The Minimum Deposit For Opening A Bank Account

Are you looking to open a new bank account? As you’re shopping around to find the right bank, you’re most likely thinking about how much money you need to open a bank account. Well… here are the minimum opening deposits required at various banks for a checking or savings account.

Bank account details with text of minimum deposit required

The Minimum Deposit Required to Open An Account

• How much money do you need to open a bank account at Chase?

There is no minimum amount to open an account with Chase, but there is a $0 to $25 monthly fee depending on the type of account. It is also possible to get this monthly service fee waived with some accounts. 

Currently, there’s also a special offer to receive money when opening a new Chase College Checking® account.

For more up-to-date information, visit the Chase website.

Read More: Looking for your Chase Routing Number? This is how to find it!

• How much money do you need to open a bank account at Wells Fargo?

Wells Fargo checking accounts require a $25 initial deposit to open and get started. The Way2Save Savings account also requires a minimum opening deposit of $25.

View the Wells Fargo website for more information on their checking accounts and savings accounts.

Read More: Learn how to find your Wells Fargo Routing Number for various types of accounts.

• What is the Navy Federal minimum opening deposit?

There is no minimum initial deposit required to open a checking account with Navy Federal, but a savings account has a $5 minimum deposit to open an account. For more information, view the Navy Federal checking and savings account requirements.

Read More: This is your Navy Federal Routing Number.

• How much money do you need to open a Bank account at Bank of America?

The minimum opening deposit to start a checking account with Bank of America ranges from $25 to $100. 

The minimum amount needed to open a Bank of America Advantage Savings account is $100, while the Minor Savings Account is $25.

View the Bank of America Personal Schedule of Fees.

• What is the minimum balance to open an account in Citibank?

The minimum opening deposit for a Citibank bank account, whether checking or savings, is $0.

View more up-to-date information for Citibank’s checking account and saving account.

• How much is it to open a TD bank account?

There is no minimum deposit required to open a checking account at TD bank. See more up-to-date information on the TD Bank Website.

TD Simple Savings and TD Beyond Savings are both $0, but the former has an initial deposit of $300 as an IRA and the latter is $20,000.

• What is the minimum opening deposit for US Bank?

The minimum opening deposit for a US Bank checking account is $25. The minimum deposit to open a savings account with US Bank ranges from $25 to $100.

View more information about a US Bank checking or savings account.

• How much is the minimum to open a Union Bank account?

Union Bank requires a minimum deposit of any amount greater than $0 to open a checking account. View more on the Union Bank website

What are the requirements to open a bank account?

Now that you’re ready to open your new bank account, don’t forget to bring all of the information you’ll need! The requirements to open a bank account typically include:

  • Full contact information (name, address, phone number)
  • Two forms of identification
  • Social security number or taxpayer-identification number
  • Proof of current address
  • Minimum deposit, if required
  • Student ID to prove student status, if applicable

More Reading: Have questions? Read the “My Bank Account” FAQ.

Images of documents you need to open a bank account: driver's license, state id, passport, social security card

Documents needed to open a bank account

  • State-issued driver’s license
  • State-issued ID card
  • U.S. passport

What do you need to open a bank account for a minor?

  • State-issued ID card
  • U.S. passport
  • Social Security card & Birth certificate

How to open a bank account online

It is also possible to open a bank account online. You will need to provide your personal information, such as name, address, phone number, email address, and social security number.  You may also need to verify your identity by providing your driver’s license or state ID card online or in person at the bank.

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