Opening a savings account costs nothing at most banks
You do not pay money to open a savings account. Most banks and credit unions charge zero dollars to create the account itself. You walk in, or go online, answer some questions, and the account opens. No fee appears.
What you do need is an opening deposit — the money you put in on day one. This is not a fee; it is your money, sitting in your account. The opening deposit ranges from zero dollars at some online banks to $25 or $100 at others. A few banks ask for $500 or more. This amount varies by the bank and the type of account you choose.
After the account is open, the only cost that might appear is a monthly maintenance fee — but most savings accounts do not charge one. If a fee does exist, it is usually $3 to $10 per month, and many banks waive it if you keep a minimum balance or set up direct deposit.
Key Takeaways
- Opening a savings account itself is free at nearly all banks and credit unions — you pay nothing to create the account.
- An opening deposit is required at most banks, ranging from $0 to $500 depending on the bank, but this is your own money, not a fee.
- Monthly maintenance fees exist at some banks but are uncommon for savings accounts, and many banks remove the fee if you maintain a low balance or receive direct deposit.
- Online banks typically have lower opening deposits and no monthly fees compared to brick-and-mortar branches.
- Overdraft fees and ATM fees are separate charges that only occur if you use certain services, not straightforward for having the account.
Opening deposits: what banks actually require
The opening deposit is the amount of money you must put into the account when you create it. This is not a cost — it is your savings. Think of it as the bank saying, "We will hold this money for you, and we need to see that you have at least this much to start."
Online banks often have the lowest opening deposits. Many online savings accounts ask for $0 to open. Banks like Ally, Marcus, and Discover have no opening deposit requirement. You can open the account and deposit $1 if you want to.
Traditional banks with physical branches usually ask for more. A regional or national bank might require $25, $50, or $100 to open a savings account. Some require $500. Credit unions vary widely — some have no opening deposit, others ask for $5 to $25.
The opening deposit sits in your account as your balance. If you deposit $100 to open the account, you have $100 in savings. You can withdraw it anytime (though some accounts limit how often you can withdraw). The bank does not keep it.
Monthly maintenance fees and how to avoid them
A monthly maintenance fee is a charge the bank takes from your account each month just for having the account open. Not all savings accounts have one. Many do not charge anything at all.
When a fee does exist, it is usually $3 to $10 per month. Some banks charge $5. Others charge $8. A few charge more. Over a year, a $5 monthly fee costs $60 — money that comes out of your savings.
Most banks let you avoid the fee in one of these ways: keep a minimum balance (often $500 to $1,000), set up direct deposit from your paycheck, or maintain a certain number of transactions per month. Some banks waive the fee for customers under 18 or over 65. Read the account details before you open to see what the bank requires.
Online banks almost never charge monthly maintenance fees. If you want to avoid fees entirely, an online account is usually the simplest choice.
Other charges that might appear on your statement
Beyond opening deposits and monthly fees, a few other charges can show up — but only if you use certain services or make certain mistakes.
An overdraft fee occurs when you try to withdraw more money than you have in the account. If your balance is $50 and you withdraw $75, the bank may cover the extra $25 and charge you a fee (usually $25 to $35) for doing so. Some banks decline the withdrawal instead and charge nothing. Read your account agreement to see what your bank does.
An ATM fee appears when you use an ATM that does not belong to your bank. If your bank is Bank of America and you use a Chase ATM, Chase may charge you $2 to $3. Your own bank may also charge you a fee for using an out-of-network ATM. Using your bank's own ATMs costs nothing.
A wire transfer fee applies if you send money to another bank. Receiving a wire transfer is usually free, but sending one costs $15 to $30. This is not a regular charge — it only happens when you request a wire.
How opening deposits and fees differ by bank type
| Bank Type | Typical Opening Deposit | Monthly Maintenance Fee | When Fee Is Waived |
|---|---|---|---|
| Online Bank | $0 to $25 | Usually none | N/A — no fee to waive |
| National Bank (Chase, Bank of America, Wells Fargo) | $25 to $100 | $0 to $10 | Minimum balance or direct deposit |
| Regional or Local Bank | $25 to $500 | $0 to $8 | Minimum balance or direct deposit |
| Credit Union | $0 to $25 | Usually none | N/A — no fee to waive |
What to look for when comparing savings accounts
Before you open an account, check three things: the opening deposit, the monthly fee (if any), and the interest rate. The interest rate is what the bank pays you for letting them hold your money — but that is a separate topic.
If you have very little money to start with, look for a bank with a $0 opening deposit. Online banks and credit unions are good choices. If you have $100 or more, you have more options, and you can focus on which bank offers the best interest rate or the fewest fees.
Call the bank or visit their website and look for a document called the "Deposit Account Agreement" or "Account Terms." This document lists every fee the bank charges. It is long and boring, but it tells you exactly what costs might appear on your statement.
Many banks also offer a comparison tool on their website showing different account types side by side. Use it to see opening deposits and fees before you decide.
Frequently Asked Questions
Can I open a savings account with no money at all?
Yes, at banks with a $0 opening deposit. Many online banks and credit unions do not require you to deposit anything on day one. You can open the account and add money later. However, some banks do require a small opening deposit, so check before you start.
What happens if I cannot meet the minimum balance to avoid the monthly fee?
The bank charges you the monthly fee. If your balance drops below the required minimum, the fee comes out of your account each month. You can close the account anytime to stop the fee, or switch to a different bank with no minimum balance requirement.
Do I have to pay to close a savings account?
No. Closing a savings account is free. You withdraw your money and tell the bank to close it. Some banks ask you to do this in person or by phone, but there is no charge for closing.
Is the interest I earn on my savings taxed?
Yes. Interest counts as income. If you earn more than a small amount (the threshold changes each year), the bank sends you a tax form and you report it on your tax return. This is separate from account fees — it is about taxes, not banking costs.
Can a bank charge me a fee just for not using my account?
Some banks charge an inactivity fee if you do not make any deposits or withdrawals for a long time — usually six months to a year. This is uncommon for savings accounts but more common for checking accounts. Check your account agreement to see if your bank charges one.