Minimum deposit requirements vary by bank, but most let you start with $0 to $25
Many banks and credit unions have no minimum deposit to open a savings account. Others ask for $25, $50, or $100 on the day you open the account. A few banks—usually those offering higher interest rates—require $500 to $2,500 to start. The amount depends on the bank's own rules, not on any government requirement.
You do not need to meet a minimum to walk in and open an account. You need to meet it only if the bank has set one. If a bank's minimum is higher than you have right now, you can open an account at a different bank instead, or wait until you have saved enough.
Some banks waive their minimum if you set up direct deposit from your paycheck or employer. Others waive it if you open the account online instead of in a branch. A few waive it for students or people under a certain age. Check the specific bank's website or call their customer service line to see what options apply to you.
Key Takeaways
- Most major banks and credit unions let you open a savings account with $0 or a small deposit of $25 to $100.
- Online banks and credit unions typically have lower or no minimum deposits than brick-and-mortar banks.
- Some banks waive their minimum deposit if you set up direct deposit from your paycheck or open the account online.
- If a bank's minimum is too high, you can open an account elsewhere or wait until you have saved the amount they require.
Where to find banks and credit unions with low or no minimums
Online banks almost always have no minimum deposit. Banks like Ally, Marcus, and Discover have $0 minimums and pay higher interest rates than traditional banks. You can open an account in 10 to 15 minutes from your computer or phone, and money moves into your account within one to three business days.
Credit unions often have no minimum or a very low one—usually $5 to $25. You must be a member to open an account, but membership is often free or costs a small annual fee. To find a credit union near you, search the CO-OP network or Allpoint locator online, or ask your employer whether they sponsor a credit union.
Traditional banks vary widely. Chase, Bank of America, and Wells Fargo have minimums ranging from $0 to $300 depending on the account type and whether you have direct deposit. Smaller regional banks and community banks often have no minimum at all. Call the bank's customer service line or visit their website to check the exact requirement for the account you want.
What happens if you do not meet the minimum
If you try to open an account and do not have the minimum deposit, the bank will tell you before you finish opening it. They will not let you complete the process. You can then choose to deposit the amount they require, open an account at a different bank, or come back later when you have saved enough.
If you already have an account and your balance falls below the minimum, the bank's rules determine what happens next. Some banks charge a monthly fee—usually $5 to $15—until your balance goes back up. Others close the account after 30 to 90 days of being below the minimum. A few do nothing at all. Read your account agreement or call the bank to find out their specific policy.
Minimum balance requirements versus minimum deposit
A minimum deposit is the amount you must put in when you open the account. A minimum balance is the amount you must keep in the account afterward to avoid fees or keep the account open. These are two different things, and a bank can have one, both, or neither.
For example, a bank might have no minimum deposit but require you to keep $500 in the account at all times. Another might have a $100 minimum deposit but no minimum balance requirement. Check both before you open an account, because a low deposit minimum does not mean low balance requirements.
Some banks waive the minimum balance if you set up direct deposit or keep a linked checking account with them. Others waive it if your account receives a certain amount of deposits each month. Ask the bank what options exist to avoid fees.
How to compare accounts before you open one
Before you choose a bank, write down three things: the minimum deposit, the minimum balance, and any monthly fees. Then check whether the bank waives these requirements if you use direct deposit or open online. This takes 10 minutes per bank and saves you from opening an account that does not fit your situation.
Also check the interest rate the account pays. A bank with no minimum deposit but a 0.01% interest rate will earn you almost nothing. An online bank with a $0 minimum and a 4% to 5% interest rate will grow your money much faster. The interest rate matters more than the minimum if you plan to keep money in the account for months or years.
Use the bank's website or call their customer service line to get this information. Many banks list it clearly on their savings account page. If you cannot find it, that is a sign the bank may not be transparent about its terms—consider opening elsewhere.
Opening an account with very little money
If you have less than $25 and want to start saving, open an account at an online bank or credit union with no minimum. You can deposit $1 or $5 on the day you open it, and the account will be active immediately. Then add money as you earn it, even if it is just a few dollars at a time.
Some employers let you split your paycheck between two accounts. If your employer offers this, you can send a small amount—even $5 per paycheck—directly to your savings account without having to transfer it yourself. This is called direct deposit allocation, and it is one of the easiest ways to build savings without thinking about it.
If you do not have a bank account yet and do not have an ID, some credit unions and community banks will open an account with just a utility bill or lease agreement. Call ahead to ask what documents they accept, because requirements vary by location.
Frequently Asked Questions
Do I need a minimum deposit if I open an account online?
Most online banks have no minimum deposit, but some traditional banks waive their minimum if you open online instead of in a branch. Check the specific bank's website to see whether opening online changes their requirement for you.
What if I cannot afford the minimum deposit right now?
Open an account at a bank or credit union with no minimum deposit. You can start with $0 or $1 and add money later. Many online banks and credit unions have no minimum at all, so you have options even if you have very little to deposit.
Can a bank close my account if my balance is too low?
Yes, some banks close accounts that stay below the minimum balance for 30 to 90 days. Others charge a monthly fee instead. Read your account agreement or call the bank to find out their policy before you open the account.
Is the interest rate the same at banks with no minimum deposit?
No. Online banks with no minimum often pay 4% to 5% interest, while traditional banks with no minimum might pay 0.01% to 0.5%. The minimum deposit does not determine the rate—the bank's business model does. Compare rates across banks, not just minimums.
Do I need direct deposit to waive the minimum deposit?
Not always. Some banks waive the minimum if you open online, set up automatic transfers, or maintain a linked checking account. Others waive it for students or people under 18. Ask the bank what options they offer to waive or lower the minimum.