Opening deposit requirement: Some bank accounts require you make an initial minimum deposit to open your account

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Often this is around $25 to $100, although, as the examples above show, some accounts don’t require a minimum deposit at all. This requirement is also more common on money market accounts, a type of savings account in the U.S. that may have a higher interest rate than other accounts but also often has a high minimum balance requirement.

Monthly fee: Some accounts will charge a monthly maintenance fee if account holders don’t meet certain requirements. These might include having direct deposits into the account or maintaining a minimum daily balance. If you don’t think you’ll maintain the account balance, look for a free checking account that doesn’t have any minimum balance requirements or monthly service fees.

ATM fees: Many banks offer fee-free ATM usage at their ATMs, but may charge a fee if you use an ATM that’s run by a different financial institution or independent ATM operator. Credit unions often have fewer ATMs, but they may be part of large ATM networks that give you access to free ATMs around the country. Regardless of whether your bank or credit union charges ATM fees, the ATM operator might charge you a fee.