Most banks require nothing to open a savings account, though some ask for a small deposit

You do not need money to walk into a bank and open a savings account. Many banks — including large national ones and smaller community banks — will open an account with a zero dollar deposit. The account sits empty until you put money in it.

Some banks do ask for an opening deposit, usually between $25 and $100. A few require more, sometimes $500 or higher. The amount depends entirely on which bank you choose, not on any rule that applies everywhere. If a bank's opening deposit requirement is a problem for you, you can straightforward choose a different bank that has none.

The real costs come later: monthly fees if your balance drops below a certain level, overdraft fees if you spend more than you have, or ATM fees if you use another bank's machine. These are the numbers worth understanding before you sign.

Key Takeaways

  • Many banks open savings accounts with zero dollars down, so an opening deposit is not required everywhere.
  • Banks that do ask for an opening deposit typically want $25 to $100, though some ask for more.
  • Monthly maintenance fees, not opening deposits, are usually the bigger cost — many banks waive them if you keep a minimum balance.
  • Online banks often have no opening deposit and no monthly fees, making them cheaper than branches if you do not need in-person service.
  • The bank you choose matters more than the amount you have right now.

Banks with no opening deposit requirement

Most online banks — Ally, Marcus, Discover, and others — open accounts with zero dollars. They have no physical branches, which means lower costs to run, and they pass that savings to you by not charging opening deposits or monthly fees. You can open one from your phone or computer in minutes.

Many traditional banks also waive opening deposits. Chase, Bank of America, Wells Fargo, and smaller regional banks often have accounts that start at $0. Call or visit the branch to ask, or check the bank's website under "savings account" or "account requirements." The answer changes by location and by account type, so do not assume based on what a friend was told.

Credit unions — member-owned financial institutions — typically have low or no opening deposits. You may need to join the credit union first (which sometimes costs $5 to $25 and is a one-time fee, not a monthly charge), but membership often comes with other benefits like lower loan rates.

Banks that ask for an opening deposit

Some banks require money upfront. This is not a penalty — it is straightforward how they structure their accounts. A bank might ask for $25 to open a basic savings account, or $500 to open a premium account with higher interest rates and extra features.

If you have the money, paying the opening deposit is straightforward: you bring it or transfer it when you open the account, and it becomes your first deposit. The money is yours; the bank is not keeping it. You can withdraw it anytime, just like any other savings.

If you do not have an opening deposit available right now, do not explore to that bank. Instead, find one with no opening deposit requirement — and there are many. Spending time looking for the right bank costs nothing and saves you from scrambling to find money you do not have.

Monthly fees and balance requirements

The opening deposit is a one-time thing. The real ongoing cost is the monthly maintenance fee, which some banks charge just for having an account. These fees range from $3 to $15 per month, though many banks waive them if you keep a minimum balance — often $500 to $1,500.

This is where the math matters. A bank with a $100 opening deposit but no monthly fee is cheaper than a bank with no opening deposit but a $10 monthly fee. Over a year, that $10 fee costs $120. If you cannot keep the minimum balance, you will pay the fee every month.

Before you open an account, ask the bank: "Is there a monthly fee?" and "If so, what balance keeps me from paying it?" Write down the answer. If you cannot keep that balance, choose a different bank.

Overdraft fees and ATM charges

Two other costs hide in the fine print. An overdraft fee is charged when you spend more money than you have in the account. This can be $25 to $35 per transaction. An ATM fee is charged when you withdraw cash from a machine that does not belong to your bank, usually $2 to $3 per withdrawal.

These are not required costs — they only happen if you overdraw or use the wrong ATM. But they are worth knowing about. Some banks offer overdraft protection, which links your savings account to a checking account and pulls money over automatically if you run short. Others let you turn overdraft off entirely, so the transaction straightforward declines instead of charging you.

ATM fees matter most if you do not live near your bank's branches. Online banks often belong to ATM networks that let you use thousands of machines for free. Ask about this before you open an account.

How to compare banks before opening

Make a straightforward list: opening deposit required (yes or no, and how much), monthly fee (yes or no, and how much), minimum balance to waive the fee, overdraft fee amount, and whether the bank has ATMs near you or in a network you can use.

You do not need to visit every bank in person. Call the main number or check the website. Most banks publish this information clearly. If you cannot find it online, call and ask — a real person will tell you in two minutes.

Once you have the list, pick the bank that costs the least for the way you actually use money. If you plan to keep $1,000 in savings and never overdraw, a bank with a $100 opening deposit and no monthly fee is fine. If you have $200 and might dip below $500 sometimes, find a bank with no opening deposit, no monthly fee, and no minimum balance requirement.

Opening an account with very little money

If you have less than $25, you still have options. Online banks like Ally, Marcus, and Discover open accounts with $0. Some credit unions do the same. You can also ask a bank directly: "Can I open a savings account with $10?" Many will say yes, even if their website lists a $25 opening deposit. The website shows the standard, but banks often make exceptions.

The worst that happens is they say no. Then you move to the next bank. This is not rejection — it is just finding the right fit. You are not asking for a favor; you are asking whether they offer a product you want to buy.

Frequently Asked Questions

Do I need a job or income to open a savings account?

No. Banks do not require proof of income or employment. You will need a government-issued ID and a Social Security number or ITIN (Individual Taxpayer Identification Number). Some banks ask for an address and phone number. That is all.

What if I do not have a Social Security number?

You can use an ITIN, which the IRS issues to people who file taxes but do not have a Social Security number. Some banks also accept a passport number or other government ID. Call the bank and ask what they accept before you visit.

Can I open an account online if I do not have a computer?

Yes. You can visit a bank branch in person, or call and ask whether they can open an account over the phone. Some banks mail you the paperwork to sign and return. It takes longer, but it works.

What happens if I close the account right after opening it?

Nothing bad. You can close an account anytime. If you paid an opening deposit, you get that money back. There is no penalty for changing your mind.

Is there a difference between opening a savings account and a checking account?

Yes. A savings account is for money you want to keep; a checking account is for money you spend regularly. Savings accounts usually pay interest (a tiny amount the bank pays you). Checking accounts usually do not. Both have opening deposits and fees that vary by bank.