Most high yield savings accounts have no opening deposit requirement
You can open a high yield savings account with $0. The vast majority of online banks that offer high yield accounts—including Marcus, Ally, American Express Personal Savings, and Discover—do not require an opening deposit. You fund the account after it exists, on your own timeline.
Some banks do set a minimum opening deposit, but it is usually small: $25 to $100. A few regional banks or credit unions may ask for $500 or $1,000, but these are exceptions, not the standard. When a bank does require an opening deposit, that money counts as your first deposit—it is not a separate fee.
The reason online banks can afford to waive opening deposits is that they have no physical branches. They save money on real estate and staff, so they can afford to take customers with small balances. Banks that maintain branch networks sometimes use opening deposits to filter out very small accounts, which cost them more to service.
Key Takeaways
- Most online banks offering high yield savings do not require any opening deposit—you can open an account with $0 and fund it later.
- When a minimum opening deposit exists, it typically ranges from $25 to $100, and that money becomes your first deposit rather than a separate fee.
- Online banks can waive opening deposits because they have lower operating costs than banks with physical branches.
- Some accounts have minimum balance requirements to earn the advertised APY, which is different from an opening deposit and can vary from $0 to $25,000 depending on the bank.
- No legitimate high yield savings account charges a fee to open—if a bank asks for an opening fee, it is not a high yield account worth considering.
The difference between opening deposit and minimum balance
These two requirements are separate, and mixing them up can lead to choosing the wrong account. An opening deposit is what you must put in to create the account in the first place. A minimum balance requirement is what you must keep in the account to earn the advertised APY or to avoid monthly fees.
For example, Marcus has no opening deposit and no minimum balance—you can open an account with $1 and earn their full APY. Ally has no opening deposit but requires $0 to earn APY (so no minimum balance either). American Express Personal Savings has no opening deposit and no minimum balance. Discover has no opening deposit and no minimum balance.
Some accounts do have minimum balance requirements. If a bank requires you to maintain $2,500 to earn their advertised rate, and you keep $1,000, you may earn a lower rate or no interest at all. This is not an opening deposit—you can open the account with $1—but it affects whether you actually get the rate you saw advertised.
Read the account terms carefully for both numbers. The opening deposit tells you whether you can create the account. The minimum balance tells you whether you will earn the rate you are looking at.
What happens if you cannot meet the opening deposit
If a bank requires an opening deposit and you do not have it, you have three options: wait until you do, choose a different bank with no opening deposit requirement, or open the account with a smaller deposit and add more later if the bank allows it.
Most banks that require opening deposits will let you fund the account gradually after opening. You might open with $25 and transfer $100 more next week. The opening deposit is just the threshold to create the account; it does not lock you into a single deposit.
The practical answer is simpler: open with a bank that has no opening deposit requirement. You lose nothing by doing so, and you avoid the friction of scraping together a deposit you do not have. The APY rates at no-deposit banks are competitive with banks that do require deposits.
How to fund the account once it is open
After you open the account, you transfer money into it from another bank account you own. This happens through ACH transfer, which is an electronic movement of money between banks that typically takes one to three business days.
Most banks let you link an external account (a checking account at another bank, for example) and then initiate a transfer from your high yield savings account to that external account, or from the external account to your savings account. Some banks also accept wire transfers or allow you to deposit checks by photograph through their mobile app.
There is no fee to transfer money into a high yield savings account. The account itself has no monthly maintenance fee at any reputable online bank. You only pay if you withdraw money frequently—some banks limit free withdrawals to six per month, though this rule has become less common.
Opening deposit requirements by bank type
| Bank Type | Typical Opening Deposit | Typical Minimum Balance for APY |
|---|---|---|
| Online-only banks | $0 | $0 to $25 |
| Online divisions of large banks | $0 | $0 to $100 |
| Credit unions | $25 to $500 | $500 to $2,500 |
| Regional or community banks | $100 to $1,000 | $1,000 to $10,000 |
Online-only banks almost never require an opening deposit. Banks that operate both online and in physical branches sometimes require deposits, but their online divisions often waive them. Credit unions typically require higher opening deposits and minimum balances because they are member-owned and have different cost structures. Regional banks vary widely depending on their size and market.
If you are comparing accounts and one requires a $500 opening deposit while another requires $0, the difference is not about the quality of the account—it is about the bank's business model. The $0 bank is not riskier or less stable. It straightforward has lower operating costs.
What to watch for when opening
Verify the opening deposit requirement before you start the process. Banks list this on their account details page, usually under "Requirements" or "Getting Started." If you cannot find it, contact the bank directly—do not assume it is $0.
Confirm the minimum balance requirement separately. Some banks advertise a high APY but only pay it if you maintain a balance above a certain threshold. If you plan to keep $500 in the account and the minimum balance is $2,500, you will not earn the advertised rate.
Check whether the bank charges a monthly maintenance fee. Legitimate high yield savings accounts do not charge monthly fees, but some banks do charge fees if your balance falls below a minimum or if you make too many withdrawals. Read the fee schedule before opening.
Do not open an account that asks for an opening fee. No reputable high yield savings account charges money to open. If a bank asks for a fee upfront, it is not a high yield account and you should look elsewhere.
Frequently Asked Questions
Can I open a high yield savings account with $1?
Yes, with most online banks. Marcus, Ally, American Express Personal Savings, and Discover all allow you to open with any amount, including $1. You can then transfer more money in whenever you are ready. Some banks do require a minimum opening deposit, but it is usually $25 to $100, not thousands of dollars.
Do I have to keep money in the account after I open it?
No. You can open an account and leave it empty. However, if the bank has a minimum balance requirement to earn APY, you will not earn interest on money you do not have in the account. If there is a monthly maintenance fee, you may be charged even if the account is empty, though most online banks waive fees for accounts with $0 balance.
What if I do not have enough for the opening deposit?
Choose a bank with no opening deposit requirement. You lose nothing by doing so—the APY rates are the same. If you have your heart set on a specific bank that requires a deposit, you can wait until you have it, or contact the bank to ask if they will waive the requirement in your situation (some will).
Is there a fee to transfer money into the account?
No. Transfers from another bank account into your high yield savings account are free and take one to three business days. The bank does not charge you to receive money. You also will not be charged by your other bank for sending money out, though you should verify this with your bank if you are unsure.
Can I open multiple high yield savings accounts?
Yes. There is no limit to how many high yield savings accounts you can open. Some people open accounts at different banks to spread their deposits or to take advantage of different rates. Each account is separate, and you can transfer money between them, though the transfer takes a few business days.