Most banks charge nothing to open a savings account

You can open a savings account at most banks and credit unions for zero dollars. No opening fee, no minimum deposit required upfront. You walk in or go online, provide identification and a Social Security number, and the account exists.

Some banks do charge an opening fee — usually between $25 and $100 — but these are the exception, not the rule. Online banks almost never charge. Credit unions rarely do. The big national banks (Chase, Bank of America, Wells Fargo, Citibank) do not charge opening fees on standard savings accounts.

What matters more than the opening fee is what happens after: monthly maintenance fees, minimum balance requirements, and how much interest the account actually earns. Those costs add up over time in ways an opening fee does not.

Key Takeaways

  • Most banks charge nothing to open a savings account, and you can start with as little as $1 or $0 depending on the bank.
  • Monthly maintenance fees (usually $5 to $15) cost far more than opening fees and are charged by some banks but not others.
  • Minimum balance requirements vary widely — some banks require $0, others require $500 or more to avoid a monthly fee.
  • Online banks typically have no opening fees, no monthly fees, and no minimum balances, but offer lower interest rates than some alternatives.
  • Credit unions often have no opening fees and lower monthly fees than traditional banks, but membership may require living or working in a specific area.

Minimum deposit amounts when you open

Most banks do not require you to deposit money on the day you open the account. You can open it empty and deposit your first dollar later. Some banks ask for a small opening deposit — $25, $50, or $100 — but waive it if you set up direct deposit or maintain a certain balance.

Online banks are most likely to let you open with zero dollars. Traditional brick-and-mortar banks sometimes require $100 to $500 on opening day, though this varies by branch and by the specific account type. Call ahead or check the bank's website before you go in.

The opening deposit is not a fee — it is your money. It goes into the account immediately and you can withdraw it whenever you want. Do not confuse it with an opening fee, which is money the bank keeps.

Monthly maintenance fees and how to avoid them

Monthly maintenance fees are where most people actually pay. These run $5 to $15 per month at traditional banks, though some charge more. Online banks almost never charge them. Credit unions charge them less often than traditional banks.

You can usually waive the monthly fee by meeting one of these conditions: keeping a minimum balance (often $500 to $1,500), setting up direct deposit, or maintaining a certain number of debit card transactions per month. Different banks use different triggers. Chase waives fees with a $500 minimum balance or direct deposit. Bank of America waives them with $500 minimum or direct deposit. Ally Bank (online) charges no monthly fee at all.

If you cannot meet the minimum balance, an online bank is usually cheaper than paying $5 to $15 monthly at a traditional bank. Over a year, that fee adds up to $60 to $180 — more than most opening fees.

Interest rates and how they affect your money

The interest rate a savings account pays matters far more than any opening fee. A high-yield savings account at an online bank might pay 4% to 5% annual interest. A traditional bank savings account might pay 0.01% to 0.05%. Over time, that difference is enormous.

If you deposit $5,000 and leave it for a year: at 0.01%, you earn 50 cents. At 4.5%, you earn $225. The opening fee is irrelevant compared to that gap. Even if you paid a $100 opening fee at the low-interest bank, you would still come out behind the high-interest bank with no opening fee.

Interest rates change constantly and vary by bank. Check the current rate before you open, because it will not stay the same. Online banks tend to offer higher rates because they have lower overhead costs.

Credit unions versus banks

Credit unions are member-owned financial institutions that often charge lower fees than banks. Many have no opening fees, no monthly maintenance fees, and no minimum balance requirements. Some do charge fees, but less commonly than traditional banks.

The catch: you have to be a member to open an account. Membership usually requires living or working in a specific area, belonging to a certain employer, or being part of a particular organization. Some credit unions have opened membership to anyone, but most have restrictions.

If you can join a credit union in your area, it is worth checking their rates and fees. They are often better than what traditional banks offer. The Credit Union Locator tool on the CO-OP network website lets you search by zip code.

Online banks versus traditional banks

Online banks have lower costs because they do not maintain physical branches. They pass those savings to customers through higher interest rates, no opening fees, and no monthly maintenance fees. The tradeoff is that you cannot walk into a branch and talk to someone in person.

Traditional banks charge opening fees more often, charge monthly maintenance fees more often, and pay lower interest rates. But you can go to a branch, deposit cash, and talk to a person if something goes wrong. Some people value that enough to accept the lower rates and higher fees.

For pure cost, online banks win. For convenience and personal service, traditional banks win. Your choice depends on what matters more to you.

What to bring when you open an account

You will need a government-issued photo ID (driver's license, passport, or state ID) and your Social Security number. Some banks also ask for a second form of ID or proof of address (a utility bill or lease). If you are opening online, you may be able to verify your identity through your phone camera instead.

If you want to set up direct deposit to waive monthly fees, bring a recent pay stub or ask your employer for your routing and account number after the account is open. You do not need it on opening day.

Bring a small initial deposit if you want to, but most banks do not require it. If you are opening online, you can fund the account by transferring money from another bank account you already have.

Frequently Asked Questions

Can I open a savings account with no money?

Yes, most online banks and many credit unions let you open with zero dollars. Traditional banks more often require a small opening deposit ($25 to $500), though some waive it if you set up direct deposit. Check the specific bank's website before you apply.

Do I have to pay a monthly fee?

Not if you choose the right bank. Online banks rarely charge monthly fees. Traditional banks often do, but you can waive them by keeping a minimum balance or setting up direct deposit. Credit unions charge them less often than traditional banks.

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

An opening fee is money the bank keeps. A minimum deposit is your money that goes into the account. You can withdraw the deposit anytime. Most banks charge neither, but some charge one or both.

Which bank pays the most interest?

Online banks currently pay the highest rates on savings accounts, typically 4% to 5% annually. Rates change frequently, so check current rates on the bank's website. Traditional banks usually pay 0.01% to 0.05%, which is much lower.

Can I open multiple savings accounts at the same bank?

Yes, most banks let you open as many savings accounts as you want. Some charge a monthly fee on each account, so check before you open a second one. Online banks usually charge no monthly fee, so opening multiple accounts costs nothing.