Most banks and credit unions let you open a savings account with no minimum deposit at all

You do not need money upfront to open a savings account at most institutions. Many banks—including major chains like Chase, Bank of America, and Wells Fargo—allow you to open an account with zero dollars and start depositing whenever you can. Credit unions often work the same way. Some institutions do require a small opening deposit, but it is usually between $25 and $100, not thousands of dollars.

The real costs come after the account is open: monthly maintenance fees, overdraft fees, or fees for falling below a minimum balance. These vary widely depending on the bank and the account type you choose. Understanding what you might owe each month matters more than what it costs to start.

Key Takeaways

  • Most banks and credit unions have no minimum deposit requirement to open a savings account, though some require $25 to $100.
  • Monthly maintenance fees range from $0 to $15 depending on the institution, and many banks waive them if you maintain a small balance or set up direct deposit.
  • Online banks typically charge no monthly fees and have no minimum balance requirements, making them the lowest-cost option.
  • Overdraft fees and low-balance fees are where costs add up, so read the fee schedule before you open the account.
  • Credit unions often have lower fees than traditional banks and may charge nothing if you meet basic membership requirements.

Opening deposits: what banks actually require

The opening deposit requirement depends on the type of account and the institution. Traditional banks like Chase or Bank of America often have no minimum to open a basic savings account online. If you walk into a branch, some locations may ask for $25 to $100, but you can usually avoid this by opening online. Credit unions typically have no opening deposit requirement either, though you may need to pay a one-time membership fee (usually $5 to $25) to join.

Online-only banks—such as Ally, Marcus, or Discover—almost never require an opening deposit. They compete partly on low fees and low barriers to entry, so they make it straightforward to start with whatever you have. If you are opening an account with very little money, an online bank is often your simplest path.

Monthly fees and balance requirements

This is where the real cost lives. A monthly maintenance fee is a charge the bank takes just for keeping the account open. At traditional banks, this typically ranges from $0 to $15 per month. Many banks waive the fee if you meet one of these conditions: maintain a minimum balance (often $500 to $2,500), set up direct deposit, or keep a linked checking account at the same bank.

Online banks almost never charge a monthly maintenance fee. If you are on a tight budget, this is a major reason to consider them. You get the same FDIC protection (your money is insured up to $250,000) without the monthly cost.

Some banks also charge a low-balance fee if your account drops below a certain threshold. This is separate from the maintenance fee and can be $5 to $10 per month. Read the fee schedule carefully—it should be available on the bank's website or in the account agreement.

Overdraft and other fees that catch people off guard

Overdraft fees are not a cost of opening the account, but they are a cost of using it. If you link a checking account to your savings account and overdraw the checking account, the bank may charge $25 to $35 per overdraft. Some banks allow you to turn off overdraft protection so you cannot spend money you do not have—this prevents the fee but also declines the transaction.

Other fees to watch for: ATM fees if you use an out-of-network machine (usually $2 to $3 per withdrawal), wire transfer fees ($15 to $30), and inactivity fees if you do not use the account for a long time (rare, but some banks charge $5 to $10 per month after 12 months of no activity).

How credit unions compare to banks

Credit unions are member-owned, not shareholder-owned, so they often have lower fees than traditional banks. Many credit unions charge no monthly maintenance fee at all. Opening deposits are typically zero or very small. The trade-off is that credit unions have fewer branches and ATMs than large banks, though most participate in shared branching networks that let you use other credit unions' ATMs for free.

To join a credit union, you usually need to meet a membership requirement—working for a certain employer, living in a certain area, or belonging to a certain organization. Some credit unions have opened membership to anyone, so it is worth checking what is available in your area. The National Credit Union Administration (NCUA) website has a credit union locator tool.

Online banks: the lowest-cost option

Online banks have no physical branches, which lets them cut costs and pass savings to you. Most charge zero monthly maintenance fees, have no minimum balance requirement, and pay higher interest rates on savings than traditional banks. The interest rate is the amount the bank pays you for letting them hold your money—it varies by institution and by how much you have saved, but online banks typically offer 4% to 5% annual percentage yield (APY) on savings accounts, compared to 0.01% to 0.05% at many traditional banks.

The downside: you cannot deposit cash in person or speak to someone face-to-face. If you need to deposit checks, most online banks let you photograph them with your phone. If you need to deposit cash, you can transfer it from another bank account or use a partner network.

What to compare before you choose

Before opening any account, look at the fee schedule on the bank's website. Most banks publish this as a document called "Deposit Account Agreement" or "Fee Schedule." Compare these specific things:

  • Monthly maintenance fee and what waives it
  • Minimum balance requirement (if any)
  • Interest rate (APY) on savings
  • Overdraft fees and whether you can turn off overdraft protection
  • ATM network and out-of-network fees
  • Inactivity fees

If you are starting with very little money and want to avoid fees entirely, an online bank is usually the best choice. If you need to deposit cash regularly or want face-to-face service, a local credit union often beats a traditional bank on cost.

Frequently Asked Questions

Can I open a savings account with no money at all?

Yes. Most banks and credit unions allow you to open a savings account with zero dollars. Some require a small opening deposit of $25 to $100, but this is not universal. Online banks almost never require an opening deposit.

What is the difference between a monthly fee and a minimum balance requirement?

A monthly fee is a charge the bank takes every month just for keeping the account open. A minimum balance requirement means you must keep a certain amount of money in the account to avoid the fee. If you fall below the minimum, the bank charges you. Many banks let you avoid the monthly fee by meeting the balance requirement instead.

Do I have to pay interest on a savings account?

No. Interest is money the bank pays you for keeping your money there. The bank is not required to pay interest, and many traditional banks pay almost nothing (0.01% to 0.05% per year). Online banks typically pay much more (4% to 5% per year), but you are not obligated to earn interest—you straightforward do not get paid if the bank does not offer it.

What happens if I do not use my savings account for a long time?

Most banks do not charge a fee for inactivity. However, some banks do charge $5 to $10 per month if you do not make a deposit or withdrawal for 12 months or longer. Check the fee schedule before you open the account. If you are worried about this, an online bank is a safer choice.

Is my money safe in an online bank?

Yes, as long as the bank is FDIC-insured. FDIC insurance protects your money up to $250,000 per account, per bank. Most online banks display their FDIC insurance status on their website. You can also search the FDIC's bank locator tool to confirm.