Opening a savings account costs nothing at most banks
You do not pay a fee to open a savings account at most major banks, credit unions, or online banks. The account itself is free to set up. You walk in, sit down with a banker, answer some questions, sign some forms, and leave with an account number. Or you do it online in ten minutes. No charge either way.
What you do need is an opening deposit—the money you put in when you create the account. That amount varies widely. Some banks ask for $0. Others want $25, $100, $500, or more. This is not a fee; it is your own money sitting in your account. You can withdraw it whenever you want.
Key Takeaways
- Opening a savings account itself is free at most banks, credit unions, and online banks—there is no setup or application fee.
- You will need an opening deposit to fund the account, which ranges from $0 at some banks to $500 or more at others, depending on the institution.
- Monthly maintenance fees exist at some banks but not others; these are separate from the opening deposit and charged every month if your balance falls below a minimum.
- Online banks typically have lower opening deposits and no monthly fees, while brick-and-mortar banks vary widely in what they require.
- You may face fees later for things like overdrafts, wire transfers, or paper statements, but these are not part of opening the account.
Opening deposits vary by bank and account type
The opening deposit is the first real cost decision you face. A bank sets this amount, and it depends on the type of account and the bank's own rules. Online banks like Ally, Marcus, and Discover often ask for $0 to open. You can fund the account with $1 if you want. Traditional banks like Chase, Bank of America, and Wells Fargo typically ask for $25 to $100 for a basic savings account, though some branches may ask for more.
Credit unions—member-owned banks that often have lower fees—usually ask for a small opening deposit, often $5 to $25, plus a membership fee that ranges from $0 to $25. That membership fee is separate from the opening deposit and is a one-time charge to join the credit union itself.
The opening deposit is your money. It sits in the account and earns interest (though usually a very small amount). You are not giving it to the bank; you are putting it there to use the account. You can withdraw it at any time.
Monthly maintenance fees are separate from opening costs
Some banks charge a monthly maintenance fee—usually $5 to $15—just for having the account open. This is different from the opening deposit. It happens every month, not just once. Chase, for example, charges $5 per month on some savings accounts unless you keep a minimum balance (often $300 to $500) or set up direct deposit.
Many banks waive this fee if you meet certain conditions. Common ones are: keeping a minimum balance, setting up direct deposit, or maintaining a linked checking account. Online banks almost never charge monthly maintenance fees, which is one reason they are popular for people watching costs.
If you do not meet the conditions and the fee applies, the bank deducts it from your account balance each month. Over a year, a $5 monthly fee costs $60—money that comes out of your savings.
Other fees that come later, not at opening
When you open the account, you only pay the opening deposit (if any) and possibly a membership fee (if it is a credit union). But once the account is open, other fees can appear depending on how you use it.
An overdraft fee happens if you withdraw more money than you have in the account. This typically costs $25 to $35 per overdraft. A wire transfer fee (sending money to another bank) usually costs $15 to $30. Requesting a paper statement instead of online statements might cost $1 to $5 per statement. These are not opening costs—they only happen if you do those specific things.
How to find a bank with no opening costs
If you want to avoid any opening deposit, online banks are your easiest route. Ally Bank, Marcus by Goldman Sachs, Discover Bank, and American Express Personal Savings all allow you to open with $0. You can fund the account with whatever amount you choose, even $1, and there is no monthly maintenance fee.
If you prefer a physical branch, check your local credit unions first. Many credit unions have low or no opening deposits and lower monthly fees than big banks. You can search for credit unions in your area on the CO-OP Network website or through the Credit Union Locator tool.
If you want to use a major bank like Chase or Bank of America, call ahead or check their website for the current opening deposit requirement. These amounts change, and some branches may offer promotions that waive the opening deposit for a limited time.
What you actually need to bring or provide
Opening a savings account requires proof of identity and proof of address. Bring a government-issued ID (driver's license, passport, or state ID card) and a recent document with your address on it (utility bill, lease, or bank statement from another bank). If you are opening online, you will upload photos of these documents or answer security questions instead.
You will also need to provide your Social Security number so the bank can verify your identity and report interest earned to the IRS. If you are opening a joint account with someone else, both people need to provide ID and their Social Security number.
That is it. No hidden costs hide in this paperwork. The only money that leaves your pocket is the opening deposit, which is your own money in your own account.
Comparing opening costs across account types
| Bank Type | Typical Opening Deposit | Monthly Maintenance Fee | Membership Fee |
|---|---|---|---|
| Online Bank | $0 | $0 | $0 |
| Credit Union | $5–$25 | $0–$5 | $0–$25 (one-time) |
| Large Bank (Chase, Bank of America) | $25–$100 | $5–$10 | $0 |
| Regional Bank | $50–$250 | $3–$8 | $0 |
These ranges reflect typical offerings as of now, but banks change their requirements. Always check the specific bank's website or call before opening an account.
Frequently Asked Questions
Do I have to pay anything to open a savings account?
No. The account itself is free to open. You may need to deposit money to fund it (the opening deposit), but that is your own money, not a fee. Some credit unions charge a one-time membership fee, usually $5 to $25, but most banks do not.
What happens if I cannot afford the opening deposit?
Open an account at an online bank that requires $0 to start. Ally, Marcus, Discover, and American Express Personal Savings all allow you to open with no minimum deposit. You can add money later whenever you are ready.
Can I get my opening deposit back?
Yes. Your opening deposit is your money. You can withdraw it at any time. The bank is not keeping it; it is sitting in your account earning a small amount of interest.
Will I be charged a monthly fee right away?
Not always. Many banks waive monthly fees if you keep a minimum balance or set up direct deposit. Check the bank's fee schedule before opening to see what conditions apply. Online banks rarely charge monthly fees at all.
What if I close the account right after opening?
You can close it whenever you want. Withdraw your opening deposit and any interest earned, and the account closes. Most banks do not charge a fee for closing an account, but a few do—usually $25 to $50. Check the bank's policy before opening.