Minimum opening deposits vary by bank, from zero to $25,000
The amount you need to open a savings account depends entirely on which bank or credit union you choose. Some institutions have no minimum at all — you can open an account with your first dollar. Others require $100, $500, $1,000, or more before they will create the account. A few banks aimed at wealthy customers ask for $25,000 or higher just to start.
The minimum to keep an account open is separate from the minimum to open it. You might open an account with $100 but then be required to maintain a $500 balance, or face a monthly fee. Some banks waive the maintenance requirement if you set up direct deposit or keep a linked checking account active. Others have no maintenance minimum at all, meaning you can let the balance drop to $1 or even $0 without penalty.
Online banks and credit unions tend to have lower or zero minimums than brick-and-mortar banks. If you have little money to start with, comparing these options before you choose a bank will save you from fees later.
Key Takeaways
- Opening minimums range from $0 to $25,000 depending on the bank; check the specific institution's requirements before you open.
- Maintenance minimums (the balance you must keep to avoid fees) are different from opening minimums and vary just as widely.
- Online banks and credit unions typically have lower or zero minimums than traditional banks with physical branches.
- If you cannot meet a bank's minimum balance requirement, you will pay a monthly fee that can range from $5 to $15 or more.
- Some banks waive maintenance minimums if you receive direct deposit or link a checking account, so ask about these options.
Opening minimums at major bank types
National banks with many branches — Chase, Bank of America, Wells Fargo, Citibank — typically require $100 to $300 to open a savings account. Some offer a lower minimum (or none) if you open the account online rather than in a branch. Regional banks vary widely; some ask for $50, others for $500 or more. Credit unions often have no opening minimum, though you may need to pay a one-time membership fee (usually $5 to $25) to join.
Online-only banks like Ally, Marcus, Discover, and Vanguard Digital Advisor generally have zero opening minimums. You can fund the account with whatever amount you want, even $1. These banks make their money from interest rates and volume rather than from fees, so they do not need a large upfront deposit to justify the account.
High-yield savings accounts at online banks almost always have zero opening minimums. Traditional savings accounts at the same online banks may also have zero minimums, though some charge a small monthly fee if you do not maintain a certain balance.
Maintenance minimums and monthly fees
A maintenance minimum is the lowest balance the bank allows before it charges you a fee. This can be $0 (no minimum), $100, $500, $1,000, $2,500, or higher. If your balance drops below the minimum on any day of the month, you typically owe a fee at the end of that month. The fee is usually $5 to $15, though some banks charge more.
Many banks waive the maintenance minimum if you meet one of these conditions: you receive direct deposit into the account, you maintain a linked checking account with a certain balance, you have a credit card with the bank, or you keep a total balance across all your accounts above a set amount. Ask the bank about these waivers before you open the account — they can make the difference between paying fees and paying nothing.
Some banks have no maintenance minimum at all, meaning you will never be charged a fee based on your balance. These accounts are usually online banks or credit unions, and they are worth seeking out if you plan to keep a low balance.
How fees add up if you cannot meet the minimum
If you open an account at a bank with a $500 maintenance minimum but can only keep $200 in the account, you will pay a monthly fee — let's say $10. Over a year, that is $120 in fees on an account that holds $200. That fee eats into any interest the account earns, and it shrinks your balance over time.
Some banks charge the fee once a month, others once a quarter. A few charge it only if your balance falls below the minimum on the last day of the month, so timing your deposits and withdrawals can sometimes help you avoid the fee. But this is unreliable and stressful. The better approach is to choose a bank with a minimum you can actually meet.
If you are already in an account with fees you cannot avoid, switching to a no-minimum bank costs nothing and takes about a week. You can open the new account, transfer your money, and close the old one without penalty.
Comparing your options by minimum requirement
| Bank Type | Typical Opening Minimum | Typical Maintenance Minimum | Monthly Fee if Below Minimum |
|---|---|---|---|
| National bank (branch) | $100–$300 | $100–$500 | $5–$15 |
| Regional bank | $50–$500 | $100–$1,000 | $5–$15 |
| Credit union | $0–$25 (membership fee) | $0–$100 | $0–$5 |
| Online bank | $0 | $0 | $0 |
This table shows typical ranges, not guarantees. Always check the specific bank's website or call before you open an account. Requirements change, and some banks offer different minimums for different account types (basic savings versus high-yield savings, for example).
The ranges in this table reflect what most banks charge as of now, but individual institutions may differ. Use this as a starting point for your research, not as a final answer about any particular bank.
Special cases: student accounts and youth accounts
Many banks offer student savings accounts with lower or zero minimums, sometimes with no monthly fees at all. These accounts are designed for people under 25 and often come with perks like fee waivers or higher interest rates. You will need a valid student ID or proof of enrollment to open one.
Youth accounts (for people under 18) also typically have zero minimums and zero fees. A parent or guardian usually has to co-sign or co-own the account. These accounts are a good way to teach young people about saving without worrying about fees eating into their balance.
If you are a student or under 18, ask the bank whether it offers a special account type. You may find better terms than the standard savings account.
What to do if you have very little to save
If you have $50 or less to start with, open an account at an online bank with zero opening minimum and zero maintenance minimum. You will not pay any fees, and your money will earn interest (though the amount will be small). As your balance grows, you can stay where you are or move to a different bank if you find better interest rates.
Do not let minimum requirements stop you from opening an account. The goal is to start saving, and the best account is the one that does not charge you money for having too little in it. Once you have built up a balance, you can shop around for better interest rates or other features.
Frequently Asked Questions
Can I open a savings account with no money at all?
Some online banks allow you to open an account with $0 and fund it later, though most require at least $1 to activate the account. Check with the specific bank before you start the process. You will not be charged a fee for having $0 in the account as long as the bank has no maintenance minimum.
What happens if my balance drops below the minimum?
The bank will charge you a monthly fee, usually $5 to $15. The fee is deducted from your account, which lowers your balance further. Some banks charge the fee only once, others charge it every month you stay below the minimum. Check your account agreement to see the bank's policy.
Can I avoid the maintenance fee by linking a checking account?
Many banks waive the maintenance minimum if you link a checking account or set up direct deposit. This varies by bank, so ask before you open the account. If the bank offers this waiver, it can save you money even if you cannot maintain the stated minimum balance.
Do credit unions have lower minimums than banks?
Credit unions often have lower or zero opening and maintenance minimums, but you usually have to pay a one-time membership fee ($5 to $25) to join. After that, the account itself has no minimum. Compare the membership fee against the monthly fees you would pay at a bank to see which is cheaper over time.
Is it worth switching banks to avoid fees?
If you are paying $10 a month in fees and cannot meet the minimum, switching to a no-fee bank saves you $120 a year. The switch takes about a week and costs nothing. If you plan to keep a low balance for a long time, switching is almost always worth it.