Most savings accounts cost nothing to open

Opening a savings account does not require you to pay a fee. Banks and credit unions do not charge you to create the account itself — the act of opening it is free.

What matters is what happens after you open it. Some accounts have monthly fees, some do not. Some require you to keep a minimum balance in the account, and some do not. These are the real costs to understand, and they vary widely depending on which bank you choose and which type of account you pick.

The good news: you can find accounts with no monthly fee and no minimum balance requirement. You will not pay anything just to have the account sit there.

Key Takeaways

  • Opening a savings account itself is free at banks and credit unions — no fee is charged when you create the account.
  • Monthly maintenance fees exist at some banks but not others, and you can choose an account with no monthly fee.
  • Minimum balance requirements vary: some accounts require you to keep a certain amount in the account at all times, while others have no minimum.
  • Fees for things like overdrafts, early withdrawals, or falling below a minimum balance are separate from the opening cost and depend on your account type and bank.
  • Comparing accounts before you open one takes a few minutes and can save you money over time.

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

A monthly maintenance fee is a charge the bank takes from your account every month just for having the account open. This fee typically ranges from a few dollars to fifteen dollars per month, though the exact amount depends on the bank.

Not all accounts have this fee. Many banks offer savings accounts with no monthly maintenance fee at all. Before you open an account, ask the bank directly: "Does this account have a monthly fee?" If the answer is yes, ask what the fee is and whether there is a way to waive it. Some banks waive the fee if you keep a minimum balance, set up direct deposit, or maintain a certain number of transactions per month.

If you are choosing between two banks and one charges a monthly fee while the other does not, the one without the fee is usually the better choice — especially if you are starting out and do not have much money to deposit.

Minimum balance requirements and what happens if you fall short

A minimum balance requirement means the bank requires you to keep at least a certain amount of money in the account at all times. This might be $25, $100, $500, or more — it depends on the bank and the type of account.

If your balance drops below the minimum, the bank may charge you a fee. This fee is separate from the monthly maintenance fee. Some banks charge $10 to $35 when you fall below the minimum, and some charge nothing at all.

Again, you have choices. Many banks offer savings accounts with no minimum balance requirement. If you are opening your first savings account and do not have much money yet, look for an account that does not require a minimum. This removes one way you could accidentally get charged.

Other fees that might explore after you open the account

Opening the account is free, but other actions can trigger fees later. These are not costs of opening — they are costs of using the account in certain ways.

Early withdrawal fees explore if you withdraw money from a savings account more than a certain number of times per month. Federal rules allow banks to limit withdrawals, though many banks have relaxed this rule. If your bank does enforce a limit and you exceed it, you may pay a fee per extra withdrawal — usually $10 to $35.

Overdraft fees occur if you try to withdraw more money than you have in the account. This is rare with savings accounts (overdrafts are more common with checking accounts), but it can happen. An overdraft fee is typically $25 to $35 per occurrence.

None of these fees explore when you open the account. They only explore if you use the account in a way that triggers them. When you are comparing accounts, ask about all of these fees so you know what to expect.

How to find an account with no opening cost and no ongoing fees

Start by visiting the websites of banks and credit unions in your area, or banks that offer online accounts. Look for the account details or "fee schedule" — this is a document that lists all the fees for that account.

You are looking for three things: no opening fee (which you will almost always find), no monthly maintenance fee, and no minimum balance requirement. Write these down for each bank you are considering.

Once you have narrowed it down to two or three options, call the bank and ask a representative to confirm: "Does this account have a monthly fee? Is there a minimum balance? What other fees might I pay?" Getting answers directly from the bank is faster and more reliable than reading the fine print online.

Credit unions versus banks: cost differences

Credit unions and banks both offer savings accounts, and both typically charge nothing to open one. The difference is often in the ongoing fees.

Credit unions are member-owned organizations, and they often charge lower fees than banks. Many credit unions offer savings accounts with no monthly fee and no minimum balance. Banks vary more widely — some have no fees, and some charge monthly maintenance fees.

If you are a member of a credit union (or can become one), it is worth checking what they offer. If not, you can still find banks with no fees. The key is to compare before you open the account, not after.

What you actually need to bring when you open an account

Opening an account is free, but you do need to bring certain documents. You will need a government-issued photo ID (like a driver's license or passport) and proof of your address (like a utility bill or lease). Some banks also ask for a Social Security number.

You may also need to make an initial deposit — the amount varies by bank. Some banks require a minimum opening deposit of $25 or $100, while others let you open with no deposit at all. This is not a fee; it is money that goes into your account and belongs to you. You can withdraw it whenever you want.

Ask the bank about the opening deposit requirement when you call to confirm the fees. If one bank requires $100 to open and another requires nothing, that is useful information for your decision.

Frequently Asked Questions

Can I open a savings account with no money?

Some banks let you open an account with zero dollars, while others require an opening deposit of $25 to $100. The deposit is your money — it goes into the account and you can withdraw it. Call the bank before you go in to ask what their opening deposit requirement is.

What if I do not have a minimum balance and the bank charges a fee?

If you fall below a minimum balance and the bank charges a fee, that fee comes out of your account automatically. You will see it listed in your account statement. To avoid this, either keep the balance above the minimum or choose an account with no minimum requirement.

Do online banks charge less than regular banks?

Online banks often charge lower fees because they have fewer physical locations to maintain. Many online banks offer savings accounts with no monthly fee and no minimum balance. However, some traditional banks also offer no-fee accounts, so compare before you decide.

Can I move my money to a different bank if I do not like the fees?

Yes. You can close your account at any time and move your money to another bank. There is no fee for closing a savings account. Just make sure you withdraw all your money first, then contact the bank to close it.

What if the bank charges me a fee I did not expect?

Contact the bank and ask them to explain the fee. If you believe it was charged by mistake, ask them to remove it. Banks sometimes waive fees for customers who have not had problems before, especially if you are new to banking.