Most banks let you open a checking account for free, but some charge a one-time opening fee or require a minimum deposit
You do not have to pay to open a checking account at most major banks and credit unions. Banks like Chase, Bank of America, Wells Fargo, and Citibank all offer free checking accounts with no opening fee. Credit unions typically charge nothing either. However, some smaller regional banks and online-only banks do charge a one-time opening fee—usually between $25 and $100—or require you to deposit a minimum amount of money (often $100 to $500) before they will open the account.
The key difference is between an opening fee and a minimum deposit requirement. An opening fee is a one-time charge the bank takes when you create the account. A minimum deposit is money you must put in the account to open it, but that money is yours—it stays in the account and counts toward your balance. Some banks have both, some have neither, and some have only one.
Key Takeaways
- Most national banks and credit unions charge nothing to open a checking account and have no minimum deposit requirement.
- Some regional and online banks charge a one-time opening fee between $25 and $100, or require an initial deposit of $100 to $500.
- A minimum deposit is money you deposit to open the account—it stays in your account and is not a fee.
- You can compare fees and requirements by calling the bank, visiting their website, or asking in person before you commit.
Banks that charge opening fees versus those that do not
The largest national banks—Chase, Bank of America, Wells Fargo, Citibank, and US Bank—do not charge opening fees for standard checking accounts. Credit unions almost never charge opening fees either. Online banks like Ally, Charles Schwab, and Discover also open accounts for free with no minimum deposit.
Smaller regional banks and some specialty banks are more likely to charge. For example, some community banks charge $25 to $50 to open an account. Certain banks that cater to people with poor credit history may charge higher fees. The only way to know for sure is to ask the bank directly or read their account terms on their website before you open the account.
If a bank requires a minimum deposit, that amount varies widely. Some require $100, others $250, and some as much as $500 or $1,000. Again, this money is yours—it goes into your new account and counts as your opening balance.
How to find out what a specific bank charges
Call the bank's customer service line and ask directly: "Is there an opening fee to start a checking account, and is there a minimum deposit requirement?" Write down the answer. If they say yes to either, ask for the exact amount.
You can also visit the bank's website and look for their account terms or fee schedule. Most banks publish this information in a document called "Account Terms and Conditions" or "Fee Schedule." Search the page for the words "opening fee" or "minimum deposit." If you cannot find it online, go into a branch in person and ask to see the fee schedule before you decide.
Do not assume that because one bank charges a fee, all banks do. The landscape is mixed, and free accounts are common enough that you have real options.
What happens if you cannot meet a minimum deposit requirement
If a bank requires a $200 minimum deposit and you do not have $200 right now, you have two choices: wait until you do, or open an account at a bank with no minimum deposit requirement.
Many people in this situation choose a credit union or a large national bank instead, since both typically have zero minimum deposit requirements. You can also open an account online at banks like Ally or Discover, which have no minimums and no opening fees. Once you have money in your account later, you can always move to a different bank if you want to.
Fees that come after you open the account
Opening an account for free does not mean the account will stay free forever. Many banks charge monthly maintenance fees once the account is open—typically $5 to $15 per month. However, most banks waive this fee if you meet certain conditions, such as keeping a minimum balance (often $500 to $1,500), setting up direct deposit, or maintaining a certain number of debit card transactions per month.
Before you open an account, ask about monthly fees and what you have to do to avoid them. This matters more than the opening fee, because you will pay it every month if you do not meet the waiver conditions.
Online banks versus brick-and-mortar banks
Online banks almost never charge opening fees or monthly maintenance fees, and they have no minimum deposit requirements. They make money from interest on loans, not from customer fees. The trade-off is that you cannot walk into a physical branch to deposit cash or speak to someone face-to-face.
Brick-and-mortar banks (ones with physical locations) are more likely to charge fees, but they offer in-person service and the ability to deposit cash at a teller window. Some large national banks like Chase and Bank of America have thousands of branches and charge no opening fee, so you get both benefits.
If you do most of your banking online anyway and rarely need to deposit cash, an online bank saves you money. If you need to deposit cash regularly or want in-person support, a large national bank with free checking is usually your best option.
What to bring when you open an account
Whether the account is free or has a fee, you will need to bring identification and proof of address. Bring a government-issued ID (driver's license, passport, or state ID) and a recent document with your address on it (utility bill, lease, or bank statement from another bank). Some banks also ask for your Social Security number.
If the bank requires a minimum deposit, bring a debit card, checkbook, or cash to fund the account on the spot. If you are opening the account online, you can usually transfer money from another bank account within a few days.
Frequently Asked Questions
Can I open a checking account with no money?
Yes, at banks with no minimum deposit requirement. Most large national banks and credit unions let you open an account with $0 and deposit money later. If a bank requires a minimum deposit, you cannot open the account until you have that amount available.
Do credit unions charge opening fees?
Almost never. Credit unions are member-owned nonprofits and typically do not charge opening fees or monthly maintenance fees. You may need to pay a small membership fee to join the credit union itself (usually $5 to $25, one time), but this is separate from opening the account.
What if I see "no opening fee" but the bank still charged me?
Contact the bank immediately and ask what the charge was for. It may have been a monthly maintenance fee, not an opening fee, or it may have been an error. Ask them to reverse it and explain what happened. If they refuse, consider moving your account to a different bank.
Is it better to open an account online or in person?
Online is usually faster and you can do it from home. In person lets you ask questions and bring cash to deposit right away. Both are free at most banks. Choose based on what is convenient for you and whether you need to deposit cash immediately.
Can I open multiple checking accounts at the same bank?
Yes, most banks let you open more than one account. Each account may have its own opening fee (if the bank charges one), or the bank may waive the fee on additional accounts. Ask the bank about their policy before you open a second account.