Most banks do not charge you to open an account, but some do
The short answer: no, you do not have to pay to open a bank account at most institutions. The vast majority of banks and credit unions offer free account opening. However, some banks charge an upfront fee—usually between $25 and $100—to open a checking or savings account. A few institutions waive the fee if you meet certain conditions, like setting up direct deposit or maintaining a minimum balance.
Whether you pay depends on which bank you choose and what type of account you want. A checking account at a national bank like Chase or Bank of America costs nothing to open. A premium checking account at the same bank might charge $25. A credit union typically charges nothing. A smaller regional bank might charge $50. The fee structure is entirely up to each institution.
The opening fee is separate from monthly maintenance fees, overdraft fees, or other charges that come later. You might open an account for free but then pay $12 a month to keep it open, or you might pay $50 upfront and then nothing monthly. Read the fee schedule before you commit.
Key Takeaways
- Most major banks and all credit unions charge nothing to open a checking or savings account.
- Some banks charge $25 to $100 upfront, but this is less common and often waivable if you meet conditions like setting up direct deposit.
- The opening fee is different from monthly maintenance fees, which you may or may not owe depending on the account type and your balance.
- You can compare fee schedules on each bank's website before you open an account, and you can call to ask whether a fee can be waived.
Where opening fees are most common
Premium or specialty accounts are the most likely to charge an opening fee. If you want a high-yield savings account, a money market account, or a premium checking account with extra features (like higher interest rates or travel insurance), expect to pay $25 to $100 upfront at some institutions.
Smaller regional banks and some online banks are more likely to charge than the largest national chains. However, this is not a rule—some small banks charge nothing, and some large banks charge for certain account types. The only way to know is to check the fee schedule or call and ask.
Credit unions almost never charge to open an account. If you are a member of a credit union, opening a checking or savings account is free. The same is usually true for online banks, which have lower overhead costs and can afford to waive opening fees.
What happens if a bank waives the fee conditionally
Some banks list an opening fee but will waive it if you meet a condition. Common conditions include setting up direct deposit, maintaining a minimum opening deposit (often $25 to $100), or keeping a minimum balance for a set period.
If a bank says "opening fee $50, waived with direct deposit," you have two options: pay the $50 now, or set up direct deposit and pay nothing. Direct deposit means your paycheck or benefits payment goes straight into the account. If you receive a paycheck or regular benefits, setting up direct deposit is usually straightforward—you give your employer or benefits administrator the account number and routing number, and the deposit happens automatically.
If you do not receive regular direct deposits, you may not be able to waive the fee. In that case, you can either pay it or open an account at a different bank that does not charge.
How to find banks with no opening fees
Start by checking the fee schedule on the bank's website. Look for a document called "Pricing," "Fee Schedule," "Account Fees," or "Terms and Conditions." Search the page for the word "opening" or "account opening." If you see a fee listed, note the amount and any conditions for waiving it.
If the fee schedule is not clear or you cannot find it online, call the bank's customer service line and ask directly: "Is there a fee to open a checking account?" Write down the answer and the name of the person who told you. If they say yes, ask whether the fee can be waived and under what conditions.
Credit unions and online banks are your safest bet if you want to avoid opening fees entirely. If you are not yet a member of a credit union, you can search for one in your area using the CO-OP Network or Alliant Credit Union's locator tool. Both let you search by zip code.
What to do if you cannot afford an opening fee
If a bank charges an opening fee and you cannot pay it, do not open the account there. Open one at a bank that does not charge. There is no reason to pay money you do not have to open an account when free options exist.
Credit unions are the most reliable free option. If you work for a large employer, are a member of a union, or belong to certain professional organizations, you may already be may be able to access to join a credit union. Check the membership requirements on the credit union's website.
Online banks like Ally, Charles Schwab, and Discover also charge nothing to open accounts and have no monthly maintenance fees. The trade-off is that you cannot walk into a physical branch, but you can deposit checks by phone camera and withdraw cash at ATMs in their network.
Opening fees versus monthly maintenance fees
Do not confuse an opening fee with a monthly maintenance fee. An opening fee is a one-time charge when you create the account. A monthly maintenance fee is a recurring charge you pay every month to keep the account open.
A bank might charge $50 to open an account but then charge $0 per month. Another bank might charge $0 to open but then charge $12 per month. Over a year, the second bank costs you $144 even though the opening was free. Look at both numbers before you decide.
Many banks waive monthly maintenance fees if you meet conditions like maintaining a minimum balance, setting up direct deposit, or making a certain number of debit card transactions per month. Read the full fee schedule to understand what you will actually pay.
What documents you need to open an account
Whether or not there is a fee, you will need to provide identification and proof of address to open an account. Bring a government-issued ID (driver's license, passport, or state ID) and a document showing your current address (utility bill, lease, or bank statement dated within the last 60 days).
If you open the account online, you will upload photos of these documents or answer security questions instead. If you open in person at a branch, bring the originals. Some banks will accept a phone number and email address in place of a physical address if you do not have a lease or utility bill.
You will also need to decide how much money to deposit initially. Some banks require a minimum opening deposit (often $25 to $100), while others let you open with $0. If the bank requires a minimum and you do not have it, ask whether that requirement can be waived or whether you can deposit the minimum later.
Frequently Asked Questions
Can I open a bank account with no money?
Most banks let you open an account with $0, but some require a minimum opening deposit of $25 to $100. If a bank requires a minimum and you do not have it, ask whether you can deposit the minimum within a few days or whether the requirement can be waived. Credit unions and online banks typically have no minimum.
Do I have to pay a monthly fee after I open the account?
Not necessarily. Many banks offer free checking and savings accounts with no monthly maintenance fee. Others charge $5 to $15 per month unless you meet conditions like maintaining a minimum balance or setting up direct deposit. Check the fee schedule before you open to know what you will owe.
What if I close the account right after opening it?
You can close an account whenever you want, but you will not get the opening fee back. If you paid $50 to open and then closed the account the next day, that $50 is gone. This is why it makes sense to avoid opening fees in the first place by choosing a bank that does not charge them.
Is there a difference between opening a checking account and a savings account?
Opening fees vary by account type. A checking account might be free while a savings account costs $25, or vice versa. Some banks charge the same fee for both. Check the fee schedule for each account type you are interested in before you open.
Can I negotiate the opening fee?
You can ask, but most banks will not negotiate. However, many banks will waive the fee if you meet a condition like setting up direct deposit or maintaining a minimum balance. Call and ask what conditions explore. If the bank will not work with you, open an account elsewhere.