Most banks let you open a savings account with no money at all

You do not need to deposit anything on the day you open the account. Many banks and credit unions will let you complete the paperwork and set up the account with a zero balance, then add money whenever you are ready. Some accounts have no minimum deposit requirement at all, ever.

That said, a few banks do ask for an opening deposit — usually between $25 and $100. This is less common than it used to be, especially at online banks and credit unions, but it still happens. The amount varies by the specific bank and the type of account you choose.

The real question is not what you need to open the account, but what you need to keep it open and avoid fees. That is where the numbers matter.

Key Takeaways

  • Most banks will let you open a savings account with zero dollars and no opening deposit required.
  • Some banks ask for an opening deposit of $25 to $100, but this is not standard across the industry.
  • Monthly maintenance fees are more common than opening deposits, and many banks waive them if you keep a minimum balance or set up direct deposit.
  • Credit unions often have lower or no minimum balance requirements than traditional banks.
  • Online banks typically have the lowest barriers to entry and the fewest fees overall.

Opening deposits: what banks actually require

When you walk into a bank branch or go online to open an account, the bank will tell you upfront if there is an opening deposit. You will see this information on their website under "account requirements" or "how to open," or a teller will mention it when you ask.

If a bank does require an opening deposit, it usually stays in the account — you are not paying it as a fee. You can withdraw it later if you want to close the account or move the money elsewhere. The deposit is just a way for the bank to confirm you are serious about using the account.

Banks that do not require an opening deposit are increasingly common. Credit unions, online banks like Ally or Marcus, and many regional banks have dropped this requirement entirely. If you are just starting out, you can shop around and find one with no opening deposit.

Monthly fees and minimum balance requirements

More important than an opening deposit is whether the account charges a monthly maintenance fee. This is a charge the bank takes out every month just for having the account open. Monthly fees range from $2 to $10 or more, depending on the bank.

Many banks will waive the monthly fee if you meet one of these conditions: keep a minimum balance in the account (often $300 to $500), set up direct deposit from your paycheck, or maintain a certain number of transactions per month. Some banks waive the fee for everyone, no conditions attached.

This is where the real cost lives. A $5 monthly fee adds up to $60 a year, which eats into the small amount of interest a savings account earns. Before you open any account, ask the bank directly: "Does this account have a monthly fee, and if so, how do I avoid it?" Write down the answer.

Where to find accounts with no opening deposit and no monthly fees

Credit unions are often the easiest entry point if you are new to banking. Many credit unions have no opening deposit, no monthly fees, and no minimum balance requirement. You do need to be a member, but membership is usually free and based on where you live, where you work, or a group you belong to. You can search for credit unions near you at CO-OP.org or Alliant.org.

Online banks almost always have no opening deposit and no monthly fees. Banks like Ally, Marcus, Discover, and Charles Schwab offer savings accounts you can open entirely on your phone or computer, with no branch visit required. The tradeoff is that you cannot deposit cash in person — you have to transfer money from another bank account or set up direct deposit.

Traditional banks (the ones with branches in your neighborhood) vary widely. Some have no opening deposit and no fees; others charge both. Call or visit the website of banks in your area and compare. Do not assume all banks work the same way.

What you actually need to bring or provide

Whether or not there is an opening deposit, you will need to prove who you are. Bring a government-issued photo ID — a driver's license, passport, or state ID card. If you are opening an account online, you will upload a photo of your ID instead.

You will also need to provide your Social Security number. The bank uses this to check your banking history and to report interest you earn to the IRS. If you do not have a Social Security number yet, some banks and credit unions have accounts for people without one, but options are more limited.

If you want to set up direct deposit from your job, bring a recent pay stub or ask your employer for your routing and account number once the account is open. You do not need this information to open the account — you can add it later.

Why some people keep money in savings even with no fees

Even if there is no monthly fee and no minimum balance requirement, many people keep at least a small amount in their savings account. This serves two purposes: it keeps the account active (some banks close accounts that sit unused for a long time), and it gives you a small cushion for emergencies.

You do not need much. Even $50 or $100 is enough to keep the account open and give you a place to put money when unexpected costs come up. The goal is not to meet a requirement — it is to have the account ready to use when you need it.

Comparing your options: a quick checklist

Before you open an account, write down the answers to these questions about each bank you are considering:

  • Is there an opening deposit required? If yes, how much?
  • Is there a monthly maintenance fee? If yes, how much?
  • What conditions waive the monthly fee (direct deposit, minimum balance, number of transactions)?
  • Can you deposit cash in person, or only by transfer?
  • Can you open the account online, by phone, or only in a branch?
  • What is the interest rate on savings (this matters more later, but it is good to know now)?

Once you have this information for two or three banks, the choice becomes clear. Pick the one with the lowest barriers to entry and the fewest fees. You can always move your money later if you find a better option.

Frequently Asked Questions

Do I need to have a job to open a savings account?

No. Banks do not require you to be employed. You will need a government-issued ID and a Social Security number, but employment is not part of the requirement. If you do not have direct deposit from a job, you can still transfer money from another account or deposit cash at a branch.

What if I only have $10 to start with?

That is fine. Open the account with $10 if there is no opening deposit requirement, or deposit $10 after you open it if there is. Many banks have no minimum balance, so $10 will not trigger any fees. You can add more money whenever you have it.

Can I open a savings account online if I do not have a bank account yet?

Yes, but you will need a way to verify your identity and a way to fund the account. Most online banks let you upload a photo of your ID and then transfer money from another bank account. If you do not have another account, you may need to open at a physical bank first, or ask if the online bank accepts cash deposits through a partner location.

Will opening a savings account hurt my credit score?

No. Opening a savings account does not affect your credit score at all. Banks check your banking history (through a system called ChexSystems), not your credit. Even if you have had problems with banks in the past, you can still open a new savings account.

What happens if I do not use the account for a long time?

Some banks close accounts that have had no activity for 12 months or longer. Before you open an account, ask the bank: "How long can the account sit inactive before you close it?" If you plan to open an account and not use it for a while, choose a bank that does not have this policy, or make a small deposit or withdrawal once a year to keep it active.