Most banks let you open a savings account with $0, but some require a minimum deposit
The amount of money 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 can deposit your first dollar after the account is open. Some banks and credit unions require a minimum opening deposit, usually between $25 and $100. A few require more, typically $500 to $1,000, but these are less common.
The key difference is between opening an account and keeping it open. You may need $0 to start, but some banks charge a monthly fee if your balance falls below a certain amount—often $300 to $500. If you cannot maintain that balance, you will pay $5 to $15 per month. Other banks have no balance requirement at all and charge no monthly fee.
Online banks (Ally, Marcus, Discover) almost always have no opening deposit and no monthly fees. They make money from interest rates on loans, not from account fees, so they can afford to be flexible. If you are starting from very little money, an online bank is usually the simplest path.
Key Takeaways
- Most major banks and nearly all online banks let you open a savings account with $0 as an opening deposit.
- Some banks and credit unions require $25 to $100 to open, and a few require $500 or more, but these minimums are becoming less common.
- The real cost comes from monthly maintenance fees if your balance drops below a required minimum—typically $300 to $500—which can run $5 to $15 per month.
- Online banks almost never charge monthly fees or require opening deposits, making them the lowest-barrier option if you have little money to start.
- Before opening an account, check both the opening deposit requirement and the monthly fee structure, because a $0 opening deposit means nothing if you will pay fees when ready.
Opening deposit versus monthly maintenance fees
These are two separate things, and confusing them costs people money. An opening deposit is what you put in on day one to create the account. A monthly maintenance fee is what the bank charges you every month to keep the account open, usually because your balance is too low.
A bank might say "no opening deposit required" but charge you $12 per month if you keep less than $500 in the account. Over a year, that is $144 in fees. Another bank might require $100 to open but charge no monthly fee ever. The second bank costs you less if you plan to keep a low balance.
Read the fee schedule before you open the account. Most banks post this online under "Savings Account Fees" or "Account Terms." Look for the line that says "monthly maintenance fee" and the condition that triggers it. If the fee applies when your balance is below $300, and you will have $200 most months, that account will cost you money.
Where to find accounts with no opening deposit and no monthly fees
Online banks are the most reliable source. Ally Bank, Marcus by Goldman Sachs, Discover Bank, and American Express Personal Savings all offer savings accounts with $0 opening deposit and $0 monthly fees. You fund the account by transferring money from another bank, which takes one to three business days the first time.
Credit unions often have low or no opening deposits and low or no monthly fees, especially if you are a member of a workplace credit union or a community credit union. Call or visit their website to ask about the opening deposit and the monthly fee structure. Some credit unions waive fees for members who set up direct deposit or maintain a small balance.
Traditional banks vary widely. Call the branch or check the website for the specific account you want. Do not assume that because one account has no fee, another one does not. Chase has some accounts with no opening deposit and no monthly fee, and others that charge $12 per month if your balance is below $500. Read the terms for the exact account you are considering.
What happens if you cannot meet the opening deposit
If a bank requires $100 to open and you have $50, you have three options: wait until you have $100, open an account at a different bank with no opening deposit, or ask the bank if they will waive the requirement. Some banks will waive opening deposits for customers who set up direct deposit or who have other accounts at the bank.
The fastest path is to open an account at a bank with no opening deposit requirement while you save toward the $100. You can always move money between accounts later. Many people open an online savings account first because it takes minutes and requires nothing, then add a local bank account once they have saved more.
How opening deposits and fees work at different bank types
| Bank Type | Typical Opening Deposit | Typical Monthly Fee | When to Choose |
|---|---|---|---|
| Online banks | $0 | $0 | You want the lowest barrier to entry and do not need in-person service. |
| Credit unions | $0 to $50 | $0 to $5 | You are a member or can join, and want local service with low fees. |
| Large national banks | $0 to $100 | $5 to $15 if balance is below $300–$500 | You want a branch nearby and do not mind paying fees if your balance is low. |
| Regional or local banks | $25 to $500 | $0 to $10 | You have a relationship with the bank or want to support a local institution. |
What to bring or provide when you open an account
You will need a government-issued ID (driver's license, passport, or state ID) and a Social Security number or tax ID. If you open the account online, you upload a photo of your ID and type in your Social Security number. If you open in person at a branch, bring the ID and be ready to provide your Social Security number verbally.
You will also need to choose how to fund the account. If you are opening at a bank where you already have a checking account, you can transfer money from that account. If you are opening at a new bank, you can transfer from an existing account at another bank (takes one to three business days) or deposit cash at a branch if the bank has one.
Some banks ask for a phone number and email address. A few ask whether you want paperless statements or paper statements mailed to you. These are optional choices, not requirements.
Frequently Asked Questions
Can I open a savings account with $1?
Yes, at banks with no opening deposit requirement. Online banks and many credit unions let you open an account with any amount, including $1. You can deposit more money later. The account is fully functional from day one.
What if the bank charges a monthly fee and I cannot afford it?
Close the account and move your money to a bank with no monthly fee. You can do this online or in person. There is no penalty for closing a savings account. If the bank has already charged you a fee, ask them to refund it; some will if you close the account when ready.
Do I need to keep the opening deposit in the account forever?
No. Once the account is open, you can withdraw the opening deposit if you want. The only limit is the monthly fee: if you withdraw money and your balance falls below the minimum required to avoid the fee, you will be charged. Check the fee schedule to know what balance you need to maintain.
Is there a difference between opening a savings account online versus in person?
The requirements are the same: ID, Social Security number, and initial funding. Online is faster (takes 10 to 15 minutes) and you can do it anytime. In person takes longer but you can ask questions and get when ready help. The opening deposit and monthly fees are the same either way.
What if I do not have a government ID?
Most banks require a government-issued ID. If you do not have one, contact the bank directly and ask what documents they will accept. Some banks will accept a passport card, tribal ID, or military ID. A few may ask for additional documents like a utility bill or lease to verify your address.