Most banks have no minimum deposit requirement to open an account
You can open a savings account at most major banks and credit unions with zero dollars. The account opens empty, and you fund it whenever you choose. Banks stopped enforcing opening minimums years ago — they make money on overdraft fees, account maintenance charges, and the interest spread on loans, not on forcing you to deposit cash upfront.
What varies is whether the bank charges you a monthly fee for maintaining an account with a low or zero balance. Some banks waive fees entirely. Others charge $5 to $15 per month if your balance stays below a threshold — often $500 or $1,000 — or if you don't meet other conditions like setting up direct deposit or maintaining a linked checking account.
Key Takeaways
- You can open a savings account with $0 at most banks and credit unions; no opening deposit is required.
- Monthly maintenance fees range from $0 to $15 and depend on your balance, account type, or whether you use direct deposit.
- Online banks typically charge no monthly fees and have no minimum balance, making them cheaper if you keep little money in savings.
- Credit unions often waive fees for members but may require a small membership share purchase, usually $5 to $25.
- The real cost of opening an account is zero; the cost of keeping it open depends on the bank's fee structure and your balance.
When banks charge monthly fees and how to avoid them
A monthly maintenance fee kicks in when your balance falls below the bank's threshold. Chase, for example, charges $5 per month on its basic savings account if your balance drops below $300. Bank of America charges $4 per month on its regular savings account if you don't maintain $500 or set up direct deposit of at least $250 per month.
You can usually waive the fee by meeting one condition: keeping a minimum balance, setting up direct deposit, maintaining a linked checking account, or using the bank's mobile app for statements. Read the account terms before opening — the fee structure is always disclosed, but it's buried in the fine print.
Online banks like Ally, Marcus, and Discover have no monthly fees and no minimum balance requirement. They can afford this because they have no physical branches and lower overhead costs. If you're opening an account with little money and no when ready plans to deposit more, an online bank costs nothing to maintain.
Credit union membership costs and requirements
Credit unions typically require you to buy a membership share before opening an account. This is a one-time purchase, usually $5 to $25, and it makes you a partial owner of the credit union. You don't lose this money — it stays in your account and you can withdraw it if you leave — but you do need to have it on hand when you open the account.
Once you're a member, most credit unions charge no monthly fees on savings accounts, regardless of balance. Some credit unions waive the membership share fee entirely for new members or for accounts opened with direct deposit. Call ahead or check the credit union's website to confirm what they require.
What happens if you open an account and never fund it
An empty account that you never use will eventually be closed by the bank. The timeline varies — some banks close inactive accounts after 12 months, others after 24 months. When they close it, they send any remaining balance (usually zero) to your address on file, and the account disappears from your record.
This doesn't hurt your credit score. Savings accounts don't report to credit bureaus the way credit cards and loans do. However, if the bank owes you money from the closure and can't reach you, it goes to your state's unclaimed property program, where it sits until you claim it.
If you're opening an account but won't fund it when ready, choose a bank with no monthly fees so you're not paying to keep an empty account open. Online banks are your best option here.
Comparing costs across account types and banks
| Bank Type | Opening Deposit | Monthly Fee | Fee Waiver Options |
|---|---|---|---|
| Major bank (Chase, Bank of America, Wells Fargo) | $0 | $4–$5 | Minimum balance ($300–$500) or direct deposit |
| Online bank (Ally, Marcus, Discover) | $0 | $0 | None — no fees |
| Credit union | $0 (membership share: $5–$25) | $0 | None — members have no monthly fees |
| Local/regional bank | $0 | $0–$10 | Varies by institution |
How to find the lowest-cost account for your situation
If you plan to keep a balance of $500 or more, a major bank's savings account costs nothing — the fee disappears once you hit the minimum. If your balance will stay below $300, an online bank saves you money because there's no fee to avoid.
If you have access to a credit union through your employer, school, or family membership, compare their fee structure to online banks. Credit unions often offer better interest rates on savings, which matters more than monthly fees if you're building a balance over time.
Check the bank's website for the account terms document — it lists the exact fee, the minimum balance, and all ways to waive it. Don't rely on the marketing page; the terms document is the legal agreement and it's always accurate.
Frequently Asked Questions
Do I need to deposit money the same day I open the account?
No. You can open the account online or in person with zero dollars and fund it later. Most banks let you open online in minutes without any deposit. If you're opening at a branch, bring ID and a Social Security number; you don't need cash.
What if I can't meet the minimum balance to avoid fees?
Switch to an online bank that charges no monthly fees. Ally, Marcus, and Discover have no minimums and no fees, so your balance can stay at $1 without penalty. You can move your money there for free using an ACH transfer.
Can I open a savings account if I don't have a Social Security number?
Most banks require a Social Security number or ITIN (Individual Taxpayer Identification Number). Some banks and credit unions will open accounts with an ITIN if you bring additional ID. Call ahead to confirm the bank's policy before visiting.
Will opening a savings account hurt my credit score?
No. Banks don't report savings accounts to credit bureaus. Opening a savings account has no effect on your credit score. Only credit products like loans and credit cards appear on your credit report.
What's the difference between the opening deposit and the minimum balance?
The opening deposit is what you put in when you create the account — most banks require zero. The minimum balance is what you must keep in the account to avoid monthly fees — this is checked after the account is open. You can open with $0 and still be charged a fee if your balance drops below the minimum later.