How Much Money Do I Need to Open a Bank Account?

Bank account requirements vary, but $100 is a common amount needed to open a simple checking or savings account.

Checking and savings accounts are two basic products offered by most banks. Banks often have multiple types of products in each category based on your desired interest, fees and your ability to maintain a certain balance.

Opening an Account

To open a bank account, go to a local branch or apply online. Some basic checking accounts that pay little to no interest may require no minimum amount to open. A $100 minimum opening deposit is common for many basic checking and savings accounts.

Bonuses

Some banks, including Bank of America and Chase, sometimes offer modest cash bonuses ($100 is common) to new customers who open accounts and meet certain conditions. Banks want you to maintain balances in checking and savings accounts that they can use to invest in loans and credit financing.

Considerations

Along with starter balances, when opening your account, ask about monthly or annual fees, balance maintenance requirements, interest rates, costs for checks and debit card use, direct deposit availability and statement distribution processes.

References

• Mountain State Centers for Independent Living: The Importance of Managing Money
• My Money Blog: Free $100 For Ppening a Bank of America Checking Account
• Consumerism Commentary: $100 Bonus for Opening a Chase Checking Account