Most banks let you open a savings account with $0, but some require a minimum deposit

The amount you need to open a savings account depends on the bank. Many large banks—Chase, Bank of America, Wells Fargo—let you open an account with no money down. You fund it later, or you can deposit as little as $1 to get your free guide. Some banks require $25 to $100 at opening. A few require $500 or more, though these are less common for basic savings accounts.

Online banks almost always have no minimum deposit requirement. Credit unions vary widely—some have no minimum, others ask for $25 to $100. The bank's rules are set in their account agreement, which you can read before you open the account.

What matters more than the opening deposit is what happens after. Some accounts charge a monthly fee if your balance drops below a certain level—often $300 to $500. Others charge no monthly fee at all. A $0 opening deposit means nothing if you pay $12 a month in fees.

Key Takeaways

  • Most major banks and online banks allow you to open a savings account with $0 down, though some require $25 to $500 at opening.
  • Monthly maintenance fees are often a bigger cost than the opening deposit—check whether the account charges a fee if your balance stays low.
  • Credit unions and online banks tend to have lower or no opening minimums compared to large brick-and-mortar banks.
  • You can compare opening requirements and fee structures on each bank's website before you decide where to open your account.

Opening deposit vs. monthly maintenance fees

A bank might let you open with $0 but charge you $5 or $10 every month if your balance falls below $500. Over a year, that's $60 to $120 in fees—far more than a $100 opening deposit would have cost you upfront. Read the fee schedule, not just the opening requirement.

Some accounts waive the monthly fee if you meet one of these conditions: keep a minimum balance, set up direct deposit, or maintain a linked checking account. If you can meet one of those conditions, a higher opening minimum might not matter. If you can't, pick an account with no monthly fee instead.

Where to find the opening deposit requirement

The opening deposit requirement is listed on the bank's website, usually on the page for that specific account type. Look for "Minimum Opening Deposit" or "Initial Deposit Required." If you don't see it, call the bank or visit a branch—they can tell you in one sentence.

When you compare banks, write down three things: the opening deposit, the monthly fee (if any), and what waives that fee. This takes five minutes and shows you the real cost of each account.

Banks and credit unions with no opening deposit

Online banks almost never require an opening deposit. Ally, Marcus, Discover, and Vanguard all let you open with $0. Most credit unions also have no opening deposit, though you may need to pay a one-time membership fee ($5 to $25) to join.

Large national banks are split. Chase and Bank of America have no opening deposit for most savings accounts. Wells Fargo requires $0 for some accounts and $25 for others. Regional banks vary—call ahead or check their website.

What happens if you can't meet the opening deposit

If a bank requires $500 to open and you don't have it, open an account elsewhere. There is no reason to wait or to pay a fee to a bank that won't work with your situation. Online banks and credit unions are your fastest route to a no-deposit account.

Once you have an account open, you can move money between banks later. Starting with a $0-deposit account at one bank does not lock you in. You can open a second account at a different bank, transfer your money, and close the first one if you find a better option.

Minimum balance requirements after opening

The opening deposit and the minimum balance are two different things. You might open with $0 but then need to keep $300 in the account to avoid a monthly fee. Some accounts have no minimum balance at all—you can drop to $1 and pay no fee.

Read the account agreement for the phrase "minimum balance to avoid fees" or "average daily balance." This tells you what the bank expects you to keep in the account once it's open. If you can't maintain that balance regularly, pick an account with no minimum balance requirement.

Frequently Asked Questions

Can I open a savings account with $1?

Yes, at most banks and credit unions. Many online banks let you open with $0 and deposit $1 later. Some banks require a minimum opening deposit of $25 to $500, so check the specific bank's rules before you start.

Do I have to keep money in the account after I open it?

That depends on the account. Some accounts charge a monthly fee if your balance drops below a certain amount—usually $300 to $500. Others have no minimum balance requirement and charge no fee no matter how low your balance goes. Check the fee schedule before you open.

What if I don't have the opening deposit the bank requires?

Open an account at a different bank that has no opening deposit requirement. Online banks and most credit unions let you start with $0. There is no benefit to waiting or paying a fee to a bank that doesn't fit your situation.

Can I open a savings account online if I have no money to deposit?

Yes. Most online banks have no opening deposit requirement and let you complete the entire process on your phone or computer. You can fund the account when ready after opening or wait a few days—the bank will tell you how long you have.

Is there a difference between opening deposit and minimum balance?

Yes. The opening deposit is what you put in when you first open the account. The minimum balance is what the bank requires you to keep in the account afterward to avoid fees. You might open with $0 but need to maintain $300 to avoid a monthly charge.