Minimum deposit amounts vary by bank, but many accounts open with $0
You do not need any money to open a savings account at most banks. Many institutions—including large national banks, credit unions, and online banks—let you open an account with a zero dollar deposit. You fund it later, on your own schedule.
Some banks do require a minimum opening deposit, typically between $25 and $100. A smaller number ask for $500 or more. The amount depends entirely on which bank you choose, the type of account, and whether you are opening in person or online.
The opening deposit is separate from a minimum balance requirement—the amount you must keep in the account to avoid monthly fees. Some accounts have both, some have neither, and some have one but not the other. Understanding the difference matters because they affect your money in different ways.
Key Takeaways
- Many banks let you open a savings account with zero dollars and deposit money later, so cost is not a barrier to getting started.
- If a bank does require an opening deposit, it is usually $25 to $100, though some ask for $500 or more.
- Minimum balance requirements (the amount you must keep in the account) are separate from opening deposits and vary widely by bank and account type.
- Online banks and credit unions often have lower or no opening deposit requirements than brick-and-mortar banks.
- Monthly maintenance fees kick in only if you fall below the minimum balance, so you can avoid them by keeping enough money in the account.
Banks with no opening deposit requirement
Online banks are the most likely to have zero opening deposit requirements. Banks like Ally, Marcus, and Discover have no minimum to open, and you can fund the account immediately after signing up online. The process takes minutes, and money transfers from your other bank account within one to three business days.
Many large national banks also offer no-deposit accounts. Chase, Bank of America, and Wells Fargo all have savings products you can open without an initial deposit. Credit unions frequently do the same—you may need to join the credit union first (which sometimes costs nothing), but then opening a savings account requires no deposit.
Local and regional banks vary. Some have zero-deposit accounts; others require $25 to $100. Call or visit the bank's website to check before you go in person.
Banks that require an opening deposit
If a bank does ask for money upfront, the amount is usually modest. Most commonly you will see $25, $50, or $100. Some specialty savings accounts—high-yield savings or accounts with extra features—may ask for $500 or $1,000.
Banks that require opening deposits often waive the requirement if you set up automatic transfers from another account or if you have a checking account with them already. Ask the bank directly whether exceptions exist before you assume you need to bring cash.
The opening deposit is yours to keep. It goes into your account balance and counts toward any minimum balance requirement. You can withdraw it anytime, though doing so might trigger a monthly fee if it drops your balance below the minimum.
Minimum balance requirements and monthly fees
A minimum balance requirement is the smallest amount you must keep in the account to avoid a monthly maintenance fee. This is different from an opening deposit. You might open with $0 but then be required to keep $500 in the account, or you might open with $100 and have no minimum balance requirement at all.
Common minimum balances are $500, $1,000, or $2,500. Some accounts have no minimum at all. If your balance drops below the requirement, the bank charges a monthly fee—typically $5 to $15—until you bring the balance back up.
Online banks and credit unions tend to have lower or no minimum balance requirements. Traditional brick-and-mortar banks are more likely to require $500 or more. High-yield savings accounts often have higher minimums than standard savings accounts at the same bank.
How to find the account that costs you nothing
The easiest path is to start with online banks. Ally, Marcus, Discover, and similar institutions typically have no opening deposit and no minimum balance requirement. You open the account in minutes, fund it when you are ready, and never pay a monthly fee.
If you prefer a physical branch, check your local credit union first. Credit unions usually have lower fees and lower minimums than national banks. You may need to join (sometimes free, sometimes $5 to $25), but then opening a savings account is straightforward.
If you want to use a national bank, visit their website and search for "savings account" or "savings options." Look for language like "no minimum balance" or "no monthly fee." Call the bank's customer service line to confirm the terms before you open. Banks change their offerings, so what was true last year may not be true now.
What happens if you cannot meet the minimum balance
If you open an account with a minimum balance requirement and your balance falls below it, the bank will charge a monthly fee. This fee comes out of your account, making your balance even lower. Some banks charge the fee once; others charge it every month until you bring the balance back up.
You can avoid this by choosing an account with no minimum balance requirement. If you already have an account with a minimum and cannot meet it, contact the bank and ask whether they can move you to a different account type with no minimum. Many banks will do this without penalty.
Some banks also offer fee waivers if you set up direct deposit of your paycheck or if you maintain a checking account with them. Ask your bank what options exist before you assume you are stuck paying the fee.
Opening an account when you have very little money
If you have almost no money right now, start with an online bank or credit union that has no opening deposit and no minimum balance. Open the account with $0 or $1, and deposit more when you can. There is no penalty for having a small balance, and no fee for keeping the account open.
Avoid banks that charge monthly fees for low balances. These fees make it harder to build savings because the bank takes money out every month. A fee-free account lets every dollar you deposit stay in the account and grow.
If you are building savings from very little, a high-yield savings account at an online bank is often the best choice. The interest rate is higher than traditional banks, so your money grows faster. And most have no opening deposit, no minimum balance, and no monthly fees.
Frequently Asked Questions
Can I open a savings account with $1?
Yes, at most banks. Many institutions let you open with any amount, including $1. The opening deposit is not a minimum—it is just the amount you choose to put in on day one. You can add more money later or withdraw that dollar if you need to.
Do I have to keep money in the account after I open it?
Only if the account has a minimum balance requirement. If it does, you must keep at least that amount in the account or pay a monthly fee. If the account has no minimum balance requirement, you can keep $0 in it without penalty. Many online banks have no minimum, so you can open and leave it empty until you are ready to deposit.
What if I cannot afford the opening deposit?
Choose a bank with no opening deposit requirement. Online banks like Ally, Marcus, and Discover let you open with $0. Credit unions often do the same. You do not have to pay anything to open an account—many banks just ask for your information and let you fund it later.
Will I get charged a fee if my balance is too low?
Only if the account has a minimum balance requirement and your balance falls below it. Check your account terms before you open. If the account has no minimum balance requirement, you will not be charged a fee no matter how little money is in the account.
Can I move to a different account if I cannot meet the minimum balance?
Yes. Contact your bank and ask to switch to an account with no minimum balance requirement. Most banks will move you without charging a fee. Some may also waive the monthly fee if you ask, especially if you have been a customer for a while.