Most banks have no minimum to open, but some require $25 to $100

The amount you need to open a savings account depends entirely on the bank. Many large banks—Chase, Bank of America, Wells Fargo—let you open an account with $0. Others require a minimum deposit of $25, $50, or $100 before you can use the account. A few banks that market themselves as premium or high-yield require $500 to $2,500 to start.

The minimum to open is different from the minimum to keep. Some banks let you open with nothing but charge a monthly fee if your balance drops below a certain amount. Others waive the monthly fee if you maintain a low balance—sometimes as little as $1. Reading the account terms matters because a $10 monthly fee costs you $120 a year, which erases the interest you earn on small balances.

Online banks tend to have lower or no opening minimums because they have fewer physical branches and lower overhead. Credit unions vary widely; some have no minimum, others require membership fees or opening deposits of $25 to $100.

Key Takeaways

  • Most major banks allow you to open a savings account with $0, though some require $25 to $100 as an opening deposit.
  • The fee you pay each month if your balance is too low can cost more than the interest you earn, so compare both the opening minimum and the balance minimum.
  • Online banks often have no opening minimum because they operate with lower costs than brick-and-mortar banks.
  • Credit unions may require membership fees or opening deposits, but some have no minimum at all—call ahead to confirm.
  • If you have no money to deposit right now, you can open an account at many banks and deposit money later, as long as you meet any balance minimum before the first fee cycle.

What happens if you can't meet the opening minimum

If a bank requires a minimum deposit and you don't have it, you have three options: wait until you do, choose a different bank with no minimum, or open the account and deposit money before the first fee is charged.

Some banks let you open an account online with $0 and then charge a monthly maintenance fee if you don't deposit anything within 30 or 60 days. If you know you'll have money soon, this can work—you open now and deposit later. But read the terms carefully. A few banks will close the account if it stays empty too long, which can show up on your banking history and make it harder to open accounts elsewhere.

The safest move if you have no money right now is to find a bank with genuinely no opening minimum and no monthly fee. Online banks like Ally, Marcus, and Discover have no opening minimum and no monthly maintenance fee, period. You can open today and deposit $1 next week with no penalty.

Opening minimum versus balance minimum—which one matters more

The opening minimum is what you deposit the day you open the account. The balance minimum is what the bank requires you to keep in the account to avoid a monthly fee. These are not the same thing, and the balance minimum is usually what costs you money.

Example: Bank A requires $100 to open but has no monthly fee and no balance minimum. You deposit $100, then withdraw $50 the next week. No problem—you keep the account. Bank B requires $0 to open but charges $10 per month if your balance falls below $500. You open with $0, deposit $100, and get charged $10 at the end of the month because you didn't hit $500. Over a year, that's $120 in fees on a $100 account.

When comparing banks, look at the balance minimum first. If you plan to keep less than $500 in savings, find a bank with no balance minimum or a very low one ($25 or less). The opening minimum matters only on the day you open; the balance minimum affects you every month.

How to find banks with low or no opening minimums

Call or visit the bank's website and search for "savings account requirements" or "minimum balance." Most banks list this clearly. If you can't find it, call the customer service number and ask: "What is the minimum deposit to open a savings account, and what is the monthly fee if my balance drops below [amount]?"

Online banks almost always have no opening minimum and no monthly fee—that's part of how they compete. If you're opening your first account or switching banks, an online bank is usually the easiest path because there's no deposit barrier and no surprise fees.

Credit unions require you to become a member first, which sometimes means paying a membership fee ($5 to $25) or buying a share in the credit union ($25 to $100). This is not the same as a savings account opening minimum—it's a one-time membership cost. Once you're a member, opening a savings account usually has no additional minimum. Ask the credit union about both the membership cost and the account opening minimum before you commit.

What to do if you have very little money to deposit

If you have $10 or $20 and want to start saving, you can open an account at any bank with no opening minimum and no monthly fee. Deposit what you have. As you earn or save more money, add it to the account. The interest you earn will be small at first, but it compounds over time, and you're building the habit of saving.

Some banks offer small incentives to open accounts—$50 to $200 in bonus cash if you meet certain conditions, like setting up direct deposit or maintaining a minimum balance for a certain period. These bonuses can help you reach an opening minimum if one exists. Read the terms carefully: most bonuses require you to keep the account open for 90 days or longer, and some require direct deposit from an employer or government benefit.

The most important thing is to start. The difference between $0 and $10 in a savings account is not the money—it's the account itself. Once you have one, adding to it becomes routine.

Frequently Asked Questions

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

Yes, at many banks. Online banks like Ally, Marcus, and Discover have no opening minimum and no monthly fee. You can open the account today and deposit money whenever you're ready. Some brick-and-mortar banks also allow this, but confirm the terms—a few will close the account if it stays empty for 60 days or longer.

What's the difference between opening a savings account and a checking account?

Savings accounts earn interest and usually limit how many times you can withdraw per month. Checking accounts are for everyday spending and have no withdrawal limits. Opening minimums vary by account type and bank, so check both if you're opening multiple accounts.

If I open an account with $0, will the bank charge me a fee right away?

Not if the bank has no monthly maintenance fee. But if the bank charges a monthly fee and you don't deposit anything within 30 to 60 days, the fee will be charged and your balance will go negative. Read the account terms to see when the first fee cycle begins.

Do I need to keep the opening deposit in the account forever?

No. Once the account is open, you can withdraw the opening deposit whenever you want, as long as you don't fall below any balance minimum that triggers a monthly fee. If there's no balance minimum, you can withdraw everything and keep the account open with $0.

Will opening a savings account hurt my credit score?

No. Opening a savings account is not a credit inquiry and does not affect your credit score. Banks may check your banking history through ChexSystems, but this is separate from your credit report and does not impact your score.