The minimum deposit depends on the bank, not on any rule
There is no government requirement for how much money you must put into a savings account when you open it. The bank decides. Some banks let you open an account with $1. Others ask for $25, $100, or $500. A few have no minimum at all.
The amount the bank asks for is called a minimum opening deposit. It is separate from a minimum balance requirement — the smallest amount you must keep in the account after you open it. Some banks have both, some have one, and some have neither.
Where you bank matters more than how much you have. Online banks and credit unions often have lower minimums than large national banks. If you are starting with a small amount, you can find an account that matches what you have right now.
Key Takeaways
- Opening deposits range from $0 to $500 depending on the bank, and you can find accounts that match what you have available.
- The minimum opening deposit is different from the minimum balance you must keep in the account afterward — ask the bank about both before you open.
- Online banks and credit unions typically have lower opening deposits than large national banks.
- If a bank charges a monthly fee when your balance drops below a certain amount, that fee can erase the interest you earn on small savings.
- You can open an account with whatever amount you have and add more money whenever you are able to.
Minimum balance requirements and monthly fees
After you open the account, the bank may require you to keep a certain amount in it at all times. This is the minimum balance requirement. If your balance falls below that number, the bank may charge you a monthly fee — often $5 to $15 — even if you have not withdrawn money or made any mistakes.
This matters because a monthly fee can wipe out the interest you earn on a small balance. If you keep $100 in an account that earns 4% annual interest, you earn about 33 cents per month. A $10 monthly fee means you lose money instead of gaining it.
Before you open an account, ask the bank two questions: "What is the minimum balance requirement?" and "What happens if my balance goes below it?" Some banks waive the fee if you set up direct deposit or use their debit card a certain number of times per month. Others do not charge a fee at all, no matter how low your balance goes.
Where to find accounts with low or no minimums
Online banks often have the lowest opening deposits because they do not pay for physical branches. Many online banks let you open an account with $0 and have no minimum balance requirement. Examples include Ally Bank, Marcus by Goldman Sachs, and Discover Bank, though you should check their current requirements since they change.
Credit unions are member-owned financial institutions that typically have lower minimums than national banks. You must join the credit union to open an account, but membership is often free or costs $1 to $5. You can find credit unions in your area through CO-OP, a network that lets you use ATMs nationwide.
Community banks vary widely. Some have high minimums, but others — especially those focused on new banking customers — may have opening deposits of $25 or less and no balance requirements. Ask at banks in your neighborhood.
Large national banks like Bank of America, Wells Fargo, and Chase typically ask for $100 to $500 to open a savings account, though they sometimes waive this for customers who also open a checking account.
What happens if you cannot meet the minimum right now
If you have less money than a bank's opening deposit, you have options. You can wait until you have saved enough, or you can look for a different bank with a lower minimum. Neither choice is wrong — it depends on your situation.
Some people open an account with a small amount at a bank with no minimum, then move money to a higher-interest account later once they have saved more. Others start with a checking account instead of a savings account, since checking accounts sometimes have lower minimums.
If you are returning to banking after a gap and worried about fees, call the bank before you visit. Tell them how much you want to deposit and ask whether they have an account that will not charge you a monthly fee at that balance. Banks have different products for different situations, and a phone call can save you from opening the wrong account.
How much to deposit if you have a choice
If the bank has no minimum opening deposit, you can deposit as little as $1. If it has a minimum, deposit exactly that amount — no more. There is no benefit to depositing extra money you do not want to keep in savings.
The real question is how much to keep in the account over time. A savings account should hold money you are setting aside for a goal — an emergency fund, a down payment, a car repair. Start with whatever amount feels manageable. Even $5 or $10 per week adds up, and the interest you earn (though small at first) is real money the bank pays you for letting them use your money.
As your balance grows, you may become may be able to access for higher interest rates. Some banks offer better rates on accounts with balances above $10,000 or $25,000. But that is something to think about later. For now, focus on finding an account that does not punish you for having a small balance, and on building the habit of saving.
Understanding interest rates and how they affect your choice
The interest rate a bank offers on savings is more important than the opening deposit. A bank with a $0 opening deposit but 0.01% interest will earn you almost nothing. A bank with a $100 opening deposit and 4% interest will grow your money much faster.
Interest rates change, and they vary by bank. Before you open an account, compare the current rate at several banks. Websites like Bankrate and DepositAccounts show rates from many banks in one place. Look for the Annual Percentage Yield (APY), which is the rate you actually earn when interest is added to your account regularly.
A bank with a low opening deposit is only a good choice if the interest rate is competitive. If you find a bank with no opening deposit but a rate of 0.01%, and another bank with a $100 opening deposit and a rate of 4%, the second bank is the better choice — as long as you can meet the $100 minimum.
Frequently Asked Questions
Can I open a savings account with no money and deposit later?
Some banks allow this, but most require at least a small deposit when you open the account. Call the bank or check their website to ask whether you can open an account with $0 and deposit money the same day or within a few days. Do not assume — the rules vary by bank.
What if I fall below the minimum balance after I open the account?
The bank will charge you a monthly fee, usually $5 to $15. This fee comes out of your account automatically. If you know your balance will drop below the minimum, contact the bank and ask whether you can switch to an account with no balance requirement, or ask whether they can waive the fee temporarily.
Do I need a certain amount to earn interest?
No. Interest accrues on any balance, even $1. However, the amount you earn will be very small until your balance grows. A $100 balance earning 4% APY earns about 33 cents per month. The interest grows as your balance grows.
Is it better to open with a large deposit to avoid fees?
Only if the bank charges a fee when your balance drops below a certain amount. If the bank has no balance requirement and no monthly fee, it does not matter whether you open with $1 or $1,000. Deposit what you can afford and add more when you are able to.
Can I move my money to a different bank later if I find a better rate?
Yes. You can close your account at any time and move your money to another bank. There is no penalty for switching. Many people open an account at one bank, then move to another bank later when they find a better interest rate or lower fees.