Most banks let you open a savings account with zero dollars, but some require a minimum deposit
Whether you need money to open a savings account depends on the bank. Many large banks and online banks have no minimum deposit requirement — you can walk in or sign up online with $0 and start the account immediately. Other banks, particularly smaller regional banks and credit unions, require you to deposit between $25 and $500 before the account opens. A few require $1,000 or more.
The bank's rules are set in their account agreement, which you can read before you commit. If a bank requires a minimum deposit and you do not have it yet, you have three choices: find a bank with no minimum, wait until you have the money, or look for a credit union that waives the minimum for members.
Key Takeaways
- Online banks and many large national banks have zero minimum deposit requirements and let you open an account with no money.
- Some regional banks and credit unions require a minimum deposit between $25 and $500 to open, though this varies by institution.
- The minimum deposit requirement is listed in the account agreement or fee schedule before you open the account.
- If you cannot meet a minimum deposit, switching to a bank with no minimum is faster than waiting to save the money.
- Some credit unions waive minimum deposits for new members or offer lower minimums than traditional banks.
Banks with no minimum deposit requirement
Online banks almost never require a minimum deposit. Banks like Ally, Marcus, and Discover have zero-dollar minimums and let you open an account in minutes from your phone or computer. You can start with $1 or $0.01 and begin earning interest immediately.
Large national banks vary. Chase, Bank of America, and Wells Fargo have savings accounts with no minimum deposit requirement, though some of their premium accounts do require a minimum. Smaller regional banks are more likely to have a minimum, so check before you assume.
The advantage of a no-minimum account is that you can open it today and deposit money whenever you have it. There is no waiting period and no pressure to come up with cash upfront.
Banks that require a minimum deposit
Credit unions frequently require a minimum deposit to open a savings account, typically between $25 and $100. Some credit unions waive this requirement for new members or offer a lower minimum for certain account types. Call your local credit union or check their website before you visit.
Smaller regional banks and community banks often have minimums ranging from $50 to $500. Some have tiered minimums — a lower minimum for a basic savings account and a higher one for accounts with higher interest rates. The minimum is listed in their fee schedule or account agreement.
If a bank requires a minimum and you do not have it, ask whether the minimum can be waived for a new member or whether they offer a lower-minimum account type. Some banks will negotiate, especially if you plan to open a checking account at the same time.
What happens if you cannot meet the minimum
If a bank requires a minimum deposit and you do not have the money, your options are to find a different bank, wait until you have saved enough, or ask the bank whether they can waive the requirement. Waiting is usually the slowest choice — opening a no-minimum account at another bank takes minutes and costs nothing.
Some banks charge a fee if your balance falls below the minimum after the account is open. This is different from a minimum to open. Read the fee schedule to understand both the opening requirement and what happens if your balance drops later.
How to find the minimum deposit requirement before you open
The minimum deposit requirement is always listed before you open the account. For online banks, it appears on the account details page or in the account agreement you review during signup. For brick-and-mortar banks, call the branch or visit their website — the information is usually under "Savings Accounts" or "Account Fees."
Do not rely on a teller's verbal answer. Ask for the written fee schedule or account agreement so you have the official requirement in writing. This protects you if there is confusion later about what you were told.
If you cannot find the information online, call the bank's customer service line and ask directly: "What is the minimum deposit required to open a savings account?" Write down the answer and the date you called, in case you need to reference it later.
Credit unions as an alternative
Credit unions often have lower or no minimum deposit requirements compared to traditional banks, especially for new members. Many credit unions waive the minimum for the first 30 or 60 days, giving you time to deposit money after the account opens.
To join a credit union, you usually need to meet a membership requirement — working for a certain employer, living in a certain area, or belonging to a certain organization. Some credit unions have opened their membership to anyone, so check whether you are may be able to access before you assume you cannot join.
Credit unions are insured the same way banks are, through the National Credit Union Administration (NCUA), so your money is protected up to $250,000 just as it would be at a bank.
Opening an account with a small first deposit
If you have even a small amount of money — $1, $5, or $10 — you can open a no-minimum account today and deposit more later. There is no rule that says you have to wait until you have a large sum. Starting with a small deposit gets the account open and lets you begin earning interest on whatever you have.
Some people open an account with $1 just to reserve the account and establish the relationship with the bank. You can then set up automatic deposits from your paycheck or transfer money in whenever you can. The account is active and working for you from day one.
Frequently Asked Questions
Can I open a savings account with $0?
Yes, if you choose a bank with no minimum deposit requirement. Online banks and many large national banks allow you to open an account with zero dollars. You can then deposit money whenever you have it. Some banks do require a minimum, so check the account agreement before you open.
What if I open an account but my balance drops below the minimum later?
This depends on the bank's rules. Some banks charge a monthly fee if your balance falls below the minimum after the account is open. Others close the account if the balance stays below the minimum for a certain period. Read the fee schedule to understand what happens if your balance drops.
Do credit unions have lower minimums than banks?
Often yes, but not always. Many credit unions have lower minimums or waive them for new members. Some have no minimum at all. Call your local credit union to ask, or check their website for the specific requirement.
Can a bank waive the minimum deposit requirement?
Sometimes. If you plan to open a checking account at the same time, or if you are a new member, some banks will waive the minimum. It does not hurt to ask, but do not count on it. If the bank will not waive it, switching to a no-minimum bank is usually faster than waiting to save the money.
Is my money safe in a bank with no minimum deposit?
Yes. All banks insured by the Federal Deposit Insurance Corporation (FDIC) protect your money up to $250,000, regardless of whether they require a minimum deposit. The minimum deposit requirement has nothing to do with safety — it is just the bank's policy for opening accounts.