Most banks let you open a savings account for free, but some charge a monthly fee if you don't meet their requirements
You do not have to pay money upfront to open a savings account at most banks and credit unions. The account itself is free to create. However, many banks charge a monthly maintenance fee — usually $5 to $15 per month — if your balance falls below a certain amount, you don't set up direct deposit, or you don't meet other conditions they set. Some banks waive the fee entirely if you keep a minimum balance or link the account to a checking account with them.
The key difference is between opening cost and ongoing cost. Opening is almost always free. Staying open without fees depends on the bank's rules and your ability to meet them. Online banks and credit unions tend to have lower or no monthly fees compared to large national banks.
Key Takeaways
- Opening a savings account costs nothing at most banks and credit unions — you can start with $0 or $1.
- Monthly maintenance fees ($5 to $15) kick in only if you fail to meet the bank's conditions, such as keeping a minimum balance.
- Online banks and credit unions often have no monthly fees, while large national banks are more likely to charge them.
- You can avoid monthly fees by keeping a minimum balance, setting up direct deposit, or switching to a bank with no-fee accounts.
What banks charge to open an account versus what they charge to keep it open
No legitimate bank charges you to open a savings account. You walk in, provide identification and a Social Security number, and the account is created at no cost. You can deposit $1 or $100 or nothing at all on day one — the opening itself is free.
The fee comes later, if it comes at all. Banks charge monthly maintenance fees only if you do not meet their conditions. Those conditions vary widely. One bank might charge $10 a month unless you keep $500 in the account. Another might charge nothing as long as you have any balance at all. A third might waive the fee if you set up automatic deposits from your paycheck.
Read the account disclosure document before you open the account — it lists every fee the bank can charge and the conditions that waive them. This document is free and required by law. Ask the bank employee for it, or find it on the bank's website under "account terms" or "fee schedule."
Banks and credit unions with no monthly maintenance fees
Online banks almost never charge monthly maintenance fees. Banks like Ally, Charles Schwab, and Marcus have no monthly fee on savings accounts regardless of your balance. They make money from interest rates and lending, not from account fees. The tradeoff is that you cannot walk into a physical branch — everything is done online or by phone.
Credit unions also tend to have lower or no monthly fees. Credit unions are member-owned, not profit-driven, so they often charge less. You have to be a member to open an account, but membership is usually free or costs $5 to $25 one time. Ask your employer, your school, or your union whether you are already a member of one.
Large national banks like Bank of America, Wells Fargo, and Chase do charge monthly maintenance fees on many savings accounts. The fee is usually $5 to $15 per month, but you can waive it by keeping a minimum balance (often $300 to $500) or by linking the account to a checking account with the same bank.
Minimum balance requirements and how they affect fees
A minimum balance requirement is the lowest amount of money the bank says you must keep in the account to avoid the monthly fee. If your balance drops below that number on any day of the month, you owe the fee. The requirement varies: some banks set it at $100, others at $1,000 or more.
The balance is usually calculated on a single day each month — often the last day of the statement period — not an average. This means if you dip below the minimum for one day and then deposit money back, you may still owe the fee for that month. Check the account terms to see how your bank calculates it.
If you cannot keep a minimum balance, look for a bank with no minimum requirement or no monthly fee at all. Online banks and many credit unions fit this description. You should never feel forced to keep money in an account just to avoid a fee — that money could be earning more interest elsewhere or going toward something you need.
Other ways banks waive monthly fees
Minimum balance is one way to avoid a fee, but banks offer other paths. Direct deposit is common: if you set up automatic deposits from your paycheck, the bank waives the monthly fee even if your balance is low. This takes a few minutes to set up with your employer's payroll department.
Some banks waive the fee if you link your savings account to a checking account with them, or if you maintain a certain number of debit card transactions per month. Others waive it if you sign up for paperless statements or online banking. Read the fee schedule to see which waivers apply to the account you are considering.
The easiest approach is to choose a bank with no monthly fee from the start. You avoid the mental load of tracking whether you have met the bank's conditions, and you keep more of your money.
How to compare savings accounts and their true cost
When you are looking at savings accounts, write down three things: the interest rate, the monthly fee, and the conditions that waive the fee. The interest rate tells you how much money the bank pays you. The monthly fee tells you how much it costs. The waiver conditions tell you whether you can realistically avoid the fee.
A bank offering 4.5% interest with a $10 monthly fee is not better than a bank offering 4.0% with no fee if you cannot meet the waiver conditions. Do the math: if you keep $500 in the account, the $10 fee costs you $120 per year. The 0.5% interest difference on $500 is only $2.50 per year. The no-fee bank wins.
Use online comparison tools like Bankrate or DepositAccounts to see multiple banks side by side. Filter by "no monthly fee" if that matters to you. Read the fine print on the bank's website to confirm the fee and waiver rules before you open the account.
What to do if your bank starts charging a fee you did not expect
If a fee appears on your statement and you believe it should not be there, contact the bank immediately. Call the customer service number on the back of your debit card or log into your online account and start a chat. Explain that you met the waiver conditions (kept the minimum balance, set up direct deposit, or whatever applies) and ask them to remove the fee.
Banks often reverse one or two unexpected fees as a courtesy, especially if you have been a customer for a while. If the bank refuses and you are unhappy, you can close the account and move to a different bank. There is no penalty for closing a savings account, and you can take your money with you anytime.
If the bank made an error — for example, they did not credit your direct deposit deposit before calculating the fee — ask them to fix it and reverse the charge. If they refuse, file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates complaints about banks and can order them to refund money.
Frequently Asked Questions
Can I open a savings account with no money?
Yes. Most banks and credit unions let you open a savings account with $0 and deposit money later. A few banks require a minimum opening deposit of $1 to $25, but this is rare. Call or visit the bank's website to confirm their opening requirement before you go in.
What if I cannot keep a minimum balance?
Choose a bank with no minimum balance requirement and no monthly fee. Online banks like Ally and Marcus, and many credit unions, have accounts with no balance requirement and no fee. You can keep whatever amount you want without penalty.
Does closing a savings account cost money?
No. Closing a savings account is free. You can close it anytime by calling the bank or visiting a branch. Make sure you withdraw all your money first, or the bank will send it to you by check or transfer it to another account you provide.
Will opening a savings account hurt my credit score?
No. Opening a savings account does not affect your credit score. Banks check your credit only if you are borrowing money (a loan or credit card). A savings account is just a place to store your money, so it does not show up on your credit report.
What happens if I do not meet the minimum balance one month?
The bank charges you the monthly maintenance fee for that month. The fee is usually $5 to $15 and appears on your statement. If you meet the condition the next month, you will not be charged again. Some banks charge the fee every month you fall short, so check your statement each month to see if a fee was applied.