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Amount Needed to Open Accounts

How much does it take to open up different checking and savings accounts?

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There is really no way for us to know the account opening requirements of individual financial institutions. The easiest way to find out would be to contact a bank or credit union near your home or work and ask. If you find a few financial institutions with acceptable required opening deposit amounts, be sure to ask them to send you details about the accounts you inquired about. That will give you some comparative information from which you can select the best options for you. Besides the amount needed to open an account, the costs of maintaining an account and the rate of interest (if any) paid on it, you'll want to weigh other factors like the convenience of the institution's hours and locations, drive-up windows, ATMs, etc.

Published on BankingQuestions.com 10/23/06