Minimum deposits vary by account type and bank, from zero to several thousand dollars

Most banks no longer require money upfront to open a checking or savings account. The major national banks—Chase, Bank of America, Wells Fargo, Citibank—all offer accounts with no minimum deposit. Credit unions often do the same. However, some banks still impose minimums, and certain account types (like money market accounts or certificates of deposit) almost always do. The amount ranges from $25 to $25,000 depending on what you're opening and where.

The minimum deposit is separate from what you need to keep in the account afterward. A bank might let you open with $0 but require you to maintain $500 to avoid monthly fees. Others charge a fee if your balance drops below a certain level. Understanding both the opening requirement and the maintenance requirement matters, because one is a one-time hurdle and the other is an ongoing cost.

Key Takeaways

  • Most checking and savings accounts at major banks require no money to open, though some regional or specialty banks still ask for $25 to $500.
  • Money market accounts and certificates of deposit typically require $2,500 to $25,000 to open, depending on the bank and the term.
  • A zero opening deposit does not mean zero ongoing cost—many banks charge monthly fees unless you maintain a minimum balance or meet other conditions.
  • Credit unions often have lower or no opening minimums and lower maintenance requirements than traditional banks.
  • Online banks almost never require opening deposits, but they also offer fewer services like in-person deposits or check cashing.

Checking and savings accounts with no opening deposit

Chase, Bank of America, Wells Fargo, and Citibank all allow you to open a basic checking account with $0. The same is true for most online banks: Ally, Charles Schwab, Discover, and others. You can walk in or go online, provide your Social Security number and ID, and leave with an account number the same day. No deposit required at that moment.

The catch is the monthly maintenance fee. Chase's basic checking account has no monthly fee if you maintain a $500 balance or set up direct deposit. Bank of America's checking account charges $12 per month unless you keep $1,500 in the account or have a may have access to direct deposit. Wells Fargo charges $10 monthly unless you maintain $500. These fees kick in after 30 to 60 days, so you have a grace period to fund the account, but they do kick in.

Savings accounts follow the same pattern. Most have no opening deposit, but many charge $5 to $10 per month if your balance falls below $300 to $500. Online banks like Ally and Marcus typically charge no monthly fee regardless of balance, which is why they're often cheaper if you're starting with very little money.

Money market accounts and certificates of deposit

These accounts require real money upfront because they're designed to hold larger sums. A money market account at Chase requires a $2,500 opening deposit. Bank of America asks for $2,500. Wells Fargo requires $2,500 for their basic money market account and $10,000 for their premium version. These are not negotiable—you cannot open the account without that deposit sitting in it immediately.

Certificates of deposit (CDs) have even higher minimums at traditional banks. A one-year CD at Chase requires $2,500. A five-year CD at Bank of America requires $2,500. Some banks offer CDs with lower minimums—$500 or $1,000—but you have to search for them. Online banks like Ally and Marcus often have $500 or $1,000 minimums for CDs, which is why they're worth checking if you're starting small.

The reason for these minimums is that money market accounts and CDs pay interest, and banks only offer that interest to accounts holding a certain amount. They're not trying to exclude you—they're structuring the product for people with money to invest, not money to spend.

Business and specialty accounts

Business checking accounts often require higher opening deposits than personal accounts. A small business checking account at Chase requires $2,500. Bank of America's business checking requires $2,500. These are minimums you must deposit before the account opens, not balances you need to maintain afterward (though maintenance minimums exist too).

Specialty accounts—like accounts for nonprofits, trusts, or escrow—vary widely. A nonprofit checking account might require $500 to $2,500. A trust account might require $5,000 or more. These accounts are less standardized because they're used less frequently, so call the bank directly rather than relying on their website, which may not list all options.

Credit unions and regional banks

Credit unions typically have lower opening deposits than national banks. Many credit unions require $0 to open a checking account. Others ask for $25 to $100. Maintenance minimums are also usually lower—often $300 or less, or waived entirely if you set up direct deposit. The tradeoff is that credit unions have fewer branches and ATMs, so you need to live or work near one to make it practical.

Regional banks fall between national banks and credit unions. A regional bank might require $100 to $500 to open a checking account, with maintenance minimums of $500 to $1,000. They often have better customer service than national banks but fewer locations than credit unions. If you have a regional bank in your area, it's worth asking what they require.

What happens if you cannot meet the minimum

If a bank requires $2,500 to open a money market account and you have $500, you cannot open that account at that bank. You have three options: open a regular savings account instead (which has no minimum), wait until you have $2,500, or switch to a bank or credit union with a lower minimum.

Some banks will let you open a savings account now and upgrade to a money market account later once you've saved enough. Ask the bank directly—this is not a standard policy, but some will do it as a courtesy. Online banks are more flexible here because they have lower minimums across the board.

If you're trying to avoid monthly fees and cannot meet the maintenance minimum, look for accounts with no monthly fee regardless of balance. Online banks almost never charge monthly fees. Some credit unions waive fees for members under 25 or over 65. Some banks waive fees if you set up direct deposit, even if the deposit is small. Read the fee schedule carefully before you open.

How to find the lowest opening deposit for your situation

Start by deciding what type of account you need: checking, savings, money market, or CD. Then visit the websites of at least three banks—one national bank, one online bank, and one credit union in your area. Look for the fee schedule and account details page, not the marketing page. The fee schedule will list both the opening deposit and the maintenance minimum.

Call the bank if the website is unclear. Banks change their requirements frequently, and the website may be outdated. A five-minute call to the customer service number will give you the current requirement and any exceptions they might make. Ask specifically: "What is the minimum deposit to open this account right now?" and "What is the minimum balance to avoid monthly fees?"

If you're opening an account with very little money, prioritize banks with no monthly fee over banks with low opening deposits. A $0 opening deposit with a $10 monthly fee costs you $120 per year. A $100 opening deposit with no monthly fee costs you $100 once. The math favors no-fee accounts.

Frequently Asked Questions

Do I have to keep the opening deposit in the account forever?

No. Once the account is open, you can withdraw the opening deposit if you want. However, if the bank has a maintenance minimum balance, your account will be charged a fee if it drops below that amount. The opening deposit and the maintenance minimum are two separate things.

What if I open an account with no money and never deposit anything?

The account will sit empty. After 30 to 90 days of no activity, the bank may charge a monthly fee. After six months to a year of no activity and no deposits, the bank may close the account and send any remaining balance (if any) to the state as unclaimed property. You won't lose money, but the account will be gone.

Can I open multiple accounts at the same bank to avoid fees?

Technically yes, but banks discourage it and may close accounts if they detect you're doing this to circumvent fees. It's not worth the hassle. If one bank's fees are too high, switch to a different bank instead.

Do online banks really have no opening deposit?

Most do not. Ally, Charles Schwab, Discover, and Marcus all allow you to open checking or savings accounts with $0. However, some online banks (usually those offering investment products) do require minimums. Check the specific bank's website before assuming.

What if a bank says I need a minimum deposit but I do not have it?

Ask if they have a different account type with a lower minimum, or if they can waive the requirement. Some banks will do this for students, seniors, or people with direct deposit. If they refuse, open an account at a different bank. There are always options with no opening deposit.