Most banks let you open a savings account with $0 to $25
You do not need a large sum to start. Many banks and credit unions will open a savings account with no minimum deposit at all — you can walk in, sign the paperwork, and leave with an empty account. Others ask for $25 or $100 on the first day. A few require $500 or more, but these are less common and usually aimed at accounts with higher interest rates.
The amount varies by the bank or credit union you choose, not by law. There is no federal rule saying you must deposit money upfront. Each institution sets its own policy. Some waive the minimum entirely if you set up direct deposit — meaning your paycheck goes straight into the account — or if you maintain a certain balance each month.
The key is that the opening deposit is separate from what you need to keep the account open. You might deposit $50 to open it, then spend that $50 on groceries the next week. The account stays open as long as you follow the bank's rules, which usually means not leaving it completely inactive for years.
Key Takeaways
- Many banks and credit unions have no minimum deposit requirement, so you can open an account with whatever you have on hand.
- When a minimum does exist, it is typically $25 to $100, though some accounts require $500 or more.
- The opening deposit is not the same as a monthly balance requirement — you can withdraw the money when ready after depositing it.
- Direct deposit or maintaining a certain balance each month can waive the opening minimum at many institutions.
- Credit unions often have lower or no minimums compared to large national banks.
Where the opening deposit goes
The money you deposit to open the account becomes part of your account balance. It is yours — the bank is not keeping it. If you deposit $50 and then withdraw $50 the next day, your account balance is $0, but the account itself remains open and active.
Some people worry that the opening deposit is a fee or a charge. It is not. It is straightforward the first money in your account. Think of it the same way you would think of putting your first dollar into a piggy bank — that dollar is still your money, and you can take it out whenever you want.
How to find banks with low or no minimums
Online banks and credit unions are the most likely to have zero opening deposits. Online banks like Ally, Marcus, and Discover have no minimum because they do not have physical branches to staff. Credit unions, which are member-owned rather than profit-driven, often waive minimums entirely or ask for very small amounts like $5 or $25.
Large national banks like Chase, Bank of America, and Wells Fargo typically ask for $25 to $100 on opening day. Some of their accounts do have higher minimums, but their basic savings accounts usually do not.
The easiest way to check is to visit the bank's website and look for the savings account page. The minimum deposit will be listed near the interest rate and monthly fees. If it is not listed, call the bank's customer service line or visit a branch in person — they can tell you the exact amount for the account you want.
What happens if you do not have the minimum
If a bank requires a $50 minimum and you only have $25, you have a few options. You can wait until you have saved enough to meet the requirement. You can choose a different bank with a lower minimum. Or you can ask the bank whether they will waive the minimum in your situation — some do for customers who are new to banking or who have direct deposit set up.
Do not let a minimum requirement stop you from opening an account. There are always banks and credit unions with no minimum or very low ones. Starting with whatever you have is better than waiting.
Monthly balance requirements are different from opening deposits
Some accounts have a minimum balance requirement, which means you must keep a certain amount in the account each month or pay a fee. This is separate from the opening deposit. You might open an account with $25, but the bank might require you to keep $500 in it at all times or charge you $5 a month.
Read the account details carefully before you open. Look for language about "minimum balance," "monthly maintenance fee," or "balance requirement." If the account charges a fee when your balance drops below a certain amount, that fee will eat into your savings. Many banks offer accounts with no monthly balance requirement at all, so you can keep $1 in the account without penalty.
Opening an account with very little money
If you have less than $25, you can still open an account at a bank with no minimum deposit. You walk in or go online, provide your identification and Social Security number, sign the paperwork, and you are done. Your account balance will be $0 until you deposit money.
Some people worry that a $0 balance looks bad or that the bank will close the account. Banks do not close accounts for having no money in them — they close accounts for being inactive for years (usually three to five years with no deposits or withdrawals). As long as you use the account occasionally, it will stay open.
If you are opening an account at a credit union, you may also need to become a member. This usually costs $5 to $25 as a one-time membership fee, separate from any opening deposit. Ask about this when you contact the credit union.
How to compare accounts before you open
Before you choose a bank, compare three things: the opening deposit minimum, any monthly balance requirement, and the interest rate. A bank with no opening minimum but a $10 monthly fee might cost you more over time than a bank that asks for $100 upfront but charges no fees.
Write down the details for two or three banks you are considering. Most banks list this information on their website under "Savings Account" or "Basic Savings." If you cannot find it online, call the bank and ask. There is no penalty for asking questions before you open an account.
Frequently Asked Questions
Can I open a savings account with no money at all?
Yes. Many banks and credit unions have no opening deposit requirement. You can open an account with $0 and deposit money later. Some institutions do require a small opening deposit, but you can always find one that does not.
What if I only have $10 and the bank asks for $25?
Choose a different bank with no minimum, or ask the bank whether they will waive the requirement. Some banks waive minimums for customers setting up direct deposit or for people new to banking. If they will not waive it, move to a bank that has no minimum.
Do I have to keep the opening deposit in the account forever?
No. The opening deposit is your money. You can withdraw it the day after you open the account. The account will stay open as long as you do not leave it completely inactive for years.
Is there a difference between the opening deposit and a monthly fee?
Yes. The opening deposit is money you put in on day one — it becomes your account balance. A monthly fee is a charge the bank takes out each month if you do not meet certain requirements, like keeping a minimum balance. Some accounts have both, some have neither, and some have one but not the other.
What is the difference between a bank and a credit union for opening deposits?
Credit unions tend to have lower or no opening minimums because they are member-owned and not focused on profit. Large national banks often ask for $25 to $100. Online banks usually have no minimum. The best approach is to check the specific institution you are interested in rather than assuming based on type.