Most savings accounts cost nothing to open or maintain
You do not have to pay money to open a savings account or keep one open. Banks and credit unions offer accounts with no monthly fees, no minimum balance requirements, and no hidden charges. Some accounts do charge fees, but only if you choose them — and you can always switch to a free account instead.
The confusion usually comes from seeing fee schedules online or hearing about accounts that do charge. Those accounts exist, but they are not the default. If a bank is not clearly telling you about a fee, you are almost certainly not paying one.
Key Takeaways
- Most banks and credit unions offer savings accounts with zero monthly maintenance fees and no cost to open.
- Some accounts charge fees only if you fall below a minimum balance or make too many withdrawals in a month, but you can avoid these by choosing a different account.
- Online banks typically have lower fees than brick-and-mortar banks because they have fewer physical locations to maintain.
- If you see a fee listed on an account, you can ask the bank to waive it or move your money to a bank that does not charge it.
When a savings account might have a fee
Some accounts do charge a monthly maintenance fee — usually between $5 and $15 — but this is becoming less common. When a fee exists, it is often waived if you meet one of these conditions: keeping a certain minimum balance (like $500 or $1,000), setting up direct deposit, or maintaining a checking account at the same bank.
A few accounts charge a fee if you withdraw money more than a certain number of times per month. Federal rules once limited savings withdrawals to six per month, and some older accounts still reflect this structure. However, that rule no longer applies, and most modern accounts allow unlimited withdrawals without penalty.
Overdraft fees are separate from account fees. If you try to withdraw more money than you have, the bank may charge you. This is not a fee for having the account — it is a fee for overdrawing it. You can prevent this by monitoring your balance and not spending money you do not have.
How to find an account with no fees
Start by checking what your current bank offers. If you already have a checking account, ask whether they have a savings account with no monthly fee. Many banks bundle these together, and switching from one account to another within the same bank takes minutes.
If your bank charges a fee you cannot avoid, online banks almost always have free options. Banks like Ally, Marcus, and Discover have no monthly fees, no minimum balance requirements, and no withdrawal limits. Credit unions also typically charge no fees for basic savings accounts.
Before opening any account, look for the fee schedule on the bank's website or ask a representative directly: "Does this account have a monthly maintenance fee?" If the answer is yes, ask what would waive it. If the waiver conditions do not fit your situation, choose a different account.
What happens if you close an account
Closing a savings account costs nothing. You can close it online, by phone, or in person at a branch. The bank will send any remaining balance to you — usually by check or direct deposit to another account you provide.
There is no penalty for closing an account early, even if you opened it yesterday. Banks do not charge you for leaving. The only thing to watch for is making sure your money actually reaches you before you close it — confirm the transfer went through before you consider the account closed.
Fees you might see that are not account fees
ATM fees are charged when you use an ATM that does not belong to your bank. This is not a fee for having the account; it is a fee for using someone else's machine. You can avoid it by using your bank's ATM or asking for cash back at a store.
Wire transfer fees are charged when you send money to another bank. Savings accounts do not require you to send wire transfers, so you only pay this if you choose to. Many banks offer one free wire transfer per month or per year.
Inactivity fees are rare but do exist at some banks. If you do not use your account for a very long time — usually a year or more — the bank may charge a small monthly fee. You can prevent this by making at least one deposit or withdrawal every few months, or by choosing a bank that does not have this policy.
Moving money between accounts without paying
Transferring money from a savings account to a checking account at the same bank is free. Transferring to a different bank is also free if you use an ACH transfer (Automated Clearing House), which takes one to three business days. Wire transfers are faster but usually cost $15 to $30.
You do not have to pay to move your money. If a bank tells you there is a charge to transfer out, that is unusual — ask to speak to a manager or move to a different bank. Most institutions want to keep your business and will waive transfer fees if you ask.
Frequently Asked Questions
Can a bank charge me a fee just for having a savings account open?
Some banks do charge a monthly maintenance fee, but most do not. If your bank charges one, you can usually waive it by keeping a minimum balance or setting up direct deposit. If you cannot meet those conditions, you can open a free account at a different bank at no cost.
What is the difference between a savings account fee and an overdraft fee?
A savings account fee is charged just for having the account open, usually monthly. An overdraft fee is charged only if you try to spend more money than you have. You can avoid overdraft fees by checking your balance before you spend.
Do online banks charge less than regular banks?
Online banks typically charge lower fees or no fees because they do not have the cost of running physical branches. However, some traditional banks also offer free accounts. Compare the specific account you are interested in rather than assuming online is always cheaper.
If I keep a very small balance, will I get charged?
Most modern accounts have no minimum balance requirement. Some older accounts or premium accounts do require a minimum, but you can choose not to open those. Check the account details before you open it, and if a minimum is listed, ask if it can be waived or choose a different account.
What should I do if my bank starts charging a fee I did not know about?
Call the bank and ask why the fee appeared. Sometimes fees are waived if you ask, especially if you have been a customer for a long time. If the bank will not waive it, you can close the account and move your money to a bank with no fees — this costs nothing and takes a few days.