Minimum deposit requirements vary by bank and account type
Most banks let you open a savings account with no money at all, or with as little as $1 to $25. Some require $100 or $500 to start. The amount depends on which bank you choose and what kind of savings account it is — a basic savings account usually has a lower opening deposit than a high-yield savings account or money market account.
Online banks tend to have lower or no opening deposits because they have fewer physical branches to maintain. Traditional banks with brick-and-mortar locations often ask for more upfront. Credit unions fall somewhere in between, though many will open an account for $5 or $10.
The opening deposit is separate from the minimum balance you need to keep in the account after it opens. Some banks require both; others require only one or neither.
Key Takeaways
- Opening deposits range from $0 to $500 depending on the bank and account type, with online banks typically asking for less or nothing.
- Minimum balance requirements — the amount you must keep in the account to avoid fees — are separate from opening deposits and vary widely.
- If you fall below the minimum balance, most banks charge a monthly maintenance fee, usually $5 to $15.
- You can compare opening deposit and minimum balance requirements on each bank's website before you commit.
Minimum balance requirements and monthly fees
After you open the account, many banks require you to keep a certain amount in it at all times. This is called the minimum balance requirement. Common minimums are $100, $300, or $500, though some accounts have no minimum at all.
If your balance drops below the minimum, the bank typically charges a monthly maintenance fee — usually $5 to $15. Some banks waive the fee if you set up direct deposit, keep a linked checking account, or maintain the minimum for just part of the month. Read the account terms to see what waivers apply to the account you are considering.
Online banks and some credit unions often have no minimum balance requirement at all, which means you can keep $1 in the account indefinitely without paying a fee. This makes them a good choice if you are starting from very little.
What happens if you cannot meet the opening deposit
If a bank requires an opening deposit you do not have, you have several options. The simplest is to choose a different bank — there are always banks and credit unions with zero or very low opening deposits. Online banks like Ally, Marcus, and Discover have no opening deposit requirement.
Some credit unions will open an account with $1 or $5, and many have no minimum balance either. You can search for credit unions in your area through the CO-OP network or Allpoint, which will show you branches and ATMs near you.
If you want to use a specific bank that requires a deposit you do not have, you could ask a family member to help you meet it, or wait until you have saved enough. There is no penalty for waiting — the account will not exist until you fund it, so there are no fees in the meantime.
How opening deposits and minimums affect your money
The opening deposit is money you put in; it stays yours and counts toward your balance. If a bank requires $100 to open and you deposit $100, you have $100 in the account. You can withdraw it anytime (though some banks may close the account if you do).
The minimum balance requirement is different — it is the lowest amount the bank wants you to keep there. If you have $500 in the account and the minimum is $300, you can withdraw $200 and still meet the requirement. If you withdraw $250, you fall below the minimum and may be charged a fee.
Interest you earn on your savings counts toward your balance. If you have $100 and earn $0.50 in interest, your new balance is $100.50, and that $100.50 counts toward any minimum balance requirement.
Comparing accounts when opening deposits matter
When you are deciding between banks, look at three numbers: the opening deposit, the minimum balance requirement, and the monthly maintenance fee. A bank with a $0 opening deposit but a $500 minimum balance and a $10 monthly fee might cost you more in the long run than a bank with a $100 opening deposit and no minimum.
Also check whether the bank pays interest on savings accounts. A high-yield savings account at an online bank might have no opening deposit, no minimum balance, and pay 4% to 5% annual interest (rates change, so check the current rate). A traditional bank savings account might require $500 to open, have a $300 minimum, and pay 0.01% interest.
Most banks publish their account terms on their website, including opening deposit, minimum balance, and monthly fees. You can compare several banks before you decide.
Special accounts with different deposit requirements
Some banks offer savings accounts designed for people starting out. These might have no opening deposit, no minimum balance, and no monthly fee — but they may also pay lower interest or limit how many withdrawals you can make per month.
Certificates of Deposit (CDs) usually require a higher opening deposit — often $500 to $2,500 — because you agree to leave the money in for a set period (3 months to 5 years). In return, they pay higher interest than regular savings accounts.
Money market accounts often require $2,500 or more to open and maintain, but they combine features of savings and checking accounts and usually pay higher interest than savings accounts.
Getting started with very little money
If you have less than $100, look for banks and credit unions with zero opening deposit requirements. Many online banks fall into this category. You can open the account with $1, then add more money as you are able.
Some banks will not charge a monthly fee as long as you have at least one deposit per month, even if the balance is small. Others charge no fee regardless of balance. Read the fine print or call the bank to ask before you open.
Starting small is normal. The point of a savings account is to build the habit of setting money aside, not to have a large balance from day one. Once you have an account open, you can add to it whenever you can.
Frequently Asked Questions
Can I open a savings account with no money?
Yes, many banks and credit unions let you open an account with $0. Online banks like Ally and Marcus have no opening deposit requirement. You can fund the account later, even with just $1. Some banks may close accounts that stay empty for a long time, so add money within a few weeks of opening.
What is the difference between opening deposit and minimum balance?
The opening deposit is the money you put in when you create the account. The minimum balance is the lowest amount the bank requires you to keep in the account after it opens. You might need $100 to open but only have to keep $50 in it, or vice versa. Check your bank's terms for both numbers.
Will I be charged a fee if my balance goes below the minimum?
Most banks charge a monthly maintenance fee of $5 to $15 if you fall below the minimum balance. Some waive the fee if you set up direct deposit or keep a linked checking account. Online banks often have no minimum balance and no fee. Ask your bank what waivers apply to your account.
Do I lose the opening deposit if I close the account?
No. The opening deposit is your money. If you close the account, the bank sends you the balance (opening deposit plus any interest earned, minus any fees owed). You can withdraw it anytime, though some banks may close the account if you withdraw everything immediately after opening.
What if I want to open an account but do not have the opening deposit?
Choose a different bank with a lower or zero opening deposit requirement. Online banks and credit unions often have no opening deposit. You can also ask a family member to help you meet the deposit, or wait until you have saved enough. There is no rush — you can open an account whenever you are ready.