Minimum opening deposits range from zero to several thousand dollars
The amount of money required to open a savings account depends entirely on the bank or credit union you choose. Some institutions have no minimum at all — you can open an account with $1 or even $0. Others require $25, $100, $500, or more. A few banks that cater to high-net-worth customers may ask for $10,000 or $25,000 to start.
The minimum you need to maintain the account after opening is separate from the opening deposit. Many banks let you drop to $0 after you open, while others require you to keep a certain balance at all times — typically $100 to $500 — or you'll face a monthly fee. Some accounts waive the minimum if you set up direct deposit or keep a linked checking account with them.
Online banks and credit unions tend to have lower or no minimums, while traditional brick-and-mortar banks often charge more. The trade-off is usually interest rate: banks with no minimum deposit often pay higher interest on savings, while banks with high minimums may offer slightly better rates but only if you meet their balance requirement.
Key Takeaways
- Opening deposits range from $0 to $25,000 depending on the bank, with most mainstream banks asking for $0 to $500.
- Maintenance minimums — the balance you must keep to avoid fees — are different from opening deposits and typically run $100 to $500 per month.
- Online banks and credit unions usually have lower or no minimums, while traditional banks are more likely to charge.
- If you cannot meet a bank's minimum balance, you can avoid fees by setting up direct deposit, linking a checking account, or switching to a bank with no requirement.
Where to find the actual minimums for banks you're considering
Every bank publishes its account terms on its website, usually under a section called "Account Details," "Rates and Fees," or "Terms and Conditions." Look for the line that says "Minimum Opening Deposit" and "Minimum Balance Required" — these are the two numbers that matter.
If you cannot find the information online, call the bank's customer service line or visit a branch in person. Be specific: ask what the opening deposit is, what the monthly maintenance minimum is, and whether that minimum can be waived by direct deposit or other means. Write down the answers so you have them in writing.
Credit unions often have lower minimums than banks, but you have to be a member to open an account. Membership usually requires living or working in a certain area, belonging to a particular employer or organization, or paying a small membership fee. Check whether you are may be able to access before you spend time comparing their rates.
What happens if you cannot meet the minimum balance
If your account balance drops below the required minimum and stays there, the bank will charge you a monthly maintenance fee — usually $5 to $15. This fee comes out of your account automatically, which can push your balance even lower and trigger more fees the following month.
Some banks will close your account if you do not maintain the minimum for several months in a row. When an account is closed, any remaining balance is returned to you by check or direct deposit, but you lose the account and any interest you were earning. A closed account may also appear on your banking history, which some banks check before opening new accounts.
The easiest way to avoid this is to choose a bank with no minimum balance requirement from the start. If you have already opened an account with a minimum, call the bank and ask whether you can waive it by setting up direct deposit or moving your paycheck there. Many banks will remove the requirement if you do.
How interest rates connect to minimum balance requirements
Banks that require high minimum balances often — but not always — pay higher interest rates on savings. The logic is that they want to attract customers with larger amounts of money to invest. However, this is not a rule: some high-minimum banks pay low rates, and some no-minimum banks pay competitive rates.
The interest rate you earn matters more than the minimum you pay. A bank with a $500 minimum paying 0.01% annual interest will earn you almost nothing, while a bank with no minimum paying 4.5% will grow your money much faster. Compare the rate first, then check the minimum, not the other way around.
Interest rates change frequently — sometimes weekly — so the rate you see today may not be the rate you get tomorrow. Before you open an account, confirm the current rate in writing or take a screenshot. Once your account is open, your rate is usually locked in, but it can change if the bank lowers rates across all accounts.
Savings accounts at different types of institutions
| Type of Institution | Typical Opening Minimum | Typical Maintenance Minimum | Interest Rate Range |
|---|---|---|---|
| Online banks | $0 to $100 | $0 to $100 | 4% to 5.3% |
| Credit unions | $0 to $50 | $0 to $50 | 3% to 4.5% |
| Traditional banks (national) | $0 to $500 | $100 to $500 | 0.01% to 0.5% |
| High-net-worth banks | $10,000 to $25,000 | $10,000 to $25,000 | 4% to 5% |
Online banks have become the standard for low minimums and high interest rates because they have no physical branches to maintain. Credit unions offer similar benefits if you are a member. Traditional banks with branches in your town usually charge higher minimums and pay lower interest, but they offer in-person service and may have other perks like free checking or ATM networks.
High-net-worth banks cater to people with substantial savings and charge high minimums to keep out smaller accounts. Unless you have $10,000 or more to deposit and keep there permanently, these accounts are not designed for you.
Moving money between accounts if minimums change
If you open a savings account and later find you cannot maintain the minimum balance, you can move your money to a different bank with no minimum. This takes three to five business days if you use an electronic transfer, or you can withdraw cash and deposit it immediately at the new bank.
Before you move, check whether your current bank will charge a closure fee — some do if you close within a certain period, usually 90 to 180 days. Ask the bank directly. If there is a fee, weigh it against the monthly maintenance fees you would pay if you stayed. If you are going to be charged $25 to close but would pay $10 a month in fees, closing makes sense after three months.
Keep your old account open for a few days after the transfer clears, in case a deposit or automatic payment arrives late. Once you are sure nothing else is coming, you can close it.
Frequently Asked Questions
Can I open a savings account with no money at all?
Yes, some banks and credit unions allow you to open an account with $0. However, you will need to deposit money within a certain timeframe — usually 30 to 60 days — or the bank may close the account. Check the bank's terms before you open.
What if I have only $50 to start with?
Online banks and credit unions will take $50 with no problem. Most traditional banks will too. The key is to choose a bank with a minimum of $50 or less, and ideally one with no maintenance minimum so you do not get charged fees if your balance drops.
Do I have to keep the minimum balance every single day?
Most banks calculate the minimum based on your average balance over the month or your lowest balance on any day. Read your account terms to see which method your bank uses. If it is the lowest balance, you need to stay above the minimum every day or you may be charged a fee.
Can a bank change its minimum after I open my account?
Yes, banks can change their terms, including minimum balance requirements. They must notify you in advance, usually 30 days. If your bank raises the minimum and you cannot meet it, you can close the account and move to a different bank without penalty.
Is a high minimum worth it for a higher interest rate?
Only if you have the money to keep there anyway. If you are scraping together $500 to meet a minimum, the extra 0.5% interest will not be worth the stress of staying above the line. Choose a no-minimum bank and put your money to work there instead.