Which banks let you open a savings account with no minimum balance

Several major banks and online banks let you open and keep a savings account with zero dollars in it. Chase, Bank of America, Wells Fargo, Ally Bank, and Marcus by Goldman Sachs all offer savings accounts with no minimum opening deposit and no monthly fee if the balance stays at zero. The catch varies by bank: some charge a monthly fee if you don't meet an interest rate threshold or maintain a linked checking account, while others charge nothing no matter what.

The real difference between these accounts is not whether you can have zero balance—you can, at most major banks—but what happens to your money when you do deposit it. Interest rates on savings accounts change constantly and vary widely. A bank offering zero balance with 0.01% annual interest is less useful than one offering zero balance with 4.5% annual interest, even if both let you start with nothing.

Your best move is to check the current interest rate and fee structure at each bank's website before opening. Rates shift monthly, and what was the best option three months ago may not be now.

Key Takeaways

  • Most major banks including Chase, Bank of America, and Wells Fargo allow you to open a savings account with zero dollars and no minimum balance requirement.
  • Zero balance does not mean zero fees—some banks charge monthly maintenance fees unless you meet conditions like a minimum balance or linked checking account.
  • Interest rates on zero-balance savings accounts vary from under 0.01% to over 4%, so comparing rates across banks matters more than comparing minimum balance policies.
  • Online banks like Ally and Marcus typically offer higher interest rates on zero-balance accounts than brick-and-mortar banks, though they have no physical branches.

Banks with no minimum balance and no monthly fees

Ally Bank (online only) offers a savings account with zero minimum balance, zero monthly maintenance fee, and no conditions attached. You earn interest on whatever you deposit. Ally's rate changes with the market but is usually competitive with other online banks.

Marcus by Goldman Sachs (online only) works the same way: zero minimum, zero monthly fee, interest paid on your balance. Marcus has no checking account option, so it works best as a secondary savings account paired with a checking account elsewhere.

Charles Schwab Bank offers a savings account with no minimum balance and no monthly fee. Schwab is known for its investment platform, but the savings account stands alone and earns interest with no strings attached.

These three banks charge nothing whether your balance is zero or five thousand dollars. The trade-off is that they are online-only, so you cannot walk into a branch to deposit cash or speak to someone in person. Most offer mobile deposit (photograph a check on your phone) and ATM access through a network.

Major banks with zero balance but conditional fees

Chase offers a savings account with no minimum opening deposit and no monthly fee as long as you maintain a linked Chase checking account or meet other conditions (like a direct deposit of $500 or more per month). If you close the checking account or stop meeting the condition, a $5 monthly fee kicks in.

Bank of America has a savings account with no minimum balance. The account charges no monthly fee if you keep a linked Bank of America checking account open or maintain a $300 minimum balance in savings. If neither condition is met, you pay $4 per month.

Wells Fargo offers a savings account with no minimum opening deposit. There is no monthly maintenance fee, but the account earns interest only if you maintain a $25 minimum balance. If your balance drops below $25, interest stops accruing (though you do not pay a fee).

These banks let you open with zero dollars, but keeping the account fee-free usually requires either a linked checking account or a small ongoing balance. If you already have a checking account at one of these banks, the savings account is genuinely free to keep at zero balance.

How interest rates compare across zero-balance accounts

Interest rate is the real difference between zero-balance savings accounts. A bank that charges no fee but pays 0.01% annual interest will earn you almost nothing, while a bank paying 4.5% will grow your money meaningfully.

Online banks (Ally, Marcus, Charles Schwab) typically pay higher rates than brick-and-mortar banks (Chase, Bank of America, Wells Fargo) because they have lower overhead costs. As of early 2024, online banks were paying between 4% and 5% on savings, while major banks were paying closer to 0.01% to 0.05%.

Rates change frequently—sometimes weekly—so the rate you see today may be different next month. Check the bank's website directly for the current rate before opening an account. Do not rely on rates quoted in articles or ads, because they go stale quickly.

When a zero-balance account makes sense

A zero-balance savings account is useful if you want to set money aside without committing to a minimum balance or paying fees while you save up. It works well as a temporary holding place—for example, if you are saving for a down payment and want to keep the money separate from your checking account but are not ready to move it yet.

Zero-balance accounts also make sense if you are testing a bank before committing more money. You can open the account, see how the mobile app works, and decide whether to move larger deposits there.

A zero-balance account is less useful if you plan to keep money in savings long-term and want it to grow. In that case, the interest rate matters far more than the zero-balance policy. A high-yield savings account at an online bank will earn you significantly more money over time, even if it requires a small opening deposit.

How to open a zero-balance savings account

Opening a zero-balance account at most banks takes 10 to 15 minutes online. You will need your Social Security number, a government-issued ID, your address, and an email address. Some banks ask for a phone number or employment information.

For online banks (Ally, Marcus, Charles Schwab), the entire process happens on the bank's website or mobile app. You verify your identity, agree to the terms, and the account opens immediately. You can then link an external bank account to transfer money in.

For brick-and-mortar banks (Chase, Bank of America, Wells Fargo), you can open online or in a branch. Opening online is faster and does not require an appointment. If you open in a branch, bring your ID and be ready to provide your Social Security number and address.

You do not need to deposit money to open the account. The account is active at zero balance from the moment you finish the application.

Frequently Asked Questions

Can I keep a savings account at zero balance forever without getting charged?

At online banks like Ally and Marcus, yes—zero balance means zero fees, period. At brick-and-mortar banks like Chase and Bank of America, it depends on whether you meet their conditions (linked checking account, minimum balance, or direct deposit). Check the specific bank's fee schedule before opening.

Will a zero-balance savings account hurt my credit score?

No. Opening a savings account does not affect your credit score because banks do not report savings accounts to credit bureaus. Only credit products (credit cards, loans, lines of credit) show up on your credit report.

Can I transfer money into a zero-balance account from another bank?

Yes. Once your account is open, you can link it to an external bank account and transfer money in using ACH (automated clearing house). This usually takes one to three business days. You can also deposit checks by photograph using mobile deposit if the bank offers it.

What happens if I deposit money and then withdraw it all—do I still have the account?

Yes. The account stays open and active at zero balance. You can deposit and withdraw as many times as you want. The account closes only if you request it or if the bank closes it due to inactivity (usually after 12 months with no deposits or withdrawals, though policies vary).

Is a zero-balance savings account the same as a money market account?

No. A savings account and a money market account are different products. A money market account usually requires a higher minimum balance and may offer a higher interest rate, but it also may limit how many withdrawals you can make per month. A zero-balance savings account has no withdrawal limits and typically a lower interest rate.