What is the minimum deposit to open?

While both savings and checking accounts offer convenience and security, some financial institutions impose minimum deposit requirements before an account can be opened.

According to the Consumer Financial Protection Bureau (CFPB), the typical range for opening deposits for savings and checking accounts is between $25 and $100.

Savings accounts are a popular choice for individuals looking to grow their savings over time. These accounts typically offer lower interest rates than other investment options but provide a secure place to store funds.

These minimum deposit requirements can be a barrier for individuals with limited financial resources, as they may not have the funds available to meet the threshold.

Checking accounts, on the other hand, are designed for day-to-day financial transactions. They allow customers to make payments, write checks, and access their money quickly and easily.