Most banks charge nothing to open a savings account
Opening a savings account is free at the vast majority of banks and credit unions in the United States. You will not pay an opening fee, a setup fee, or any charge just to create the account. The bank makes money from the interest spread — they pay you a small rate on your balance and lend out your money at a higher rate — not from charging you to start.
That said, some accounts do charge monthly maintenance fees once the account is open, and a few banks charge fees if your balance falls below a minimum. These are different from opening costs, but they matter to your total cost of keeping the account.
Key Takeaways
- Opening a savings account costs nothing at national banks, regional banks, credit unions, and online banks.
- Monthly maintenance fees range from zero to $15 per month at most institutions, and many waive them if you maintain a minimum balance or set up direct deposit.
- Minimum opening deposits vary from zero to $25 at most banks, though some online banks ask for $100 or more.
- Overdraft fees and ATM fees apply to withdrawals and transfers, not to opening the account itself.
- Credit unions often have no monthly fees and lower minimum balances than traditional banks.
What you actually need to bring or have ready
To open an account, you need a government-issued ID, your Social Security number, and proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days). You do not need to pay anything for these documents — they are things you already have or can get for free.
Some banks ask for an opening deposit when you sign up. This is money you put into the account to get it started, not a fee. Most banks require $0 to $25 for a savings account. Online banks sometimes ask for $100 or more, but many have dropped this requirement entirely. Whatever you deposit is your money — it stays in the account and earns interest.
Monthly fees that apply after you open
Once the account is open, some banks charge a monthly maintenance fee. This typically ranges from $3 to $15 per month, though many banks charge nothing. The fee is deducted from your balance each month, so it reduces the money you have saved.
Most banks will waive the monthly fee if you meet one of these conditions: maintain a minimum balance (often $500 to $1,500), set up direct deposit of your paycheck, or keep a linked checking account at the same bank. Online banks almost never charge monthly fees because they have lower operating costs than branches.
Credit unions typically charge no monthly maintenance fee on savings accounts, even with a zero balance. This is one reason credit unions are worth comparing — the long-term savings add up.
Fees that come later, not at opening
Several fees apply to your account after it is open, but these are not opening costs. An overdraft fee (usually $25 to $35) applies if you withdraw more money than you have. An ATM fee (typically $2 to $3) applies when you use an ATM outside your bank's network. A transfer fee may apply if you move money to another bank, though most banks offer a few free transfers per month.
None of these fees are charged just for opening the account. They only apply if you take specific actions after the account exists.
How to find accounts with zero opening costs and no monthly fees
Start by checking online banks and credit unions in your area. Online banks like Ally, Marcus, and Discover have no opening fees, no monthly fees, and no minimum balance requirements. Credit unions have similar structures and often offer better interest rates on savings.
If you prefer a traditional bank with branches, call or visit their website and search for "savings account fees." Most will list the monthly maintenance fee (if any) and the minimum balance required to waive it. Ask whether direct deposit or a linked checking account waives the fee — this is often the easiest path.
Compare at least three institutions before you decide. The difference between a bank that charges $12 per month and one that charges nothing adds up to $144 per year, which is real money when you are trying to save.
What happens if you close the account
Closing a savings account costs nothing. You can close it the same day you open it if you change your mind. The bank will return any money in the account to you (minus any fees already charged that month). There is no penalty for closing early, and no fee for the closure itself.
If you have a negative balance when you try to close — meaning you owe the bank money because of overdrafts or fees — you will need to pay that balance before the account closes. But this is a debt you already owe, not a new closing fee.
Frequently Asked Questions
Do I have to put money in the account the day I open it?
No. Most banks let you open an account with zero dollars. If the bank requires a minimum opening deposit, it is usually $0 to $25, and that money is yours — it is not a fee. You can deposit it and leave it there, or add more money later.
Will I be charged if I don't use the account?
Not for inactivity alone. Banks do not charge you for leaving money untouched. However, if your account has a monthly maintenance fee and you do not meet the waiver conditions (like maintaining a minimum balance), that fee will be charged every month regardless of whether you use the account.
What if the bank charges a monthly fee I did not know about?
Ask the bank to refund one or two months of fees as a courtesy — many will do this if you have not had the account long. Then move your money to a bank with no monthly fee. You are not locked in, and the bank has no reason to keep charging you if you do not want the account.
Are online banks safe if they have no opening fees?
Yes. Online banks are regulated by the same federal agencies as traditional banks and are insured by the FDIC up to $250,000 per account. The reason they charge no fees is that they have no physical branches, not because they are risky. Check that the bank displays an FDIC insurance logo on its website.
Can I open multiple savings accounts at the same bank?
Yes, and each account is insured separately up to $250,000 by the FDIC. Some people open multiple accounts to organize money for different goals. Each account may have its own monthly fee, so check the bank's policy before opening a second one.