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 walk in, complete the paperwork, and leave with an empty account ready to receive your first deposit whenever you choose.
Some banks do ask for an opening deposit, but it is usually small. Online banks like Marcus and Discover often ask for $0 to start. Regional banks and credit unions vary widely—some ask for $25, others for $100 or $500. The requirement depends on the bank's own policy, not on any legal rule.
The key difference is between the opening deposit (what you put in on day one) and the minimum balance (what you must keep in the account to avoid fees). These are separate things, and many banks have neither.
Key Takeaways
- Most major banks do not require any money to open a savings account, though some regional banks and credit unions ask for $25 to $500.
- Opening deposit and minimum balance are different—you might need $100 to open but $0 to keep the account active.
- Online banks typically have lower or no opening deposit requirements than brick-and-mortar branches.
- If a bank charges a monthly fee, you can usually avoid it by keeping a small balance or setting up direct deposit.
- Asking the bank directly about opening deposit and monthly fees takes two minutes and saves you from surprises later.
Opening deposit versus minimum balance requirements
An opening deposit is the money you hand over when you first create the account. An minimum balance requirement is the smallest amount the bank says you must keep in the account at all times to avoid a monthly fee. These are not the same, and a bank might have one, both, or neither.
For example, a credit union might ask for $50 to open an account but have no minimum balance rule—meaning you can deposit $50, withdraw it the next day, and keep the account open with $0. Another bank might ask for $0 to open but charge you $5 a month if your balance drops below $500. Read the account terms carefully, because the opening deposit is a one-time thing but the minimum balance is ongoing.
Some banks waive the minimum balance requirement if you set up direct deposit of your paycheck or if you maintain a certain balance in a linked checking account. This matters if you are starting with very little money—you may be able to open the account for free and avoid fees by having your employer deposit your paycheck directly.
Where to find banks with no opening deposit
Online banks almost always have zero opening deposit requirements. Ally Bank, Marcus by Goldman Sachs, Discover Bank, and American Express Personal Savings all let you open an account with $0. These banks have no physical branches, which means lower overhead costs, and they pass that savings to customers by dropping the opening deposit requirement.
Large national banks vary. Chase, Bank of America, Wells Fargo, and Citibank generally do not require an opening deposit for savings accounts, though some of their specialty accounts do. Call your local branch or check the bank's website before you go in—the requirement can differ by location or by which specific savings product you choose.
Credit unions often ask for a small opening deposit ($25 to $100) and may also require you to buy a share in the credit union itself, which costs $5 to $25 and is separate from your savings deposit. However, credit unions sometimes waive both fees for new members. Ask before you assume you cannot afford to join.
Monthly fees and how to avoid them
Even if a bank has no opening deposit requirement, it may charge a monthly maintenance fee—typically $3 to $15. This fee applies whether your account has $1 or $10,000 in it. However, most banks let you waive the fee by meeting one of several conditions: keeping a minimum balance (often $500 to $2,500), setting up direct deposit, or maintaining a linked checking account with the same bank.
Online banks are more likely to have no monthly fee at all, regardless of your balance. If you are starting with very little money and want to avoid fees entirely, an online bank is usually your best choice. If you prefer a physical branch, ask the bank which fee waivers are available before you open the account.
Some banks charge a fee only if your account sits inactive for a long time—typically six months to a year with no deposits or withdrawals. As long as you use the account occasionally, you will not trigger this fee.
What you need to bring to open an account
You will need a government-issued photo ID (driver's license, passport, or state ID) and proof of your Social Security number (your Social Security card, tax return, or W-2). Some banks also ask for a second form of ID or proof of address, such as a utility bill or lease.
If you are opening an account online, you will upload photos of these documents or answer security questions to verify your identity. The process usually takes 10 to 15 minutes. If you are opening an account in person at a branch, bring the originals and plan for 20 to 30 minutes.
You do not need to bring money on the day you open the account, even if the bank has an opening deposit requirement—many banks let you deposit the required amount online or by mail after you open the account. Ask whether you can do this before you go in, so you know what to expect.
Opening an account with no credit history or a checking account elsewhere
Banks do not check your credit score to open a savings account. They may check ChexSystems, a banking history database that tracks closed accounts, overdrafts, and fraud, but a savings account has no credit requirement. If you have never had a bank account before, you can still open a savings account with any bank that will accept your ID and Social Security number.
You do not need to have a checking account at the same bank to open a savings account there. You can open a savings account at one bank and a checking account at another. However, some banks offer discounts or waive fees if you maintain both types of accounts with them, so it is worth asking.
If you have been denied a bank account in the past due to ChexSystems issues, some banks and credit unions specialize in second-chance accounts. These may have higher fees or lower opening deposit requirements, but they exist specifically for people rebuilding their banking history.
Comparing opening costs across different account types
| Bank Type | Typical Opening Deposit | Typical Monthly Fee | Fee Waiver Options |
|---|---|---|---|
| Large national bank (Chase, Bank of America) | $0 | $0–$5 | Direct deposit, minimum balance, linked checking |
| Online bank (Ally, Marcus, Discover) | $0 | $0 | None needed |
| Regional or community bank | $25–$500 | $0–$10 | Minimum balance, direct deposit |
| Credit union | $25–$100 + membership share | $0–$5 | Minimum balance, direct deposit |
| High-yield savings account | $0–$2,500 | $0 | Usually none needed |
Frequently Asked Questions
Can I open a savings account with just $1?
Yes, if the bank has no opening deposit requirement. Most online banks and large national banks will let you open an account with $1 or $0. However, if the bank requires a minimum balance to avoid fees, you may be charged monthly until you reach that balance. Check the fee waiver options before you open—direct deposit or a linked checking account might let you avoid fees even with a very small balance.
What happens if I cannot afford the opening deposit?
Choose a bank with no opening deposit requirement. Online banks like Ally, Marcus, and Discover have zero opening deposits. If you prefer a physical branch, call ahead and ask which banks in your area do not require an opening deposit. Many do not, so you have options.
Do I need a job or direct deposit to open a savings account?
No. You need a government-issued ID and a Social Security number. Direct deposit is only relevant if you want to waive a monthly fee—if the bank has no monthly fee or no minimum balance requirement, direct deposit is not necessary.
Is there a difference between opening a savings account online versus in person?
The opening deposit and monthly fee requirements are the same either way. Online accounts are usually faster (10 to 15 minutes) and may have lower opening deposits. In-person accounts let you ask questions face-to-face and take 20 to 30 minutes. Both are equally legitimate.
Can I open multiple savings accounts at the same bank?
Yes. Many people open separate savings accounts for different goals (emergency fund, vacation, down payment). Each account may have its own opening deposit requirement and monthly fee, so ask the bank about the total cost before you open multiple accounts.