Most banks let you open a savings account with no money at all
You do not need to deposit anything on the day you open the account. Many banks and credit unions will let you walk in, sign the paperwork, and leave with an open account that has a zero balance. You can then deposit money whenever you are ready — that same day, next week, or next month.
That said, some banks do ask for an opening deposit, and the amount varies widely. A few banks ask for $25. Others ask for $100, $500, or more. The bank's rules determine this, not a federal law. If you find a bank that requires a deposit you cannot afford right now, you can look for one that does not.
The real cost to watch for is not the opening deposit — it is the monthly maintenance fee. Some accounts charge you $5 or $10 every month just to keep the account open, whether or not you use it. Others charge nothing. Before you open an account anywhere, ask about both the opening deposit and the monthly fee.
Key Takeaways
- Many banks and credit unions let you open a savings account with zero dollars and add money later.
- Some banks require an opening deposit of $25 to $500, but this varies by bank and by the type of account.
- Monthly maintenance fees (usually $5 to $10) cost more over time than an opening deposit, so ask about both before you choose a bank.
- If a bank's opening deposit is too high, call another bank — requirements differ, and you have options.
- Your first deposit can be as small as $1 once the account is open, even if the bank required a larger opening deposit.
Opening deposits: what banks actually require
Banks set their own opening deposit rules. A large national bank might require $100 to $300 for a basic savings account. A smaller community bank or credit union might require $25 or nothing. Online-only banks often require nothing because they have lower costs than branches.
The opening deposit is money that goes into your account — it is not a fee you lose. If you deposit $100 to open the account, that $100 is yours. You can leave it there, add more to it, or withdraw it whenever you want. The bank is not keeping it.
If you cannot meet a bank's opening deposit requirement right now, do not force yourself to scrape together money you need for something else. Call or visit another bank. The requirement exists to help the bank manage costs, not because you are required by law to have that much money.
Monthly fees that cost more than opening deposits
A $100 opening deposit is a one-time thing. A $10 monthly fee happens every month — that is $120 a year. Over five years, you pay $600 in fees alone. This is why the monthly fee matters more than the opening deposit.
Some banks waive the monthly fee if you keep a minimum balance (often $500 or $1,000) or if you set up direct deposit from your paycheck. Others charge the fee no matter what. A few banks charge no monthly fee at all.
When you call a bank or visit their website, ask: "What is the monthly maintenance fee for a savings account?" If they say there is one, ask: "Can I avoid it?" The answer tells you whether this account will cost you money just to exist.
How opening deposits work in practice
When you open an account, the bank will ask how you want to make your opening deposit. You can usually bring cash, a check, or set up a transfer from another bank account. If you have no money to deposit that day, many banks will let you skip this step and deposit later.
The deposit goes straight into your new account. If you deposit $50, your account balance becomes $50. You can then add more money, withdraw some, or leave it alone. The opening deposit is not separate from your account balance — it is part of it.
If a bank requires a $100 opening deposit but you only have $50, ask whether you can deposit the $50 now and the remaining $100 later. Some banks will work with you on timing. Others will not open the account until the full amount is there. This is worth asking about before you give up on a bank you like.
Banks with no opening deposit requirement
Online banks and some credit unions often have zero opening deposit requirements. Banks like Ally, Marcus, and others that operate only online tend to have lower costs because they do not run physical branches. They pass some of that savings to you by not requiring an opening deposit.
Community banks and credit unions in your area may also have no opening deposit requirement, especially if you are a member of the community or a member of a group the credit union serves. A credit union for teachers, healthcare workers, or people in a specific town might let you open an account with nothing.
To find banks near you with no opening deposit, call three or four local banks and ask directly. You can also search online for "savings account no opening deposit" along with your state or city name. The answer changes by location and by bank, so a quick phone call is the fastest way to know.
What happens if you cannot meet the opening deposit right now
If you have found a bank you want to use but cannot afford the opening deposit today, you have a few options. You can ask the bank whether you can open the account now with a smaller deposit and add the rest later. You can wait until you have saved the amount and open it then. Or you can find a different bank with a lower or zero opening deposit requirement.
Do not borrow money or skip paying for something you need just to meet an opening deposit. The whole point of a savings account is to help you build money over time. Starting by going into debt defeats that purpose.
If you are working toward opening an account and want to save the opening deposit, keep that money somewhere safe — even in an envelope at home — until you are ready. Once you open the account, you can move that money in and start building from there.
Minimum balance requirements versus opening deposits
An opening deposit and a minimum balance requirement are two different things. An opening deposit is what you put in on day one. A minimum balance is the smallest amount the bank wants you to keep in the account at all times to avoid a fee.
For example, a bank might have no opening deposit requirement but ask you to keep $500 in the account or pay a $10 monthly fee. This means you can open with $1, but if your balance drops below $500, you get charged. Other banks have no minimum balance at all.
When you are comparing banks, ask about both. An account with a $100 opening deposit and no minimum balance might be better than an account with no opening deposit but a $1,000 minimum balance requirement, depending on how much money you have to keep in savings.
Frequently Asked Questions
Can I open a savings account with just $1?
Many banks will let you open with $1 or even $0. However, some require a minimum opening deposit of $25 to $500. Call the bank you want to use and ask their specific requirement. If they require more than you have, look for another bank.
Do I have to keep the opening deposit in the account forever?
No. The opening deposit is your money. You can withdraw it anytime. If you deposit $100 to open the account and then withdraw $100, your balance becomes $0. The account stays open as long as the bank does not close it for inactivity.
What if I deposit less than the opening deposit requirement?
Most banks will not open the account until you meet their requirement. However, it is worth asking whether they can make an exception or let you deposit the rest within a certain timeframe. Some banks are flexible, especially if you explain your situation.
Will opening a savings account hurt my credit score?
No. Opening a savings account does not affect your credit score. Banks check your banking history (through systems like ChexSystems), not your credit. A savings account is separate from credit and does not appear on your credit report.
Can I open a savings account online if there is an opening deposit requirement?
Yes, most banks let you open online and make your opening deposit electronically by transferring money from another bank account or by mailing a check. Some online-only banks have no opening deposit at all, which makes them easier to start with if you have limited funds.