Minimum opening deposits vary by bank, from zero to $25,000
The amount of money required to open a savings account depends entirely on which bank or credit union you choose. Some banks have no minimum at all — you can open an account with $1 or even $0. Others require $100, $500, $1,000, or more. A few banks aimed at wealthier customers require $25,000 or higher just to start.
The minimum to open an account is separate from the minimum you need to keep the account open without fees. A bank might let you open with $0 but charge a monthly fee if your balance drops below $500. Some accounts waive that fee if you set up direct deposit or maintain a linked checking account.
Online banks and credit unions tend to have lower or no minimums because they have fewer physical branches to maintain. Traditional brick-and-mortar banks often have higher minimums, especially if they offer in-person service or premium account features.
Key Takeaways
- Opening minimums range from $0 to $25,000 depending on the bank; check the specific bank's website or call before you visit.
- Monthly maintenance fees kick in if your balance falls below a certain threshold, which varies by account type and bank.
- Direct deposit, linked checking accounts, or maintaining a higher balance can waive monthly fees at many banks.
- Credit unions often have lower minimums than traditional banks and may have no minimum at all.
- The account type matters — money market accounts and high-yield savings often have higher minimums than basic savings accounts.
Opening minimums by account type
A basic savings account at a traditional bank typically requires $100 to $500 to open, though some require nothing. High-yield savings accounts, which pay more interest, often have higher minimums — anywhere from $500 to $2,500. Money market accounts usually require $2,500 to $10,000 because they combine savings and checking features and often come with a debit card.
Credit union savings accounts frequently have no opening minimum or a very low one ($25 or less), though you may need to pay a one-time membership fee to join. Online-only banks almost always have $0 minimums because they have no branch overhead.
Certificates of Deposit (CDs), which lock your money away for a set period in exchange for higher interest, typically require $500 to $2,500 to open, though some banks offer CDs with no minimum.
Monthly balance requirements and maintenance fees
Even if you open an account with a small deposit, many banks charge a monthly fee ($5 to $15) if your balance stays below a certain level. That threshold might be $500, $1,000, $1,500, or higher depending on the bank and account type. If your balance drops below it, you pay the fee every month until you bring it back up.
Common ways to avoid the fee without keeping a high balance include setting up direct deposit (your paycheck going straight into the account), maintaining a linked checking account at the same bank, or making a certain number of debit card transactions per month. Some banks waive the fee for customers over 65 or under 18. Read the account agreement or call the bank to find out which waivers apply to you.
Online banks and credit unions are more likely to have no monthly maintenance fee at all, regardless of balance. If you want to avoid tracking a minimum balance, these are usually the simpler choice.
How to find the right minimum for your situation
Start by listing the banks or credit unions you already use or that are near you. Visit their websites and look for the savings account section — most banks clearly state opening minimums and monthly fees on the account details page. If the information is not there, call the bank's customer service line or visit a branch in person.
Write down three things for each account: the opening minimum, the monthly maintenance fee, and what waives that fee (direct deposit, linked checking, etc.). Then compare which account fits your situation. If you get paid by direct deposit, a bank that waives fees for direct deposit might be worth choosing even if it has a higher opening minimum.
If you have very little money to start with, prioritize banks with $0 opening minimums and no monthly fees. Online banks and credit unions are your best bet. If you have $1,000 or more, you have more options and can focus on which bank offers the best interest rate or customer service.
What happens if your balance falls below the minimum
If you fall below the monthly balance requirement, the bank will charge you a maintenance fee — usually $5 to $15 — taken directly from your account. This fee happens every month you stay below the minimum, so your balance can drop further each month if you do not bring it back up.
Some banks will close your account if it stays below the minimum for a long time (often 90 to 180 days) or if the balance goes negative. When an account closes, any remaining balance is mailed to you, usually within a few weeks. A closed account can show up on your banking history and may make it harder to open accounts at other banks.
If you are struggling to keep a balance above the minimum, contact your bank and ask about fee waivers. Many banks will waive a fee once or twice if you explain your situation. You can also ask about switching to an account type with a lower minimum or no monthly fee.
Savings accounts with no minimum at all
Several large online banks offer savings accounts with $0 opening minimum and $0 monthly maintenance fee. These include Ally Bank, Marcus by Goldman Sachs, and American Express Personal Savings. Credit unions like Connexus Credit Union and Pentagon Federal Credit Union also offer no-minimum savings accounts, though you may need to meet membership requirements (military service, employer affiliation, etc.).
The trade-off is that you give up in-person banking. You cannot walk into a branch to deposit cash or speak to a teller face-to-face. Most no-minimum accounts are designed for people who do most of their banking online or by phone and do not need physical branches.
If you want both no minimum and in-person service, check local credit unions in your area. Many have no opening minimum and allow anyone in your community to join, though membership fees ($5 to $25 one-time) are common.
Minimum requirements for special savings goals
If you are saving for a specific goal — a down payment, emergency fund, or vacation — some banks offer goal-based savings accounts with their own minimums. These are usually regular savings accounts with a different name and sometimes a slightly higher interest rate. Minimums are typically the same as the bank's standard savings account.
High-yield savings accounts marketed for emergency funds often have higher minimums ($500 to $2,500) because they pay more interest and banks want larger balances to manage. If you are just starting an emergency fund with small amounts, a basic savings account with no minimum is a better fit than a high-yield account with a $2,500 minimum.
Frequently Asked Questions
Can I open a savings account with no money at all?
Yes. Many online banks and some credit unions allow you to open a savings account with $0. You will need to fund it within a certain time frame (usually 30 to 60 days) or the bank may close it, but you can open it without an initial deposit. Call the bank first to confirm their policy.
What if I cannot meet the monthly minimum balance?
Switch to an account with no monthly fee or a lower minimum. Online banks and credit unions are your best options. You can also ask your current bank about fee waivers or account types designed for lower balances. Do not let monthly fees drain your savings.
Do I lose money if my balance drops below the minimum?
You do not lose the money itself, but you pay a monthly maintenance fee (usually $5 to $15) taken from your account. If you stay below the minimum for months, these fees add up. Bring your balance back above the minimum or switch to an account with no fee to stop the charges.
Is a high-yield savings account worth the higher minimum?
Only if you have the money to meet the minimum and plan to keep it there. High-yield accounts pay more interest, but the extra earnings are small on balances under $1,000. If you have $500 or less, a basic savings account with no minimum and no fee is usually a better choice.
Can I open multiple savings accounts at the same bank?
Yes. Many banks let you open several savings accounts and apply different minimums or fee waivers to each one. You might open one account for emergencies and another for a specific goal. Each account is separate, so minimums and fees apply to each one individually.