Most banks charge nothing to open a savings account
You will not pay an opening fee at any major bank or credit union in the United States. The account itself is free to create. What you might pay for is what happens after — monthly maintenance fees, overdraft charges, or fees for falling below a minimum balance. Those vary widely and depend on which bank you choose and what type of account you open.
The initial deposit required to open the account also varies. Some banks ask for $0. Others ask for $25, $100, or more. This is not a fee — it is money that goes into your account and belongs to you. You can withdraw it whenever you want.
Key Takeaways
- Opening a savings account costs nothing at any major bank or credit union; the account creation itself has no fee.
- Initial deposit requirements range from $0 to $500 depending on the bank, but this money is yours and can be withdrawn when ready.
- Monthly maintenance fees exist at some banks but not others, and often disappear if you keep a minimum balance or set up direct deposit.
- Online banks typically have lower or no monthly fees and lower minimum deposits than brick-and-mortar banks.
Initial deposit requirements by bank type
National banks like Bank of America, Chase, and Wells Fargo typically ask for $25 to $100 to open a savings account. Some waive this if you set up a direct deposit or link an existing checking account. A few offer $0 minimum accounts but may charge a monthly fee if you do not meet other conditions.
Credit unions often ask for $5 to $25 to open an account, and some ask for nothing. You usually have to become a member first, which may require a small membership fee ($5 to $25) or proof that you work in a certain industry or live in a certain area. Once you are a member, the account opening itself is free.
Online banks like Ally, Marcus, and Discover almost always have $0 minimum deposits. They have no physical branches, so they pass the savings to you. This is one reason online savings accounts often have higher interest rates than brick-and-mortar banks.
Monthly maintenance fees and how to avoid them
Some banks charge $5 to $15 per month to keep a savings account open. This fee disappears if you meet one of these conditions: keep a minimum balance (often $500 to $2,500), set up direct deposit, or maintain a linked checking account at the same bank. Many banks waive the fee entirely if your account is linked to a checking account where your paycheck lands.
Online banks almost never charge monthly maintenance fees. If you are comparing a brick-and-mortar bank that charges $10 per month to an online bank that does not, that is $120 per year in difference — which matters more than a $25 opening deposit.
What you actually need to bring or provide
You do not need to pay anything, but you do need to provide information. Bring a government-issued photo ID (driver's license or passport), your Social Security number, and proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days). Some banks let you open an account online with just your ID and Social Security number, then mail the address proof later.
If you are opening an account at a credit union, you may also need to show proof that you are may be able to access for membership — for example, proof of employment or a utility bill showing you live in the service area.
Fees that appear after you open the account
The opening itself is free, but these fees can appear later. An overdraft fee (usually $25 to $35) happens if you withdraw more than your balance. A low balance fee (usually $5 to $10 per month) appears if your balance drops below the minimum. An inactivity fee (rare, but $5 to $25) can appear if you do not use the account for 12 months or more.
Read the fee schedule before you open the account. Most banks publish this online as a document called "Deposit Account Agreement" or "Schedule of Fees." It lists every charge that can happen and under what conditions.
Comparing the real cost: fees over a year
The opening deposit does not matter much because it is your money. What matters is the monthly fee. Here is what a year costs at different banks:
| Bank Type | Opening Deposit | Monthly Fee | Cost Over 12 Months |
|---|---|---|---|
| National bank (with conditions met) | $25–$100 | $0 | $0 |
| National bank (no conditions met) | $25–$100 | $10–$15 | $120–$180 |
| Credit union | $5–$25 | $0–$5 | $0–$60 |
| Online bank | $0 | $0 | $0 |
If you are opening an account at a national bank, ask the banker upfront whether the monthly fee applies to you. If it does, ask what you need to do to waive it. If they say you need to keep $2,000 in the account at all times and you cannot do that, an online bank is cheaper.
Frequently Asked Questions
Do I have to pay to close a savings account?
No. Closing an account is free at every bank. Some banks ask you to keep the account open for a minimum time (usually 30 days) before closing, but they do not charge you to close it. If you have a balance, the bank will send you a check or transfer the money to another account.
What if I do not have a government ID?
You can still open an account, but the process takes longer. Bring whatever ID you have — a state ID, tribal ID, passport, or even a school ID — plus a second form of identification like a utility bill or lease. Some banks will ask you to come in person rather than opening online. Call ahead to ask what documents they accept.
Can I open a savings account with no money?
Yes, at online banks and many credit unions. At national banks, you usually need $25 to $100 to open the account, but this goes into your account and you can withdraw it when ready. If you have no money at all, an online bank is your best option.
Will opening a savings account hurt my credit score?
No. Opening a savings account does not create a hard inquiry on your credit report. Banks may do a soft check to verify your identity and look for fraud, but this does not affect your score. Only credit products like loans and credit cards create hard inquiries.
What happens if I cannot meet the minimum balance?
You will pay a monthly fee, usually $5 to $15. If you know you cannot keep the minimum balance, choose a bank with no minimum requirement or no monthly fee. Online banks are your cheapest option in this situation.