Minimum deposit amounts vary by bank, from zero to several thousand dollars
Most banks and credit unions let you open a savings account with no money at all. You can walk in, sign the paperwork, and leave with an empty account. However, some banks—particularly larger ones and online banks—require you to deposit money on the day you open the account. That amount ranges from $25 to $2,500 depending on the institution.
The minimum deposit is separate from the minimum balance you must keep in the account after opening. Some banks require both: a deposit to open, and a separate ongoing balance to avoid monthly fees. Others require only one or the other. A few require neither.
Your choice of bank matters more than the account type. A credit union in your area might have no opening deposit and no minimum balance, while a national bank across the street might require $500 upfront and $1,000 to stay open.
Key Takeaways
- Most community banks and credit unions have no opening deposit requirement, while many national banks and online banks require $25 to $2,500.
- The opening deposit is not the same as the minimum balance—you may need to meet both requirements, or only one, depending on the bank.
- You can find the opening deposit amount on the bank's website or by calling; it is usually listed under account terms or fee schedules.
- If you cannot meet a bank's opening deposit, a credit union or online bank with no opening requirement is a faster path forward.
Where opening deposits are common and where they are not
Large national banks—Chase, Bank of America, Wells Fargo, Citibank—typically require an opening deposit of $25 to $300 for a basic savings account. Some of their premium accounts require $500 or more. Online banks like Ally, Marcus, and Discover often require $0 to $25 to open, though a few ask for $100 or more.
Credit unions almost never require an opening deposit. You may need to pay a one-time membership fee (usually $5 to $25) to join, but that is different from a deposit. After you join, you can open a savings account with no money in it.
Community banks fall in the middle. Some have no opening deposit; others ask for $50 to $500. The only way to know is to ask or check their website.
Minimum balance requirements after you open the account
After the account is open, many banks require you to keep a certain amount in the account at all times. If your balance drops below that number, you pay a monthly fee—usually $5 to $15. This is the minimum balance requirement, and it is different from the opening deposit.
Common minimum balances are $100, $300, $500, and $1,000. Some accounts have no minimum at all. Online banks and credit unions are more likely to have no minimum balance requirement. Large national banks are more likely to have one.
If you cannot meet the minimum balance, you will pay a fee every month the balance is low. Over a year, that adds up. Before you open an account, check both the opening deposit and the minimum balance requirement.
How to find the opening deposit and minimum balance for a specific bank
The bank's website usually lists this information under "Savings Account Terms," "Fee Schedule," or "Account Details." Look for phrases like "minimum opening deposit" or "minimum balance to avoid fees."
If you cannot find it online, call the bank's customer service line or visit a branch in person. Ask: "What is the minimum opening deposit for a savings account?" and "What is the minimum balance I need to keep to avoid monthly fees?" Write down both numbers.
Some banks have different requirements for different types of savings accounts. A basic savings account might have no opening deposit, while a high-yield savings account might require $500. Ask which account type you are interested in.
What happens if you cannot meet the opening deposit
If a bank requires an opening deposit you do not have, you have three options: wait until you have the money, open an account elsewhere, or use a different type of account temporarily.
Credit unions are the fastest alternative. Most have no opening deposit and no minimum balance. You can open an account the same day with no money. If you are not already a member, you may need to pay a one-time membership fee of $5 to $25, but that is optional—some credit unions waive it.
Online banks with no opening deposit requirement include Ally, Marcus, Discover, and others. These accounts take a few days to set up because everything is done by mail or online, but there is no deposit required.
Opening deposit versus initial funding
Some banks use the term "opening deposit" to mean the money you put in on day one, while others use it to mean the minimum balance you must keep. This can be confusing. To avoid misunderstanding, ask the bank directly: "Do I need to deposit money to open the account, or can I open it empty and fund it later?"
A few banks let you open an account with no money but require you to make your first deposit within a certain time frame—usually 30 to 60 days. If you do not make a deposit by then, they close the account. This is rare, but it is worth asking about.
Frequently Asked Questions
Can I open a savings account with $0?
Yes, many banks and most credit unions allow you to open a savings account with no opening deposit. However, some large national banks and online banks require $25 to $2,500. Check the specific bank's website or call to confirm.
What is the difference between opening deposit and minimum balance?
The opening deposit is money you put in when you open the account. The minimum balance is the lowest amount you must keep in the account to avoid monthly fees. A bank may require one, both, or neither.
Do I have to keep the opening deposit in the account forever?
No. Once the account is open, the opening deposit is your money. You can withdraw it anytime. However, if the bank also has a minimum balance requirement, your balance cannot drop below that number without triggering a fee.
What if I withdraw below the minimum balance?
Most banks charge a monthly fee—usually $5 to $15—if your balance falls below the required minimum. The fee is charged every month you stay below the minimum, so it adds up quickly. Some banks waive the fee if you bring the balance back up within a certain time.
Are there banks with no opening deposit and no minimum balance?
Yes. Most credit unions and many online banks have neither requirement. Community banks sometimes offer accounts with no opening deposit and no minimum balance as well. Check the bank's fee schedule to confirm both requirements before opening.