Most banks let you open a savings account for free, but some charge an opening fee or require a minimum deposit
You do not have to pay money to open a savings account at most banks and credit unions. Many institutions offer free accounts with no opening fee and no minimum deposit required to start. However, some banks—particularly those focused on premium or specialty accounts—do charge an opening fee that ranges from $25 to $100, or they require you to deposit a certain amount of money before the account becomes active.
The key is knowing which banks charge and which do not. Online banks almost never charge opening fees because they have lower overhead costs. Traditional brick-and-mortar banks vary widely. Credit unions typically charge nothing to open an account, though a few require a small membership fee (usually $5 to $25) that is separate from the account itself.
Before you commit to any bank, check their account opening requirements on their website or call their customer service line. The fee structure and minimum deposit rules are always listed before you open the account, so you can compare options without any surprises.
Key Takeaways
- Most banks and credit unions charge no fee to open a savings account, and many have no minimum deposit requirement.
- Some traditional banks charge opening fees between $25 and $100, so always check the specific bank's terms before you start.
- Online banks almost never charge opening fees because they operate with lower costs than physical branches.
- Credit unions typically offer free account opening, though some charge a one-time membership fee that is separate from the account.
- You can find fee information on the bank's website or by calling customer service before you commit to opening an account.
Where opening fees are most common
Traditional banks with physical branches are more likely to charge opening fees than online-only banks. Banks that market premium or high-yield savings accounts sometimes charge a fee to offset the higher interest rates they pay you. If a bank advertises an unusually high interest rate, check whether an opening fee comes with it—the fee may eat into your earnings in the first year.
Some banks charge opening fees only for certain account types. For example, a bank might offer a free basic savings account but charge $50 to open a money market account or a high-yield savings account. Read the fine print for the specific account type you want, not just the bank's general reputation.
Smaller regional banks and community banks vary widely. Some charge nothing; others charge $25 to $50. If you bank locally, ask at the branch directly or check their website before you visit.
Minimum deposit requirements versus opening fees
A minimum deposit is different from an opening fee. An opening fee is money the bank charges you to create the account. A minimum deposit is the amount of money you must put into the account when you open it—that money is yours; the bank is not keeping it.
Many banks have no minimum deposit at all. Others require $25, $100, or even $500 to open a savings account. The minimum deposit sits in your account and earns interest (usually a small amount). You can withdraw it whenever you want after the account is open, though some banks require you to maintain a minimum balance to avoid monthly fees.
If a bank requires a $100 minimum deposit and charges a $25 opening fee, you need $125 total to get your free guide—$100 goes into your account, and $25 goes to the bank. If a bank requires a $100 minimum deposit but no opening fee, you only need $100, and all of it stays in your account.
Online banks versus traditional banks
Online banks almost never charge opening fees. Banks like Ally, Marcus, Discover, and Vanguard operate without physical branches, which means they have lower costs. They pass those savings to customers by offering free accounts, no minimum deposits, and higher interest rates on savings.
The tradeoff is that you cannot walk into a branch to deposit cash or speak to someone in person. Most online banks let you deposit checks by taking a photo with your phone, and you can transfer money to and from other banks electronically. If you need in-person service or want to deposit cash regularly, a traditional bank or credit union may be a better fit, even if it charges a small opening fee.
Some people use both: an online bank for savings (because of the higher interest rate and no fees) and a local bank or credit union for checking and cash deposits.
Credit unions and membership fees
Credit unions almost never charge opening fees for savings accounts. However, many credit unions charge a one-time membership fee to join the credit union itself. This fee is separate from opening an account and typically ranges from $5 to $25. Once you pay it, you own a share of the credit union and can open multiple accounts without additional membership fees.
Some credit unions waive the membership fee entirely if you meet certain conditions—for example, if you set up direct deposit or maintain a minimum balance. Ask about fee waivers when you contact the credit union.
To join a credit union, you usually have to meet membership criteria, such as living in a certain area, working for a specific employer, or belonging to a particular organization. Check whether you are may be able to access before you apply.
How to compare banks before opening an account
Visit each bank's website and look for a page labeled "Savings Account" or "Account Fees and Terms." This page lists opening fees, minimum deposits, monthly maintenance fees, and interest rates. Write down the numbers for three to five banks so you can compare them side by side.
Pay attention to monthly maintenance fees, not just opening fees. Some banks charge $5 to $10 per month to keep the account open unless you maintain a minimum balance or set up direct deposit. Over a year, a $5 monthly fee costs $60—more than many opening fees. A bank with no opening fee but a $10 monthly maintenance fee may cost you more in the long run than a bank with a $50 opening fee and no monthly charges.
Call the bank's customer service line if the website does not answer your question. Customer service representatives can tell you exactly what you need to open an account and whether any fees apply to your situation.
What happens if you cannot afford the minimum deposit
If a bank requires a minimum deposit you cannot afford right now, look for a bank with no minimum or a lower minimum. Online banks and credit unions are your best options. Ally Bank, for example, has no minimum deposit and no opening fee.
Some banks offer a "starter" or "basic" savings account with a lower minimum deposit than their premium accounts. If you see multiple savings account options at one bank, compare the minimums across all of them.
You can also start with a bank that has no minimum, build up your savings, and move money to a higher-yield account later if you want to. There is no rule that says you have to stay with your first bank forever.
Frequently Asked Questions
Can I open a savings account with $0 and no opening fee?
Yes. Many online banks and credit unions let you open a savings account with no minimum deposit and no opening fee. Ally Bank, Marcus by Goldman Sachs, Discover Bank, and most credit unions offer this option. Check the specific bank's website to confirm their current requirements.
What is the difference between an opening fee and a monthly maintenance fee?
An opening fee is a one-time charge when you create the account. A monthly maintenance fee is charged every month you keep the account open. Some banks charge both, some charge one or the other, and some charge neither. Monthly fees can add up quickly, so compare them when you choose a bank.
Do I have to pay a fee if I close the account right after opening it?
Opening fees are usually non-refundable once the account is created, even if you close it immediately. Some banks charge an early closure fee if you close within a certain period (often 30 to 90 days). Read the account terms before you open to see whether early closure fees apply.
Will opening a savings account hurt my credit score?
No. Opening a savings account does not affect your credit score. Banks may check your banking history using ChexSystems, but this is not a credit check and does not show up on your credit report. Savings accounts are not credit products, so they have no impact on your credit.
Can I negotiate or waive an opening fee?
Rarely. Most banks have set policies and do not negotiate fees. However, some credit unions or smaller regional banks may waive fees if you meet certain conditions, such as setting up direct deposit or maintaining a minimum balance. It never hurts to ask, but expect the answer to be no.