Right from children to adults and senior citizens, all have their procedures looked at by themselves or by professionals or other adults. The first step to securing or saving your money is to have any type of account with a trusted bank. It forms a basis for building customer-banker relationships at all banks. A lot of your banking is a lot more hassle-free if you have an account set up at a particular bank. There is no rule that you need a definite amount to open a bank account. It takes anything between 15 to 30 minutes to quickly set up and get started with your new account with mere details and other steps. Let us know ‘How Much Money Do You Need To Open A Bank Account? ‘.
What you may need in terms of money is a minimum deposit to put into your bank. This differs from bank to bank, some may be 15$ while some may be 25$, some even higher, or some even lower. Some banks do not have this necessity.
To know more about which top banks have a monetary compulsion and what is the amount, keep reading!
How much money do you need to open a bank account?
When opening a bank account, banks have different patterns to follow. Among these steps, some banks may ask for an amount while opening while some may not. What it means is that you don’t have to have money to put in right away depending on which bank you open the account with. However, almost all banks have a minimum deposit policy that one must follow.
The minimum deposit is a small but compulsory amount that one must put in while opening an account. Every bank has its minimum amount set, some could be under 20$, and some even over 50$. Here are a few banks and their minimum balance for opening a new bank account.
US Bank
The US bank is the top bank in the country. It caters to the needs of millions of customers and has its professional way of functioning. To open a new account in the US Bank, you need a minimum deposit of 25$. This is an amount that must be paid to get the account started. It can be paid in different forms or through different platforms.
Bank of America
Bank of America works things on a slightly higher amount. If you wish to open an account with Bank of America, you need to deposit a minimum of 100$. While this seems like a large amount, it is fairly fine for the many professional and largely adults that the bank caters to.
Chase Bank
Chase bank’s deposit system is slightly different from other banks. It largely depends on the account type. The minimum deposit for an account is around 10 to 20$ while that of a business or others is around 100$. This will differ based on the type of account and other features. Additionally, if you choose to pay a monthly fee, the minimum deposit may be different.
PNC Bank
Coming to PNC Bank, here again, the amount differs based on the type of account. You may have to pay anything between 7 to 25$ which will be the minimum deposit. However, this amount could differ if it’s a business or a different account type. Their deposit too depends on the monthly fee policy.
Woodforest National Bank
The woodforest national bank again looks at the maintenance you’re willing to pay based on their offerings. However, the minimum amount you need to open an account at Woodforest National Bank is 25$. This specifically applies to checking and savings types of accounts.
First citizen Bank
The First citizen bank has higher minimum deposits. You need to have a minimum deposit of 100$ for a business account. The bank has premium features and services which increase the maintenance and minimum deposit for the account.
Capital One Bank
You’d have many different groups of people creating their accounts. This is because there is no minimum deposit at Capital one- at least for the savings accounts. So you can go ahead and start with zero!
Wells Fargo
Wells Fargo again has a genuine 25% minimum deposit for opening a bank account. This could differ based on their service fees i.e. if you wish to waive off the same, the minimum balance could be more.
Conclusion
Most banks have a minimum deposit to get started, a few get it done free of cost. It is best to have between 10$ to 100$ to get your account activated.
FAQs
- What banks have a zero minimum deposit?
Axos Bank, Ally Bank, and many others provide the option of getting an account with zero balance.
- Does the type of account affect the minimum deposit?
Yes. Whether it is for saving, business purposes, checking, or another type will decide the minimum balance necessary to get you started.