Most banks let you open a savings account with $0, but some require a minimum deposit
The short answer: many banks and credit unions will open a savings account without any money in it at all. You can walk in or go online, complete the paperwork, and start with a zero balance. But some institutions do require an opening deposit — usually between $25 and $500 — before they'll activate your account.
Which route you hit depends on where you bank. Online banks almost never require a minimum to open. Traditional brick-and-mortar banks vary widely. Credit unions often have lower or no minimums. The minimum (if one exists) is separate from any monthly balance requirement, which is a different rule that kicks in after you open.
If you don't have the opening deposit amount right now, you have options: you can choose a bank with no minimum, or you can deposit the minimum later and open the account now with zero dollars.
Key Takeaways
- Online banks and many credit unions let you open a savings account with $0 and no opening deposit required.
- Some traditional banks require an opening deposit of $25 to $500, but this is not universal — call or check their website before you visit.
- The opening deposit is different from a monthly minimum balance; you may have one without the other.
- If you cannot meet an opening deposit, switching to a bank with no minimum requirement is faster than waiting to save the money.
Where opening deposits are rare or nonexistent
Online banks almost never charge an opening deposit. Banks like Ally, Marcus, and Discover let you open an account online in minutes with whatever balance you have — including zero. They make money from interest rates and fees, not from requiring deposits upfront. If you have internet access and a valid ID, you can open an account today.
Credit unions typically have no opening deposit requirement, though some do charge a small membership fee (usually $5 to $25, paid once). Credit unions are member-owned, so they operate differently from banks. Call your local credit union or check their website to confirm they have no opening deposit before you visit.
Savings accounts at online brokerages — firms like Fidelity or Charles Schwab — often have no opening deposit either. These are not the same as investment accounts; they're regular savings accounts that happen to be offered by investment companies.
Banks that do require opening deposits and typical amounts
Some traditional banks and regional institutions require money in the account before they'll open it. The amounts vary:
| Deposit Range | Typical Bank Type | Notes |
|---|---|---|
| $0 | Online banks, many credit unions | Most common option; no barrier to entry |
| $25–$100 | Some regional and community banks | Low enough that most people can meet it |
| $250–$500 | Premium or tiered savings accounts | Often paired with higher interest rates or perks |
The bank's website or phone line will tell you the exact amount before you apply. If they don't list it, call and ask directly — it's a straightforward question and the answer won't change.
Opening deposit versus monthly minimum balance
These are two separate rules, and it's easy to confuse them. An opening deposit is money you put in when you create the account. A monthly minimum balance is the smallest amount the bank requires you to keep in the account each month to avoid a fee.
A bank might have no opening deposit but require a $500 monthly minimum. Or it might require $100 to open but have no monthly minimum at all. Read the account terms carefully, because they're not the same thing and don't always go together.
If you fall below a monthly minimum, the bank typically charges a fee — often $5 to $15 per month. This is why knowing both numbers matters before you open the account.
What happens if you don't have the opening deposit right now
If a bank requires an opening deposit and you don't have it, you have three paths forward. First, you can choose a different bank with no opening deposit requirement — this is usually the fastest option. Second, you can deposit the money later; some banks let you open the account online with zero dollars and add the minimum within a set timeframe (often 30 days). Third, you can wait until you have the money and open the account then.
The first option is almost always better than waiting. Opening an account with zero dollars at a bank that allows it costs nothing and takes minutes. You can start saving immediately, even if it's just a few dollars at a time. Waiting to accumulate the opening deposit means delaying the start of your savings habit.
How to find out what a specific bank requires
Check the bank's website first — most list opening deposit requirements in the account details or FAQ section. If it's not there, call the customer service number or visit a branch and ask. Be specific: "What is the opening deposit requirement for a regular savings account?" The answer should be a single number or "none."
If you're comparing banks, write down the opening deposit and monthly minimum for each one. This takes five minutes and saves you from opening an account that doesn't fit your situation.
Frequently Asked Questions
Can I open a savings account with $1?
Yes, at banks with no opening deposit requirement. Online banks and most credit unions will let you open an account with any amount, including $1. You don't have to wait until you have a larger sum.
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. You can withdraw it anytime without closing the account. The opening deposit is just the initial money needed to create the account, not a locked amount.
What if a bank says I need $500 to open but I only have $100?
Ask if you can deposit the $100 now and add the remaining $400 within a certain timeframe — some banks allow this. If not, open an account at a bank with no opening deposit requirement instead. Don't pay a fee or wait if another bank will take you today.
Is the opening deposit the same as a sign-up bonus?
No. An opening deposit is your own money that you put in. A sign-up bonus is money the bank gives you for opening an account and meeting certain conditions (like keeping a minimum balance for 90 days). Some accounts have both, some have neither.
Can I open multiple savings accounts at the same bank?
Yes, most banks let you open more than one savings account. Each account may have its own opening deposit requirement, so check before you open the second one. Some banks also limit how many savings accounts you can have, so ask if there's a cap.