Minimum deposit requirements vary by bank and account type
Most banks let you open a savings account with no money at all, or with as little as $1 to $25. Some require $100 or $500. A few require $2,500 or more. The amount depends on which bank you choose and which type of account you pick — a basic savings account usually costs less to open than a money market account or a high-yield savings account.
After you open the account, many banks also set a minimum balance requirement — the smallest amount you must keep in the account at all times. If your balance drops below that number, the bank may charge you a monthly fee, usually $5 to $15. Some banks waive the fee if you set up direct deposit or keep a linked checking account open.
Online banks and credit unions often have lower or no minimum deposit and balance requirements than traditional brick-and-mortar banks, because their overhead costs are lower. If you have a small amount to save, starting with an online bank or credit union may cost you nothing to open.
Key Takeaways
- Opening deposits range from $0 to $2,500 depending on the bank and account type, with most banks requiring $0 to $100.
- Minimum balance requirements — the amount you must keep in the account — are separate from opening deposits and typically range from $0 to $2,500.
- Online banks and credit unions usually have lower or no opening deposit and balance requirements than traditional banks.
- If your balance falls below the minimum, the bank will charge a monthly fee unless you meet an alternative requirement like direct deposit.
- You can compare opening and balance requirements on each bank's website before you open an account.
Opening deposit vs. minimum balance — they are not the same thing
The opening deposit is the money you put in when you first create the account. The minimum balance requirement is the lowest amount the bank wants you to keep in the account going forward. A bank might ask for $100 to open but require you to maintain $500 at all times. Another might have no opening deposit but charge a fee if you drop below $300.
Read the account terms carefully, because the two numbers are listed separately and they work differently. If you do not meet the opening deposit, the bank will not let you create the account. If you do not meet the minimum balance later, you will pay a fee each month until you bring the balance back up.
Some banks offer accounts with no opening deposit and no minimum balance at all. These are usually basic savings accounts at online banks or credit unions. The trade-off is that the interest rate may be lower than accounts that require higher balances.
What happens if you cannot meet the opening deposit
If a bank requires an opening deposit you do not have, you have several options. You can choose a different bank with a lower or zero opening deposit requirement. You can ask a family member to help you deposit the money, then withdraw their portion once the account is open. You can also wait until you have saved enough — there is no rush, and opening an account with money you do not have is not possible.
Credit unions often have lower opening deposit requirements than banks and may waive them entirely if you become a member. Some credit unions let you open an account for $5 or $25. Online banks almost always have zero opening deposit requirements, so if you have even $1, you can start there.
How to find the opening deposit and balance requirements for a specific bank
Visit the bank's website and look for the savings account page. The opening deposit and minimum balance requirements are usually listed in a table or in the account details section, often labeled "Account Requirements" or "Fees and Minimums." If you cannot find it online, call the bank's customer service line — they can tell you the exact numbers in minutes.
When you call or visit in person, ask about both the opening deposit and the minimum balance requirement. Also ask whether the bank waives the minimum balance fee if you set up direct deposit, keep a linked checking account, or maintain a certain account balance in another product. Many banks offer these waivers, and they can save you money if you may have access to.
Compare at least three banks before you decide. Use a spreadsheet to list the opening deposit, minimum balance, monthly fee, and interest rate for each one. This takes 15 minutes and can help you avoid paying unnecessary fees.
Opening deposit requirements at major bank types
| Bank Type | Typical Opening Deposit | Typical Minimum Balance | Monthly Fee If Below Minimum |
|---|---|---|---|
| Online banks | $0 | $0 | $0 |
| Credit unions | $5–$25 | $0–$500 | $0–$10 |
| Traditional banks | $25–$500 | $300–$2,500 | $5–$15 |
| High-yield savings accounts | $0–$2,500 | $0–$2,500 | $0–$10 |
How to avoid monthly fees even if you cannot meet the minimum balance
Many banks will waive the monthly fee if you meet an alternative requirement instead of maintaining the minimum balance. Common waivers include setting up direct deposit (your paycheck goes straight to the account), keeping a linked checking account open at the same bank, or maintaining a combined balance across multiple accounts.
Some banks waive the fee if you make a certain number of deposits or transfers each month, or if you maintain a minimum balance in a different account like a money market fund. Ask the bank what options are available before you open the account. If you know you cannot keep a high balance, choose a bank that offers a waiver you can actually meet.
If you already have an account and are being charged a monthly fee, call the bank and ask whether you may have access to for a waiver. Banks sometimes apply waivers retroactively if you set up direct deposit or meet another requirement after the account is open.
Frequently Asked Questions
Can I open a savings account with $0?
Yes. Many online banks and some credit unions have zero opening deposit requirements. You can open an account and deposit money later. Traditional banks usually require $25 to $500 to open, but you can compare banks on their websites to find one with no opening deposit.
What if my balance drops below the minimum?
The bank will charge you a monthly fee, typically $5 to $15, until your balance goes back above the minimum. Some banks waive the fee if you set up direct deposit or keep a linked checking account open. Call your bank to ask what waivers are available.
Do I have to keep the opening deposit in the account forever?
No. The opening deposit is just the money you put in to create the account. You can withdraw it anytime. However, if the bank has a minimum balance requirement, your total balance must stay above that number or you will be charged a fee.
Is a high-yield savings account worth the higher opening deposit?
It depends on how much money you plan to save. High-yield accounts pay more interest, so if you keep a balance of $1,000 or more, the extra interest may outweigh the higher opening deposit. If you are saving less than $500, a basic savings account with no opening deposit may be a better choice.
Can I open a savings account at a credit union if I do not live near one?
Many credit unions now let you open accounts online without visiting a branch. Some require you to be a member of a specific group or employer, while others are open to anyone in a certain geographic area. Search for credit unions in your state to find one that accepts online applications.