Most banks and credit unions do not charge you to open a savings account

Opening a savings account itself is free at the vast majority of banks and credit unions in the United States. You will not pay a fee to create the account, and you will not pay a fee just for having it open.

What you may pay for is what happens after you open it — monthly maintenance fees, overdraft charges, or fees for falling below a minimum balance. These vary widely by institution and account type. The account opening itself costs nothing.

Key Takeaways

  • Opening a savings account costs zero dollars at nearly all banks and credit unions; the account creation itself is always free.
  • Monthly maintenance fees (typically $5 to $15) are the most common charge, but many banks waive them if you keep a minimum balance or set up direct deposit.
  • Some banks charge fees for falling below a minimum balance, while others have no minimum at all.
  • Online banks and credit unions tend to have lower or no monthly fees compared to large brick-and-mortar banks.
  • You should read the fee schedule before opening to understand what charges might apply after the account is active.

Monthly maintenance fees and how to avoid them

The most common charge you will encounter is a monthly maintenance fee, which some banks charge just for keeping the account open. These fees typically range from $5 to $15 per month, though the exact amount depends on the bank and the type of savings account.

Many banks waive this fee if you meet one of these conditions: keeping a minimum balance (often $500 to $2,500), setting up direct deposit of your paycheck, or maintaining a linked checking account at the same bank. Some banks waive the fee automatically for all customers. Online banks and credit unions are more likely to have no monthly fee at all.

Before you open an account, ask the bank directly what the monthly fee is and what conditions waive it. This information is usually in the account's fee schedule, which the bank is required to provide.

Minimum balance requirements

Some savings accounts require you to keep a certain amount of money in the account at all times. If your balance drops below that threshold, the bank may charge a fee — usually $10 to $25 per occurrence.

The minimum balance requirement varies widely. Some accounts require $25, others $500, and some have no minimum at all. Online banks and credit unions often have lower minimums or none. If you are starting with a small amount of money, look for an account with no minimum balance requirement or a very low one.

Overdraft and other transaction fees

Savings accounts typically limit how many withdrawals you can make per month (often six under federal rules, though this has become less strict). If you exceed that limit, the bank may charge a fee per extra withdrawal — usually $10 to $35.

You may also encounter fees for using an out-of-network ATM, requesting a paper statement, or closing the account within a certain timeframe. These are less common but worth checking the fee schedule for, especially if you plan to withdraw cash frequently or close the account soon.

How to find accounts with no fees

Online banks and credit unions are your best bet for accounts with no monthly maintenance fee and no minimum balance. Banks like Ally, Marcus, and Discover have built their business model around low or zero fees. Credit unions, which are member-owned nonprofits, often have no monthly fees and lower minimums than traditional banks.

If you prefer a brick-and-mortar bank where you can walk in and speak to someone, ask about their basic savings accounts or youth savings accounts, which often have lower or waived fees. Some large banks offer fee waivers for customers under 18 or over 65.

You can compare fee schedules on each bank's website, usually under "Rates and Fees" or "Account Terms." If you cannot find it online, call the bank directly and ask for the fee schedule in writing before you open the account.

What you need to bring to open an account

Opening an account does not cost money, but you will need to provide certain documents. Most banks require a government-issued photo ID (driver's license, passport, or state ID) and proof of your Social Security number (your Social Security card, tax return, or W-2). Some banks also ask for proof of address, such as a utility bill or lease.

You can open an account online, by phone, or in person, depending on the bank. Online and phone applications are usually faster and require you to upload photos of your documents. In-person applications let you hand over originals, though some banks now photograph them anyway.

Initial deposit requirements

While opening the account is free, some banks require you to deposit money when you open it. This initial deposit is typically $25 to $100, though some banks have no minimum. This money is yours — it is not a fee — but you should confirm the amount before you open the account so you are not surprised.

Online banks and credit unions often have lower or no initial deposit requirements. If you do not have money to deposit right away, look for an account that lets you open it with zero dollars and deposit later.

Frequently Asked Questions

Can I open a savings account with no money?

Some banks allow you to open an account with zero dollars, while others require an initial deposit of $25 to $100. Check the bank's website or call before you apply. Online banks are more likely to allow zero-dollar openings than traditional banks.

Do I have to pay to close a savings account?

Most banks do not charge a fee to close an account. However, some banks charge a fee if you close the account within a certain timeframe (often 90 to 180 days). Check the fee schedule before you open to see if there is an early closure fee.

What is the difference between a savings account fee and an overdraft fee?

A savings account fee is charged by the bank for maintaining the account (monthly maintenance) or for not meeting a requirement (falling below minimum balance). An overdraft fee is charged when you spend more money than you have in the account. Savings accounts rarely overdraft because withdrawals are limited, but it can happen.

Are credit union savings accounts cheaper than bank savings accounts?

Credit unions often have lower fees and lower minimum balances than traditional banks, but not always. Compare the fee schedule of your local credit union to nearby banks. Some credit unions charge monthly fees while some banks do not, so it depends on the specific institution.

Do online banks charge less than in-person banks?

Online banks typically charge lower or no monthly fees because they have fewer physical locations and lower operating costs. However, you should compare the specific account you are interested in, because some in-person banks also offer no-fee savings accounts.