Most banks have no minimum deposit requirement to open an account

You can open a savings account at most banks and credit unions with zero dollars. Many large banks—including Chase, Bank of America, Wells Fargo, and Ally—do not require you to deposit money on the day you open the account. You can complete the application online or in person, and fund the account later, even days or weeks after opening it.

Some banks do ask for an opening deposit, but it is usually small: $25, $50, or $100. Credit unions sometimes have a membership fee instead of a deposit requirement, typically $5 to $25. Online banks almost never require an opening deposit because they have lower overhead costs than brick-and-mortar branches.

The key distinction is between opening an account and maintaining it. You may need to keep a minimum balance once the account is open—that is different from what you need to start one.

Key Takeaways

  • Most major banks let you open a savings account with no money down, though some ask for $25 to $100 at opening.
  • Credit unions may charge a one-time membership fee ($5 to $25) instead of requiring a deposit.
  • Online banks rarely require an opening deposit because they operate with lower costs than branch banks.
  • Minimum balance requirements—what you must keep in the account after opening—are separate from opening deposit requirements and vary widely by bank.
  • If a bank requires a deposit you cannot afford right now, you can open elsewhere and move money in later.

Opening deposit versus minimum balance requirements

An opening deposit is money you put in on the day you create the account. An minimum balance requirement is the smallest amount you must keep in the account at all times to avoid fees. These are two separate rules, and a bank may have one, both, or neither.

For example, a bank might ask for $100 to open the account but then require you to maintain only $500 after that. Another bank might have no opening deposit but require $1,000 in the account at the end of each business day. A third might have neither requirement at all.

If you fall below the minimum balance, the bank typically charges a monthly fee—usually $5 to $15—until you bring the balance back up. Some banks waive the minimum if you set up direct deposit of your paycheck or keep a linked checking account open.

Where to find banks with no opening deposit

Online banks are the most reliable choice if you want to avoid an opening deposit. Institutions like Ally, Marcus by Goldman Sachs, American Express Personal Savings, and Discover Bank do not require money upfront. You can open the account in 10 to 15 minutes on their website, and you have several days to fund it by transferring money from another bank account.

Large national banks vary. Chase, Bank of America, Wells Fargo, and Citibank generally do not require an opening deposit for savings accounts, though they may require one for certain account types. Call the bank's customer service line or visit a branch to confirm the current requirement for the specific account you want to open.

Credit unions often have lower opening deposit requirements than traditional banks, but requirements differ by institution. If you belong to a credit union through your employer or a community group, check their website or call to ask what they need to open a savings account.

What happens if you cannot meet the opening deposit

If a bank requires an opening deposit you do not have right now, you have options. First, open an account at a bank with no opening deposit requirement and build your balance there. Once you have saved enough, you can move money to a different bank later if you want to—there is no penalty for switching.

Second, ask the bank whether they will waive the opening deposit. Some branches have discretion to waive requirements for customers who are opening their first account or who have other accounts with the bank. It never hurts to ask, especially if you plan to use multiple services from that bank.

Third, consider a credit union if one is available to you. Membership fees are usually lower than opening deposits, and credit unions often have more flexible policies for people starting out.

Minimum balance requirements and how to avoid fees

Minimum balance requirements range from zero to several thousand dollars, depending on the account type and the bank. A basic savings account at an online bank might have no minimum. A high-yield savings account at a traditional bank might require $500 or $1,000. Premium accounts can require $5,000 or more.

If you cannot maintain the minimum, you will pay a monthly maintenance fee. The fee is usually $5 to $15, and it comes out of your account automatically. Over a year, that adds up: a $10 monthly fee costs $120 in charges that could have stayed in your savings.

Many banks waive the minimum balance requirement if you meet one of these conditions: you set up direct deposit of your paycheck, you maintain a linked checking account at the same bank, you keep a certain amount in other accounts at the bank, or you are under a certain age (often 18 or 25). Read the account terms or ask the bank what waivers are available.

How to compare opening requirements across banks

When you are deciding where to open a savings account, look at both the opening deposit and the minimum balance requirement. A bank with no opening deposit but a $1,000 minimum balance might not be better than one that asks for $100 upfront but has no minimum after that.

Create a simple table: list the banks you are considering, their opening deposit requirement, their minimum balance requirement, their monthly maintenance fee, and any waivers available. Then ask yourself which scenario fits your situation. If you have $50 right now but expect to get paid in two weeks, an online bank with no opening deposit is your best choice. If you have $200 and can keep it in the account, a bank with a $100 opening deposit and a $500 minimum might work.

Also check the interest rate the bank pays on savings. A bank with no opening deposit but a 0.01% interest rate is worse than one that asks for $50 but pays 4.5%. The interest you earn over time will matter more than the opening deposit.

Special cases: joint accounts and accounts for minors

Joint savings accounts—accounts owned by two people—sometimes have different opening deposit requirements than individual accounts. Some banks require a higher deposit for joint accounts because they involve more paperwork. Ask the bank before you assume the individual account requirement applies.

Savings accounts for minors (people under 18) often have no opening deposit requirement and no minimum balance. Banks want to encourage young people to save, so they remove barriers. However, a parent or guardian must open the account with the minor, and the adult is responsible for the account until the minor reaches the age of majority (usually 18).

If you are opening an account for a child, confirm whether the bank will convert it to an adult account automatically when the child turns 18 or whether you need to take action. Some banks change the terms (and may add a minimum balance requirement) when the account converts.

Frequently Asked Questions

Can I open a savings account with $1?

Yes, if the bank has no opening deposit requirement. Many online banks and some traditional banks will let you open an account with any amount, including $1. You can then transfer more money in later. However, if the bank requires a minimum balance to avoid fees, you will need to meet that requirement within a certain timeframe or pay monthly charges.

Do I have to bring cash to open an account in person?

No. You can open an account in a bank branch without bringing any money. The teller can set up the account, and you can fund it by transferring money from another bank account, depositing a check, or bringing cash later. Ask the teller what methods the bank accepts for funding.

What if I open an account and then cannot maintain the minimum balance?

The bank will charge you a monthly maintenance fee, usually $5 to $15. This fee comes out of your account automatically each month until your balance meets the minimum again. If your balance drops to zero or negative, the bank may close the account and send you to collections. Contact the bank immediately if you cannot maintain the minimum and ask about waivers or account options with no minimum.

Can I move money between banks after I open an account?

Yes. You can transfer money from one bank to another using an ACH transfer (which takes one to three business days) or by depositing a check. There is no penalty for moving money between banks, and you can close the first account whenever you want. Some banks offer incentives to switch to them, so it is worth comparing options even after you have already opened an account.

Do online banks have lower opening deposits than brick-and-mortar banks?

Generally yes. Online banks almost never require an opening deposit because they have lower operating costs. However, some online banks do have minimum balance requirements to avoid fees, so check both requirements before opening. A brick-and-mortar bank might ask for $100 upfront but have no minimum balance, while an online bank might have no opening deposit but require $500 to stay in the account.