Most banks let you open a savings account with $0 to $25
You do not need a large sum to start a savings account. Many banks and credit unions will open an account with whatever you have on hand — some ask for $1, some for $25, and some ask for nothing at all. The amount you deposit on day one is separate from the amount you need to keep in the account afterward, and those rules vary by bank.
The real cost of a savings account is not the opening deposit. It is the minimum balance — the smallest amount the bank requires you to hold at all times to avoid a monthly fee. If your balance drops below that number, you may pay $3 to $10 per month. Over a year, that fee can erase the interest you earned.
Before you open an account, ask the bank two questions: "What do I need to deposit to open this account?" and "What is the minimum balance to avoid monthly fees?" The answers are often different, and knowing both prevents surprises.
Key Takeaways
- Opening deposits range from $0 to $25 at most banks, and many credit unions have no opening deposit requirement at all.
- Minimum balance requirements — the amount you must keep in the account to avoid fees — vary from $0 to several hundred dollars depending on the bank and account type.
- Some banks waive minimum balance fees if you set up direct deposit or keep a linked checking account open.
- Online banks typically have lower or no minimum balance requirements than brick-and-mortar banks.
- The fee for dropping below the minimum is usually $3 to $10 per month, which can wipe out your interest earnings.
Opening deposit versus minimum balance: what is the difference
The opening deposit is the money you put in when you first create the account. This can be $0, $1, $25, or whatever the bank asks. Once the account is open, you can withdraw that money when ready if you want — it does not have to stay there.
The minimum balance is a rule that applies every day after that. It is the lowest amount the bank requires you to keep in the account at all times. If your balance falls below it on any day, you trigger a monthly fee. For example, if the minimum is $500 and you have $499, you will be charged a fee at the end of the month, even if you bring the balance back to $600 the next day.
A bank might ask for a $25 opening deposit but have a $0 minimum balance. In that case, you deposit $25 to open the account, then you can spend it down to $1 and pay no fee. Another bank might ask for $0 to open but require you to keep $300 in the account at all times. Know both numbers before you sign up.
Typical minimum balance amounts at different bank types
Minimum balance requirements depend on the kind of bank and the kind of account. Here is what you are likely to encounter:
| Bank Type | Typical Minimum Balance | Notes |
|---|---|---|
| Online banks | $0 to $100 | Often no minimum at all. Interest rates are usually higher. |
| Credit unions | $0 to $50 | Many have no minimum. Some require a small share deposit ($5 to $25) to join, which is separate from the account minimum. |
| Large national banks | $300 to $2,500 | Varies widely by account tier. Premium accounts have higher minimums but may waive fees for direct deposit or linked checking. |
| Community banks | $100 to $500 | Often lower than national chains. May waive minimums if you use other bank services. |
These are ranges, not rules. The only way to know what a specific bank requires is to ask or check their website. Some banks publish this information clearly; others bury it in the account agreement.
Ways banks waive or lower the minimum balance requirement
Many banks will waive the minimum balance fee if you meet certain conditions. Common waivers include setting up direct deposit (having your paycheck sent straight to the bank), keeping a linked checking account open, or maintaining a combined balance across multiple accounts.
If you are paid by check or cash and cannot use direct deposit, ask whether the bank offers other ways to waive the fee. Some will waive it if you make a certain number of deposits per month, or if you keep a small amount in a linked account. A few banks have no minimum at all, which removes this problem entirely.
Credit unions are often more flexible than banks. If you cannot meet a minimum balance, ask the credit union directly whether they can waive it. Many will, especially if you are new to banking or have limited income. The worst they can say is no.
What happens if your balance drops below the minimum
If your balance falls below the minimum on any day of the month, the bank will charge you a monthly fee — usually $3 to $10 — at the end of that month. This fee comes out of your account, lowering your balance further. If you are not careful, one low balance can trigger a chain of fees.
For example: you have $200 in an account with a $300 minimum. The bank charges you a $5 fee. Now you have $195. Next month, if you still have not reached $300, you get charged another $5 fee, leaving you with $190. After a few months of fees, your balance shrinks even though you have not spent the money.
The fee is separate from any interest you earn. If your account earns 4% annual interest but you pay a $5 monthly fee, the fee costs you far more than the interest makes. This is why knowing the minimum balance before you open the account matters.
How to choose an account based on how much you can keep in savings
Start by being honest about how much money you can realistically keep in the account without touching it. If you have $100 and need to use it for emergencies, do not open an account with a $300 minimum. You will pay fees instead of earning interest.
If you have very little to save right now, look for accounts with no minimum balance requirement. Online banks and many credit unions offer these. You can always move to a different account later when you have more to save.
If you have a steady income and can keep a certain amount set aside, match the minimum to what you can afford. A $500 minimum makes sense only if you can keep $500 in the account and still cover your other expenses. If you are unsure, ask the bank whether they will waive the fee for the first few months while you get used to the account.
Opening an account when you have very little to deposit
If you have $10 or less, you can still open a savings account. Look for banks or credit unions that advertise "no minimum balance" or "no opening deposit." Online banks like Ally, Marcus, and Discover often have these. Many local credit unions do too.
When you call or visit, tell them you want to open a savings account and ask what the minimum opening deposit is. If they say $0, you can open the account with whatever you have. If they say $25 and you have $10, ask whether they will accept $10 and let you deposit the rest later. Some will.
Once the account is open, you can add money whenever you can. Even $5 or $10 at a time adds up. The goal is to build the habit of saving, not to have a large balance on day one.
Frequently Asked Questions
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. Once it is open, you can withdraw it anytime. The minimum balance rule applies after that, but the opening deposit itself has no special status.
What if I cannot afford to keep the minimum balance?
Choose an account with no minimum balance requirement, or ask the bank to waive the fee. Many banks will waive it if you set up direct deposit or keep another account open with them. If the bank will not waive it, switch to a bank that has no minimum.
Can the bank change the minimum balance after I open the account?
Yes, banks can change their terms, including minimum balance requirements. They must notify you in advance, usually by mail or email. If the new minimum is too high for you, you can close the account and move to a different bank.
Does the minimum balance include interest I earned?
Yes. The minimum balance is the total amount in the account, including any interest. If you have $300 and earn $1 in interest, your balance is now $301, and that counts toward the minimum.
Is there a difference between a savings account minimum and a checking account minimum?
Yes. Checking accounts often have higher minimums than savings accounts, and the fees for dropping below the minimum can be larger. Some banks link the two — if you keep a certain balance in checking, they waive the savings account minimum. Ask about this when you open both accounts.