Most banks and credit unions let you open a savings account for free, but some charge a small fee upfront or require a minimum deposit to start
You do not have to pay money to open a savings account at most major banks. Chase, Bank of America, Wells Fargo, and most regional banks offer savings accounts with no opening fee. Credit unions almost never charge to open an account. However, some banks do charge a one-time opening fee (usually $25 to $100), and a few require you to deposit a minimum amount of money right away—often $100 to $500—before they will let you use the account.
The real cost of a savings account is not the opening fee but the monthly maintenance fee, which some banks charge every month you keep the account open. These fees range from $2 to $15 per month and can be waived if you maintain a minimum balance, set up direct deposit, or meet other conditions the bank sets. Before you open an account, check whether the bank charges a monthly fee and what you have to do to avoid it.
Key Takeaways
- Most banks and credit unions charge nothing to open a savings account, though a few charge $25 to $100 upfront.
- Some banks require a minimum opening deposit of $100 to $500, which you must put in the account on day one.
- Monthly maintenance fees ($2 to $15) are more common than opening fees and can add up over time if you do not meet the bank's conditions to waive them.
- Credit unions typically have no opening fees, no minimum deposits, and lower or no monthly fees than banks.
- Online banks usually charge nothing to open an account and have no monthly fees because they have lower overhead costs.
Opening fees: what banks charge to start an account
An opening fee is a one-time charge some banks take when you first open the account. Not all banks charge this—most do not—but if they do, you will see it listed in the account terms or fee schedule before you open the account. Opening fees typically range from $25 to $100, depending on the bank and the type of account.
Banks that charge opening fees are less common than they used to be. Large national banks like Chase, Bank of America, and Wells Fargo do not charge opening fees for standard savings accounts. Regional banks and some smaller institutions may charge a fee, but you can always choose a different bank that does not. Credit unions almost never charge opening fees, which is one reason people choose them over banks.
If a bank does charge an opening fee, you can sometimes negotiate it away or find a promotion that waives it. Call the bank or visit a branch and ask whether they have any current offers for new customers. Many banks waive opening fees during promotional periods, especially if you also open a checking account or set up direct deposit.
Minimum deposit requirements: money you must put in on day one
Some banks require you to deposit a minimum amount of money when you open the account. This is different from a monthly minimum balance—it is money you must have ready to put in the account before the bank will let you use it. Minimum opening deposits usually range from $100 to $500, though some banks ask for more.
Online banks and credit unions rarely require a minimum opening deposit. Traditional banks are more likely to ask for one, especially if you are opening a premium or high-yield savings account. If a bank requires a $300 minimum opening deposit and you do not have $300 to spare, you can open an account at a different bank that does not have this requirement. Many banks have no minimum opening deposit at all.
The money you deposit to meet the minimum requirement stays in your account—it is not a fee. You can use it, withdraw it, or leave it there. The minimum opening deposit is just a way for the bank to make sure you are serious about using the account.
Monthly maintenance fees and how to avoid them
Monthly maintenance fees are charges that appear on your account statement every month. They typically range from $2 to $15, depending on the bank. Some banks charge a maintenance fee to every customer, while others only charge it if you do not meet certain conditions. These conditions might include keeping a minimum balance, setting up direct deposit, or making a certain number of transactions per month.
Most major banks waive monthly maintenance fees if you keep a minimum balance in the account—often $300 to $500. Other banks waive the fee if you set up direct deposit or if you have a checking account at the same bank. Online banks almost never charge monthly maintenance fees because they have lower costs than brick-and-mortar banks. Credit unions also tend to have lower or no monthly fees.
Before you open an account, read the fee schedule and find out exactly what the monthly maintenance fee is and how to avoid it. If you cannot meet the bank's conditions to waive the fee, choose a different bank. Over a year, a $5 monthly fee adds up to $60, which is money that could stay in your savings instead.
Where to find accounts with no fees
Online banks are the easiest place to find savings accounts with no opening fee, no minimum deposit, and no monthly maintenance fee. Banks like Ally, Marcus, and Discover have no fees because they operate online only and do not have the overhead costs of physical branches. These banks often pay higher interest rates on savings accounts than traditional banks do, which means your money grows faster.
