What's the Minimum Deposit To Open a Savings Account?

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Savings accounts are excellent tools for helping you reach your financial goals. Because a savings account is less accessible than a checking account, it's harder to spend from, so that makes it easier to build a balance with consistent deposits. With a savings account, your balance grows due to interest earned on your balance.

When shopping for a savings account, you'll notice that some banks require a minimum deposit to open an account. Don't worry if you can't quite afford to put a lump sum in immediately. Not all banks set a minimum deposit requirement—and most minimums are relatively low and affordable, so the opening deposit doesn't have to be a hurdle.

Key Takeaways

  • Banks set a minimum deposit as the smallest amount of money you can deposit to open a savings account.
  • Most minimum deposit amounts fall between $25 and $100 for national banks and between $1 and $10 for credit unions.
  • Online financial institutions are the best places to look for savings accounts with no minimum deposit.
  • Minimum balance requirements mean you must keep a certain amount of money in your account to avoid being charged a fee.

How Much Money You Need To Open a Savings Account

Whether your goal is to save for a house or car or fully fund your emergency savings, you can open a savings account well before you have the funds, and build toward your goal.

One small hurdle to opening an account is making the minimum deposit. You must complete this initial deposit to activate your savings account for banks that require it.

The Consumer Finance Protection Bureau notes that you’ll need between $25 and $100 to deposit and open a checking or savings account.

According to research by The Balance, minimum deposits for a sampling of banks and credit unions range along these lines:

  • National banks: Between $25 to $100
  • Community and regional banks: Potentially less, often $0 to $50
  • Credit unions: Between $1 and $10
  • Online-only banks: Often, $0 minimum deposit

Overall, the minimum deposit to open a savings account is usually $25 or less.

Some savings account types—such as accounts for youth under age 18 or holiday savings accounts—may have lower deposit requirements. Other account types, such as money market savings or high-yield accounts, could require larger deposit amounts, such as $500-$2,500 to earn a high savings account interest rate.

Note

Make a deposit soon (such as 60 days) after opening your account, even if there's no minimum deposit required. Some banks will automatically close your account if you don't use it.

Finding Savings Accounts With No Minimum Deposit

Start with online-only banks if you are looking for a savings account without minimum deposit requirements. You'll find plenty of options without minimum deposit or monthly fees and providing higher interest rates on your nest egg than at other banks. Since many online banks also offer high-yield savings accounts, you get the added benefit of earning more interest on your savings.

A credit union is another great option. Some credit unions call savings accounts “share accounts.” Many require a minimum deposit, but expect the amount to be less than $10. You'll have to become a member to join a credit union, so finding one you qualify for can be challenging.

Traditional brick-and-mortar banks are more likely to require a minimum deposit—and the deposit may be higher than at other banks—so searching for a savings account there would be the last resort. Community banks, however, may have lower or no minimum deposit requirements for traditional savings accounts or savings accounts for youth.

Some states have bank and credit union partnerships offering low-cost checking and savings accounts. In Massachusetts, a Basic Bank Savings Account requires no more than $10 to open.

Note

There’s no limit on how many bank or credit union accounts you can have, although you’ll want to make sure you can manage multiple accounts if that’s what you choose.

Ongoing Savings Account Costs and Fees

Minimizing savings account related costs avoids reducing any interest you've earned. Prevent many savings account fees from adding up by familiarizing yourself with the fees.

Monthly Fee

Depending on the bank and the account type, an institution may charge an automatic monthly fee. However, many banks have several ways to avoid the fee; for instance, by:

  • Maintaining a minimum balance
  • Making a certain number of automatic transfers from your checking account
  • Setting up direct deposit
  • Linking certain checking account types (such as those for children)

Note

If you can't meet the minimum balance requirement, it may be better to shop around for another savings account that has a lower balance requirement or doesn't charge a monthly fee at all.

Excess Withdrawal Fee

Before 2020, the Federal Reserve System’s Regulation D required banks to limit consumer transfers and withdrawals from savings accounts, which often led to fees. In 2020, the Fed suspended this requirement and hasn’t reinstated it. However, some banks still limit the withdrawals you're allowed per month or quarter. Going over that number could trigger an excess withdrawal fee. Read the fine print or ask your institution’s representative which withdrawals or transfers may be limited and put you at risk of being charged the fee.

ATM Fees

If your savings account comes with an ATM card, you may be charged transaction fees for using another bank's ATM. This includes deposits, withdrawals, transfers, and even balance inquiries. Become familiar with nearby ATMs to avoid out-of-network ATMs, and locate in-network ATMs with your bank's website or mobile app when traveling.

Other Fees

Review your bank’s fee schedule for your savings account—you may be surprised by the number of possible fees. However, you can avoid most through careful use of your account. Fees may include charges for:

  • Account inactivity
  • Replacement card
  • Nonsufficient funds
  • Returned mail
  • Returned deposits

Frequently Asked Questions (FAQs)

What do you need to open a savings account?

Read through the bank’s or credit union’s instructions. But in general, you'll need one to two documents verifying your identity and a picture ID (for example, a driver's license, passport, or birth certificate). You’ll also likely need to show a taxpayer identification number such as a Social Security card or Individual Taxpayer Identification Number (ITIN). If the bank has a minimum deposit requirement, bring cash, check, money order, or bank information.

How long does it take to open a savings account?

Opening a savings account only takes a few minutes online if you have all your documents ready. You may experience longer wait times if you visit a branch in person.

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Sources
The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
  1. Consumerfinance.gov. "Checklist for Opening a Bank or Credit Union Account."

  2. Mass.gov. "Basic Banking Program."

  3. Federal Register. "Regulation D: Reserve Requirements of Depository Institutions."

  4. Helpwithmybank.gov. "The Bank No Longer Pays Interest on My Money Market Account Because I Wrote Too Many Checks. Can It Do This?"

  5. Consumerfinance.gov "Opening a Savings Account."

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