Minimum opening deposits vary widely by bank, from zero to $25,000
The amount of money required to open a savings account depends entirely on which bank or credit union you choose. Some banks have no minimum at all — you can walk in with $1 and open an account. Others require $100, $500, $1,000, or even $25,000 before they will let you deposit anything. A few online banks have dropped minimums to compete for customers, while traditional brick-and-mortar banks often keep them higher.
The minimum deposit is separate from the minimum balance — the amount you must keep in the account at all times to avoid fees. Some banks require both. Others require only one. A bank might let you open with $50 but charge you a monthly fee if your balance ever drops below $500. Another might have no opening minimum but no balance requirement either.
Before you choose a bank, you need to know both numbers for that specific institution. The opening minimum tells you whether you can start an account today. The balance minimum tells you what it will cost you to keep it open.
Key Takeaways
- Opening minimums range from $0 to $25,000 depending on the bank, and you should check the specific bank's website or call before you go in.
- Minimum balance requirements are different from opening minimums — a bank might let you open with $1 but charge fees if you drop below $500.
- Online banks tend to have lower or no minimums because they have fewer physical locations to maintain.
- If you cannot meet a bank's minimum, credit unions and online-only banks are usually your fastest alternative.
Why banks set different minimums
Large national banks like Bank of America, Wells Fargo, and Chase typically require $100 to $300 to open a savings account, though some of their accounts have no minimum. Regional banks vary — some ask for $500 or $1,000. Credit unions often have lower minimums, sometimes as little as $25, because they are member-owned and do not need to generate the same profit margins as shareholder-owned banks.
Online-only banks like Ally, Marcus, and Discover have driven minimums down across the industry because they do not pay for branch staff or building leases. Many now advertise zero opening minimums. If you have very little money to start with, an online bank is often your most practical choice.
The minimum also reflects the type of account. A basic savings account usually has a lower minimum than a money market account or a certificate of deposit (CD). Premium accounts that offer higher interest rates sometimes require $10,000 or more.
What happens if you cannot meet the minimum
If a bank requires $500 to open and you only have $200, you have three options. First, you can wait until you have saved enough. Second, you can open an account at a different bank with a lower minimum. Third, you can join a credit union, which often has lower minimums and may waive them entirely if you are a student, senior, or member of a specific organization.
Some banks will let you open an account online with a lower minimum than they require in person. Others will let you open with the minimum and then immediately withdraw part of it — the minimum only applies at the moment you open, not afterward. Call the bank directly to ask whether this is possible before you try it.
Minimum balance requirements and monthly fees
Once your account is open, the bank may require you to keep a certain amount in it at all times. This is the minimum balance. If your balance drops below it, you typically pay a monthly maintenance fee — usually $5 to $15. Some banks charge the fee once per month; others charge it every day your balance is below the minimum.
A few banks waive the minimum balance fee if you set up direct deposit, use a debit card a certain number of times per month, or maintain a linked checking account. Read the account terms carefully, because these waivers can make a low-balance account free to keep open.
Online banks and credit unions are more likely to have no minimum balance requirement at all. If you are living paycheck to paycheck and your balance fluctuates, an account with no minimum balance is worth seeking out, even if the interest rate is slightly lower.
How to find the actual minimums for a specific bank
The easiest way is to visit the bank's website and look for the account terms or disclosures. Most banks list both the opening minimum and the balance minimum in a document called the "Account Disclosure" or "Truth in Savings Act Disclosure." This document is usually a PDF you can download or view online.
If you cannot find it online, call the bank's customer service line or visit a branch in person. Be specific: ask for the opening minimum deposit and the minimum balance requirement for the specific account you are interested in. Write down both numbers before you commit to opening an account.
Credit unions often have different minimums for different membership categories. If you are a student, work for a specific employer, or live in a certain area, you may have access to a credit union with lower minimums than the general public. Check whether you are a member of any credit unions before you assume you have to use a bank.
Comparing minimums across account types
| Account Type | Typical Opening Minimum | Typical Balance Minimum |
|---|---|---|
| Basic savings (online bank) | $0 | $0 |
| Basic savings (national bank) | $100–$300 | $300–$500 |
| Basic savings (credit union) | $25–$100 | $0–$100 |
| Money market account | $2,500–$10,000 | $2,500–$10,000 |
| Certificate of deposit (CD) | $500–$2,500 | $500–$2,500 |
The table above shows typical ranges, but your actual bank may differ. Always check with the specific institution before you assume a minimum applies to you.
What to do if your balance drops below the minimum
If you fall below the minimum balance, the bank will charge you a fee — usually at the end of the month or the end of the statement cycle. The fee is not automatic; it only happens if your balance was below the minimum on the day the bank checks it. Some banks check daily, others check on the last day of the month.
If you get charged a fee, you can often call the bank and ask them to reverse it, especially if it is your first time. Banks sometimes waive one or two fees as a courtesy. After that, they will charge you every month until your balance rises above the minimum or you close the account.
The best strategy is to choose an account with no minimum balance requirement from the start. If you cannot, set a phone reminder for the last day of each month to check your balance and make sure you are above the minimum.
Frequently Asked Questions
Can I open a savings account with no money at all?
Some online banks allow you to open an account with $0, but you will need to deposit money within a certain time frame — usually 30 days — or the account will be closed. A few banks require at least $1 to complete the opening process. Check the specific bank's policy before you try.
Do I have to keep the opening deposit in the account forever?
No. Once your account is open, you can withdraw the opening deposit immediately. The opening minimum only applies at the moment you open the account. However, if the bank also has a minimum balance requirement, you must keep that amount in the account or pay a fee.
What is the difference between opening minimum and balance minimum?
The opening minimum is the amount you must deposit to create the account. The balance minimum is the amount you must keep in the account at all times after it is open. A bank might require $100 to open but $500 to avoid fees — these are two separate rules.
Will my savings account earn interest even if my balance is low?
Yes. Interest accrues on whatever balance you have, whether it is $1 or $10,000. However, if your balance is below the bank's minimum, you will pay a monthly fee that usually exceeds any interest you earn, so you lose money overall.
Can I move to a different bank if my current bank's minimum is too high?
Yes. You can close your account at any time and open one at a different bank. There is no penalty for switching, though you should make sure any automatic payments or direct deposits are updated before you close the old account.