What banks require to open a savings account
Most banks require between $0 and $300 to open a savings account, though the exact amount depends on the bank and the type of account. Some banks—particularly online banks and credit unions—have no minimum deposit at all. Others, especially those offering higher interest rates or premium accounts, may require $500, $1,000, or more.
The minimum deposit is separate from the minimum balance requirement. The deposit is what you put in on day one to open the account. The balance requirement is the amount you must keep in the account afterward to avoid monthly fees or to earn the advertised interest rate. Some accounts have both; some have neither.
Your choice of bank matters more than the account type. A large national bank like Chase or Bank of America may require $25 to $300 to open a basic savings account. A credit union might require $5 or $25 to become a member and open an account. An online bank like Ally or Marcus typically has no minimum deposit and no minimum balance.
Key Takeaways
- Minimum deposits to open a savings account range from $0 to $1,000 or more, depending on the bank and account tier.
- Online banks and credit unions usually have lower or no minimum deposit requirements than traditional brick-and-mortar banks.
- Minimum balance requirements—the amount you must keep in the account—are different from the opening deposit and vary widely.
- If you fall below the minimum balance, the bank may charge a monthly fee, which can offset any interest you earn.
- You can open a savings account with as little as $1 at some banks, but you may face fees if you do not maintain a higher balance.
Minimum balance requirements and monthly fees
Once your account is open, many banks require you to maintain a minimum balance—often $300, $500, or $1,000—to avoid a monthly maintenance fee. If your balance drops below that threshold, you may be charged $5 to $15 per month. Over a year, those fees can add up to $60 to $180, which erases any interest the account earns.
Some accounts waive the fee if you meet one of several conditions: direct deposit of your paycheck, a certain number of debit card transactions per month, or linking a checking account at the same bank. Read the account terms carefully, because the fee waiver rules vary significantly between banks.
Online banks and credit unions often have no minimum balance requirement at all, which makes them a better choice if you are building savings slowly or cannot keep a large amount in one place.
How opening deposits work in practice
When you open an account, you transfer money into it—either in person at a branch, by mail, by wire transfer, or through the bank's app. That money becomes your opening deposit. You do not have to keep that exact amount in the account; you can withdraw it when ready if you want. The opening deposit is just the bank's way of confirming the account is real and active.
Some banks ask for the opening deposit to be made at the time you sign up. Others let you open the account online and fund it within a set window—usually 30 days—before they close it. A few banks let you open an account with $0 and add money whenever you are ready.
If you are opening an account with very little money, choose a bank with no opening deposit requirement and no minimum balance. That way you can start with $1 or $10 and grow the account without worrying about fees.
Comparing banks by deposit and balance requirements
| Bank Type | Typical Opening Deposit | Typical Minimum Balance | Monthly Fee If Below Minimum |
|---|---|---|---|
| Online banks | $0 | $0 | $0 |
| Credit unions | $5–$25 | $0–$500 | $0–$10 |
| Large national banks | $25–$300 | $300–$1,000 | $5–$15 |
| Premium/high-yield accounts | $500–$2,500 | $500–$2,500 | $10–$25 |
When higher deposits make sense
Some savings accounts offer higher interest rates if you maintain a larger balance—often $10,000 or more. If you have that money available and can keep it in savings without touching it, a higher-balance account may earn you more interest than a standard account. But the difference is usually small: a few dollars per year in most cases.
Premium savings accounts—those requiring $500 to $2,500 to open—sometimes offer perks like higher interest rates, waived fees, or access to financial advisors. These accounts make sense only if you have the money to meet the requirement and plan to keep it there. If you are saving toward that amount, start with a no-minimum account and move the money once you reach the threshold.
How to find accounts with low or no requirements
Online banks almost always have the lowest barriers to entry. Banks like Ally, Marcus, Discover, and Wealthfront have no opening deposit and no minimum balance. Credit unions also tend to be flexible; you may need to pay a small membership fee ($5 to $25) to join, but that is often your only upfront cost.
Before opening an account anywhere, check the bank's website for the specific requirements. Look for the account terms or disclosures document, which lists the opening deposit, minimum balance, and monthly fee. If the information is not clear, call the bank or use their chat feature to ask directly.
If you are starting with very little money, prioritize banks with zero opening deposit and zero minimum balance. You can always move your money later if you find a better rate or want to switch banks.
What happens if you cannot meet the minimum
If you open an account and later fall below the minimum balance, the bank will charge a monthly fee—usually $5 to $15. That fee is deducted from your account automatically each month you stay below the threshold. Some banks charge the fee once; others charge it every month until your balance rises above the minimum.
If your balance reaches zero or goes negative, the bank may close the account and send you to collections if you owe them money. To avoid this, either keep your balance above the minimum or switch to a bank with no minimum requirement. Moving your money takes a few days, but it is free and straightforward.
If you have already paid fees and want them back, contact the bank and ask for a refund. Many banks will reverse one or two months of fees as a courtesy, especially if you are a new customer or if you bring your balance above the minimum afterward.
Frequently Asked Questions
Can I open a savings account with no money at all?
Some online banks let you open an account with $0 and fund it later, usually within 30 days. However, most banks require at least $1 to $25 to set up the account. If you have no money right now, look for banks that explicitly state they have no opening deposit requirement.
What is the difference between opening deposit and minimum balance?
The opening deposit is the money you put in when you first open the account. The minimum balance is the amount you must keep in the account to avoid fees. You can withdraw your opening deposit when ready; the minimum balance is what you must maintain going forward.
Do I lose money if I fall below the minimum balance?
You do not lose the money in your account, but you will be charged a monthly fee—usually $5 to $15—if your balance drops below the required amount. That fee is taken from your account each month until your balance rises above the minimum or you close the account.
Are there savings accounts with no fees at all?
Yes. Online banks like Ally, Marcus, and Discover have no opening deposit, no minimum balance, and no monthly fees. Credit unions often have the same structure. The trade-off is that interest rates vary; some no-fee accounts offer higher rates than others.
Can I move my money to a different bank if the fees are too high?
Yes. You can withdraw your money and open an account at another bank at any time. The process takes a few days if you use a wire transfer or ACH transfer. Some banks will even help you move money from another bank when you open a new account.