Deposit requirements vary by bank, from zero to several thousand dollars
There is no single answer to how much you need to deposit in a savings account because each bank sets its own rules. Some banks let you open an account with no deposit at all. Others require $25, $100, $500, or more before you can start. A few require $10,000 or higher, though these are less common for basic savings accounts.
The deposit you make on the day you open the account is separate from the minimum balance you must keep in the account afterward. You might deposit $100 to open, but then be required to maintain a $500 balance to avoid a monthly fee. Or you might deposit $1 and have no balance requirement at all. Each bank publishes these numbers in their account disclosure documents, which you can request before you open the account.
The deposit requirement also depends on the type of account. A basic savings account usually has a lower opening deposit than a money market account or a certificate of deposit (CD). Online banks typically have lower or zero opening deposits than brick-and-mortar banks, because they have fewer physical locations to maintain.
Key Takeaways
- Opening deposit requirements range from zero dollars to several thousand, depending on the bank and account type.
- The opening deposit is different from the minimum balance requirement—you may need to deposit $100 to open but keep $500 in the account to avoid fees.
- Online banks and credit unions often have lower opening deposits than traditional banks.
- You can find the exact opening deposit and balance requirements in the bank's account disclosure document before you open the account.
- If you cannot meet a bank's opening deposit, other banks with lower or zero requirements exist.
Opening deposit versus minimum balance requirement
The opening deposit is the money you put in when you first create the account. This happens once, on day one. Some banks let this deposit count toward your minimum balance; others do not. You need to ask the bank directly or read the disclosure to know which applies.
The minimum balance requirement is the lowest amount you must keep in the account at all times (or on average during a statement period) to avoid a monthly maintenance fee. If your balance falls below this number, the bank charges you a fee—usually $5 to $15 per month. This requirement stays in place as long as you hold the account, not just on opening day.
Example: Bank A requires a $100 opening deposit and a $500 minimum balance. You deposit $100 on day one. You now have $100 in the account, but you are $400 short of the minimum balance. If you do not deposit more money within the statement period, you will be charged a fee. Bank B requires a $500 opening deposit and no minimum balance after that. You deposit $500 on day one. You can then spend or withdraw that money, and the account stays open with no fee.
How opening deposits work at different bank types
Online banks and credit unions tend to have the lowest opening deposits. Many online savings accounts open with zero dollars required. Credit unions often require $25 to $100, though some have no opening deposit. These institutions can afford lower requirements because they have lower overhead costs than banks with physical branches.
Traditional banks with branch locations usually require $100 to $500 to open a savings account. Some large national banks require $300 or more. Banks justify this by saying the opening deposit shows commitment and covers the cost of account setup.
High-yield savings accounts and money market accounts sometimes require $2,500 to $10,000 to open, because they offer higher interest rates and are designed for people with more money to save. Certificates of deposit (CDs) vary widely—some open with $500, others with $1,000 or $5,000.
If you have limited funds, an online bank or credit union is usually your fastest route to opening a savings account. You can compare opening deposit requirements on each bank's website or by calling their customer service line.
What happens if you cannot meet the opening deposit
If a bank requires an opening deposit you cannot afford right now, you have several options. First, look for a bank with a lower or zero opening deposit requirement. Second, ask the bank whether they will waive the opening deposit if you set up direct deposit from your paycheck—some do. Third, wait until you have saved enough, then open the account later.
Some banks also offer second-chance or basic savings accounts designed for people with limited funds or banking history. These accounts may have a zero opening deposit and no minimum balance requirement, though they sometimes charge higher fees or offer lower interest rates than standard accounts.
If you are under 18, some banks offer youth savings accounts with zero opening deposits and no minimum balance. These accounts are meant to help young people learn to save.
How your opening deposit gets into the account
You can fund your opening deposit in several ways. If you open the account in person at a branch, you can hand the teller cash or a check. If you open online, you typically transfer money from another bank account using your routing and account numbers, or you wait for a direct deposit from your employer to arrive.
Some online banks mail you a debit card before you fund the account, so you can make a deposit at an ATM. Others let you deposit a check by taking a photo with your phone. The method depends on the bank's system.
The opening deposit usually shows up in your account within one to three business days if you transfer it from another bank. If you deposit cash or a check in person, it may be available the same day or next business day, depending on the bank's policy.
Fees if your balance falls below the requirement
If you open an account and then your balance drops below the minimum requirement, the bank charges a monthly maintenance fee. This fee is usually $5 to $15, though some banks charge more. The fee comes out of your account automatically each month you stay below the minimum.
Some banks waive the fee if you meet one of these conditions: you set up direct deposit, you maintain a certain balance in a linked checking account, you have a certain number of transactions per month, or you are over 65 or under 18. Read the account disclosure to see which waivers explore.
If you are charged a fee and want to avoid future ones, you can either deposit more money to reach the minimum balance, switch to a different account type with no minimum balance requirement, or close the account and move to a bank with lower requirements.
Opening deposit requirements by account type
| Account Type | Typical Opening Deposit Range | Typical Minimum Balance |
|---|---|---|
| Basic Savings (Online) | $0 | $0 |
| Basic Savings (Traditional Bank) | $100–$500 | $300–$500 |
| High-Yield Savings | $0–$2,500 | $0–$2,500 |
| Money Market Account | $2,500–$10,000 | $2,500–$10,000 |
| Certificate of Deposit (CD) | $500–$5,000 | Full deposit amount |
| Credit Union Savings | $0–$100 | $0–$100 |
Frequently Asked Questions
Can I open a savings account with no money?
Yes. Many online banks and some credit unions let you open a savings account with zero dollars. You can then deposit money later. However, some banks require a deposit before they will set up the account, so you need to check the specific bank's policy.
Do I have to keep the opening deposit in the account forever?
No. Once the account is open, the opening deposit is your money. You can withdraw it anytime, as long as you do not fall below the minimum balance requirement (if one exists). If there is no minimum balance requirement, you can withdraw everything.
What if I deposit more than the opening requirement on day one?
The extra money stays in your account and earns interest. It counts toward your minimum balance requirement. You can withdraw it anytime without closing the account, as long as you maintain the minimum balance if one is required.
Can a bank change the opening deposit requirement after I open my account?
Banks can change the minimum balance requirement for existing accounts, but they usually cannot change the opening deposit requirement retroactively—that only applied on the day you opened. The bank must notify you in writing before changing any balance requirements.
Is the opening deposit the same as an initial deposit?
Yes, these terms mean the same thing. The opening deposit, initial deposit, and starter deposit all refer to the money you put in when you first create the account.