How much money do I need to open a bank 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 current accounts that pay little to no interest may require no minimum amount to open. A £65 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 (£65 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.

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About the Author

Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. He has been a college marketing professor since 2004. Kokemuller has additional professional experience in marketing, retail and small business. He holds a Master of Business Administration from Iowa State University.

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