Minimum deposit amounts vary by bank and account type
Most banks do not require you to deposit money to open a savings account—you can open one with zero dollars. However, some banks and credit unions set a minimum opening deposit, which is the amount you must put in on the day you open the account. This ranges from nothing at all to $25, $100, or occasionally $500, depending on where you bank.
The minimum opening deposit is different from a minimum balance requirement, which is the smallest amount you must keep in the account after opening it. Some accounts have both, some have one, and some have neither. A bank might let you open with $0 but require you to maintain $500 once the account is active.
Online banks tend to have lower or no opening deposits because they have fewer physical locations and lower overhead costs. Traditional brick-and-mortar banks vary widely. Credit unions often have no opening deposit requirement but may require you to join the credit union first, which sometimes involves a small membership fee or a nominal deposit into a share account.
Key Takeaways
- Many banks allow you to open a savings account with no money down, though some require $25 to $500 at opening.
- Minimum opening deposit and minimum balance requirement are separate—you might need $0 to open but $500 to avoid fees.
- Online banks typically have lower opening deposits than traditional banks because their operating costs are lower.
- Credit unions often waive opening deposits but may require a small membership fee or a share account deposit to join.
- Checking the bank's website or calling ahead takes two minutes and tells you exactly what you need before you visit or apply online.
Where to find the opening deposit amount before you apply
The opening deposit requirement is listed on the bank's website under the account details, usually labeled "Minimum Opening Deposit" or "Initial Deposit Required." If you cannot find it on the main account page, look in the account terms and conditions or the fee schedule.
If the website is unclear, call the bank's customer service line or visit a branch in person. A single phone call takes five minutes and removes any doubt about what you need to bring or transfer. Many banks also display this information in their mobile app before you start the opening process.
For credit unions, check whether you need to become a member first. Some credit unions let anyone join; others limit membership to people who work for a certain employer, live in a certain area, or belong to a certain organization. The membership requirement and any associated fee should be listed on their website.
What happens if you cannot meet the opening deposit
If a bank requires an opening deposit you do not have right now, you have several options. You can open an account at a different bank with no opening deposit requirement—many online banks and credit unions offer this. You can also wait until you have the money and open the account later; there is no rush, and savings accounts will be available whenever you are ready.
Some banks allow you to open an account online with $0 and then deposit money later, even if they normally require an opening deposit for in-person applications. Read the online opening flow carefully or ask customer service whether this option exists at your bank.
If you are under 18, some banks have youth savings accounts with different opening deposit rules than adult accounts. These often have no opening deposit and lower or no monthly fees. Ask whether your bank offers a youth account if you are a minor.
Minimum balance requirements after you open the account
After you open the account, some banks require you to keep a minimum balance to avoid monthly maintenance fees. This is separate from the opening deposit. For example, a bank might let you open with $0 but charge you $5 per month if your balance drops below $500.
The minimum balance requirement is usually listed in the same place as the opening deposit—on the account details page or in the fee schedule. Common minimums are $100, $300, $500, or $1,000, though many savings accounts have no minimum balance requirement at all.
If you fall below the minimum balance, the bank typically charges a monthly fee until you bring the balance back up. Some banks waive the fee if you set up direct deposit or maintain a linked checking account with them. Read the account terms to see what waivers are available.
Opening deposit amounts at major bank types
| Bank Type | Typical Opening Deposit | Typical Minimum Balance |
|---|---|---|
| Online Banks | $0 to $25 | $0 to $100 |
| Traditional Banks | $0 to $500 | $100 to $1,000 |
| Credit Unions | $0 to $25 (plus possible membership fee) | $0 to $500 |
| High-Yield Savings Accounts | $0 to $2,500 | $0 to $2,500 |
High-yield savings accounts, which pay higher interest rates, sometimes require larger opening deposits and minimum balances because they are marketed to people with more money to save. However, many online banks offer high-yield accounts with no opening deposit or minimum balance.
How to compare opening deposits across banks
When you are choosing a bank, list the opening deposit and minimum balance requirement for each one you are considering. Write down whether the bank waives the minimum balance fee if you set up direct deposit or maintain a linked account. These waivers can make a low-fee account even cheaper if you already receive paychecks by direct deposit.
Also check whether the bank charges a monthly maintenance fee at all. Some accounts have no monthly fee regardless of your balance, which means the opening deposit and minimum balance are irrelevant—you pay nothing to keep the account open.
Do not choose a bank based only on the opening deposit. A bank with a $0 opening deposit but a $10 monthly maintenance fee costs you more over time than a bank with a $100 opening deposit and no monthly fee. Look at the full picture: opening deposit, minimum balance, monthly fees, and any waivers that apply to you.
Frequently Asked Questions
Can I open a savings account with no money at all?
Yes. Many banks, especially online banks and credit unions, allow you to open a savings account with $0. However, some banks require an opening deposit of $25 to $500. Check the specific bank's website or call ahead to confirm their opening deposit requirement before you apply.
What is the difference between opening deposit and minimum balance?
Opening deposit is the money you must put in when you create the account. Minimum balance is the smallest amount you must keep in the account afterward to avoid fees. A bank might require $100 to open but only $25 to maintain, or vice versa. Check both numbers in the account terms.
Do I have to keep the opening deposit in the account forever?
No. Once the account is open, the opening deposit becomes part of your balance and you can withdraw it anytime. However, if the bank has a minimum balance requirement, withdrawing below that amount may trigger a monthly fee. You can withdraw the opening deposit itself; you just cannot drop below the minimum balance without consequences.
What if I do not have the opening deposit right now?
Open an account at a bank with no opening deposit requirement instead. Many online banks and credit unions offer this. You can also wait until you have the money and open the account later. There is no deadline for opening a savings account, and you can start saving whenever you are ready.
Do credit unions charge opening deposits?
Most credit unions have no opening deposit, but they may require a membership fee or a small deposit into a share account to join the credit union itself. This is separate from the savings account. Check your local credit union's website to see whether membership is open to you and what the membership cost is.