Most banks charge nothing to open a savings account, but some require a minimum deposit you must keep in the account
Opening a savings account itself is free at nearly every bank in the United States. The bank does not charge you a fee to create the account. What varies is whether the bank requires you to deposit money upfront and keep a minimum balance to avoid monthly fees.
A minimum opening deposit is money you put in when you start the account. This is not a fee — it is your own money. Some banks ask for $0, some for $25, some for $100 or more. If you cannot meet the minimum, you cannot open that account at that bank. If you can meet it and keep the balance above the minimum, you pay nothing monthly. If your balance drops below the minimum, the bank charges a monthly maintenance fee, usually $5 to $15.
The real cost of a savings account is not opening it — it is what happens if you do not maintain the balance the bank requires. That is where fees accumulate.
Key Takeaways
- Opening a savings account costs $0 at most banks; the cost comes from monthly maintenance fees if your balance falls below the bank's minimum.
- Minimum opening deposits range from $0 to $500 depending on the bank and account type, but this is your money, not a fee.
- Online banks typically have no minimum deposit and no monthly fees, while traditional brick-and-mortar banks often require both.
- Monthly maintenance fees range from $5 to $15 if you fall below the minimum, but you can avoid them by keeping the required balance or switching to a bank with no minimum.
- Some banks waive the minimum if you set up direct deposit or maintain a linked checking account with them.
Minimum deposit requirements by bank type
Online banks almost never require a minimum deposit. Banks like Ally, Marcus, and Discover have $0 minimums and charge no monthly maintenance fees. You can open the account and deposit $1 if you want. This is why online banks are the lowest-cost option for most people.
Traditional banks with physical branches vary widely. Chase requires $0 minimum on some savings accounts but $300 on others. Bank of America requires $0 on some accounts and $300 on others. Wells Fargo requires $0 on some and $500 on others. The specific account matters — the same bank may offer multiple savings products with different minimums.
Credit unions often have low or no minimums, but you must be a member first. Membership requirements vary by credit union — some are open to anyone in a geographic area, some require you to work for a specific employer or belong to a specific organization. Once you are a member, opening a savings account is usually free with $0 or $25 minimum.
Monthly maintenance fees and how to avoid them
If you open an account with a minimum balance requirement and your balance drops below it, the bank charges a monthly maintenance fee. These fees are typically $5, $10, or $15 per month. They compound — if you do not deposit money to bring the balance back up, the fee hits again the next month, and the month after that.
You can avoid monthly fees in three ways: keep your balance above the minimum, switch to a bank with no minimum, or meet an alternative requirement the bank offers. Many banks waive the minimum if you set up direct deposit of your paycheck, if you maintain a linked checking account with them, or if you have a certain total balance across all your accounts with that bank.
If you are already paying monthly fees, call the bank and ask what waiver options exist. You may not have known about them when you opened the account. If the bank cannot waive the fee, moving your money to an online bank with $0 minimum and $0 monthly fees takes about a week and costs nothing.
What happens after you open the account
Once the account is open, you control what you deposit and when. The bank does not charge you to deposit money. You can add $1 or $1,000 — the deposit itself is free. The bank makes money from the interest it earns on the money you keep there, not from charging you to use the account.
Some banks offer higher interest rates if you maintain a higher balance, but this is not a fee — it is a reward. You earn more interest, not less. Other banks offer the same interest rate regardless of balance. Check the account's terms before you open it to understand what rate you will earn and whether it changes based on your balance.
Withdrawals are also free. You can withdraw your money whenever you need it. The bank does not charge you per withdrawal, though federal law once limited savings account withdrawals to six per month — that rule was suspended in 2020 and has not returned.
Comparing costs across different banks
| Bank Type | Typical Minimum Deposit | Monthly Fee If Below Minimum | Best For |
|---|---|---|---|
| Online banks | $0 | $0 | People who want no fees and do not need a physical branch |
| Traditional banks (large) | $0–$500 | $5–$15/month | People who want a physical branch and can meet the minimum |
| Credit unions | $0–$25 | $0–$10/month | People who are members and want lower fees than large banks |
| Community banks | $25–$100 | $5–$12/month | People who want local service and are willing to meet modest minimums |
Hidden costs that are not fees
Some things look like costs but are not. If the bank pays you 0.01% interest and another bank pays 4.5%, the difference is not a fee — it is lost earnings. Over a year, keeping $1,000 in the low-interest account costs you about $45 in interest you did not earn. This is real money you lose, but it is not a fee the bank charges you.
Overdraft fees are also not part of opening a savings account, but they matter if you link a checking account to it. If you overdraw your checking account, the bank charges $25 to $35 per overdraft. This happens when you spend more than you have, not when you open the account. You can prevent it by keeping a buffer in your checking account or by opting out of overdraft protection.
ATM fees are another consideration. If you use an ATM that is not owned by your bank, the ATM operator charges you $2 to $3 per withdrawal. Your bank may also charge you $1 to $3 for using an out-of-network ATM. Online banks often reimburse these fees or partner with ATM networks to avoid them. Traditional banks with many branches let you withdraw free at their own ATMs.
Frequently Asked Questions
Do I have to pay anything to open a savings account?
No. The act of opening the account is free. You may have to deposit money upfront (a minimum opening deposit), but that is your own money, not a fee. Monthly maintenance fees only explore if your balance falls below the bank's minimum requirement.
What if I cannot meet the minimum deposit?
Open an account at an online bank instead. Ally, Marcus, Discover, and many others have $0 minimums and $0 monthly fees. You can deposit as little as $1 and never pay a fee. If you prefer a physical branch, ask your local credit union — many have $0 or $25 minimums.
Can I avoid monthly fees if I already opened an account?
Yes. Call your bank and ask what waiver options exist — direct deposit, linked checking account, or higher total balance across accounts can all waive the fee. If your bank will not waive it, you can move your money to a bank with no minimum and no monthly fees at no cost.
Is the interest rate part of the cost?
Interest is not a cost — it is earnings. A low interest rate means you earn less money, not that you pay a fee. Compare interest rates across banks before opening an account. Online banks typically pay higher rates than traditional banks.
What fees should I watch out for after I open the account?
Monthly maintenance fees are the main one. ATM fees explore if you use out-of-network ATMs. Overdraft fees explore to your checking account if you link one, not your savings account. Read the account terms before opening to understand all fees that could explore.