account terms for this before you close.

If the bank charged you an overdraft fee or monthly maintenance fee by surprise, the same approach applies: call and ask them to reverse it. Banks often waive one or two fees for new customers as a courtesy.

Frequently Asked Questions

Do I have to pay money to open a bank account?

No. Most banks and credit unions charge nothing to open a checking or savings account. Some banks charge $25 to $100 for premium accounts, but basic accounts are free at the vast majority of banks. Online banks never charge opening fees.

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

An opening fee is money the bank takes from you. A minimum deposit is money you must have in the account when you open it — it is yours, and you can spend it. If you close the account below the minimum, some banks charge a fee, but the deposit itself is not a fee.

Can I avoid monthly fees?

Yes. Online banks charge no monthly fees. Many credit unions charge no monthly fees. Some national banks waive monthly fees if you maintain a minimum balance, set up direct deposit, or keep a linked savings account open. Check the account terms before you open.

What if I get charged an overdraft fee I did not expect?

Call the bank and ask them to reverse it. Many banks will waive one or two overdraft fees for new customers. If they refuse, you can close the account and move to another bank. There is no long-term penalty for switching banks.

Are credit unions cheaper than banks?

Generally yes. Credit unions charge lower or no monthly fees, no opening fees, and lower overdraft fees than national banks. The trade-off is that you must be a member to open an account, though membership is usually free or costs $5 to $25 as a one-time share purchase.