Minimum deposit requirements 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 set a minimum opening deposit, which ranges from $0 to $25,000 depending on the institution and the specific account product. Large national banks like Chase, Bank of America, and Wells Fargo typically allow you to open a basic savings account with no deposit required. Credit unions and online banks often have the same policy.
The banks that do charge a minimum opening deposit usually do so for premium or high-yield savings accounts. For example, a bank might let you open a standard savings account free but require $500 or $1,000 to open a money market account or a special rate tier. Some banks waive the opening deposit if you set up automatic transfers from a checking account or meet other conditions.
After you open the account, many banks impose a minimum balance requirement—a separate rule that says you must keep a certain amount in the account at all times to avoid monthly fees. This is different from the opening deposit. You might open with $0 but then face a $10 monthly fee if your balance falls below $500.
Key Takeaways
- Most major banks allow you to open a savings account with zero dollars down, though some premium accounts require $500 to $25,000 to open.
- Minimum opening deposit and minimum balance requirement are two separate rules—you can open with $0 but still owe fees if you do not maintain a certain balance.
- Online banks and credit unions typically have lower or no opening deposit requirements compared to brick-and-mortar banks.
- You can often waive an opening deposit by setting up automatic transfers or meeting other conditions the bank specifies.
- The amount you need depends on the specific account type and institution, so checking with your bank directly is the fastest way to know your exact requirement.
Where opening deposits are most common
Banks that charge opening deposits tend to fall into two categories: those offering premium accounts and those targeting high-net-worth customers. A premium savings account—one that pays a higher interest rate—might require $2,500 to $10,000 to open. Money market accounts, which combine features of savings and checking accounts, often have opening deposits of $1,000 to $5,000. Wealth management accounts designed for customers with significant assets may require $25,000 or more.
Credit unions almost never charge opening deposits. You typically need only a membership fee, which ranges from $5 to $25, and sometimes proof of address or employment. Online-only banks like Ally, Marcus, and Discover rarely charge opening deposits for any account type, which is one reason they attract customers who want to start saving with small amounts.
Regional and community banks vary widely. Some waive opening deposits to build customer relationships; others enforce them strictly. The only way to know is to call the bank or check their website for the specific account you want to open.
Minimum balance requirements after opening
Once your account is open, the bank may require you to keep a minimum balance to avoid a monthly maintenance fee. Common minimums are $300, $500, $1,000, or $2,500. If your balance drops below that threshold even for one day, you may be charged $5 to $15 per month. Some banks waive the fee if you set up direct deposit, maintain a linked checking account, or transfer money in regularly.
Online banks typically have no minimum balance requirements at all, which makes them attractive for people building savings from scratch. Traditional banks use minimum balances as a way to offset the cost of maintaining your account, so they are more common at brick-and-mortar institutions.
Read the account disclosure document before opening—it will list both the opening deposit requirement and the minimum balance requirement, as well as any fees and conditions that waive them.
How to find accounts with no opening deposit
If you want to open a savings account with no money down, start by checking online banks. Ally Bank, Marcus by Goldman Sachs, Discover Bank, and American Express Personal Savings all allow you to open with $0. These banks pay competitive interest rates and have no monthly fees or minimum balances.
Call your local credit union and ask about their opening deposit. Most will let you join and open a savings account for a membership fee only. If you do not have a credit union nearby, many allow you to join based on where you work or live, or through a credit union network.
If you prefer a traditional bank, call the branch directly and ask whether they waive the opening deposit for new customers. Some branches offer promotions that eliminate the deposit requirement for a limited time. You can also ask whether setting up automatic transfers from a checking account (yours or someone else's) waives the requirement.
What happens if you cannot meet the opening deposit
If a bank requires an opening deposit you cannot afford right now, you have several options. First, choose a different bank or credit union with no opening deposit requirement—this is the simplest path. Second, ask the bank whether they will waive the deposit if you set up automatic transfers. Third, ask a family member or trusted friend whether they will lend you the deposit amount temporarily; you can repay them as soon as the account is open and you have access to the funds.
Some banks will also let you open the account online with $0 and then deposit the minimum later, within a set timeframe (usually 30 days). Check the bank's website or call to ask whether this option is available.
Do not let an opening deposit requirement stop you from opening an account. The goal is to start saving, and there are always banks that will let you do that with the money you have right now.
Frequently Asked Questions
Can I open a savings account with $1?
Yes, if you choose a bank with no opening deposit requirement. Most online banks and credit unions will let you open with any amount, including $1. Some traditional banks require a minimum opening deposit of $25 to $100, so you would need to check with your specific bank.
Do I have to keep money in the account after I open it?
Not necessarily. If the bank has no minimum balance requirement, you can open the account and leave it empty. However, if the bank does have a minimum balance requirement and your balance falls below it, you will be charged a monthly fee. Check your account agreement to see whether a minimum balance applies to you.
What if I close my account right after opening it?
You can close a savings account at any time with no penalty. If you opened with a deposit, the bank will return that money to you. Some banks charge a small fee for closing an account within a certain period (like 90 days), so check the account terms before opening.
Is the opening deposit the same as the interest I earn?
No. The opening deposit is money you put in to meet the bank's requirement. Interest is money the bank pays you based on the balance in your account. They are separate. Your opening deposit stays in the account and earns interest along with any other money you add.
Can I use a gift card or check to meet the opening deposit?
Usually yes, but it depends on the bank. Most banks accept checks, transfers from other accounts, and debit card deposits. Gift cards typically cannot be used directly, but you can use a gift card to get cash and then deposit that cash. Ask the bank what payment methods they accept for opening deposits.