Most banks and credit unions do not charge a fee to open a checking account
Opening a checking account is free at the vast majority of banks and credit unions in the United States. You will not pay an upfront fee to create the account, and you will not pay a monthly maintenance fee at most institutions. The account itself costs nothing to start.
Where costs come in is after the account is open — through overdraft fees, minimum balance requirements, or monthly service charges at certain banks. These are separate from the opening process and depend on how you use the account and which bank you choose.
Key Takeaways
- Opening a checking account is free at nearly all banks and credit unions; no upfront fee is charged.
- Monthly maintenance fees exist at some banks but are often waived if you meet conditions like direct deposit or maintaining a minimum balance.
- Overdraft fees, ATM fees, and insufficient funds fees are the most common costs that appear after you open the account.
- Credit unions and online banks typically charge lower or no monthly fees compared to large national banks.
- You can compare fee structures before opening by checking each bank's fee schedule on their website or asking a representative directly.
When banks do charge monthly fees and how to avoid them
Some banks charge a monthly maintenance fee — typically $5 to $15 per month — but most waive it if you meet one or more conditions. Common ways to avoid the fee include setting up direct deposit of your paycheck, maintaining a minimum balance (often $500 to $1,500), keeping a linked savings account, or making a certain number of debit card transactions each month.
Large national banks like Bank of America, Wells Fargo, and Chase offer accounts with no monthly fee if you use direct deposit. Smaller regional banks and credit unions often have no monthly fee at all, regardless of how you use the account. Online banks like Ally, Charles Schwab, and Chime typically charge no monthly maintenance fee and have no minimum balance requirement.
Before opening, ask the bank or credit union directly what conditions waive the monthly fee, or check their fee schedule online. This takes five minutes and tells you exactly what you will and will not pay.
Overdraft fees and other charges that appear after opening
The largest costs come from overdraft fees — charged when you spend more money than you have in the account. A single overdraft fee ranges from $25 to $35 at most banks, and you can be charged multiple times in one day if you make several purchases while overdrawn. Some banks charge a daily fee for each day your account stays negative.
Other common fees include insufficient funds fees (similar to overdraft fees but charged when a transaction is declined rather than approved), ATM fees (usually $2 to $3 when you use an out-of-network ATM), and wire transfer fees ($15 to $30). Many banks also charge fees to close an account within a certain period, though this is less common.
You can reduce these costs by setting up overdraft protection (linking a savings account or credit line so purchases do not overdraw your checking account), using your bank's ATM network, and monitoring your balance regularly. Some banks and credit unions offer overdraft protection for free.
How to compare checking accounts before you open one
Most banks publish their fee schedules online, usually under a link labeled "Pricing," "Fees," or "Account Terms." Download or print the fee schedule for each bank you are considering, then create a simple table comparing monthly maintenance fees, overdraft fees, ATM fees, and minimum balance requirements.
Call or visit the bank in person and ask: "What is the monthly fee, and what do I need to do to waive it?" and "What happens if I overdraw my account?" Write down the answers. This conversation takes 10 minutes and gives you the real picture of what the account will cost you based on how you actually use money.
Credit unions often have lower fees than banks because they are member-owned and not-for-profit. If you are may be able to access to join a credit union (through your employer, union, school, or geographic location), comparing their checking account to a bank's account is worth your time.
What you will need to bring to open an account
You will need a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days). Some banks also ask for an initial deposit, though many waive this requirement.
You can open an account online, by phone, or in person. Online and phone openings are fastest — usually 10 to 15 minutes — and you can start using the account the same day. In-person openings take longer but let you ask questions face-to-face.
Frequently Asked Questions
Do I have to keep a minimum balance to avoid fees?
It depends on the bank. Some banks waive monthly fees only if you maintain a minimum balance (often $500 to $1,500), while others waive fees through direct deposit or a certain number of debit card transactions. Online banks and credit unions often have no minimum balance requirement at all. Check the specific bank's fee schedule before opening.
What is the cheapest way to open a checking account?
Online banks and credit unions typically charge the lowest fees. Online banks like Ally and Chime have no monthly fee, no minimum balance, and low or no overdraft fees. Credit unions are also usually cheaper than large national banks. Compare fee schedules from three to five institutions to find the lowest cost option for your situation.
Can I open a checking account with no money to deposit?
Most banks and credit unions allow you to open a checking account with no initial deposit. Some large banks require a small opening deposit ($25 to $100), but this is becoming less common. Ask the bank directly before you go in, or check their website for the opening deposit requirement.
Will opening a checking account hurt my credit score?
No. Opening a checking account does not affect your credit score because banks do not report checking accounts to credit bureaus. They may run a soft credit check or check ChexSystems (a banking history report), but this does not lower your score.
What happens if I close my account right after opening it?
Some banks charge an early closure fee ($25 to $100) if you close the account within 90 to 180 days of opening. Check the account terms before opening to see if an early closure fee applies. If you think you might close the account soon, choose a bank with no early closure fee.