Most banks do not charge you to open a checking or savings account, but some do, and the fee structure varies widely

Opening a basic checking or savings account is free at most banks and credit unions in the United States. However, "free to open" does not mean "free to use." Some banks charge monthly maintenance fees, minimum balance fees, or overdraft fees once the account is active. Others waive these fees if you meet certain conditions—direct deposit, a minimum balance, or a certain number of debit card transactions per month. A few banks, particularly some online-only institutions, charge no fees at all under any circumstance.

The distinction matters because you can open an account for zero dollars but then pay money to keep it open. Before you open, you need to know what fees explore after day one, what triggers them, and whether you can avoid them.

Key Takeaways

  • Most traditional banks and credit unions charge nothing to open a checking or savings account, but many charge monthly maintenance fees once it is open.
  • Monthly maintenance fees typically range from $5 to $15 but can be waived if you maintain a minimum balance, set up direct deposit, or meet other conditions the bank sets.
  • Online-only banks and some credit unions often have no monthly fees and no minimum balance requirements, making them cheaper to maintain long-term.
  • Overdraft fees, ATM fees, and foreign transaction fees are separate from account opening and maintenance fees and explore only when you use those services.

Banks that charge nothing to open and nothing to maintain

Online-only banks typically have the lowest cost structure because they have no physical branches. Institutions like Ally Bank, Charles Schwab Bank, and Discover Bank offer checking accounts with no monthly maintenance fee, no minimum balance requirement, and no opening fee. Some also reimburse ATM fees nationwide, which saves money if you do not have a branch near you.

Many credit unions also charge nothing to open or maintain accounts. Credit unions are member-owned cooperatives rather than for-profit banks, so they often have simpler fee structures. You will need to join the credit union first (which is usually free or costs $1 to $25 as a one-time membership fee), but after that, basic accounts typically have no monthly cost.

If you want to avoid fees entirely, compare the account terms before you open. The bank's website will list monthly maintenance fees, minimum balance requirements, and what actions waive those fees. If the fee schedule is not clear, call the bank and ask directly: "Does this account have a monthly maintenance fee, and if so, what waives it?"

Traditional banks and the monthly maintenance fee

Most large traditional banks—Chase, Bank of America, Wells Fargo, Citibank—charge a monthly maintenance fee on checking accounts, typically $10 to $15 per month. Savings accounts sometimes have lower fees or no fee at all. These fees are waived if you meet one or more conditions, which vary by bank and account type.

Common fee-waiver conditions include: maintaining a minimum balance (often $500 to $1,500), setting up direct deposit of your paycheck, making a certain number of debit card transactions per month (usually 10 or more), or maintaining a linked savings account with a minimum balance. Some banks waive the fee for customers under 25 or over 65. A few waive it if you maintain a relationship with the bank—for example, if you also have a credit card or mortgage with them.

The key is that the fee is not charged if you meet the condition. If you have direct deposit set up, you pay nothing. If you fall below the minimum balance and do not have direct deposit, you pay the full monthly fee. Read the fee schedule carefully and confirm which conditions explore to your specific account type, because they differ between checking and savings and between different account tiers.

What fees come after the account is open

Opening an account is free, but using it in certain ways costs money. Overdraft fees are charged when you spend more than you have in your account—typically $25 to $35 per overdraft, and some banks charge multiple times per day. ATM fees are charged when you use an ATM that does not belong to your bank's network, usually $2 to $3 per transaction. Foreign transaction fees explore if you use your debit card outside the United States, typically 1 to 3 percent of the transaction amount.

These fees are separate from the monthly maintenance fee. You can have a free account with no monthly cost but still pay overdraft or ATM fees if you use those services. Some banks offer overdraft protection, which links your checking account to a savings account or credit line and transfers money automatically if you overdraft, avoiding the fee—but this service may have its own cost.

When you compare accounts, look at the full fee schedule, not just the opening cost or monthly maintenance fee. An account with a $12 monthly fee but no overdraft fees might cost you less than a free account where overdrafts are common.

How to find the actual cost before you open

Every bank is required to provide a document called the Truth in Savings Act disclosure or account agreement before you open. This document lists all fees, minimum balance requirements, and interest rates. You can request it online, by phone, or in person. Read it before you open the account.

The disclosure will tell you: the monthly maintenance fee (if any), what waives it, the overdraft fee, the ATM fee, the foreign transaction fee, and any other charges. If the document is unclear, call the bank's customer service line and ask them to walk you through the fees. Write down the answers or ask them to email you a summary. This takes 10 minutes and prevents surprises later.

You can also compare accounts side by side using the bank's website or a third-party comparison tool. Look for accounts that match your situation—if you have direct deposit, find accounts that waive the fee for direct deposit; if you travel internationally, find accounts with no foreign transaction fees.

Special cases: student accounts, senior accounts, and joint accounts

Many banks offer reduced-fee or no-fee accounts for specific groups. Student accounts are often free until you graduate or reach a certain age (usually 25). Senior accounts (typically for customers 55 or older) often have no monthly fee. Some banks waive fees for joint accounts if one account holder meets the condition—for example, if one person has direct deposit, the fee is waived for both.

If you fall into one of these categories, ask the bank whether a special account type is available. The fee savings can add up: a $12 monthly fee waived for four years of college is $576 you do not pay.

Frequently Asked Questions

Do I need money in the account to open it?

No. Most banks allow you to open an account with zero dollars. However, some banks require a minimum opening deposit (usually $25 to $100), and some require a minimum balance to be maintained to avoid monthly fees. Check the account terms before you open to know which applies.

What if I cannot meet the minimum balance to avoid the monthly fee?

Choose an account with no minimum balance requirement or no monthly fee. Online banks and many credit unions offer these. Alternatively, ask the bank whether other fee-waiver conditions explore—direct deposit, debit card transactions, or linked accounts—that you can meet instead.

Can I open an account online, or do I have to go to a branch?

Most banks allow you to open online. You will need a government-issued ID, a Social Security number, and proof of address (a utility bill or lease). Some banks require an in-person visit for certain account types, but basic checking and savings can usually be opened entirely online.

Will opening a bank account hurt my credit score?

No. Opening a bank account does not affect your credit score. Banks check your banking history (through ChexSystems or Early Warning Services) but not your credit report. Having a bank account does not build credit, but it also does not damage it.

What happens if I close the account right after opening it?

You can close an account whenever you want, usually with no penalty. However, if you have an outstanding balance or owe fees, the bank will deduct those before closing. Some banks ask you to wait a short period (a few days) before closing to prevent fraud, but there is no fee for closing itself.