Which banks charge nothing to open a checking account

Most banks and credit unions do not charge a fee to open a checking account. The cost is usually zero at national banks like Chase, Bank of America, Wells Fargo, and Citibank, as well as at regional banks and most credit unions. What varies is not the opening fee—it is what happens after: monthly maintenance fees, minimum balance requirements, overdraft charges, and ATM fees.

The real question is not whether opening costs money, but whether keeping the account open will. A bank might let you open for free but charge $12 a month to maintain the account unless you keep $500 on deposit or set up direct deposit. Another might waive the monthly fee but charge $35 per overdraft. Before you open anywhere, read what the bank actually charges month to month.

Key Takeaways

  • Opening a checking account itself is free at nearly all banks and credit unions—the fee structure begins after you open.
  • Monthly maintenance fees range from $0 to $15 or more, and most banks waive them if you meet one condition like direct deposit or a minimum balance.
  • Credit unions often have lower overall fees than national banks, but you must be a member of the credit union to open an account.
  • Online banks typically have no monthly fees and no minimum balance, but offer fewer physical branches and ATMs.
  • Read the fee schedule before opening, not after—what you are charged depends on how you use the account.

National banks with no monthly fee (with conditions)

Chase, Bank of America, Wells Fargo, and Citibank all offer checking accounts with no monthly maintenance fee if you meet one of their conditions. Chase waives the fee if you maintain a $500 minimum balance or set up direct deposit. Bank of America waives it with direct deposit or a $250 minimum balance. Wells Fargo waives it with direct deposit. Citibank waives it with direct deposit or a $1,500 minimum balance.

If you do not meet the condition, the monthly fee ranges from $10 to $15. These banks also charge overdraft fees ($35 per overdraft at most of them), so the total cost of the account depends on how you use it. They offer thousands of branches and ATMs nationwide, which matters if you deposit cash regularly or need to speak to someone in person.

Online banks with no monthly fees and no minimums

Online banks like Ally, Charles Schwab, Discover, and Marcus by Goldman Sachs charge no monthly maintenance fee and have no minimum balance requirement. They also reimburse ATM fees nationwide, so you can use any ATM without paying out of pocket. Opening takes 10 to 15 minutes online, and you can fund the account when ready with a transfer from another bank.

The trade-off is that you cannot deposit cash in person—you deposit by mobile check deposit, transfer, or direct deposit. If you rarely use cash or already have another bank account to deposit into, an online bank is usually the cheapest option. If you need to deposit cash regularly, you will need a second account at a bank with branches, or you will need to find a partner ATM network that accepts cash deposits.

Credit unions and membership requirements

Credit unions typically charge no monthly maintenance fee and have no minimum balance. Many also reimburse ATM fees and charge lower overdraft fees than banks. The catch is that you must be a member of the credit union to open an account, and membership is usually tied to where you work, where you live, or a group you belong to.

To find a credit union you can join, use the CO-OP Network locator or the Allpoint locator on the Credit Union National Association website. Search by your employer, your zip code, or your school. Once you confirm you are may be able to access, opening an account is free and usually takes one visit or one phone call. Credit unions are often a good choice if you have access to one, because the fee structure is simpler and lower overall.

What to check before you open anywhere

Before opening, look up the bank's fee schedule on their website and search for the words "monthly maintenance fee," "overdraft fee," and "minimum balance." Write down what you find. Then ask yourself: Do I have direct deposit? Can I keep a $500 minimum balance? Do I deposit cash? Do I overdraft sometimes?

Match your habits to the bank's conditions. If you have direct deposit and rarely overdraft, a national bank with a direct-deposit waiver is fine. If you have no direct deposit and a small balance, an online bank is cheaper. If you deposit cash regularly, you need a bank with branches or a credit union. The opening fee is zero everywhere—the cost is in the details you read before you sign up.

Second-chance checking accounts and banks for people with banking history issues

If you have been denied a checking account because of a past overdraft or unpaid balance, some banks offer second-chance checking accounts. Chime, LendingClub, and some regional banks have programs specifically for people rebuilding their banking history. These accounts usually have no monthly fee and no minimum balance, but they may have lower spending limits or require a deposit to open.

Chex Systems is the system banks use to check your history. If you have been denied, you can request your Chex Systems report for free at chexsystems.com. The report shows what caused the denial. Some negative items fall off after five years. If your issue is recent, a second-chance account is often your fastest path back to a regular checking account.

Frequently Asked Questions

Do I need a minimum deposit to open a checking account?

No. Most banks and all online banks require no minimum deposit to open. Some banks ask for a small opening deposit—$25 to $100—but this is rare and you can usually transfer it out when ready. Call the bank before you go in if you are unsure.

Can I open a checking account online if I do not have a bank account already?

Yes. Online banks and most national banks let you open entirely online with just an ID and a Social Security number. You fund the account with a transfer from another bank, a wire, or direct deposit. Some banks ask you to verify your identity in person or by video call, but you do not need an existing account.

What happens if I do not meet the bank's condition to waive the monthly fee?

You pay the monthly maintenance fee, usually $10 to $15. Some banks let you waive it by keeping a higher balance or by signing up for paperless statements. Read the fee schedule to see all the ways to avoid the charge, or switch to a bank with no fee and no conditions.

Can I open multiple checking accounts at the same bank?

Yes. Banks do not limit the number of accounts you can open. Some people open one account for bills and another for savings or a specific purpose. Each account is separate, but they share the same login and the same overdraft history.

How long does it take to open a checking account?

Online, 10 to 15 minutes. In person at a branch, 20 to 30 minutes. You can usually start using the account the same day, though transfers and direct deposits may take one to two business days to show up.