Most banks let you open a checking account for free, but some charge a one-time fee or require a minimum deposit
You do not have to pay money to open a checking account at most banks. Many large banks and credit unions offer free account opening — you walk in, fill out paperwork, and leave with an account number the same day. However, some banks do charge a one-time opening fee (usually $25 to $100), and a few require you to deposit a minimum amount of money before they will set up the account.
The key is knowing which banks charge and which do not. If you are opening your first account or returning to banking after a gap, you have real choices. A bank that charges $50 to open an account is not better or worse than one that does not — it depends on what else that bank offers you and whether the fee matters to your budget right now.
Key Takeaways
- Most major banks and credit unions do not charge a fee to open a checking account, though you should ask before you start the paperwork.
- Some banks require a minimum opening deposit (often $25 to $500) that you must leave in the account, separate from any monthly fees.
- Online banks are more likely to have zero fees and zero minimum deposits than brick-and-mortar banks, but they do not have physical branches.
- The fee to open an account is different from the monthly maintenance fee — some accounts have neither, some have one, and some have both.
- You can ask the bank directly before you explore, and they will tell you the exact cost to open that specific account type.
Where the fees usually come from
Banks charge opening fees for different reasons. Some older banks charge a small fee ($25 to $50) because they process paperwork by hand and verify your identity in person. Other banks charge nothing because they handle everything online and the cost to them is very low. A few banks charge a fee only if you want certain account features — like a debit card shipped to you when ready, or a checkbook included with the account.
The opening fee is separate from the monthly maintenance fee. You might pay $50 to open the account, then pay $0 per month to keep it open. Or you might pay $0 to open it, then pay $12 per month in maintenance fees. Some accounts have both costs, and some have neither. Always ask about both when you call or visit.
Banks that typically charge no opening fee
Most credit unions do not charge to open a checking account. Credit unions are member-owned financial institutions, and they often have lower fees overall than banks. You will need to become a member first (which is usually free or costs $5 to $25 one time), but after that, opening a checking account is free.
Large national banks like Chase, Bank of America, and Wells Fargo do not charge opening fees for their basic checking accounts. Regional banks vary — some charge nothing, others charge $25 to $75. Online banks like Ally, Charles Schwab, and Chime almost never charge opening fees, and most have no minimum deposit requirement either.
Community banks and smaller local banks are mixed. Some have been around for decades and charge a small opening fee as part of their standard process. Others charge nothing to attract new customers. The only way to know is to call or visit and ask directly.
Minimum deposit requirements and what they mean
A minimum opening deposit is money you must put into the account when you open it. This is different from a monthly minimum balance. If a bank requires a $100 minimum opening deposit, you must deposit at least $100 on the day you open the account. That money is yours — it stays in the account and you can spend it whenever you want.
Minimum opening deposits range from $0 to $500, depending on the bank and the account type. Some banks have no minimum at all. Others require $25 for a basic account and $500 for a premium account with extra features. Online banks almost always have $0 minimum opening deposits because they have lower operating costs.
If you do not have $100 to deposit right now, look for a bank with a $0 minimum opening deposit. You can always deposit money later. Starting with $1 or $5 is fine — the account is still yours and works the same way.
How to find out the exact cost before you open
Call the bank's customer service line or visit a branch in person and ask: "What is the fee to open a checking account, and what is the minimum opening deposit?" Write down both numbers. Then ask: "What is the monthly maintenance fee for this account?" That gives you the full picture of what it will cost you in the first month and beyond.
You can also check the bank's website. Most banks list opening fees and minimum deposits in a section called "Checking Account Details" or "Account Terms." If you cannot find it online, call. Banks expect this question and can answer it in under a minute.
If a bank charges an opening fee but you like everything else about them, ask if they waive the fee for new customers or if you can waive it by setting up direct deposit. Some banks will. Others will not. It never hurts to ask.
Opening an account with no money right now
If you have no money to deposit, you still have options. Look for banks with a $0 minimum opening deposit — most online banks and many credit unions offer this. You can open the account with $0, then deposit money when you have it. The account is active and usable as soon as you open it.
If the bank you want to use requires a minimum opening deposit and you do not have it yet, ask if you can deposit it within a certain number of days (like 7 or 30 days) instead of on opening day. Some banks will hold the account open while you gather the money. Others will not. Again, it is worth asking.
Another option: if a family member or friend can lend you the minimum deposit temporarily, you can deposit it, then withdraw it once the account is open. The bank does not care where the money came from or what you do with it after opening day.
Online banks versus brick-and-mortar banks
Online banks almost never charge opening fees and almost never require minimum deposits. They operate with lower overhead — no physical branches, no tellers, no rent on building space — so they pass those savings to customers. Opening an account with an online bank takes 10 to 15 minutes on your phone or computer, and you can start using it the same day.
Brick-and-mortar banks (ones with physical locations) are more likely to charge opening fees, though many do not. The advantage of a physical bank is that you can walk in and talk to a person, deposit cash without a fee, and get help in person if something goes wrong. The disadvantage is that they may charge more in fees overall.
Neither choice is wrong. If you prefer to do your banking in person and do not mind paying a small opening fee, a local bank might be right for you. If you are comfortable with online banking and want to avoid fees, an online bank is a better fit.
Frequently Asked Questions
Can I open a checking account if I have no money to deposit?
Yes, if you choose a bank with a $0 minimum opening deposit. Most online banks and many credit unions have no minimum. You can open the account with $0 and deposit money later. If the bank you want requires a minimum deposit, ask if you can deposit it within a few days instead of on opening day.
Is the opening fee the same as the monthly fee?
No. The opening fee is a one-time charge when you create the account. The monthly fee is charged every month to keep the account open. Some accounts have both, some have one, and some have neither. Always ask about both costs separately.
Do credit unions charge opening fees?
Most credit unions do not charge to open a checking account. You may need to pay a one-time membership fee ($5 to $25) to join the credit union first, but after that, opening a checking account is usually free. Call your local credit union to confirm.
What if I want to open an account but the bank charges a fee I cannot afford?
Choose a different bank. Hundreds of banks and credit unions charge nothing to open a checking account. You do not have to pay a fee if you do not want to. Call a few banks or check their websites to find one with no opening fee and no minimum deposit.
Can a bank charge me a fee after I open the account?
A bank can charge monthly maintenance fees after you open the account, but they must tell you about those fees before you open it. They cannot surprise you with a fee later. Read the account agreement before you sign it, or ask the bank to explain all the fees in writing.