Most banks require between $0 and $25 to open a savings account, but the amount varies by institution and account type
The minimum deposit to open a savings account is not fixed across the banking industry. Some banks ask for nothing at all — you can walk in or go online and open an account with zero dollars. Others require $25, $100, or occasionally more. The amount depends on which bank you choose, what type of savings account you pick, and whether you're opening it in person or online.
Large national banks like Chase, Bank of America, and Wells Fargo typically ask for $0 to $25 to open a basic savings account. Credit unions often have similar minimums, though some ask for a small membership fee instead of a deposit. Online-only banks like Ally, Marcus, and Discover frequently require $0 because they have lower overhead costs. Regional banks and smaller institutions vary widely — some match the national banks, others ask for $100 or $500.
The minimum deposit is different from the minimum balance you must keep in the account after opening it. A bank might let you open with $0 but require you to maintain $500 to avoid monthly fees. That distinction matters because it affects what happens to your account over time, not just at the moment you create it.
Key Takeaways
- Most major banks and online banks require $0 to $25 to open a savings account, though some regional banks ask for $100 or more.
- The opening deposit is separate from the minimum balance requirement — you may open with $0 but need to keep $500 in the account to avoid fees.
- Online banks typically have lower opening minimums than brick-and-mortar banks because they have fewer physical locations to maintain.
- Credit unions often have no opening deposit but may charge a one-time membership fee of $5 to $25 instead.
- Checking your specific bank's website or calling their customer service line will give you the exact amount for the account type you want.
Why banks set opening deposit requirements
Banks use opening deposit minimums as a screening tool. A $25 or $100 requirement filters out people who are unlikely to keep money in the account long-term. It also gives the bank an when ready balance to work with — even a small deposit means the account has some activity from day one.
The requirement also reflects the bank's cost structure. A brick-and-mortar bank with physical branches, tellers, and ATMs has higher operating costs than an online bank with no locations. Those costs get passed along as higher minimums or monthly fees. Online banks can afford to waive opening deposits because they don't maintain buildings or employ tellers.
Opening deposits at different types of institutions
| Bank Type | Typical Opening Deposit | Notes |
|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo) | $0 to $25 | May vary by account tier; premium accounts ask for more |
| Online banks (Ally, Marcus, Discover, Charles Schwab) | $0 | No physical locations means lower overhead |
| Credit unions | $0 to $25 deposit, plus $5 to $25 membership fee | Fee structure differs from traditional banks |
| Regional or community banks | $25 to $500 | Varies widely; call ahead to confirm |
| High-yield savings accounts | $0 to $2,500 | Higher minimums often paired with higher interest rates |
What happens if you don't meet the minimum deposit
If a bank requires a $25 opening deposit and you don't have it, you have two options: wait until you do, or choose a different bank that has no opening requirement. Many banks will not let you open an account without meeting the minimum, even if you plan to deposit money the next day.
Some banks will let you open an account online with $0 and then deposit money later, even if their stated minimum is higher. The policy varies by institution. If you're uncertain, contact the bank directly — customer service can tell you whether you can open now and deposit later, or whether you must have the money ready.
Minimum balance requirements after opening
The opening deposit is only the first step. After your account is open, most banks require you to keep a minimum balance to avoid monthly maintenance fees. This minimum is often higher than the opening deposit. A bank might let you open with $0 but charge you $12 per month if your balance drops below $500.
Some accounts have no minimum balance requirement at all — you can keep $1 in the account indefinitely without fees. Others tier their requirements: keep $1,000 and pay no fee, or keep less and pay $5 monthly. Read the account disclosure document before opening to understand what balance you need to maintain.
The difference between opening deposit and minimum balance is crucial because it affects your long-term costs. You might open an account cheaply but end up paying fees every month if you can't maintain the required balance.
How to find banks with low or no opening deposits
Start by checking the websites of banks you already know. Most large national banks and all major online banks list their opening deposit requirement on the account details page. Look for the phrase "minimum opening deposit" or "initial deposit required."
If you're looking specifically for accounts with no opening deposit and no minimum balance, online banks are your fastest route. Ally Bank, Marcus by Goldman Sachs, Discover Bank, and Charles Schwab Bank all offer savings accounts with $0 opening deposit and $0 minimum balance. You can open any of these accounts in 10 to 15 minutes from your phone or computer.
Credit unions are another option if you're a member or can join. Many credit unions have no opening deposit, though they may charge a one-time membership fee. You can search for credit unions in your area using the CO-OP Network locator or your state's credit union league website.
Opening a savings account with no money right now
If you have no money to deposit today but want to open an account, your options are limited but real. Some online banks will let you open an account with $0 and deposit your first money whenever you're ready — there's no important date. This works because online banks have automated systems that don't require a human to verify the opening deposit in person.
Call or check the website of any bank you're considering and ask directly: "Can I open a savings account with zero dollars today?" The answer will be yes or no. If it's no, move to the next bank. If it's yes, you can proceed when ready.
Do not let the opening deposit requirement stop you from opening an account. If you have even $1, that's enough at most institutions. If you have nothing, an online bank with $0 opening deposit will let you start now and deposit money later.
Frequently Asked Questions
Do I have to keep the opening deposit in the account forever?
No. The opening deposit is just money you put in to meet the bank's requirement. Once the account is open, you can withdraw it when ready if you want. However, check whether the bank has a minimum balance requirement — if you withdraw the opening deposit and your balance drops below the required minimum, you may be charged a monthly fee.
What if I open an account and then can't maintain the minimum balance?
The bank will charge you a monthly maintenance fee, usually $5 to $15. This fee is deducted from your account balance each month until your balance rises above the minimum or you close the account. Some banks will waive the fee if you set up direct deposit or maintain a linked checking account with them.
Can I open a savings account with a debit card instead of cash?
Yes. When you open an account online or in person, you can use a debit card to make the opening deposit. The bank will process the transaction the same way it would a cash deposit. If you're opening online, you'll enter your debit card number; if you're in a branch, you'll hand the card to the teller.
Is there a difference between opening deposit and initial deposit?
No — these terms mean the same thing. Banks use them interchangeably to describe the money you put in when you create the account. Some banks call it "minimum opening deposit," others call it "initial deposit required." The amount and requirement are the same regardless of the name.
Do savings accounts for kids have different opening deposit requirements?
Usually not. Most banks that offer youth or teen savings accounts have the same $0 to $25 opening deposit as adult accounts. However, some banks require a parent or guardian to open the account with their own identification, which is a different requirement than the deposit amount. Check with your bank about their specific rules for minors.