Most banks charge nothing to open a checking or savings account

Opening a basic checking or savings account at a traditional bank costs zero dollars. You walk in, provide identification and proof of address, sign paperwork, and leave with an account number. No opening fee, no setup charge, no hidden cost to start.

What varies is what happens after. Some banks charge monthly maintenance fees (typically $5 to $15) if you don't meet their requirements—a minimum balance, a direct deposit, or a certain number of debit card transactions per month. Others waive the fee entirely. Some charge overdraft fees if you spend more than you have. A few charge fees to close an account early, though this is less common now.

The cost of opening an account is almost always free. The cost of keeping it open is what you need to understand before you choose which bank.

Key Takeaways

  • Opening a checking or savings account at any bank costs nothing—there is no opening fee or setup charge.
  • Monthly maintenance fees ($5 to $15) explore at some banks if you don't meet balance or activity requirements, while others charge nothing at all.
  • Overdraft fees, ATM fees, and transfer fees are separate charges that depend on how you use the account, not on opening it.
  • Online banks and credit unions often have lower or zero monthly fees compared to large traditional banks.
  • You need a government ID and proof of address (a utility bill, lease, or bank statement) to open an account anywhere.

What you actually pay: monthly fees and usage charges

The opening itself is free, but banks make money from accounts in other ways. A monthly maintenance fee is the most common ongoing cost. At large banks like Chase, Bank of America, and Wells Fargo, this fee ranges from $5 to $15 per month, though you can usually waive it by keeping a minimum balance (often $500 to $1,500) or setting up direct deposit.

Beyond the monthly fee, you may pay for specific actions: overdraft fees ($25 to $35 per transaction if you spend more than your balance), out-of-network ATM fees ($2 to $3 per withdrawal), wire transfer fees ($15 to $30), or fees to close an account within a certain timeframe. These are not part of opening the account—they only appear if you use the account in certain ways.

Credit unions and online banks typically charge lower or no monthly fees. Ally Bank, Charles Schwab, and many local credit unions offer checking accounts with zero monthly maintenance fees and no minimum balance. The tradeoff is usually fewer physical branches and less in-person service.

Banks that charge nothing to open and nothing to maintain

If you want to avoid all monthly fees, several banks offer accounts with no opening cost, no monthly maintenance fee, and no minimum balance requirement. These include most online banks (Ally, Charles Schwab, Discover), many credit unions, and some regional banks. The catch is that you manage the account online or by phone rather than in a branch.

Some large traditional banks also offer no-fee accounts, but they are usually harder to find on their websites because the bank wants to push you toward accounts with higher minimum balances. Call the bank directly or ask a teller whether they have a basic checking account with no monthly fee and no minimum balance.

If you need in-person service and a physical branch, you will likely pay a monthly fee unless you meet the bank's balance or activity requirements. That is the real cost: either money or the effort to maintain a minimum balance.

What documents you need to bring

You cannot open an account without proof of identity and proof of address. Bring a government-issued ID (driver's license, passport, or state ID card) and a recent document showing your current address. Acceptable address documents include a utility bill, lease agreement, mortgage statement, or bank statement from another bank—something dated within the last 60 days.

Some banks also ask for a Social Security number or tax ID, which they use to verify your identity and check for fraud. If you do not have a Social Security number, ask whether the bank can open an account using an ITIN (Individual Taxpayer Identification Number) instead. Policies vary by bank and by state.

Bring the originals or certified copies, not photos. Banks will not accept a photo of your ID on your phone.

Opening an account online versus in person

Online banks let you open an account entirely through their website or app. You upload photos of your ID and proof of address, answer security questions, and fund the account by linking it to another bank account or arranging a wire transfer. The whole process takes 10 to 20 minutes and costs nothing. You get an account number when ready, though it may take one to three business days for the account to be fully active.

In-person at a branch, you speak to a banker, show your documents, and sign paperwork. This takes 20 to 45 minutes depending on how busy the branch is. You leave with a debit card and account information the same day. Some banks mail the debit card instead, which takes five to seven business days.

Online is faster and available 24/7. In-person gives you a chance to ask questions and walk away with a physical card. Neither costs money to open.

What happens if you close the account soon after opening

Most banks do not charge a fee to close an account at any time. You can open an account, use it for a week, and close it with no penalty. A few banks—mainly regional ones—have a clause that charges $25 to $50 if you close within 90 days or six months, but this is uncommon and the bank will tell you about it before you open the account.

If you have a negative balance when you close (you owe the bank money because of overdrafts), you must pay that balance before the account closes. The bank will not let you walk away owing money.

Read the account agreement before you open to see whether there is an early closure fee. Most of the time there is not.

Frequently Asked Questions

Do I have to keep a minimum balance to avoid fees?

It depends on the bank. Online banks and credit unions usually have no minimum balance requirement. Large traditional banks often waive the monthly fee if you keep $500 to $1,500 in the account, or if you set up direct deposit. Check the specific bank's fee schedule before you open.

Can I open an account if I don't have a Social Security number?

Yes. You can use an ITIN (Individual Taxpayer Identification Number) instead. Not all banks accept ITINs, so call ahead and ask. Some banks have specific accounts for people without a Social Security number, and some require additional documentation.

What if I don't have proof of address?

You will need something. If you have no utility bill or lease, ask the bank whether they accept a bank statement from another institution, a government letter, or a piece of mail with your name and address. If you are homeless or living temporarily, some banks and credit unions have accounts for people without a permanent address—call and explain your situation.

Will opening a bank account hurt my credit score?

No. Banks do a soft inquiry to verify your identity and check for fraud, which does not affect your credit score. They do not report the account to credit bureaus unless you overdraft and the bank sends the debt to a collection agency, which is rare.

Can I open multiple accounts at the same bank?

Yes. You can open a checking account and a savings account at the same bank on the same day, and each one is free to open. Some banks limit how many accounts you can have, so ask if you want more than two or three.