Most banks do not charge to open a checking or savings account, but some have monthly fees that start immediately

Opening a bank account itself is free at nearly every bank and credit union in the United States. The act of creating the account — walking in, filling out paperwork, or doing it online — costs nothing. However, many banks charge a monthly maintenance fee once the account is open, and that fee can start right away or after a grace period. Some banks waive the fee if you meet conditions like keeping a minimum balance, setting up direct deposit, or maintaining a certain number of transactions per month.

The difference between "free to open" and "free to keep" matters because you might open an account at a bank with no opening fee, then face a $10 or $15 monthly charge you did not expect. Reading the fee schedule before you open the account prevents this surprise.

Key Takeaways

  • Opening an account costs nothing at banks and credit unions, but monthly maintenance fees vary widely and can range from $0 to $15 or more depending on the bank.
  • Many banks waive monthly fees if you maintain a minimum balance (often $500 to $2,500), set up direct deposit, or make a certain number of debit card transactions each month.
  • Online banks and credit unions typically charge lower or no monthly fees than traditional brick-and-mortar banks.
  • You should ask about or look up the fee schedule before opening an account, because fees start in the first month at some banks and only after 30 days at others.

What banks charge monthly and what they waive

Traditional banks like Chase, Bank of America, and Wells Fargo charge monthly maintenance fees on most checking accounts, typically $12 to $15 per month. They waive the fee if you meet one of several conditions: keeping a minimum balance (often $1,500 to $2,500), setting up direct deposit of your paycheck, or maintaining a certain number of debit card transactions per month (usually 10 or more). Some banks waive the fee for students or seniors, or if you link the account to other products like a credit card or savings account with that bank.

Credit unions almost always charge no monthly maintenance fee on checking accounts. Online banks like Ally, Charles Schwab, and Discover also typically charge no monthly fee. If you want to avoid fees entirely, a credit union or online bank is the simpler path — you do not have to track a minimum balance or count transactions.

Other costs that come with opening an account

While opening itself is free, other costs can appear quickly. Overdraft fees occur when you spend more than your balance; most banks charge $30 to $35 per overdraft. ATM fees happen if you use an out-of-network ATM (typically $2 to $3 per withdrawal). Wire transfer fees, foreign transaction fees, and paper statement fees are less common but can apply depending on what you do with the account.

The best way to avoid these costs is to choose a bank with no monthly fee, use ATMs in its network, and keep enough money in the account that you do not overdraft. If you are opening an account with a small initial deposit, ask whether the bank will charge you if your balance drops below a certain amount.

How to find the fee schedule before you open

Every bank publishes a fee schedule, usually called a "Schedule of Fees" or "Pricing Information," on its website. Search for the bank name plus "fee schedule" or look for a link labeled "Rates & Fees" or "Pricing." The schedule lists the monthly maintenance fee, overdraft fee, ATM fee, and any other charges. It also lists the conditions under which fees are waived.

If you are opening an account in person at a branch, ask the employee to show you the fee schedule in writing before you sign anything. If you are opening online, the fee information should appear before you confirm the account creation. Do not assume an account is free because the bank advertises "no opening fee" — that phrase only means the act of opening costs nothing, not that the account is free to maintain.

Credit unions versus banks: fee differences

Credit unions are member-owned cooperatives and typically charge no monthly maintenance fee on checking accounts. They also often charge lower overdraft fees (some charge none) and offer free ATM access through shared branching networks. If you are a member of a credit union, opening an account there is usually the lowest-cost option.

To join a credit union, you must meet membership criteria — often based on where you work, where you live, or a group you belong to. You can search for credit unions you are may be able to access to join using the CO-OP network locator or the Alliant Credit Union locator. Some credit unions have no membership restrictions and accept anyone.

What happens if you cannot meet the fee waiver conditions

If you cannot maintain a minimum balance or set up direct deposit, you will pay the monthly fee. Some banks offer accounts specifically designed for people in this situation — they charge a lower monthly fee (sometimes $3 to $5) and have lower or no minimum balance requirements. These accounts may have fewer features (like limited check writing or debit card transactions), but they cost less.

Another option is to open an account at an online bank or credit union that charges no monthly fee regardless of your balance or activity. This avoids the fee entirely and is often simpler than trying to meet conditions you cannot reliably maintain.

Frequently Asked Questions

Do I have to pay to open a savings account?

No. Savings accounts are free to open at banks and credit unions. Some savings accounts have monthly fees (usually $3 to $10), but many have no fee at all. Check the fee schedule before opening to see whether the savings account you want charges a monthly maintenance fee and what conditions waive it.

Can I avoid monthly fees by keeping a very small balance?

Not at most traditional banks. If you cannot meet the minimum balance requirement, you will pay the monthly fee. However, online banks and credit unions typically have no minimum balance and charge no monthly fee, so you can keep $1 in the account and pay nothing.

What if I open an account and then realize there is a monthly fee I did not know about?

Contact the bank and ask whether they can waive the fee or move you to a different account with no fee. Many banks will waive one or two months of fees if you ask, especially if you just opened the account. If the bank will not help, you can close the account and open one elsewhere — there is no penalty for closing an account you just opened.

Do online banks really charge no monthly fees?

Most do, but not all. Check the fee schedule for the specific bank. Online banks generally have lower overhead costs than brick-and-mortar banks, so they can afford to charge no monthly fee. However, some online banks do charge fees, so verify before you open.

Is there a fee to close a bank account?

Most banks do not charge to close an account. However, some banks charge a fee if you close the account within a certain period (often 90 to 180 days of opening). Check the terms before opening to see whether an early closure fee applies.