The amount you need depends on your situation, not a fixed rule
There is no minimum amount of money required to open or keep a savings account at most banks. Many banks let you open an account with $0 and add money later. Some require $25 or $100 to start, and a few require $500 or more — it depends entirely on the bank and the type of account you choose.
What matters more than the opening deposit is what you keep in the account after that. Banks may charge a monthly fee if your balance falls below a certain level, or they may close your account if it stays empty for too long. The real question is not "how much do I need?" but "how much should I keep to avoid fees and account closure?"
Key Takeaways
- Most banks have no minimum opening deposit, but some require $25 to $500 to start an account.
- Monthly maintenance fees kick in when your balance drops below a threshold, which varies by bank and account type — often $300 to $1,500.
- Keeping $500 to $1,000 in a regular savings account covers most monthly fees and gives you a small emergency cushion.
- Online banks and credit unions often have lower or no minimum balance requirements than traditional banks.
- Inactivity fees or account closure can happen if your account sits untouched for six months to a year, even with money in it.
Minimum balance requirements vary by bank and account type
The minimum balance requirement is the lowest amount you must keep in your account to avoid a monthly fee. A basic savings account at a large bank might require $300 to $500. A money market account or high-yield savings account might require $2,500 or more. Some online banks have no minimum at all.
Check your bank's fee schedule — usually available on their website under "Account Fees" or "Pricing" — to find the exact number for your account type. If you cannot find it online, call the bank or visit a branch and ask directly. The fee itself is usually $5 to $15 per month if you fall below the minimum.
If you are opening a new account, ask about the minimum before you deposit money. Some banks waive the minimum if you set up direct deposit of your paycheck, or if you link the account to another account at the same bank.
What happens if your balance drops below the minimum
When your account balance falls below the required minimum, the bank charges a monthly maintenance fee. This fee is deducted from your account automatically, which can push your balance even lower. If you have $250 in an account that requires $500, and the bank charges a $10 fee, you now have $240 — still below the minimum, so you will be charged again next month.
Some banks offer one or two free months below the minimum before fees start. Others charge immediately. Read your account agreement or call your bank to understand their specific policy.
The fee compounds the problem: the lower your balance, the faster it shrinks. If you know you will be below the minimum for a while, consider moving to a bank with no minimum requirement, or ask your bank about waiving the fee temporarily.
Inactivity and account closure thresholds
Banks can close your account if you do not use it for a long time — typically six months to one year with no deposits, withdrawals, or transfers. Some banks send a warning letter before closure; others close without notice. When an account closes, any remaining balance is usually mailed to you as a check, but the process can take weeks.
To keep an account active, make at least one transaction every six months. A transaction can be a deposit, a withdrawal, a transfer, or even a balance inquiry at an ATM. Online banks may have stricter inactivity policies than traditional banks, so check your account terms.
If your account has been closed and you want to reopen it, you may be able to do so immediately, or the bank may require you to wait. Some banks report closed accounts to ChexSystems, a banking history database, which can make it harder to open accounts elsewhere for a period of time.
How much to keep for emergencies versus fees
Keeping enough to avoid fees is different from keeping enough for emergencies. To avoid fees alone, you need to meet your bank's minimum balance requirement — usually $300 to $1,000. To have a small emergency cushion on top of that, financial advisors often suggest $500 to $1,000 in a savings account as a starting point.
A larger emergency fund — three to six months of living expenses — is a longer-term goal. Start by building to $1,000, then work toward a larger amount. The important thing is to keep the money separate from your checking account so you do not spend it on everyday purchases.
If you are living paycheck to paycheck, even $100 in savings is better than nothing. Open an account with no minimum requirement, deposit what you can, and build from there. The fee structure matters less when you are starting small.
Banks and credit unions with low or no minimum requirements
Online banks typically have the lowest minimums because they have fewer physical branches and lower operating costs. Many online savings accounts have no minimum balance requirement and no monthly fees. Traditional banks and credit unions vary widely.
Credit unions often have lower minimums than big banks — sometimes as low as $25 or $50 — and may waive fees for members who maintain a small balance or set up direct deposit. If you are a member of a credit union, ask about their savings account options before opening an account at a traditional bank.
Before you open an account anywhere, compare the minimum balance, monthly fee, interest rate, and withdrawal limits. A free online savings account with no minimum might be better than a bank account with a $500 minimum that charges $10 per month.
What to do if you cannot meet the minimum
If your bank charges a fee because your balance is below the minimum, contact them and ask if they can waive it. Banks sometimes waive one or two fees as a courtesy, especially if you have been a customer for a while or if you explain your situation.
If fees keep happening, switch banks. Look for an account with no minimum balance requirement or a lower minimum that you can actually maintain. Moving your account takes about 15 minutes online, and you can keep your account number if you need it for direct deposit or automatic payments.
Some banks offer second-chance accounts designed for people with low balances or banking history problems. These accounts may have higher fees or lower interest rates, but they are easier to open and maintain. Ask your bank if they offer this option, or search for "second chance savings account" plus your state name.
Frequently Asked Questions
Can I open a savings account with no money?
Most banks let you open an account with $0, but some require a small opening deposit of $25 to $500. Online banks are more likely to have no opening deposit requirement. Call or check the bank's website before you go in.
What is the difference between a minimum opening deposit and a minimum balance requirement?
The opening deposit is what you put in when you first create the account. The minimum balance is what you must keep in the account each month to avoid fees. You might open with $100 but need to maintain $500 to avoid a monthly charge.
Will my account close if I have $0 in it?
An account with $0 may be closed for inactivity if you do not use it for six months to a year. Some banks close immediately if the balance hits zero; others give you time. Check your account agreement or call your bank to find out their policy.
Do I need to keep a certain amount to earn interest?
Interest rates and minimum balances for earning interest are separate from monthly fee minimums. Some accounts require $500 or $1,000 to earn interest, while others pay interest on any balance. Check your account terms to see when interest starts accruing.
What happens to my money if the bank closes my account?
The bank will mail your remaining balance to you as a check, usually within 30 days. Keep your address updated with the bank so the check reaches you. If you do not receive it, contact the bank with your account number.