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.

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 $100Community and regional banks: Potentially less, often $0 to $50Credit unions: Between $1 and $10Online-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.

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.

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 balanceMaking a certain number of automatic transfers from your checking accountSetting up direct depositLinking certain checking account types (such as those for children)

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 inactivityReplacement cardNonsufficient fundsReturned mailReturned deposits