2007-06-21 07:06:53 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
It depends on the bank.
FDIC insured Online Savings Accounts have some of the highest rates (~5% APY) with no monthly fees and low minimums. HSBC (and I believe ING Direct as well) only requires $1 to open an online savings account.
2007-06-21 07:14:46 · answer #1 · answered by lintobean 2 · 0⤊ 0⤋
Yes it is true with most banks, several require at least $100.00 to open and some are more. The reason for this is that they want to make sure that new account will not overdraw or take all your funds out at once leaving them with strong administrative cost that they have no way of recovering.
Hope this helps.
2007-06-21 07:12:17 · answer #2 · answered by harrell1956 1 · 0⤊ 0⤋
Some banks might have a minimum if you don't have checking with them. I keep zero in savings and it doesn't matter to the bank. My credit union requires $5. Check your bank's website or ask them.
2007-06-21 07:11:18 · answer #3 · answered by shipwreck 7 · 0⤊ 0⤋
Most banks have a minimum starting deposit. Call.
2007-06-21 07:10:28 · answer #4 · answered by wizjp 7 · 0⤊ 0⤋
$100 at my bank, but it's a small town, no name bank.
2007-06-21 07:15:04 · answer #5 · answered by ryanfyffe01 1 · 0⤊ 0⤋