Most banks charge nothing to open a savings account

Opening a savings account costs zero dollars at most banks and credit unions in the United States. No monthly fee, no opening fee, no deposit requirement. You walk in or go online, provide your name and Social Security number, and the account exists.

The catch is that "most" is not "all." Some banks charge a monthly maintenance fee if your balance drops below a certain amount, or if you don't set up direct deposit. A few still charge an opening fee, though this is rare. The only way to know what a specific bank charges is to ask before you open the account or read their fee schedule online.

The real cost of a savings account is not the opening—it is what the bank pays you in interest, or does not pay you. A bank offering 0.01% annual interest on savings is costing you money in lost earnings compared to one offering 4.5%. Over a year, that difference on $10,000 is roughly $440. That matters far more than whether there is a $0 opening fee.

Key Takeaways

  • Most banks and credit unions charge nothing to open a savings account, and many have no monthly maintenance fee either.
  • Some banks waive monthly fees only if you maintain a minimum balance or set up direct deposit, so read the fee schedule before opening.
  • The interest rate the bank pays on your savings varies widely—from 0.01% to over 4%—and this difference costs or earns you far more than any opening fee.
  • Online banks typically offer higher interest rates and lower fees than brick-and-mortar banks because they have fewer physical locations to maintain.
  • Credit unions often charge no fees and pay competitive interest rates, but membership requirements and branch access vary by location.

When banks do charge to open an account

Most national banks—Chase, Bank of America, Wells Fargo, Citibank—charge nothing to open a savings account. Regional banks vary. Some credit unions charge a one-time membership fee of $5 to $25 to open an account, though many waive this for new members.

A few banks charge a monthly maintenance fee if your balance stays below a threshold, typically $300 to $500. Others charge the fee only if you do not set up direct deposit. Some charge both. The fee is usually $5 to $15 per month, but can be higher at premium accounts.

The only reliable way to find out is to look at the bank's fee schedule on their website or ask a representative directly. If a bank does not list fees online, call and ask: "Is there an opening fee? Is there a monthly maintenance fee? What do I need to do to avoid it?" Write down the answer.

Minimum deposit requirements versus opening fees

A minimum opening deposit is different from an opening fee. An opening fee is money the bank keeps. A minimum deposit is money you put in the account to start it. Most banks require $0 to $25 to open a savings account. Some require $100 or more.

This matters because you control the deposit—it is your money sitting in the account. An opening fee is gone. If a bank requires $100 to open but charges no opening fee, you are not paying anything; you are just moving $100 from one place to another. If a bank requires $0 to open but charges a $10 opening fee, you have lost $10.

Online banks and credit unions often have the lowest or zero minimum deposits. National banks like Chase and Bank of America typically require $0 to $25 for a basic savings account.

How interest rates affect the real cost of your account

A bank that charges no opening fee but pays 0.01% interest is costing you money compared to a bank that charges no opening fee and pays 4.5% interest. The difference is not theoretical—it is real dollars you do not earn.

On $10,000 in savings, 0.01% interest earns you $1 per year. The same $10,000 at 4.5% earns you $450 per year. That is a $449 difference. A $10 opening fee is irrelevant next to that gap.

Interest rates change based on what the Federal Reserve does with its benchmark rate. When the Fed raises rates, banks raise savings rates. When the Fed cuts rates, banks cut savings rates. Online banks tend to raise and lower rates faster than brick-and-mortar banks, so they often offer higher rates when rates are high.

Before opening an account, compare the interest rate, not just the fee. A site like Bankrate or DepositAccounts lists current rates at hundreds of banks. Spend five minutes comparing rates at three banks. The difference in earnings will dwarf any opening fee.

Fees that appear after you open the account

Opening is free or cheap. Staying open can have costs. The most common is a monthly maintenance fee if your balance falls below a threshold or if you do not meet other conditions.

