Most banks let you open a savings account for free, but some charge an account opening fee
You do not have to pay to open a savings account at most banks and credit unions. The majority of institutions—including the largest national banks and most online banks—charge nothing to create an account. However, some banks do charge an opening fee, typically between $25 and $100. A few credit unions charge a membership fee instead, which is separate from the account itself.
The real cost of a savings account is not the opening fee. It is the monthly maintenance fee, which many banks charge to keep the account open. Some accounts waive this fee if you maintain a minimum balance—often $500 to $2,500—or set up direct deposit. Others charge the fee regardless. Online banks almost never charge monthly fees because they have lower overhead costs than brick-and-mortar branches.
Before you open an account anywhere, ask directly: "Is there a fee to open this account?" and "Is there a monthly maintenance fee?" The answer determines whether the account actually costs you money over time.
Key Takeaways
- Most national banks, credit unions, and online banks do not charge a fee to open a savings account, though some regional banks do charge $25 to $100.
- Monthly maintenance fees are more common than opening fees and range from $5 to $15 per month, though many banks waive them if you keep a minimum balance.
- Online banks typically have no opening fees and no monthly fees because they operate without physical branches.
- Credit unions sometimes charge a one-time membership fee ($5 to $25) to join, which is different from an account opening fee.
Where opening fees are most common
Regional and smaller banks are more likely to charge an opening fee than national chains. Banks that still rely on in-person account opening—where a teller walks you through the process—tend to charge more. Online-only banks almost never charge an opening fee because the entire process is automated and costs them very little to execute.
Credit unions sometimes charge a membership fee to join the credit union itself, which is a one-time cost separate from opening a savings account. Once you are a member, opening additional accounts usually costs nothing. The membership fee typically ranges from $5 to $25 and is refundable if you close your membership.
If you are opening an account at a bank where you already have a checking account, the opening fee is often waived. Some banks offer fee waivers for students, seniors, or military members. Always ask whether you may have access to for any waiver before accepting a fee.
Monthly maintenance fees matter more than opening fees
A $50 opening fee is a one-time cost. A $10 monthly maintenance fee costs $120 per year and $1,200 over ten years. This is why the monthly fee structure matters far more than whether you pay anything on day one.
Banks waive monthly fees in several ways. The most common is a minimum balance requirement—you keep at least $500 or $1,000 in the account at all times, and the fee disappears. Another common waiver is direct deposit: if your paycheck or government benefits deposit directly into the account, the fee is waived. Some banks waive the fee if you maintain a linked checking account with them or if you set up automatic transfers.
Online banks typically charge no monthly fee at all, regardless of balance or direct deposit. This is their main competitive advantage. If you are comparing a bank that charges $10 per month to an online bank that charges nothing, the online bank saves you $120 per year even if both had the same interest rate.
How to find out what you will actually pay
Every bank publishes a document called a Deposit Account Agreement or Account Terms and Conditions. This document lists every fee the bank charges, when it charges them, and how to avoid them. You can request this before you open an account—most banks post it online, and you can read it in full before committing.
When you read the fee schedule, look for these specific lines: "Account Opening Fee," "Monthly Maintenance Fee," "Minimum Balance Requirement," and "Ways to Waive Fees." Write down the numbers. Then compare across three to five banks you are considering. The difference between a bank with a $10 monthly fee and one with no fee adds up quickly.
If a bank's website does not clearly state the fees, call the customer service number and ask. A representative should be able to tell you the opening fee and monthly fee in under two minutes. If they cannot or will not, that is a sign the bank is not transparent about costs—consider opening elsewhere.
Opening an account online versus in person
Online account opening is almost always free. You provide your name, address, Social Security number, and initial deposit amount through a website or app. The bank verifies your identity electronically and opens the account within minutes to hours. No teller involvement means no labor cost, so no opening fee.
In-person account opening at a branch costs the bank more because a staff member spends time with you. This is when opening fees are most likely to appear. However, many large banks waive the fee even for in-person opening because the fee is not about recovering labor costs—it is about discouraging small accounts.
If you prefer to open an account in person and the bank charges an opening fee, ask whether you can open online instead and then visit the branch later to add services like a debit card or safe deposit box. Many banks allow this, and it saves you the fee.
What happens if you cannot meet the minimum balance
If a bank waives its monthly fee only if you keep $1,000 in the account, but you cannot maintain that balance, you will pay the fee every month. Before you open the account, decide whether you can realistically keep that much money sitting in savings. If you cannot, choose a bank with no minimum balance requirement instead.
Some banks offer tiered accounts: a basic savings account with no minimum and a higher-yield savings account with a minimum. The basic account may charge a monthly fee, but it has no balance requirement. The higher-yield account waives the fee if you meet the minimum. Read both options and pick the one that fits your situation.
If you open an account and later cannot maintain the minimum, you have options. You can close the account and move to a different bank. You can ask the bank to downgrade you to a different account type with no minimum. Or you can accept the monthly fee if the interest rate is high enough to offset it—though this is rare for savings accounts.
Frequently Asked Questions
Can I open a savings account with no money?
Most banks require an initial deposit to open a savings account, typically $1 to $25. Some online banks allow you to open an account with $0 and deposit money later. Check the bank's website or call to confirm the minimum opening deposit before you start the process.
Do I have to pay a fee if I close the account right after opening it?
Most banks do not charge a closing fee, but some charge an early closure fee if you close within 30 to 90 days of opening. Read the account terms before you open to see whether an early closure fee applies. If it does and you think you might close the account soon, choose a different bank.
What if the bank charged me an opening fee but I did not want to pay it?
Contact the bank's customer service and explain that you were not told about the fee before opening. Many banks will refund a single opening fee if you ask within 30 days. If they refuse, you can close the account and file a complaint with your state's banking regulator or the Consumer Financial Protection Bureau.
Are credit union savings accounts cheaper than bank savings accounts?
Credit unions often charge lower fees and offer higher interest rates than banks, but not always. Compare the opening fee, monthly fee, minimum balance, and interest rate at your local credit union against two or three banks. The cheapest option depends on your specific situation, not on whether it is a credit union or a bank.
Do online banks really have no fees at all?
Most online banks charge no opening fee and no monthly maintenance fee. However, they may charge fees for other services, such as wire transfers, overdrafts, or paper statements. Read the full fee schedule before opening. The lack of monthly fees is real, but "no fees ever" is not always accurate.