Most banks do not charge a fee to open a checking or savings account

Opening a basic bank account is free at most banks and credit unions in the United States. You will not pay an upfront fee to create the account itself. However, some accounts come with monthly maintenance fees once the account is open, and certain actions — like overdrawing your account or using an out-of-network ATM — can trigger charges later.

The key is understanding the difference between opening an account (free) and keeping an account open (sometimes costs money). A bank cannot charge you just for signing up, but they may charge you for how you use the account after that.

Key Takeaways

  • Opening a checking or savings account itself costs nothing at most banks and credit unions.
  • Monthly maintenance fees vary by bank and account type — some accounts have no fee, others charge $5 to $15 per month.
  • You can avoid monthly fees by meeting straightforward requirements like keeping a minimum balance or setting up direct deposit.
  • Overdraft fees, ATM fees, and wire transfer fees are separate charges that happen only if you use those services.
  • Credit unions and online banks often have lower or no monthly fees compared to large national banks.

Monthly maintenance fees: what they are and how to avoid them

Some banks charge a monthly fee just to keep an account open. This fee typically ranges from $5 to $15 per month, though it varies by bank and account type. A basic checking account at a large national bank might have a monthly fee, while the same bank's savings account might not.

Most banks will waive (remove) the monthly fee if you meet one or more conditions. Common ways to avoid the fee include: keeping a minimum balance in the account (often $500 to $1,500), setting up direct deposit of your paycheck, or making a certain number of debit card purchases each month. Ask the bank what their specific requirements are before you open the account — they will tell you exactly what you need to do to avoid paying.

Online banks and credit unions often have no monthly maintenance fee at all, regardless of your balance or activity. If you want to avoid fees entirely, these are worth comparing first.

Overdraft fees and other charges that happen after opening

Overdraft fees occur when you spend more money than you have in your account. If your balance drops below zero, the bank may charge you an overdraft fee — typically $25 to $35 per transaction. This is not a fee for opening the account; it is a fee for using the account in a way the bank charges for.

Other charges that can appear after you open an account include: ATM fees if you use an ATM that is not part of your bank's network (usually $2 to $3 per withdrawal), wire transfer fees ($15 to $30 to send money to another bank), and fees for stopping a check or requesting a replacement debit card. None of these are required — you only pay them if you use those specific services.

You can prevent most of these charges by understanding your balance before you spend, using your bank's own ATMs, and avoiding services you do not need.

Differences between banks: national banks, credit unions, and online banks

Large national banks like Bank of America, Chase, and Wells Fargo often charge monthly maintenance fees on checking accounts, though they usually waive them if you meet their requirements. These banks have physical branches in many locations, which costs them money to operate.

Credit unions are member-owned organizations that typically charge lower or no monthly fees. You must be a member to open an account, but membership is often free or costs a small one-time fee ($5 to $25). Credit unions serve specific communities — you might be a member through your employer, your school, your union, or your neighborhood.

Online banks like Ally, Charles Schwab, and Discover have no physical branches, so they have lower costs. Most offer free checking and savings accounts with no monthly maintenance fee and no minimum balance requirement. The trade-off is that you cannot walk into a branch to deposit cash or speak to someone in person, though many online banks partner with ATM networks to make deposits easier.

What you will actually need to bring to open an account

Bringing the right documents makes opening an account faster and prevents delays. You will need a government-issued photo ID (a driver's license, passport, or state ID card) and proof of your address. Proof of address can be a utility bill, lease agreement, or bank statement with your name and current address on it — it usually needs to be dated within the last 60 days.

You will also need to provide your Social Security number so the bank can verify your identity and check your banking history. Some banks may ask for a second form of ID or additional documentation if you are opening an account online or if your address is very new.

Bring these documents with you or have them ready if you are opening an account online. Having everything prepared means you will not have to make a second trip or wait for documents to arrive by mail.

How to compare accounts before you choose one

Before you open an account, spend 10 minutes comparing the monthly fees and waiver requirements at three banks: one large national bank, one credit union in your area, and one online bank. Write down the monthly fee (if any), what you need to do to avoid it, and whether the bank has ATMs near your home or work.

If you plan to keep a low balance or do not want to set up direct deposit, an online bank or credit union with no monthly fee is usually the better choice. If you need to deposit cash regularly or prefer to speak to someone in person, a credit union or national bank with a physical branch nearby might be worth paying a small monthly fee for — or worth meeting their waiver requirements.

Call the bank or visit their website and look for a page called "Checking Account" or "Account Fees." The fee schedule will list the monthly maintenance fee, what waives it, and what other charges explore. If you cannot find it online, call and ask — banks are required to tell you this information before you open an account.

Frequently Asked Questions

Can I open a bank account with no money?

Yes. Most banks do not require an opening deposit — you can open an account with zero dollars. Some banks ask for a small opening deposit ($25 to $100), but many do not. Check with the specific bank before you go in, but lack of money will not stop you from opening an account.

What happens if I cannot meet the requirements to waive the monthly fee?

You will pay the monthly maintenance fee — typically $5 to $15 per month. If the fee is a problem, look for a bank with no monthly fee instead. Online banks and many credit unions offer free checking accounts with no conditions attached.

Do I have to use direct deposit to avoid fees?

Not always. Direct deposit is one way to waive a monthly fee, but most banks offer other options too — like keeping a minimum balance or making a certain number of debit card purchases. Ask the bank what their options are; you only need to meet one of them.

Is it cheaper to open an account at a credit union than a bank?

Usually yes, because credit unions typically have no monthly maintenance fees and lower overdraft fees. However, you must be a member first, and membership depends on where you live, work, or go to school. Check whether you are a member of any credit unions before you compare.

Can a bank charge me a fee just for having an account open but not using it?

Yes, if the account has a monthly maintenance fee. The fee applies whether you use the account or not. However, many banks will waive the fee if you keep a minimum balance, so an unused account with $500 in it might not cost you anything.