Opening a savings account is one of the easiest ways to start building better money habits. It gives you a safe place to store cash, earn interest, and separate your savings from everyday spending. But one common question stops many beginners before they even start:
How much money do you actually need to open a savings account?
The short answer: not much and sometimes nothing at all.
Let’s break it down in simple terms so you know exactly what to expect.
What Is a Minimum Opening Deposit?
A minimum opening deposit is the smallest amount of money a bank requires to activate a new savings account. Some banks ask for this upfront, while others let you open an account with $0 and fund it later.
Think of it like joining a gym: some places want a sign-up fee right away, while others let you start free and pay later.
The good news? Minimum deposits are usually affordable, and many banks don’t require one at all.
Typical Minimum Deposit Amounts by Bank Type
The amount you need depends on where you open your account. Based on common U.S. banking practices, here’s what you’ll usually see:
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Large national banks: Often require $25 to $100
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Regional or community banks: Sometimes $0 to $50
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Credit unions: Typically very low, around $1 to $10
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Online-only banks: Frequently $0 minimum deposit
For most people, opening a basic savings account costs $25 or less, especially if you choose an online bank or credit union.
Can You Open a Savings Account Before You Have Much Money?
Absolutely. You don’t need to already have thousands of dollars saved.
For example, if your goal is to build an emergency fund or save for a car, you can open the account now with a small amount or even $0 and slowly add money over time. Many people start by setting up automatic transfers of $10 or $25 per paycheck.
Saving is a process, not a one-time event.
Special Savings Accounts May Have Different Requirements
Not all savings accounts work the same way. Some have higher or lower deposit rules:
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Kids’ or teen savings accounts: Often require little to no deposit
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Holiday or club savings accounts: Usually have very low minimums
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Money market or high-yield savings accounts: May require $500 to $2,500 to earn the best interest rates
Always check the account details so there are no surprises.
Savings Accounts With No Minimum Deposit: Where to Look
If you want to avoid minimum deposits entirely, your best options are:
Online Banks
Online banks don’t have physical branches, so they save money on overhead. That allows them to offer:
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$0 minimum deposits
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No monthly fees
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Higher interest rates
Many online banks also offer high-yield savings accounts, which help your money grow faster.
Credit Unions
Credit unions are member-owned and often more flexible. Their savings accounts sometimes called share accounts usually require a small deposit under $10. You’ll need to qualify for membership, but once you’re in, fees are often lower.
Community Banks
Smaller local banks may offer basic savings accounts with low or no minimums, especially for students or young savers.
Don’t Confuse Minimum Deposit With Minimum Balance
This is a common beginner mistake.
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Minimum deposit: What you need to open the account
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Minimum balance: What you must keep in the account to avoid fees
For example, a bank might let you open an account with $25 but require you to keep $300 in the account to avoid a monthly fee. If your balance drops below that amount, you could be charged.
If that sounds stressful, look for accounts with no minimum balance requirement.
Common Savings Account Fees to Watch Out For
Even savings accounts can come with fees. Knowing them ahead of time helps you keep more of your money.
Monthly Maintenance Fees
Some banks charge a monthly fee, but many waive it if you:
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Keep a minimum balance
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Set up automatic transfers
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Link a checking account
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Use direct deposit
If you can’t meet those conditions, it’s better to choose a no-fee account.
Excess Withdrawal Fees
Although federal rules no longer strictly limit savings withdrawals, some banks still do. Going over their limit may trigger a fee. Always check how many transfers or withdrawals are allowed each month.
ATM Fees
Using an ATM outside your bank’s network can cost money even for savings accounts with ATM cards. Use your bank’s app to find fee-free ATMs nearby.
Other Possible Fees
Banks may charge for things like:
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Account inactivity
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Replacing a lost ATM card
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Returned deposits
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Mail returned due to a wrong address
Most of these are avoidable with basic account management.
What You Need to Open a Savings Account
Opening a savings account is usually quick and easy. Most banks will ask for:
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A valid photo ID (driver’s license or passport)
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Proof of identity (such as a Social Security number or ITIN)
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Your opening deposit (if required)
Online applications often take just a few minutes if you have everything ready.
How Long Does It Take to Open One?
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Online: Usually 5–10 minutes
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In person: May take longer due to wait times
Once approved, your account is often active the same day.
Bottom Line
You don’t need a lot of money to get started with saving. In fact, many U.S. banks let you open a savings account with $25 or nothing at all.
If you’re just starting out, online banks and credit unions are often the easiest and cheapest options. Focus less on the starting amount and more on building the habit of saving consistently. That’s where real financial progress begins.
If you want, I can also help you compare savings accounts, explain high-yield options, or choose the best account for beginners .
Please take a look at this as well:
What Documents Do You Need to Open a Savings Account?
