Minimum deposits vary by bank and account type, from zero to $25,000
Most banks and credit unions do not require you to deposit money to open a savings account. Many will let you open an account with $0 and add money later. Others ask for a minimum opening deposit of $25 to $100. A few banks that market themselves as premium or high-yield accounts may ask for $1,000, $10,000, or even $25,000 to start.
The minimum deposit is separate from the minimum balance you must keep in the account after it opens. Some banks require both; some require neither. A bank might let you open with $0 but charge a monthly fee if your balance drops below $500. Another might ask for $100 to open but have no balance requirement afterward.
The amount depends on the bank's business model, the type of account, and whether you meet other conditions—like setting up direct deposit or maintaining a checking account at the same bank. Online banks tend to have lower or no minimums because they have fewer physical branches to maintain.
Key Takeaways
- Many banks let you open a savings account with no money down, though some ask for $25 to $100 at opening.
- Premium or high-yield savings accounts often require $1,000 to $25,000 to open, depending on the bank.
- Minimum opening deposit and minimum balance requirement are two different things—check both before you choose a bank.
- Online banks and credit unions typically have lower opening minimums than large national banks.
- Some banks waive the opening minimum if you set up direct deposit or link a checking account.
Banks with no opening deposit requirement
Online banks and many credit unions let you open a savings account with $0. Examples include Ally Bank, Marcus by Goldman Sachs, Discover Bank, and most local credit unions. You can open the account online or in person, and you do not have to deposit anything on day one.
The trade-off is usually that these banks do not have physical branches. If you need to deposit cash, you may have to use an ATM network, transfer money from another bank, or set up direct deposit from your employer. Some online banks partner with ATM networks so you can deposit cash at thousands of locations; others do not accept cash deposits at all.
Credit unions often have no opening minimum and do accept cash deposits at their branches or ATMs. However, you must live, work, or have family in the area they serve to join. Check your local credit union's membership rules before you assume you can open an account.
Banks that ask for $25 to $100 to open
Many regional and mid-size banks ask for a small opening deposit of $25 to $100. This covers the cost of setting up the account and gives the bank a small cushion against fraud. Banks like Axos Bank, LendingClub, and some local banks fall into this range.
This amount is low enough that most people can meet it without planning ahead. You can often transfer it from another bank account the same day you open the account online. Some banks let you mail a check or deposit cash at a branch if you prefer.
Premium and high-yield accounts with higher minimums
Banks that offer higher interest rates or extra perks sometimes ask for larger opening deposits. A high-yield savings account at a premium bank might require $1,000, $10,000, or more. Wealth management accounts at large national banks can ask for $25,000 or higher.
The higher minimum reflects the bank's assumption that you have more money to save and want to earn more interest. These accounts often come with other benefits—no monthly fees, higher interest rates, or access to financial advisors—that justify the larger opening deposit for people who have it.
If you do not have the minimum, you have two options: wait until you do, or open a regular savings account at the same bank and upgrade later when your balance grows. Some banks will waive the minimum if you set up a large direct deposit or maintain a linked checking account with a certain balance.
Minimum balance requirements after you open
After you open the account, some banks require you to keep a minimum balance to avoid monthly fees. This is different from the opening deposit. A bank might ask for $0 to open but charge you $5 per month if your balance falls below $500.
Common minimum balance thresholds are $300, $500, $1,000, and $2,500. If you drop below the minimum, the bank deducts a monthly maintenance fee—usually $5 to $15. Some banks waive the fee if you set up direct deposit, maintain a linked checking account, or keep a certain number of transactions per month.
Read the account agreement carefully to see both the opening minimum and the balance minimum. A bank with no opening minimum but a $1,000 balance minimum might not be the right choice if you plan to save slowly.
How to find the right minimum for your situation
Start by deciding how much you can deposit right now and how much you plan to keep in the account long-term. If you have $0 to $100, look for banks with no opening minimum or a $25 to $100 minimum. If you have $1,000 or more and want a higher interest rate, a premium account might make sense.
Next, check the balance minimum. If you plan to keep $200 in the account, a bank with a $500 balance minimum will charge you fees every month. If you plan to keep $5,000, the balance minimum does not matter.
Compare the interest rate, monthly fees, and ATM access alongside the minimums. A bank with no opening minimum but a $10 monthly fee is more expensive than a bank that asks for $100 to open but charges no fees. Use a calculator or spreadsheet to compare the total cost over a year.
Special cases: joint accounts and accounts for minors
Joint savings accounts—accounts owned by two people—usually have the same opening and balance minimums as regular accounts. Both owners must sign the paperwork, but only one person needs to deposit the opening amount.
Savings accounts for minors (children under 18) often have lower or no opening minimums. Some banks waive the minimum entirely for youth accounts. However, these accounts may have restrictions—for example, a parent or guardian must co-own the account, or the account converts to a regular adult account at age 18.
If you are opening an account for a child, ask whether the bank charges different fees for youth accounts and whether the account has withdrawal limits or other restrictions.
Frequently Asked Questions
Can I open a savings account with $0 and add money later?
Yes, many banks let you open with no deposit. Online banks like Ally and Marcus, as well as most credit unions, have no opening minimum. You can fund the account by transfer, direct deposit, or ATM deposit after it opens. Check the bank's website or call to confirm they accept your preferred funding method.
What happens if I cannot meet the opening minimum?
Choose a bank with a lower or no opening minimum. Online banks and credit unions are your best options. You can also ask the bank whether they waive the minimum for direct deposit or if they have a youth or student account with lower requirements.
Is the opening deposit the same as the balance minimum?
No. The opening deposit is what you put in on day one. The balance minimum is what you must keep in the account to avoid monthly fees. A bank might ask for $100 to open but require $500 to stay fee-free. Read the account agreement to see both numbers.
Do I get my opening deposit back?
Yes. The opening deposit is your money. You can withdraw it anytime unless the account agreement says otherwise. Withdrawing it may trigger a monthly fee if it drops you below the balance minimum, but the money itself is yours to use.
Can I move money from another bank to meet the opening minimum?
Yes. Most banks let you transfer money from another bank account to meet the opening deposit. You can do this online during account setup or after the account opens. The transfer usually takes one to three business days.