Most banks let you open a savings account for free, but some charge a fee upfront or require a minimum deposit
You do not have to pay money to open a savings account at most banks and credit unions. Many institutions offer free accounts with no opening fee and no minimum deposit required. However, some banks do charge an upfront fee—typically $25 to $100—or require you to deposit a certain amount of money before the account is active. The fee structure depends entirely on which bank you choose and what type of account you open.
The difference between a free account and one with fees often comes down to the bank's business model. Large national banks like Chase and Bank of America offer free savings accounts with no opening fee. Credit unions, which are member-owned and nonprofit, almost always open accounts for free. Online-only banks like Ally and Marcus have no opening fees because they have lower overhead costs. Smaller regional banks and some specialty accounts may charge fees, but you can always find a free option if you shop around.
Key Takeaways
- Most major banks and all credit unions open savings accounts for free with no upfront fee.
- Some banks require a minimum opening deposit—often $25 to $100—but this is your own money, not a fee paid to the bank.
- Online banks typically have no opening fees or minimum deposits because they operate with lower costs.
- If a bank charges an opening fee, you can find a competing bank that does not, so there is no reason to pay one.
- Monthly maintenance fees are separate from opening fees and vary by bank, so read the fee schedule before you open the account.
The difference between an opening fee and a minimum deposit
An opening fee is money you pay to the bank to create the account. It is a cost, not a deposit. If a bank charges $50 to open a savings account, that $50 goes to the bank and does not sit in your account. Very few banks charge this anymore, and those that do are usually targeting customers with poor credit or limited banking history.
A minimum opening deposit is different. This is your own money that you put into the account to get it started. If a bank requires a $100 minimum deposit, you deposit $100 of your own money, and that $100 stays in your account. You can withdraw it whenever you want. The bank is not taking a fee; they are just requiring you to have a certain balance to open the account. Most banks that require a minimum deposit set it between $25 and $100, though some online banks have no minimum at all.
Where to find accounts with no opening fees or minimums
Online banks are the easiest place to start. Banks like Ally, Marcus, Discover, and American Express Personal Savings all offer savings accounts with no opening fee and no minimum deposit. You can open an account in minutes from your phone or computer, and money moves into your account as soon as you link a checking account or transfer funds.
Credit unions almost never charge opening fees. If you are a member of a credit union—or if you can join one through your employer, school, or community—they will open a savings account for free. The National Credit Union Administration (NCUA) website has a tool to find credit unions near you or ones you may be able to join.
Large national banks like Chase, Bank of America, Wells Fargo, and Citibank all offer free savings accounts with no opening fee. Some require a minimum deposit of $25 to $100, but others have no minimum. Call the bank or check their website to confirm the current requirements, as these change occasionally.
What happens after you open the account
Opening the account for free does not mean the account stays free forever. Banks charge monthly maintenance fees on some savings accounts, typically $5 to $10 per month. However, most banks waive this fee if you maintain a minimum balance—often $500 to $1,000—or if you set up direct deposit. Read the fee schedule before you open the account so you know what to expect.
Some accounts also charge fees for specific actions: overdraft fees if you withdraw more than you have, fees for excessive transfers, or fees for closing the account early. These are not opening fees, but they are costs you may face later. The account itself is free to open, but the ongoing costs depend on how you use it.
Banks that do charge opening fees and why
A small number of banks still charge opening fees, usually $25 to $100. These are typically banks that target customers with poor credit, no credit history, or limited banking experience. The fee reflects the bank's perception of higher risk. Second-chance banking accounts and accounts for people rebuilding credit sometimes come with opening fees.
If a bank quotes you an opening fee, you do not have to accept it. You can open an account elsewhere for free. Even if you have poor credit or no credit history, credit unions and some online banks will still open accounts for free. There is no reason to pay an opening fee when free options exist.
How to compare accounts before you open one
Before you open a savings account anywhere, check three things: the opening fee (should be zero), the minimum opening deposit (if any), and the monthly maintenance fee. Most banks list this information on their website under "Savings Account" or "Account Fees." If you cannot find it easily, call the bank and ask directly.
Write down the answers for two or three banks so you can compare. A free account at one bank might have a $500 minimum balance requirement to avoid monthly fees, while another free account has no minimum but pays less interest. The lowest opening cost is not always the best account—consider the monthly fees and interest rate together.
What to bring or have ready when you open an account
You will need a government-issued ID, your Social Security number, and proof of your current address (a utility bill or lease works). If you are opening the account online, you can upload these documents or answer security questions instead. You will also need to decide how much money to deposit if the bank requires a minimum.
If you are opening the account at a branch in person, bring your ID and Social Security card. If you are opening online, have a photo of your ID ready and know your Social Security number. The process usually takes 10 to 15 minutes in person or 5 to 10 minutes online.
Frequently Asked Questions
Can I open a savings account with no money at all?
Most online banks and credit unions let you open an account with zero dollars. You can deposit money later, even days or weeks after opening. Some brick-and-mortar banks require a minimum opening deposit of $25 to $100, so if you have no money right now, an online bank is your best option.
Do I have to pay a fee to close a savings account?
Most banks do not charge a fee to close a savings account. However, some banks charge a fee if you close the account within a certain time period—often 90 days to six months. Check the account terms before you open it if you think you might close it soon.
What if I do not have a Social Security number?
You can still open a savings account at most banks and credit unions. You will need an Individual Taxpayer Identification Number (ITIN) instead, which you can get from the IRS. Some banks accept ITINs; others do not. Call ahead to confirm before you visit a branch or explore online.
Is there a difference between opening a savings account and a checking account?
Both are usually free to open. Checking accounts are designed for frequent deposits and withdrawals, while savings accounts are designed to hold money and earn interest. The opening process is the same, and you can open both at the same bank on the same day if you want.
Why do some banks advertise "free" accounts but then charge fees later?
The account itself is free to open, but monthly maintenance fees are separate. Banks advertise the account as free because there is no opening fee, but they make money from monthly fees if you do not meet balance requirements or set up direct deposit. Always read the full fee schedule, not just the opening offer.