Most banks and credit unions let you open a savings account with no minimum deposit at all

You do not need money upfront to open a savings account at most institutions. Many banks and credit unions will let you create an account with a zero balance and start depositing whenever you want. Some require a small deposit on the day you open the account — typically $1 to $25 — but that money goes into your account as your first deposit, not as a fee.

The real costs come after the account is open: monthly maintenance fees, overdraft fees if you link a checking account, or fees for falling below a minimum balance. These vary widely by bank and by account type, so the upfront cost is often zero, but the ongoing cost is what matters.

Key Takeaways

  • Most banks and credit unions charge nothing to open a savings account and require no minimum deposit.
  • Some institutions ask for a small opening deposit of $1 to $25, which counts as your first deposit, not a fee.
  • Monthly maintenance fees range from $0 to $15 depending on the bank, account type, and whether you meet balance or activity requirements.
  • Online banks typically charge lower or no monthly fees because they have fewer physical locations to maintain.
  • Credit unions often have no monthly fees and lower minimum balances than traditional banks.

Opening deposit requirements by institution type

Traditional banks (Chase, Bank of America, Wells Fargo, Citibank) usually require $0 to $100 to open a savings account, depending on the specific account. Some offer no-minimum savings accounts alongside premium accounts that require higher deposits. When a bank lists a minimum, it often applies to the day you open the account, not to keeping the account open afterward.

Online banks (Ally, Marcus, Discover, Vanguard) almost always have zero opening deposit requirements because they operate without branch networks. You fund the account after it is open by transferring money from another bank.

Credit unions typically require $0 to $50 to open a savings account, and many waive the deposit if you also open a checking account or set up direct deposit. Credit unions are member-owned, so you may also need to buy a share of the credit union itself — usually $5 to $25 — to become a member, though this is separate from the account opening deposit.

Monthly maintenance fees and how to avoid them

Monthly fees range from $0 to $15 per month at most institutions. Online banks and credit unions typically charge $0. Traditional banks often charge $5 to $10 monthly, though they usually waive the fee if you maintain a minimum balance (often $500 to $2,500), set up direct deposit, or link a checking account.

To find out whether a specific account has a monthly fee, look at the bank's fee schedule on their website — usually labeled "Deposit Account Fees" or "Savings Account Fees." The schedule will list the monthly maintenance fee, the balance threshold to waive it, and any other conditions. If you do not meet the waiver conditions, you will pay the fee every month the account is open.

Some banks offer tiered accounts: a basic savings account with no monthly fee but lower interest rates, and a premium savings account with a monthly fee but higher rates. For most people starting out, the basic account is the better choice.

Interest rates and how they affect your real cost

The interest rate a bank pays on your savings is not a cost to you — it is money the bank pays you. However, it matters when comparing accounts. A bank with a $10 monthly fee but a 4.5% annual interest rate might cost you less over time than a bank with no fee but a 0.01% rate, especially if you keep a large balance.

Online banks typically offer higher interest rates (currently 4% to 5% annually) and charge no monthly fees. Traditional banks offer lower rates (0.01% to 0.5% annually) but may waive monthly fees if you meet their conditions. Credit unions vary widely but often offer competitive rates with no monthly fees.

To compare the real cost, look at the annual percentage yield (APY) the bank advertises, not just the interest rate. APY accounts for how often the bank compounds interest, so it is the true rate you will earn.

Fees that appear after you open the account

Beyond the monthly maintenance fee, watch for overdraft fees if you link a checking account to your savings account. Some banks charge $25 to $35 each time you overdraw, even if you only go over by a dollar. Many banks now let you turn off overdraft protection so transfers simply decline instead of triggering a fee.

Withdrawal fees are rare at savings accounts but do exist at some banks. Federal law used to limit savings account withdrawals to six per month, but that rule was suspended in 2020. Most banks now allow unlimited withdrawals, though some older accounts or money market savings accounts may still have limits and charge fees for excess withdrawals.

Inactivity fees are uncommon but do occur. If you do not deposit or withdraw money for 12 months or longer, some banks charge a monthly fee until you use the account again. This is most common at smaller regional banks and credit unions.

How to find the lowest-cost account for your situation

Start by deciding whether you want a traditional bank branch you can visit, or whether online-only works for you. If you need a branch, check your local banks and credit unions. If online is fine, online banks almost always have the lowest fees and highest rates.

Once you have narrowed the list, visit each bank's website and find the fee schedule for their basic savings account. Write down: the opening deposit requirement, the monthly maintenance fee, the balance needed to waive the fee, and the current APY. Compare these side by side.

If you plan to keep a small balance (under $500), prioritize banks with no monthly fee over banks with high rates. If you plan to keep a large balance (over $5,000), a higher rate matters more than a small monthly fee. If you are unsure, start with an online bank — they charge nothing and pay competitive rates, so there is no downside to trying one.

Opening an account without a Social Security number or ID

Most banks require a Social Security number and a government-issued ID to open an account. If you do not have a Social Security number, some credit unions and community banks will open an account using an Individual Taxpayer Identification Number (ITIN) instead, though this varies by institution.

If you do not have an ID, bring multiple documents that prove your identity and address: a utility bill, lease, bank statement, or government mail. Call the bank before you visit to ask what combination they will accept. Online banks are harder to work with if you lack standard ID, because they cannot verify you in person.

Frequently Asked Questions

Do I have to keep a minimum balance in my savings account?

Not always. Many banks have no minimum balance requirement to keep the account open. However, some banks waive their monthly maintenance fee only if you maintain a minimum balance — typically $500 to $2,500. If you fall below that, you pay the monthly fee. Check the fee schedule to see whether a minimum applies to your specific account.

Can I open a savings account online without going to a bank?

Yes. Online banks let you open an account entirely through their website or app. You provide your Social Security number, address, and ID information, and they verify you electronically. The account is usually ready to use within one business day. Traditional banks also offer online opening for some accounts, though they may require you to visit a branch to complete the process.

What happens if I close my savings account right after opening it?

Most banks do not charge a fee for closing an account immediately. However, some banks charge an early closure fee (usually $25 to $50) if you close within 90 to 180 days of opening. Check the terms before you open the account. If you close the account, any money in it is returned to you, usually within three to five business days.

Is there a difference between a savings account and a money market account?

Yes. Money market accounts typically pay higher interest rates than savings accounts but require a higher minimum balance (often $2,500 to $10,000) and may charge higher monthly fees. They also may limit your withdrawals. For most people starting out, a regular savings account is simpler and cheaper.

Can I open a savings account for someone else, like a child?

Yes, but the rules vary by bank. Most banks let you open a custodial account for a minor, where you control the account until they reach age 18 or 21. Some banks require the child to be present when you open the account. Others let you open it online with just the child's Social Security number and birth date. Call your bank to ask what they require.