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Some banks charge a fee, especially for low-balance accounts.
“Balance” means the amount of money you have in your account, and “low” would be defined by the bank.
Additionally, some banks have direct deposit requirements to avoid fees. For example, needing to have at least $1000 direct deposited (eg from an employer) each month.
Some banks have free checking accounts. Sometimes theres min requirements to avoid the fee. You get a debit card, can deposit your money there, and they make a profit because they can use your money to loan out. They make money off the interest from the loan, and your money is still available whenever you need it. These also make a profit from things like overdraft fees.
Savings accounts usually don’t have a fee, and allow you to earn interest on the money you keep there. Some savings accounts also provide you with a debit card that you can use for regular purchases. The bank (and you) make money on this kind of account from interest earned from the banks ability to give out loans with your cash. Again, you never see how much of your money go towards these loans, and up to a certain dollar amount, you’re always able to withdraw it whenever you want to.
The specific terms and dollar amounts will be in the paperwork when you set up the account.
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