Most banks require $0 to $25 to open a savings account, though some have no minimum at all
The amount you need to open a savings account depends on the bank. Many large banks like Chase, Bank of America, and Wells Fargo let you open an account with $0 down. Some regional banks and credit unions ask for $25 to $100. A few banks that cater to people building credit or managing money carefully may ask for $500 or more, but these are less common.
The opening deposit is separate from what you need to keep the account open. A bank might let you open with nothing but then charge a monthly fee if your balance drops below a certain amount—usually $500 to $1,500. Read the account terms before you open to know what happens after the first deposit.
Key Takeaways
- Most major banks require $0 to open a savings account, though some ask for $25 to $100.
- The opening deposit is different from the minimum balance needed to avoid monthly fees.
- Online banks typically have lower or no opening deposits and lower minimum balances than brick-and-mortar banks.
- Credit unions often have no opening deposit requirement but may ask you to join the credit union first, which can cost $5 to $25.
- You will need a government ID, Social Security number, and proof of address to open any account.
Opening deposit vs. minimum balance—what's the difference
The opening deposit is the money you put in when you first create the account. The minimum balance is the amount the bank wants you to keep in the account at all times to avoid fees. These are two separate numbers.
For example, a bank might say "open with $0" but also say "maintain a $500 minimum balance or pay $12 per month." You could open the account with $1, but if your balance falls below $500, the monthly fee kicks in. Some accounts have no minimum balance at all, which means you can keep $1 in there forever with no penalty.
Check both numbers before you choose a bank. A $0 opening deposit is only useful if the minimum balance requirement is also $0 or something you can actually maintain.
Where to find banks with no opening deposit
Online banks almost always have $0 opening deposits. Banks like Ally, Marcus, Discover, and Charles Schwab let you open a savings account with no money down. They can afford to do this because they have no physical branches and lower operating costs than traditional banks.
Major brick-and-mortar banks vary. Chase, Bank of America, and Wells Fargo all offer savings accounts with $0 opening deposits at most locations, though some branches may have different policies. Call ahead or check the bank's website for your specific branch.
Credit unions often have no opening deposit, but many require you to become a member first. Membership can cost $5 to $25 as a one-time fee, and some credit unions ask you to keep that amount in a share savings account (which is like a membership fee held in an account). After that, opening a regular savings account is usually free.
What you actually need to bring to open an account
Regardless of the opening deposit amount, you will need to provide certain documents. Bring a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and proof of your current address. Proof of address can be a recent utility bill, lease, mortgage statement, or bank statement with your name and address on it.
If you are opening an account online, you will upload photos of these documents or answer security questions to verify your identity. Some banks use video verification, where you show your ID to a camera and answer questions about your personal history. The process usually takes 5 to 10 minutes.
If you do not have a Social Security number, some banks and credit unions will open an account using an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to confirm the bank accepts ITIN before you go in.
How opening deposits work in practice
When you open an account with an opening deposit, the money goes straight into your new savings account. You can withdraw it immediately if you want—there is no lock-in period. The deposit is just a way for the bank to confirm you are serious about the account and to start building your balance.
If you open with $0, your account is still fully functional. You can set up direct deposit, transfer money in from another bank, or deposit cash at a branch or ATM. Some banks let you deposit cash at partner retailers like Walgreens or CVS if you do not have a branch nearby.
Some banks offer small bonuses—$50 to $300—if you open an account and meet certain conditions, like setting up direct deposit or maintaining a minimum balance for a few months. These bonuses are separate from the opening deposit and are not may provide; read the fine print to see what you actually have to do to get the money.
Minimum balance requirements and monthly fees
This is where the real cost comes in. If your bank requires a $500 minimum balance and you cannot keep that much in the account, you will pay a monthly fee—typically $5 to $15. Over a year, that adds up to $60 to $180 just for having the account.
Online banks and many credit unions have $0 minimum balance requirements, which means you can keep $1 in the account with no penalty. If you are starting out with very little money, this is the better choice. You avoid the monthly fee trap entirely.
Some banks waive the minimum balance fee if you set up direct deposit or keep a linked checking account open with them. Read the account terms to see if any of these waivers apply to you. If they do, you might be able to use a bank with a higher minimum balance without actually paying the fee.
Comparing costs across account types
| Bank Type | Opening Deposit | Minimum Balance | Monthly Fee (if below minimum) |
|---|---|---|---|
| Online banks | $0 | $0 | $0 |
| Major national banks | $0 | $500–$1,500 | $5–$15 |
| Regional banks | $25–$100 | $300–$1,000 | $5–$12 |
| Credit unions | $0–$25 (membership fee) | $0–$500 | $0–$10 |
The cheapest option is usually an online bank with $0 opening deposit and $0 minimum balance. You pay nothing upfront and nothing monthly, no matter how little money you keep in the account. If you want a physical branch for cash deposits, a credit union is often the next cheapest option.
Regional banks and major national banks with higher minimum balances can cost you money every month if you cannot maintain the balance. Before you choose one of these, calculate what the monthly fees would add up to over a year and compare that to the convenience of having a physical branch nearby.
Frequently Asked Questions
Can I open a savings account with no money at all?
Yes. Most online banks and many traditional banks let you open a savings account with $0. Your account is fully functional from day one—you can transfer money in, set up direct deposit, or deposit cash at an ATM. You do not have to put anything in to get your free guide.
What happens if I cannot keep the minimum balance?
The bank charges a monthly fee, usually $5 to $15. If your account requires a $500 minimum and you drop to $400, the fee hits that month. Some banks waive the fee if you set up direct deposit or link a checking account. If the fee is a problem, switch to a bank with $0 minimum balance—online banks almost always have this.
Do I need to open with a large deposit to get better interest rates?
No. The interest rate on a savings account is set by the bank and does not depend on your opening deposit amount. A $0 opening deposit earns the same interest rate as a $1,000 opening deposit at the same bank. Shop around for the best rate, not the best opening offer.
Can I open a savings account if I do not have a Social Security number?
Some banks accept an Individual Taxpayer Identification Number (ITIN) instead. Credit unions are more likely to accept ITIN than large national banks. Call the bank or credit union ahead of time to confirm they will open an account with an ITIN before you go in.
What if I want to close the account right after opening it?
You can close a savings account at any time with no penalty. If you opened with $100, you get that $100 back when you close. Some banks ask you to wait a few days before closing to prevent fraud, but most let you close immediately. There is no early closure fee on savings accounts.