Most banks require between $0 and $300 to open an account, but the amount varies by institution and account type

The opening deposit — the money you put in when you first open the account — is not the same as a minimum balance requirement. Some banks ask for nothing upfront. Others want $25, $100, or $300 sitting in the account from day one. A few banks waive the opening deposit but require you to keep a minimum balance once the account is open, or they charge a monthly fee if you fall below it.

The amount depends on which bank you choose and which type of account you pick. A checking account at a large national bank often costs more to open than a savings account at a credit union. An online-only bank frequently has no opening deposit at all. The only way to know what a specific bank wants is to check their current requirements — these change, and they differ between branches.

Key Takeaways

  • Opening deposits range from $0 to $300 depending on the bank and account type, and many banks waive them entirely.
  • A minimum balance requirement is different from an opening deposit — you may need to keep money in the account after opening, or pay a monthly fee if you don't.
  • Online banks and credit unions typically have lower or no opening deposit requirements than large national banks.
  • You can find the exact opening deposit and minimum balance for any bank by calling them, visiting their website, or asking at a branch.

Where opening deposits are lowest or zero

Online banks almost never charge an opening deposit. Banks like Ally, Charles Schwab, and Discover have no minimum to open a checking or savings account. You can fund the account with your first transfer or deposit after opening it. This is one reason people choose online banking — the barrier to entry is genuinely zero.

Credit unions also tend to have no opening deposit or a very small one ($25 or less). Your employer may run a credit union, or you may be able to join one through a community organization or your state. Credit unions are member-owned, so they often have different fee structures than banks.

Some large national banks — Chase, Bank of America, Wells Fargo — waive opening deposits during promotional periods. These promotions come and go. If you see an offer advertised, it usually applies only during the promotion window, so the requirement may be back in place next month.

Banks that do charge opening deposits

Traditional brick-and-mortar banks more often ask for an opening deposit, typically $25 to $100 for a basic checking account. Regional banks and smaller local banks vary widely — some have no requirement, others ask for $300 or more. The opening deposit is usually the same amount as the minimum balance requirement, so if a bank wants $100 to open, you usually need to keep $100 in the account.

Premium or higher-tier accounts — those with more features, higher interest rates, or waived fees — often have higher opening deposits. A bank might offer a basic checking account with no opening deposit but require $500 to open their premium checking account with rewards.

Minimum balance requirements after you open

The opening deposit is what you pay to start the account. The minimum balance is what you must keep in the account afterward, or what triggers a monthly fee. These are often the same number, but not always. A bank might ask for $100 to open but only require you to keep $500 in the account once it is open — or vice versa.

If your balance falls below the minimum, the bank typically charges a monthly maintenance fee, usually $5 to $15. Some banks waive the fee if you set up direct deposit, maintain a certain balance in a linked savings account, or meet other conditions. Read the account agreement or ask the bank directly what happens if you dip below the minimum.

How to find the exact requirement for a specific bank

The fastest way is to call the bank's customer service line or visit their website and search for "opening deposit" or "minimum balance." Most banks list this information on the account details page. If you are at a branch, ask the banker directly — they can tell you the current requirement and any waivers or promotions running right now.

When you call or visit, ask three things: What is the opening deposit? What is the minimum balance after opening? What happens if I fall below the minimum — is there a fee, and can it be waived? The answers to these three questions tell you the true cost of opening and maintaining the account.

What counts as your opening deposit

You can usually fund your opening deposit with a check, a transfer from another bank account, a wire transfer, or cash if you are opening in person at a branch. Some banks accept ACH transfers (electronic transfers from another account). A few online banks let you link an external account and pull money in that way.

The money you deposit counts toward your opening deposit and your minimum balance. If a bank requires $100 to open and $100 minimum balance, the $100 you deposit on day one covers both. You do not need to deposit extra money beyond the requirement.

Opening an account with no money upfront

If you have no money to deposit right now, an online bank is your best option. Open the account with $0, then deposit money when you can. You will not face a fee for having zero balance, and there is no important date to make your first deposit. Some online banks do eventually close accounts that have been dormant for a long time (usually a year or more), but opening with zero balance itself is not a problem.

Credit unions are another option if you can join one. Many have no opening deposit and no minimum balance, so you can open an account and fund it later. If you need a bank account urgently and have no money, an online bank removes the barrier entirely.

Frequently Asked Questions

Do I lose the opening deposit, or does it stay in my account?

The opening deposit stays in your account. It is your money. You can withdraw it anytime, though if you do and your balance falls below the minimum, you may be charged a monthly fee. The bank does not keep the deposit as a fee.

Can I open an account with a very small deposit, like $1?

Some banks allow it, but most that require an opening deposit have a minimum amount — usually $25 or higher. Online banks with no opening deposit requirement will accept $1 or $0. Call the bank to ask if they have a minimum opening deposit amount.

What if I cannot meet the minimum balance after I open?

You will likely be charged a monthly maintenance fee, usually $5 to $15. Some banks waive the fee if you set up direct deposit or maintain a linked savings account. Ask the bank what waivers are available before you open, so you know whether you can avoid the fee.

Do all accounts at the same bank have the same opening deposit?

No. A savings account might have no opening deposit while a checking account requires $100. Premium accounts usually cost more to open than basic accounts. Check the specific account type you want, not just the bank name.

Is the opening deposit the same as a security deposit?

No. A security deposit is money held by the bank as collateral and returned later. An opening deposit is your money that stays in the account. Banks do not typically use security deposits for checking or savings accounts — that term usually applies to rental housing or secured credit cards.