Minimum deposits range from zero to several hundred dollars, depending on the bank
Most banks and credit unions let you open a savings account with no money down. Some require $25, $50, or $100 at the time you open the account. A few banks that cater to high-net-worth customers ask for $2,500 or more, but those are the exception. The bank's website or a phone call to their customer service line will tell you the exact amount before you walk in or click submit.
The minimum deposit is separate from the minimum balance — the amount you must keep in the account to avoid monthly fees. Many banks waive fees if you maintain a balance of $300 or $500, even if the opening deposit was zero. Others charge a monthly fee regardless of balance, or waive it only if you set up direct deposit or link the account to a checking account with the same bank.
Online banks and credit unions tend to have lower or no opening deposits than brick-and-mortar banks, because they have fewer physical locations to maintain. A credit union may require you to buy a share (usually $5 to $25) to become a member before you can open any account there.
Key Takeaways
- Most banks accept zero dollars to open a savings account, though some require $25 to $100 at signup.
- The opening deposit is not the same as the minimum balance you must maintain to avoid monthly fees.
- Online banks and credit unions typically have lower opening deposits than traditional banks.
- Check the bank's website or call before you visit, because opening deposit requirements vary widely even among branches of the same bank.
- Some banks waive monthly fees if you set up direct deposit or link a checking account, regardless of your balance.
How to find the opening deposit requirement before you commit
Visit the bank's website and look for the savings account product page. The opening deposit should be listed near the interest rate and monthly fee information. If it is not there, scroll to the bottom of the page for a link to the account disclosure or terms and conditions — the deposit requirement will be in that document.
If you cannot find it online, call the bank's customer service number or visit a branch in person. Ask specifically: "What is the minimum deposit to open a savings account?" and "What is the minimum balance I need to keep to avoid monthly fees?" Write down both answers, because they are different questions and some representatives conflate them.
For credit unions, check their website or call their member services line. You may also need to ask whether membership requires a deposit or share purchase before you can open the account.
What happens if you cannot meet the opening deposit
If a bank requires $100 to open an account and you have $50, you have three options: wait until you have the full amount, open an account at a bank with no opening deposit requirement, or open a checking account instead (many banks have lower opening deposits for checking than savings).
Online banks and credit unions are worth checking first if you are short on cash. Many have zero opening deposits. If you are already a member of a credit union through your employer or a community organization, that credit union may have lower requirements than banks in your area.
Some banks offer a "starter savings account" with no opening deposit and limited features — for example, you might not earn interest, or you might be limited to three withdrawals per month. These accounts are designed to help people build the habit of saving before they move to a full savings account.
Opening deposits at different types of banks
| Bank Type | Typical Opening Deposit | Notes |
|---|---|---|
| Online banks | $0–$25 | Lowest opening deposits; no physical branches |
| Credit unions | $0–$25 (plus membership share) | May require membership fee or share purchase first |
| Traditional banks | $25–$300 | Varies by location and account type |
| High-net-worth banks | $2,500+ | Rare; designed for customers with large balances |
The difference between opening deposit and monthly maintenance fees
The opening deposit is money you give the bank when you sign up. The monthly maintenance fee is a charge the bank takes from your account each month if you do not meet certain conditions. You can open an account with $100 and then face a $5 monthly fee if you drop below $300, or if you do not set up direct deposit.
Some banks charge no monthly fee at all. Others waive the fee if you maintain a minimum balance, set up direct deposit, or link a checking account. Read the account disclosure carefully — it will list every fee and the condition that waives it.
If a bank charges a monthly fee and you cannot meet the balance requirement, the fee will slowly drain your account. A $5 monthly fee on a $100 balance means you lose 5 percent of your money every month. Look for a bank with no monthly fee, or one that waives the fee if you set up direct deposit from your paycheck.
How to compare opening deposits across banks
Make a list of three to five banks or credit unions you are considering. For each one, write down: the opening deposit amount, the minimum balance to avoid fees, any conditions that waive the fee (direct deposit, linked checking account, etc.), and the interest rate. This takes 15 minutes and prevents you from opening an account only to discover a hidden monthly fee later.
Pay special attention to whether the bank waives fees for direct deposit. If you receive a paycheck via direct deposit, many banks will waive the monthly fee regardless of your balance. That can save you $60 a year and means your opening deposit is the only money you need to put in.
Once you have narrowed it down to one or two banks, call customer service and confirm the opening deposit amount one more time. Banks occasionally change their requirements, and a phone call takes two minutes.
Frequently Asked Questions
Can I open a savings account with zero dollars?
Yes, many banks and most online banks allow you to open a savings account with no opening deposit. However, you will need to fund the account within a few days or a week, or the bank may close it. Check the bank's policy on how long you can leave an account unfunded before opening it.
What if I do not have the minimum opening deposit right now?
Open an account at a bank with zero opening deposit, or wait until you have saved the amount. Some banks also offer starter savings accounts with no opening deposit and limited features. You can upgrade to a full account later once you have more money.
Do I have to keep the opening deposit in the account forever?
No. The opening deposit is just the money you put in when you sign up. You can withdraw it anytime. However, if you withdraw money and drop below the minimum balance required to avoid fees, the bank may charge you a monthly maintenance fee.
Is the opening deposit the same as the minimum balance?
No. The opening deposit is what you give the bank to open the account. The minimum balance is what you must keep in the account to avoid monthly fees. A bank might ask for $50 to open an account but require $300 to avoid a $5 monthly fee.
Do credit unions charge opening deposits?
Most credit unions have low or zero opening deposits for savings accounts. However, you may need to buy a membership share (usually $5 to $25) before you can open any account. Ask the credit union whether the share purchase is required or optional.