Minimum deposit amounts vary widely by bank and account type
Most banks and credit unions do not require any money to open a savings account — you can walk in or go online with zero dollars and complete the paperwork. However, some banks do set a minimum opening deposit, which typically ranges from $25 to $500. A few banks with premium accounts may ask for $2,500 or more, but these are the exception, not the rule.
The amount you need depends on which bank you choose and what type of account you want. A basic savings account at a large national bank like Chase or Bank of America often has no opening deposit requirement. Credit unions frequently have no minimum either, though you may need to buy a share (usually $5 to $25) to become a member. Online banks like Ally or Marcus almost never require an opening deposit because they have lower overhead costs.
If you cannot meet a bank's opening deposit requirement, you have options: you can choose a different bank with no minimum, or you can deposit the minimum amount and then withdraw it once the account is open (though some banks require you to keep the minimum in the account for a set period). Always check the specific bank's website or call before you go in, because requirements change and vary by location.
Key Takeaways
- Most major banks and credit unions have no minimum opening deposit, so you can open an account with $0.
- When a minimum does exist, it usually falls between $25 and $500, depending on the bank and account type.
- Online banks almost never require an opening deposit because they operate with lower costs than brick-and-mortar branches.
- If a bank's minimum is a barrier, switching to a different bank with no minimum is usually faster than trying to meet the requirement.
Banks with no opening deposit requirement
The largest national banks — Chase, Bank of America, Wells Fargo, and Citibank — all offer basic savings accounts with zero opening deposit. You can open these accounts online or in a branch. The trade-off is that these accounts often pay very low interest rates (sometimes less than 0.01% annually), so your money grows slowly.
Credit unions typically have no opening deposit either. To join, you usually pay a one-time membership fee of $5 to $25 and buy at least one share (the credit union's term for a membership stake), which costs the same amount. After that, you can open a savings account with no additional minimum. Credit unions often pay higher interest rates than large banks, but you must live, work, or have family in their service area to join.
Online banks like Ally, Marcus, Discover, and American Express Personal Savings all have zero opening deposits. These banks typically offer the highest interest rates available because they have no physical branches to maintain. You open the account entirely online, and money can be deposited via transfer from another bank or by direct deposit from your employer.
Banks that do require an opening deposit
Some regional banks and banks targeting specific customer groups do set opening minimums. For example, certain community banks may require $100 to $300 to open a savings account. Banks with premium or high-yield savings accounts sometimes ask for $500 to $2,500. These requirements are less common than they used to be, but they still exist.
Before you open an account anywhere, search the bank's website for "minimum opening deposit" or "savings account requirements." Most banks list this clearly on the account details page. If you cannot find it online, call the bank's customer service line or visit a branch and ask directly. This takes five minutes and saves you from showing up with insufficient funds.
What happens if you cannot meet the minimum
If a bank requires a $100 opening deposit and you only have $50, you have three realistic paths. First, you can choose a different bank with no minimum — this is usually the fastest solution. Second, you can deposit what you have and ask the bank whether you can add the rest within a certain timeframe (some banks allow this, others do not). Third, you can wait until you have saved enough to meet the minimum.
Do not let a minimum deposit stop you from opening an account. The whole point of a savings account is to build money over time, and you cannot do that if you never start. A bank with no minimum exists for you — it just may not be the one closest to your house.
Monthly maintenance fees and minimum balances
Opening deposit and minimum balance requirement are two different things. An opening deposit is what you need to start the account. A minimum balance is how much money the bank requires you to keep in the account at all times to avoid a monthly fee.
Many banks charge $5 to $15 per month if your balance drops below a certain level — often $500, $1,000, or $2,500. Some banks waive this fee if you set up direct deposit, maintain a linked checking account, or meet other conditions. Online banks and credit unions are more likely to have no monthly fee and no minimum balance requirement, which is one reason they are popular for people building savings from a small starting point.
When you are comparing banks, look at both the opening deposit and the monthly fee structure. A bank with no opening deposit but a $10 monthly fee can cost you more over time than a bank that asks for $100 upfront but charges nothing monthly. Read the account terms carefully or ask the bank to explain the full fee schedule before you commit.
How to open an account with very little money
If you have $25 or less and want to open a savings account, online banks are your best bet. Ally, Marcus, Discover, and American Express all accept $0 opening deposits and have no monthly fees. You can open the account on your phone or computer in about 10 minutes, and you can start depositing money as soon as you have it.
If you prefer a physical bank or credit union, call ahead and ask which accounts have no opening deposit and no monthly fee. Many credit unions fall into this category. Once you open the account, you can add money whenever you can — even $5 or $10 at a time counts. The goal is to build the habit of saving, not to start with a large sum.
Some employers offer payroll direct deposit, which means your paycheck goes straight into your bank account. If you have access to direct deposit, it can help you avoid monthly fees at banks that waive fees for customers who use it. This is another reason to open an account even if you do not have much money right now — direct deposit makes saving automatic.
Frequently Asked Questions
Can I open a savings account with $0?
Yes. Most banks, credit unions, and online banks have no opening deposit requirement. You can open an account with zero dollars and begin depositing money whenever you can. Check your chosen bank's website or call to confirm they have no minimum before you apply.
What if my bank charges a monthly fee and I cannot keep the minimum balance?
Switch to a bank with no monthly fee and no minimum balance requirement. Online banks and many credit unions offer this. If you are already at a bank charging fees, you can close the account and move your money to a new one at no cost — most banks will help you transfer funds to another institution.
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, some banks require you to keep the minimum balance in the account at all times, or they charge a monthly fee. Read the account terms to see whether the opening deposit is separate from the ongoing minimum balance requirement.
Is it better to open an account at a big bank or a credit union?
It depends on your priorities. Big banks have more branches and ATMs, but credit unions often pay higher interest rates and charge fewer fees. Online banks pay the highest rates but have no physical locations. Compare the interest rate, monthly fees, and minimum balance requirement for each option before deciding.
Can I open multiple savings accounts at different banks?
Yes. There is no limit to how many savings accounts you can open. Some people open accounts at multiple banks to take advantage of different interest rates or to organize money for different goals. Each account is insured separately up to $250,000 by the FDIC (or NCUA for credit unions), so your money is protected.