Most savings accounts don't charge you to open or hold one, but some banks do charge monthly fees

You don't have to pay to open a savings account at most banks and credit unions. Many accounts are free to set up and free to maintain as long as you follow basic rules — usually keeping a minimum balance or making a certain number of deposits each month. The catch is that some banks do charge monthly maintenance fees, and those fees can range from a few dollars to $15 or more depending on the institution and account type.

Whether you pay depends on three things: which bank you choose, what type of account you open, and whether you meet the bank's conditions to waive the fee. A checking account at one bank might cost $12 a month, while the same bank's savings account is free. Online banks almost never charge monthly fees because they have lower overhead costs than brick-and-mortar branches.

Key Takeaways

  • Most savings accounts at traditional banks and credit unions are free if you keep a minimum balance, usually $100 to $500.
  • Online banks and credit unions typically charge no monthly fees at all, even with a zero balance.
  • Some accounts waive fees if you set up direct deposit, maintain a certain balance, or link to a checking account at the same bank.
  • Monthly maintenance fees, when they exist, usually range from $3 to $15 but can be higher for premium accounts.
  • You may also pay per-transaction fees if you exceed a withdrawal limit, though this is less common than it used to be.

What triggers a monthly fee

Banks charge monthly maintenance fees to cover the cost of maintaining your account. The fee is usually waived if you meet one or more conditions. Common ways to avoid the fee include keeping a minimum balance (often $300 to $500), setting up direct deposit of your paycheck, or maintaining a linked checking account at the same bank.

Some banks charge the fee regardless and don't offer a waiver option. These are less common but do exist, particularly at some regional banks or for specialty accounts. Before you open an account, look for the fee schedule on the bank's website or ask a representative directly whether the monthly fee can be waived and what you need to do to waive it.

Where you're least likely to pay

Online banks almost never charge monthly maintenance fees on savings accounts. Banks like Ally, Marcus, and Discover have no physical branches, which means lower operating costs that they pass on to customers. Credit unions also tend to charge no monthly fees, though some do charge a small fee if your balance drops below a certain threshold.

Traditional banks with physical branches are more likely to charge fees, but many still offer free savings accounts if you meet their conditions. The trade-off is that online banks typically offer lower interest rates than credit unions, and credit unions may require you to live or work in a certain area to join. Compare the interest rate you'll earn against any fees you might pay — a free account earning 0.01% interest is not a better deal than a $5-per-month account earning 4.5%.

Other fees beyond the monthly charge

Monthly maintenance fees are the most common, but savings accounts can have other charges. Some banks charge a fee each time you withdraw money beyond a certain limit — federal rules used to cap savings account withdrawals at six per month, but that rule was suspended. Even so, some banks still enforce withdrawal limits and charge $5 to $10 per excess withdrawal.

You might also pay fees for overdrafts (if your account goes negative), wire transfers, or closing the account within a certain timeframe. Overdraft fees are rare on savings accounts because you can't overdraft a savings account the way you can a checking account, but some banks do charge a fee if you try to withdraw more than you have. Read the fee schedule before you open the account so you know what costs might apply to your situation.

How to find the actual fee schedule

Every bank is required to provide a fee schedule, usually called a "Schedule of Fees" or "Deposit Account Fee Schedule." You can find this document on the bank's website, usually in a section labeled "Disclosures," "Legal," or "Rates and Fees." Download it and search for "savings" to find the fees that apply to your specific account type.

If you can't find it online, call the bank's customer service line and ask them to email or mail you the fee schedule. Don't rely on a representative's verbal answer — the written schedule is the official document and protects you if there's a dispute later. Pay special attention to the conditions for waiving fees, because that's where banks hide the real cost of the account.

Comparing accounts when fees matter

If you're choosing between accounts and fees are a factor, use a simple calculation. Take the monthly fee, multiply it by 12, and subtract any interest you'd earn on the minimum balance required to waive the fee. For example, if an account charges $5 per month but waives it if you keep $500, and the interest rate is 4%, you'd earn about $20 per year on that $500. The net cost of the account is roughly $40 per year ($60 in fees minus $20 in interest).

Compare that against a free account earning 4.5% on the same $500, which would earn about $22.50 per year. The difference is small in this case, but it matters more if you have a larger balance. If you're planning to keep $5,000 in the account, the interest difference becomes significant, and the free account wins by a wider margin.

What happens if you can't meet the minimum balance

If you can't keep the minimum balance required to waive the fee, you have two options: pay the fee or switch to a bank that doesn't charge one. Some people choose to pay because they like the bank's customer service, branch locations, or other features. Others find that the fee is worth it because they're earning a higher interest rate than they would at a free account.

Before you accept a monthly fee, check whether the bank offers a different account type with no minimum balance requirement. Some banks have a basic savings account with no fee but also no interest, and a premium account with a fee and higher interest. The basic account might be right for you if you're just starting to save and don't have much to deposit yet.

Frequently Asked Questions

Can a bank charge me a fee if I don't use my account?

Most banks don't charge a fee for inactivity on savings accounts, but some do. Check your fee schedule or ask the bank directly. If you're worried about this, online banks are a safer choice because they rarely charge inactivity fees.

What if I close my account and still have a balance?

You keep your money. The bank will send it to you by check or transfer it to another account you specify. Some banks charge a fee to close an account early, usually $25 to $50, but only if you opened it recently. Read the terms before you open the account.

Do I have to pay a fee to transfer money between my savings and checking account?

No, transfers between your own accounts at the same bank are free. Transfers to accounts at other banks may be free or may cost $1 to $3, depending on the bank. Check your fee schedule to see what applies to you.

Is there a fee if my balance goes below the minimum?

It depends on the bank. Some charge the monthly fee immediately if your balance drops below the minimum. Others only charge the fee if your balance stays below the minimum for a full month. Some waive the fee if you bring the balance back up before the end of the month. Your fee schedule will specify which rule applies.

Can I negotiate a fee with my bank?

You can ask, especially if you've been a customer for a long time or if you have multiple accounts. Banks sometimes waive fees as a courtesy, but they're not required to. Your best leverage is being willing to move your money to another bank — if you mention that, some banks will reconsider.