Most banks charge nothing to open a savings account, but some have monthly fees if you don't meet their requirements

Opening a savings account itself is free at nearly every bank and credit union in the United States. The account opening process—filling out paperwork, verifying your identity, choosing your account type—costs you nothing. Where money comes in is the monthly maintenance fee, which some banks charge if your balance falls below a minimum or if you don't set up direct deposit. Other banks waive fees entirely, no matter what.

The difference between a free account and one with fees can add up to $120 or more per year. That's why knowing what each bank charges before you open is worth the five minutes it takes to check.

Key Takeaways

  • Opening a savings account is free, but monthly maintenance fees vary by bank and can range from $0 to $15 per month depending on your balance or activity.
  • Many banks waive monthly fees if you keep a minimum balance—often $500 to $2,500—or set up direct deposit from your paycheck.
  • Credit unions typically charge lower or no fees than traditional banks, but you must be a member to open an account.
  • Online banks almost never charge monthly fees because they have lower operating costs than brick-and-mortar branches.
  • You can compare fee structures on each bank's website before opening, and switching banks later is free if you find a better option.

Banks that charge monthly maintenance fees and how to avoid them

Large national banks like Chase, Bank of America, and Wells Fargo charge monthly maintenance fees on most savings accounts—typically $5 to $15 per month. Chase's savings account costs $5 per month unless you maintain a $500 minimum balance or have a linked checking account. Bank of America charges $4 per month unless your balance stays at $500 or higher. These fees are automatic; the bank deducts them on a set date each month.

The easiest way to avoid these fees is to keep the minimum balance the bank requires. If that's not realistic for your situation, look for a bank that doesn't have a minimum or doesn't charge a fee at all. You don't have to stay with your current bank just because you've been there for years.

Banks and credit unions with no monthly fees

Online banks like Ally, Marcus by Goldman Sachs, and Discover have no monthly maintenance fees, no minimum balance requirements, and no direct deposit requirement. They make money from lending, not from charging you to hold your money. The tradeoff is that you can't walk into a physical branch—all transactions happen online or by phone—but for a savings account, you rarely need a branch anyway.

Credit unions typically charge lower fees than banks or none at all. You must be a member to open an account, which usually means living or working in a certain area, belonging to a specific employer, or being a family member of someone who already belongs. The National Credit Union Administration (NCUA) insures deposits at credit unions the same way the Federal Deposit Insurance Corporation (FDIC) insures them at banks, up to $250,000 per account.

What you'll need to bring to open an account

You'll need a government-issued photo ID (driver's license, passport, or state ID card) and proof of your Social Security number. A Social Security card works, but so does a tax return, W-2, or 1099 form. Some banks also ask for proof of address—a recent utility bill, lease, or bank statement with your name and address on it. If you're opening an account online, you can upload photos of these documents or answer security questions instead.

You don't need an initial deposit to open most accounts, though some banks ask for a small one—$25 to $100. That money is yours; it's not a fee. You can withdraw it when ready if you want, though most people leave it in the account.

How opening a savings account affects your credit

Opening a savings account does not affect your credit score. Banks do a soft inquiry into your banking history through ChexSystems or Early Warning Services—systems that track bounced checks and fraud—but this doesn't show up on your credit report and doesn't lower your score. A hard inquiry, which does affect your credit, only happens when you explore for credit (a loan, credit card, or line of credit), not when you open a deposit account.

If you have a history of overdrafts or fraud, some banks may deny you based on the ChexSystems report. If that happens, you can request a copy of your report and dispute any errors. Some banks also offer second-chance accounts for people with banking problems in their past.

When to open a savings account and what happens next

You can open a savings account any day the bank is open—online banks are open 24/7. The account is usually active within minutes if you're opening online, or within a few minutes if you're in a branch. You'll receive account and routing numbers right away, which you need if you want to set up direct deposit or transfer money from another bank.

Some banks mail you a debit card for the savings account, though many don't—savings accounts typically don't come with cards because they're meant for saving, not spending. You can still move money out by transferring it to another account, writing a check (if the bank offers that), or withdrawing cash at an ATM.

Switching banks if you find a better option

Changing banks is free and takes about a week. You don't have to close your old account first. Open the new account, then ask the new bank to transfer your money using an ACH transfer, which is automatic and costs nothing. Once the money arrives, you can close the old account. If you have automatic payments or direct deposit set up with the old bank, update those to point to your new account before you close it.

Some people keep accounts at multiple banks—one for savings, one for checking, one for emergency money. There's no penalty for this, and it can actually help you organize your money better.

Frequently Asked Questions

Do I have to keep money in the account after I open it?

No. You can open an account and leave it empty, though some banks charge a monthly fee if your balance stays at zero. Online banks don't charge this fee. If you're just testing out a bank before moving money over, opening with no deposit is fine.

What if I can't meet the minimum balance requirement?

Switch to a bank that doesn't have one. Online banks and many credit unions have no minimum balance. You can also ask your current bank if they offer a different savings product without a minimum—some do, though the interest rate may be lower.

Can I open a savings account if I don't have a Social Security number?

Most banks require a Social Security number or Individual Taxpayer Identification Number (ITIN). Some banks in areas with large immigrant populations offer accounts with an ITIN instead. Call ahead to ask, or visit a local credit union, which may have more flexibility.

Will opening multiple savings accounts hurt my credit?

No. Opening multiple savings accounts doesn't affect your credit score because banks don't do hard inquiries. You can open as many as you want without penalty, though keeping track of them becomes harder the more you have.

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

Nothing. You can close an account whenever you want, and it's free. There's no waiting period or penalty. If you deposited money, the bank sends it back to you by check or transfer within a few business days.