Opening a bank account may seem daunting, but the cost can often be less than you think. Estimates place 81.5% of U.S. households in the category of “fully banked.” This group is taking full advantage of a checking or savings account with an FDIC-insured financial institution. 

Additionally, there are several things to know when looking for a financial institution to help make your money work for you, including:

  • The cost of opening a bank account may be as low as $0, depending on your chosen account type.
  • Different bank accounts, such as checking and money market accounts, may have other minimum opening deposit requirements.
  • Fees associated with opening and monthly maintenance fees of a bank account
  • Overdraft fees 
  • Researching the best options for low-cost bank accounts with minimum opening deposits is valuable.

For a good reason, many look at the cost of opening a bank account. However, earning an impressive yield on your money can improve your overall financial health.

Let’s jump right into it!

Initial Deposits to Open a Bank Account 


Many consumers sense that some institutions require a minimum initial deposit, so it’s important to consider monthly maintenance fees. These expenses can add up over time. Still, opening a bank account is an essential step for wealth management. 

Between $1-$10 for some credit unions and $25-$100 for national banks is a reasonable expectation. Finding a bank or credit union with minimal opening deposits is possible now more than ever, even down to $0!

In addition to these costs, you may encounter other fees when opening a bank account, such as check printing or online banking fees. Therefore, it’s a good idea to carefully review the fees associated with a bank account before you open one to ensure that it’s the best option for your needs.

Many manageable price points fit all types of customers. Consider how you earn, save, and spend money to determine which institution is best for your goals. Money market accounts and certificates of deposit tend to have a higher minimum opening deposit. Talk these options over with your banker to find your fit.

Account Fees to Know Before you Open a Bank Account


One of the most common costs associated with opening a bank account is the account fee. The bank charges this fee for maintaining your account. Also called a maintenance fee, these average $15.50. Account fees can vary widely depending on the type of account you open and the bank you choose.

Some banks may charge a flat monthly fee for maintaining your account, while others may charge a fee based on the balance in your account. It’s a good idea to shop around and compare bank account fees to find the best option for your needs.

Since there is no one-size-fits-all solution, you’ll want to have an earnest view of your financial habits when considering how manageable the fees will be. Also, minimum balance requirements mean you’ll need to maintain a certain balance in your account to avoid a fee. 

Keep yourself covered by carrying a balance well above your minimum requirement.

ATM & Overdraft Fees once you Open a Bank Account


If you use an ATM not outside of your bank’s network, prepare to face an ATM fee for the transaction. These fees can be in the neighborhood of $3 or more and start to add up. These fees can vary depending on the bank and the location of the ATM. Some banks may offer a certain number of free ATM transactions per month, while others may charge a flat fee for each transaction.

Overdraft fees occur when you draw on your account beyond the available balance. Spending more money than you have on hand is only a short-term solution. If you overdraft your account, meaning you spend more money than you have available in your account, you may be charged an overdraft fee.

 These fees can be steep, so keeping track of your account balance and avoiding overdrafting to protect your hard-earned money is essential. Unfortunately, these pieces are among the fees you may see once you open a bank account.

The cost of opening a bank account will depend on the type of account you open and the bank you choose. By researching and shopping around, you can find an account that meets your needs and fits your budget.



The cost to open a bank account may be less than you think, especially if you choose a bank with low fees and minimum opening deposits. However, by researching and understanding your financial needs, you can find a bank account that fits your budget and helps you manage your money effectively.

Stay up to date for more must-have finance knowledge from Small Business Bank. SBB is invaluable for those looking for that neighborhood bank feel while bringing the capabilities of a national institution. Log on now to find out how you can open an account today.