Other fees that can appear after opening include overdraft fees (charged if you spend more than your balance), out-of-network ATM fees (charged if you withdraw from an ATM that is not your bank's), and inactivity fees (charged if you do not use the account for a long time, though this is rare for savings accounts).

The way to avoid these is to read the fee schedule when you open and ask the bank representative which fees apply to you. Most banks waive maintenance fees if you keep a small balance—$300 is common—or if you set up direct deposit. Many online banks charge no maintenance fee at all, regardless of balance.

Credit unions versus banks: cost differences

Credit unions are member-owned financial institutions, not for-profit. They often charge lower fees and pay higher interest rates than banks because they do not have to generate profit for shareholders.

A credit union may charge a $5 to $25 one-time membership fee to open an account, but then charge no monthly maintenance fee and pay competitive interest rates. A bank may charge $0 to open but $12 per month if your balance drops below $500.

The trade-off is access. A credit union's branches and ATMs are limited to members of that union. If you travel or move, you may lose convenient access. A national bank like Chase has branches and ATMs everywhere. An online bank has no branches but offers ATM access through partner networks.

If you live near a credit union and plan to stay in the area, it is worth comparing their fees and rates to a bank's. If you move frequently or need nationwide access, a national bank or online bank may be worth a higher fee.

Online banks versus brick-and-mortar banks

Online banks—Ally, Marcus, Discover, American Express—have no physical branches. Because they do not pay for buildings, staff, or ATMs, they charge lower fees and pay higher interest rates than brick-and-mortar banks.

An online bank typically charges $0 to open a savings account, has no monthly maintenance fee, and pays 4% to 5% interest. A brick-and-mortar bank like Chase may charge $0 to open but pay 0.01% interest and charge $12 per month if your balance is low.

The cost of choosing a brick-and-mortar bank over an online bank is the lost interest. On $10,000, that is roughly $400 to $500 per year. Over five years, that is $2,000 to $2,500 in earnings you do not get.

The downside of an online bank is that you cannot walk in and deposit cash or talk to someone in person. Most online banks let you deposit checks by phone camera and withdraw cash at partner ATMs. If you need to deposit cash regularly, an online bank may not work for you.

What to do before you open an account

Write down what matters to you: Do you need to deposit cash in person? Do you want a physical branch nearby? Do you move frequently? Do you have a large balance or a small one?

Then visit the websites of three banks or credit unions that fit your needs. Look up their current interest rate, opening fee, monthly maintenance fee, and minimum balance to avoid the fee. Write these down side by side.

Call or chat with a representative at each one and ask: "Is there an opening fee? Is there a monthly maintenance fee? What do I need to do to avoid it? What is your current savings rate?" Do not open an account until you have asked these questions.

The difference between a good choice and a bad choice is not the opening fee—it is the interest rate and the ongoing fees. Spend ten minutes comparing before you open. You will earn or lose hundreds of dollars over the life of the account.

Frequently Asked Questions

Do I need to bring anything to open a savings account in person?

You need a government-issued ID (driver's license or passport) and your Social Security number. Some banks ask for a second form of ID or proof of address. Call ahead to ask what the specific bank requires.

Can I open a savings account online without a minimum deposit?

Yes, most online banks let you open an account with $0 and fund it later. Some require you to link a bank account or debit card to verify your identity. A few require a small deposit—$25 or less—to activate the account.

What happens if I close my savings account right after opening it?

Nothing. You can close an account anytime. If you opened it with $100 and close it the next day, you get your $100 back. If the bank charged an opening fee, you do not get that back—it is gone. This is why asking about opening fees before you open matters.

Will opening a savings account hurt my credit score?

No. Opening a savings account does not appear on your credit report and does not affect your credit score. Banks check your banking history, not your credit history, when you open a savings account.

Can I open multiple savings accounts at the same bank?

Yes, most banks let you open multiple savings accounts. Some charge a monthly fee for each account if your balance is low, so read the fee schedule. This can be useful if you want to save for different goals, but it also means more fees if you do not maintain balances in each one.