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Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
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A savings account is a secure way to set aside money for future needs, such as emergencies or specific financial goals like vacations. Depending on the bank, you might need as little as $25 to open a savings account, while some institutions allow you to start with $0. Read on to discover more about the initial deposit requirements and other criteria for opening a savings account.
The amount required to open a savings account varies based on the type of account and the financial institution. Here’s a breakdown:
Besides the initial deposit, you will need to provide some personal information. This typically includes your address, Social Security number (SSN) or tax identification number, and a government ID to verify your identity. You may also need to fund your account by connecting an external bank account, sending a check, scheduling a wire transfer, or using a mobile check deposit.
Many online-only banks offer savings accounts with no minimum deposit. You can search for “savings accounts with no minimum deposit” to find options. Banks like Ally Bank, Barclays, Capital One, and Marcus by Goldman Sachs provide online accounts with high APYs and no minimum deposit. However, depositing some money initially can help you start earning interest right away.
Consider that online accounts do not offer in-person customer service. If you prefer managing your finances remotely, this might not be an issue. However, if you value in-person interactions, you might want to look for traditional banks like TD Bank, which also offer no minimum deposit requirements.
Choosing the right savings account can be challenging. Here are some steps to help you make the best choice:
Not having a large sum of money shouldn’t prevent you from opening a savings account. Many accounts have no deposit requirement, and those that do often require just $25 to $100. By shopping around and comparing options, you can find an account that meets your needs. Setting up automated transfers from your checking account to your savings account can help you grow your balance over time.
For any mortgage-related needs, feel free to call O1ne Mortgage at 213-732-3074. We’re here to help you with all your financial goals.
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