Minimum deposit amounts vary by bank and account type, from zero to several thousand dollars
Most banks and credit unions will let you open a savings account with no money at all. You can walk in, sign the paperwork, and leave with an empty account. Some institutions require a small deposit—typically $25 to $100—to set up the account. A few banks aimed at wealthier customers ask for $2,500 or more, but these are the exception, not the rule.
What matters more than the opening deposit is what happens after. Many banks charge a monthly maintenance fee if your balance falls below a certain threshold—often $300 to $500. Others waive fees entirely if you set up direct deposit or maintain a minimum balance. Some have no monthly fees at all, regardless of how much you have in the account.
The real cost of opening a savings account is usually not the deposit itself, but the fees you'll pay if you don't meet the bank's conditions. Before you open an account anywhere, ask directly: What is the monthly fee, and what do I need to do to avoid it?
Key Takeaways
- Most banks let you open a savings account with zero dollars, though some require $25 to $100 to set up it.
- Monthly maintenance fees—typically $5 to $15—are charged by many banks if your balance drops below a set amount, usually $300 to $500.
- You can avoid monthly fees by setting up direct deposit, maintaining a minimum balance, or choosing a bank with no monthly fees.
- Online banks and credit unions often have lower or no minimum balance requirements than traditional brick-and-mortar banks.
- The opening deposit and the monthly fee requirement are two separate things—confirm both before you open an account.
What banks actually require at the moment you open
The opening deposit—the money you put in on day one—is usually the smallest barrier. Most national banks (Chase, Bank of America, Wells Fargo, Citibank) let you open a savings account with $0. Credit unions often do the same. Online banks like Ally, Marcus, and Discover typically have no opening deposit requirement.
When a bank does require an opening deposit, it is usually $25 to $100. Some regional banks and credit unions set it at $50. A few institutions ask for $500 or $1,000, but you will see this stated clearly on their website or in the branch. If you cannot find the number listed, call and ask—it is a straightforward question and the answer should take 30 seconds.
The opening deposit is not a fee you lose. It becomes part of your account balance. If you deposit $50 to open the account, you have $50 in the account. You can withdraw it the next day if you want to.
Monthly fees and the balance thresholds that trigger them
This is where the real cost lives. Many banks charge a monthly maintenance fee—usually $5 to $15—if your balance falls below a set amount. Chase, for example, charges $5 per month on some savings accounts if the balance drops below $300. Bank of America charges $12 per month on certain accounts if the balance is under $500.
Online banks and some credit unions charge no monthly fee, period. Ally Bank, Marcus, and Discover have no monthly maintenance fees regardless of balance. Many credit unions also waive fees for any member with an active account, regardless of how much money is in it.
Some banks will waive the monthly fee if you meet one of these conditions: you set up direct deposit, you maintain a minimum balance, you have a linked checking account with them, or you make a certain number of debit card transactions per month. Read the account terms carefully—the fee waiver is often buried in the fine print, but it is there.
Opening deposit versus minimum balance: they are not the same thing
A bank might say "no opening deposit required" but still charge a monthly fee if your balance falls below $500. These are two separate rules. The opening deposit is what you need on day one. The minimum balance is what the bank wants you to keep in the account to avoid a fee.
Example: You open a savings account at a bank with zero opening deposit requirement. You deposit $100. The bank charges a $10 monthly fee if the balance ever drops below $300. You are fine as long as your balance stays at $100 or above—wait, no. You will be charged $10 at the end of the month because your balance is below $300. That $10 fee comes out of your account, leaving you with $90. The next month, you are charged another $10, leaving you with $80. By month four, the fees have eaten your entire deposit.
Before you open an account, confirm both numbers: the opening deposit (if any) and the minimum balance required to avoid a monthly fee.
Where to find accounts with low or no opening deposits
Online banks almost always have zero opening deposit and zero monthly fees. Ally, Marcus, Discover, American Express Personal Savings, and Vanguard Digital Advisor all fit this pattern. The tradeoff is that you cannot walk into a physical branch—everything is done online or by phone.
Credit unions often have low opening deposits ($25 or less) and no monthly fees. You must be a member to open an account, but membership is usually free and based on where you live, where you work, or what organization you belong to. Use the CO-OP Network or Shared Branch locator to find a credit union near you.
Traditional banks vary widely. Call ahead or check their website before you go in. Some branches will waive the opening deposit if you ask, especially if you are opening a checking account at the same time or if you have a job that offers direct deposit.
What happens if you cannot meet the minimum balance
If you open an account and later cannot keep the minimum balance, you have options. You can close the account and move your money elsewhere—there is no penalty for closing a savings account. You can also ask the bank to waive the monthly fee, especially if you have been a customer for a while or if you have other accounts with them. Banks sometimes do this as a courtesy.
If you are charged fees you think are unfair, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB does not refund fees directly, but it investigates complaints and can pressure banks to change their practices.
The simplest move is to switch to a bank with no monthly fees and no minimum balance requirement. Online banks make this straightforward because you can open an account from home and transfer your money in a day or two.
How opening deposits work at different types of institutions
| Institution Type | Typical Opening Deposit | Typical Monthly Fee | Fee Waiver Options |
|---|---|---|---|
| Online Banks | $0 | $0 | N/A—no fees to waive |
| Credit Unions | $0–$50 | $0–$5 | Membership, direct deposit, or minimum balance |
| National Banks (Chase, Bank of America, Wells Fargo) | $0 | $5–$12 | Minimum balance, direct deposit, or linked checking |
| Regional Banks | $25–$500 | $5–$10 | Minimum balance or direct deposit |
| Wealth-Focused Banks | $2,500+ | $0–$25 | Minimum balance or account relationship |
Frequently Asked Questions
Can I open a savings account with no money at all?
Yes. Most banks and credit unions let you open a savings account with a zero opening deposit. You sign the paperwork, the account is created, and you can deposit money whenever you are ready. Some institutions require $25 to $100 to set up the account, but this is less common.
What if I cannot keep the minimum balance?
You will be charged a monthly maintenance fee—usually $5 to $15. If this happens repeatedly, close the account and move to a bank with no monthly fees. Online banks and many credit unions charge no monthly fee regardless of balance, so you have options.
Do I get the opening deposit back?
Yes. The opening deposit is not a fee. It becomes your account balance. You can withdraw it anytime. If you deposit $50 to open the account, you have $50 in the account that belongs to you.
Which banks have no opening deposit and no monthly fees?
Online banks like Ally, Marcus, Discover, and American Express Personal Savings have both. Most credit unions also have zero opening deposit and zero monthly fees. Traditional brick-and-mortar banks usually charge a monthly fee unless you meet a condition like direct deposit or a minimum balance.
Can a bank waive the opening deposit if I ask?
Sometimes. If you are opening a checking account at the same time, have a job with direct deposit, or are a long-time customer, a branch manager may waive it. It never hurts to ask, but do not count on it. If the bank says no, move to one with no opening deposit requirement.