How Much Money Do You Need To Open A Bank Account?

It’s important to do your research upfront before opening a new bank account.

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4 min read

At N26, our mission is to remove the barriers of banking and financial wellness, and that includes eliminating common banking fees, so you can feel empowered to live and bank your way.

How much does it cost to open a bank account?

For a lot of banks, it doesn’t cost anything for you to open an account with them. With that said, there are usually minimum requirements that have to be met, such as setting up a direct deposit, in order to avoid charges. It’s important to do your research upfront before opening a new bank account.

Things to consider:

  • While many banks don’t charge customers to open an account, they may charge an ongoing account fee or maintenance fee(new tab) just for having the account. This could mean having to pay a monthly cost of anywhere from $3 to $30 to “maintain” your account.

  • Some banks will require you to make a minimum deposit when you open an account with them.

  • Some banks will also require you to maintain a minimum balance in the account at any given time. If you don’t, you can incur fees.

  • For a true “free” option, some banks offer checking accounts with no minimum balance that are free to open and maintain. A truly free bank account does not have monthly maintenance fees and does not require a monthly minimum balance.

How can I avoid paying fees on my checking account?

One of the biggest benefits of online banking is that you usually do not have to pay fees to maintain your account. Traditional banks may charge monthly service fees and other hidden fees to cover the costs of physical branches. Online banks are able to offer low or no-fee checking accounts because they do not have additional expenses.

How much does it cost to open an N26 account?

There is no cost to open an account with N26, and there is not a minimum balance requirement when you fund your N26 account.

With no fees or minimum account balances, N26 is loved for transparency and flexibility, so you can bank your way. With multiple ways to fund your account and view your activity in the app, you can manage your money safely and securely.

Although there is no cost, it is still recommended to add funds to your N26 account once you sign up.

How do I add money to my N26 account?

There are many easy ways to fund(new tab) your N26 account such as direct deposit and transfer from an external bank. If it is the first time funding your account, you can also add money through a debit card transfer.

If you want to add money to your N26 account via direct deposit, all you need to do is provide the sender (your employer, financial institution, etc.) with our ABA routing number and your personal N26 account number. Find more details on setting up direct deposit(new tab) from our support center. Once you have set up direct deposit in your N26 account, you can get paid up to two days early¹. That’s why we like to say, “with N26, Wednesday is the new Friday.” We talk more about getting your paycheck earlier and everything you need to know about direct deposit(new tab) in our FAQ post.

In addition to adding funds with your own money, you can get direct cash back and promotional discounts(new tab). We have a growing list of partners across travel, wellness, and fashion, so you can get rewarded by using the brands you know and love.

What else do I need to open a bank account?

Whether or not you choose to open an account with an online or traditional bank, you’ll need to gather some basic information to get started. This includes:

  • Valid, government-issued photo ID (such as a driver’s license or passport)

  • Date of birth

  • Social security number

  • Home address

  • Phone number

  • Email address


At N26, we offer a free standard checking account. Yes, really — no minimum account balance, no maintenance charges, and no insufficient funds fees. If you’re wondering about taking the leap to online banking, N26 offers perks that make mobile banking easy and transparent.

Banking online with N26 allows you to enjoy the services of a traditional bank such as depositing checks, transferring money, and making transactions online. You can even access your money at 55,000+ ATMs or at any Allpoint location.

N26 gives you full control over your account right within our mobile app and is just as secure as a traditional bank. Because you have a full view right at your fingertips you can lock or unlock your card and set spending limits with ease.

If you’re ready for the flexibility and simplicity of online banking, you can learn more about signing up for an N26 account(new tab).

¹ Faster funding claim is based on a comparison of our policy of making funds available upon receipt of payment instruction versus the typical banking practice of posting funds at settlement. Fraud prevention restrictions may delay availability of funds with or without notice. Early availability of funds requires payor’s support of direct deposit and is subject to the timing of payor’s payment instruction.

The N26 account is offered by Axos Bank®, Member FDIC. N26 Inc. is a service provider of Axos Bank. All deposit accounts of the same ownership and/or vesting held at Axos Bank are combined and insured under the same FDIC Certificate 35546. All deposit accounts through Axos Bank brands are not separately insured by the FDIC from other deposit accounts held with the same ownership and/or vesting at Axos Bank. The N26 Visa® Debit Card is issued by Axos Bank pursuant to a license by Visa U.S.A. Inc. The N26 Visa Debit Card may be used everywhere Visa debit cards are accepted.

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