Credit unions also typically have no opening fees and low or no monthly fees. To join a credit union, you usually have to meet a membership requirement—such as working for a certain employer, living in a certain area, or belonging to a certain organization. Once you join, you can open a savings account with no fee. If you are not sure whether you are a member of a credit union, search the CO-OP Network or Shared Branch locator online to find credit unions near you.
If you prefer a traditional bank with physical branches, call ahead or visit the website and check the fee schedule before you go in. Many regional banks and some branches of national banks have no opening fees and no monthly maintenance fees. Ask the banker directly what conditions you need to meet to avoid monthly fees, and get the answer in writing.
Comparing fees across different account types
Savings accounts have different fee structures depending on the type. A basic savings account usually has no opening fee and low or no monthly fees. A high-yield savings account (which pays more interest) may have a higher minimum opening deposit or monthly minimum balance requirement, but often has no monthly maintenance fee. A money market account typically has higher minimum requirements and may charge a monthly fee if your balance drops below the minimum.
| Account Type | Typical Opening Fee | Typical Minimum Deposit | Typical Monthly Fee |
|---|---|---|---|
| Basic Savings (Bank) | $0–$50 | $0–$100 | $0–$5 (often waived) |
| High-Yield Savings (Online) | $0 | $0–$25 | $0 |
| Money Market Account | $0–$100 | $500–$2,500 | $0–$15 (if balance drops) |
| Credit Union Savings | $0 | $0–$25 | $0–$3 |
If you are just starting to save and do not have much money yet, a basic savings account at an online bank or credit union is your best choice. You will pay nothing to open it, nothing to keep it open, and you can start with any amount. As your savings grow, you can move money to a high-yield account to earn more interest.
Hidden costs that are not fees
Some costs of having a savings account are not listed as fees but still cost you money. Overdraft fees happen if you link your savings account to a checking account and overdraw the checking account—the bank may charge $25 to $35 per overdraft. ATM fees happen if you withdraw money from an ATM that is not owned by your bank; these usually cost $2 to $3 per withdrawal. Inactivity fees (charged if you do not use the account for a long time) are rare but do exist at some banks.
Read the full fee schedule before you open an account, not just the opening fee and monthly maintenance fee. Look for sections on overdraft fees, ATM fees, and inactivity fees. If you plan to use ATMs often, choose a bank with a large ATM network or an online bank that reimburses ATM fees. If you think you might not use the account for months at a time, make sure the bank does not charge an inactivity fee.
Frequently Asked Questions
Can I open a savings account with no money?
Most online banks and credit unions let you open a savings account with $0 and deposit money later. Some traditional banks require a minimum opening deposit of $100 to $500, which you must have ready when you open the account. If you have no money right now, choose an online bank or credit union with no minimum opening deposit.
Do I have to pay a fee every month?
Not necessarily. Most banks waive monthly maintenance fees if you keep a minimum balance (usually $300–$500) or set up direct deposit. Online banks and credit unions rarely charge monthly fees at all. Check the fee schedule before you open the account to see what conditions apply to your bank.
What happens if I close my savings account right after opening it?
Most banks do not charge a fee to close an account, even if you close it immediately after opening it. However, if the bank charged an opening fee, you will not get that money back. Some banks may charge a fee if you close the account within a certain time period (like 90 days), so read the terms before you open the account.
Are online banks safe if they charge no fees?
Yes. Online banks are insured by the FDIC (Federal Deposit Insurance Corporation) just like traditional banks, which means your money is protected up to $250,000 per account. They charge no fees because they have lower costs, not because they are unsafe. Check that the bank displays the FDIC logo on its website before you open an account.
Can I negotiate the opening fee or minimum deposit?
Sometimes. If you are opening multiple accounts or have a large amount of money to deposit, you can call the bank and ask whether they will waive the opening fee or lower the minimum deposit. Many banks have promotional offers for new customers that waive fees. It never hurts to ask, but if they say no, you can always open an account at a different bank.