Most banks let you open a savings account with $0, but some require a minimum deposit

The amount you need to start a savings account depends entirely on the bank or credit union you choose. Many large banks—including Chase, Bank of America, and Wells Fargo—allow you to open an account with no money down. You can deposit your first dollar whenever you're ready. Other banks set a minimum opening deposit, usually between $25 and $500, that you must have in the account on the day you open it.

Credit unions often have lower or no minimum requirements than traditional banks. Online-only banks almost never require a minimum opening deposit, though some do charge monthly fees if your balance falls below a certain amount. The key difference is between an opening deposit (what you need on day one) and a minimum balance requirement (what you must keep in the account to avoid fees).

Key Takeaways

  • Many banks allow you to open a savings account with $0, so lack of money right now should not stop you from opening one.
  • Some banks require $25 to $500 at opening, but this varies by institution and account type.
  • Minimum balance requirements are separate from opening deposits—you might need $100 to open but $500 to avoid monthly fees.
  • Online banks and credit unions tend to have lower or no opening deposit requirements than brick-and-mortar banks.
  • The bank's fee structure matters more than the opening deposit, because monthly fees can erase the interest you earn.

Opening deposit versus minimum balance requirement

An opening deposit is the money you bring in on the day you create the account. An opening deposit requirement means the bank will not let you open the account unless you have that amount. A minimum balance requirement is different—it's the amount you must keep in the account after opening to avoid a monthly maintenance fee. You might open with $25 but need to keep $500 in the account every day to avoid a $10 monthly charge.

Read the account disclosure document before you open. It will list both the opening deposit requirement (if any) and the minimum balance requirement (if any). Some accounts have neither. Others have a minimum balance but no opening deposit—you can start with $1, but if your balance drops below $500 at any point during the month, you'll be charged a fee.

Where to find accounts with no opening deposit

Online banks almost never require an opening deposit. Banks like Ally, Marcus by Goldman Sachs, and Discover have no opening deposit requirement and often no minimum balance requirement either. You can open an account in minutes and deposit money whenever you want. The trade-off is that you cannot walk into a physical branch—all transactions happen online or by phone.

Credit unions in your area may also have no opening deposit requirement. You can search for credit unions near you through CO-OP or Alliant, which operate shared branching networks. Some credit unions do require a small opening deposit or a membership fee (usually $5 to $25), but many waive this for new members. Call ahead to ask.

Traditional banks vary widely. Some branches of large banks will open an account with $0. Others require $25 to $100. Your best move is to call the branch you plan to use or check the bank's website for the specific account type you want—savings accounts, money market accounts, and high-yield savings accounts often have different requirements at the same bank.

What happens if you cannot meet the opening deposit

If a bank requires an opening deposit and you do not have it right now, you have three options: choose a different bank with no opening deposit requirement, wait until you have the money, or ask a family member or friend to help you meet the deposit. Some banks will let a parent or guardian deposit money on behalf of a minor or young adult, which can help you get your free guide.

Do not let an opening deposit requirement stop you from opening an account. The whole point of a savings account is to build money over time. If you have $5 or $10 to start, find a bank that accepts that. If you have nothing right now, find a bank with no opening deposit and open the account empty. You can deposit your first paycheck or tax refund whenever it arrives.

Monthly fees that matter more than the opening deposit

A bank might let you open with $0, but charge you $5 or $10 every month if your balance stays below a certain amount. Over a year, that's $60 to $120 in fees—money that comes directly out of your account. A $100 opening deposit at a bank with no monthly fees is better than opening with $0 at a bank that charges $10 a month.

Look for accounts with no monthly maintenance fee, or accounts where the fee is waived if you keep a low balance (like $500 or less) or set up direct deposit. Online banks are usually the safest bet here—they have lower overhead costs and often charge no monthly fees at all. If you choose a traditional bank, ask specifically about the monthly fee and what it takes to avoid it.

How to compare accounts when opening deposit varies

When you are deciding between banks, make a straightforward list: opening deposit requirement, minimum balance requirement, monthly maintenance fee, and interest rate (called APY). A bank with a $100 opening deposit but 0.01% APY and a $10 monthly fee is worse than a bank with $0 opening deposit, 4.5% APY, and no fees—even though the first one seems easier to start.

The interest rate and fees matter far more than the opening deposit. You will earn money on your balance through interest, but you will lose money through fees. Over one year, a $500 balance at 4% APY earns you $20. A $10 monthly fee costs you $120. The opening deposit is just the first step—what happens after matters more.

Frequently Asked Questions

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

Yes, many banks and credit unions allow you to open a savings account with $0. Online banks almost always do. You can open the account and deposit your first dollar whenever you're ready. Some banks require a small opening deposit, but you can choose one that doesn't.

What if the bank requires a $100 opening deposit but I only have $50?

Choose a different bank. Many banks have no opening deposit requirement, and some credit unions will work with you. Do not borrow money or put yourself in a difficult position to meet an opening deposit—the whole point is to start saving, not to go into debt.

Is there a difference between opening deposit and minimum balance?

Yes. Opening deposit is what you need on day one to create the account. Minimum balance is what you must keep in the account to avoid monthly fees. You might open with $25 but need to keep $500 to avoid a $10 monthly charge. Read the account terms to see both.

Do online banks really have no opening deposit?

Most do. Banks like Ally, Marcus, and Discover have no opening deposit and no minimum balance requirement. You open the account online in a few minutes and deposit money whenever you want. The downside is no physical branch, but all transactions happen online or by phone.

What should I look for instead of the opening deposit?

Focus on monthly fees and interest rate. A bank with no opening deposit but a $10 monthly fee will cost you more than a bank with a $100 opening deposit and no fees. Compare the APY (interest rate) too—higher rates mean your money grows faster.