Minimum opening deposits range from zero to $25,000 depending on the bank
Most banks and credit unions will let you open a savings account with whatever you have on hand—some require nothing at all. Others ask for $25, $100, or $500 to start. A few high-yield savings accounts from online banks want $1,000 or $2,500 upfront. The amount depends entirely on which institution you choose, not on any legal requirement.
What matters more than the opening deposit is what happens after. Many banks charge a monthly fee if your balance drops below a certain threshold—often called a minimum balance requirement. This is where people run into trouble. You might open an account with $50, but if the bank requires you to keep $500 in it at all times, you'll pay a fee every month your balance falls short.
The fee itself is usually $5 to $15 per month, which adds up fast. Over a year, that's $60 to $180 in charges just for not keeping enough money in the account. Some banks waive the fee if you set up direct deposit, maintain a linked checking account, or meet other conditions—so the real cost depends on your situation.
Key Takeaways
- Opening deposits range from $0 to $2,500 depending on the bank, but no federal law requires any minimum to open an account.
- Monthly maintenance fees kick in when your balance falls below the bank's minimum balance requirement, typically $500 to $2,500.
- Many banks waive monthly fees if you set up direct deposit, keep a linked checking account, or meet other conditions specific to that bank.
- Online banks often have lower or no minimum balance requirements but may require higher opening deposits.
- The total cost of keeping a savings account is the fee amount multiplied by how many months you fall short of the minimum.
How to find banks with no opening deposit or monthly fees
Credit unions almost always have lower opening deposits than traditional banks—many ask for $25 or less. Some credit unions have no opening deposit at all. The catch is that you have to be a member, which usually means living in a certain area, working for a specific employer, or belonging to an organization. If you may have access to, credit union savings accounts often have no monthly fees and no minimum balance requirements.
Online banks (sometimes called direct banks) typically have no opening deposit and no monthly maintenance fees. Banks like Ally, Marcus, and Discover offer savings accounts you can open with $0 and keep open with $0. The tradeoff is that you cannot walk into a branch or deposit cash directly—everything happens online or through transfers from another bank account.
If you want a physical branch and low fees, look for banks that waive their minimum balance requirement if you set up direct deposit. Many regional and community banks offer this. You might need to deposit your paycheck electronically, but if you do, the monthly fee disappears even if your balance is low.
What happens if you cannot maintain the minimum balance
If your balance drops below the minimum and the bank charges a fee, that fee comes out of your account automatically. If your balance is already low, the fee makes it even lower. Some banks will charge the fee every month until you bring the balance back up, which can spiral quickly.
You can close the account at any time without penalty. If you have $50 in the account and the bank charges a $10 fee, you can withdraw the remaining $40 and close it. There is no lock-in period for savings accounts—you own the money and can take it out whenever you want. The bank cannot keep you from closing the account or charge you for closing it.
If your account goes negative (the fees exceed your balance), the bank may close it and report you to ChexSystems, a banking history database. This can make it harder to open accounts at other banks for a few years. To avoid this, close the account before it goes negative, or move money in to cover the fees.
Minimum balance requirements versus opening deposits—they are not the same
An opening deposit is the money you put in when you first create the account. An minimum balance requirement is the amount you must keep in the account every day to avoid a monthly fee. These are two separate things, and confusing them costs people money.
You might open an account with a $500 opening deposit, but the bank's minimum balance requirement could be $1,000. That means after you open it, you need to keep $1,000 in there or pay a fee—even though you started with $500. Or you might open with $0 and have no minimum balance requirement at all, meaning you can keep $1 in the account forever without a fee.
Before you open an account, ask the bank or credit union two questions: "What is the opening deposit?" and "What is the minimum balance requirement to avoid the monthly fee?" Write down both answers. The opening deposit is what you need right now; the minimum balance requirement is what you need to keep.
How much to keep in savings once the account is open
From a financial standpoint, keep enough to cover the minimum balance requirement plus a small cushion—usually $50 to $100 extra. This prevents accidental fees if your balance dips slightly. Beyond that, how much you keep depends on your goals: emergency fund, short-term savings, or just a place to park money you do not need right now.
Many financial advisors suggest keeping three to six months of living expenses in an emergency savings account. If your monthly expenses are $2,000, that means $6,000 to $12,000 in savings. But this is a goal to work toward, not a requirement. You can start with whatever you can afford and add to it over time.
Some people keep just enough to meet the minimum and use a separate account for actual savings. Others combine everything into one account. There is no right amount—only what makes sense for your situation and what your bank requires.
Special savings accounts with higher minimum requirements
Certain types of savings accounts ask for more money upfront. Money market accounts often require $2,500 to $10,000 to open because they offer higher interest rates. Certificates of deposit (CDs) require you to lock your money away for a set period (three months to five years) in exchange for a may provide rate, and minimums typically start at $500 to $1,000.
These accounts are not for everyday savings. They are for money you do not need to touch for a while and want to earn more interest on. If you are just starting out or do not have much saved, stick with a regular savings account that has no opening deposit or low minimum balance requirements.
High-yield savings accounts from online banks often have no opening deposit and no minimum balance, but they do require you to keep money in them to earn the advertised interest rate. If you withdraw everything, the account stays open but earns nothing. Read the terms carefully before opening.
How to compare accounts when minimum requirements differ
When you are looking at two banks, do not just compare opening deposits. Calculate the real cost of keeping the account open for a year. If Bank A requires $500 minimum with a $10 monthly fee and Bank B requires $1,000 minimum with no fee, which is cheaper for you?
If you can keep $1,000 in the account, Bank B costs you nothing. If you can only keep $500, Bank A costs you $120 per year ($10 × 12 months). But if Bank A waives the fee with direct deposit and you get paid that way, it costs you nothing too. The cheapest account is the one whose requirements you can actually meet.
Write down the opening deposit, minimum balance requirement, monthly fee, and fee waivers for each bank you are considering. Then decide which one fits your situation. The bank with the lowest opening deposit is not always the cheapest to use.
Frequently Asked Questions
Can I open a savings account with no money at all?
Yes. Many online banks and some credit unions let you open an account with $0. You can then deposit money whenever you want. However, some banks still charge a monthly fee if you do not maintain a minimum balance, so check the fee structure before opening.
What if I only have $50 and the bank requires $500 minimum?
Open the account with your $50 if you want, but you will likely pay a monthly fee until your balance reaches $500. A better option is to find a bank with no minimum balance requirement or a lower one that matches what you can afford right now.
Do I have to keep the opening deposit in the account forever?
No. The opening deposit is just the money you put in to start the account. You can withdraw it anytime. What matters after that is whether you meet the minimum balance requirement to avoid fees.
Will closing a savings account hurt my credit?
No. Closing a savings account does not affect your credit score. Credit scores are based on borrowing and repayment history, not on savings accounts. You can close a savings account without any impact on your credit.
What is the difference between a savings account and a money market account?
A money market account usually requires a higher opening deposit and minimum balance, but pays more interest. A savings account is simpler and has lower requirements. Money market accounts may also let you write checks or use a debit card, while savings accounts typically do not.