What is the minimum to open a savings account in New York City?

Question

Also, what is the minimum to avoid a monthly fee? Information about any branch is greatly appreciated.

Answer 1

Your question already answered itself.

First thing you need to know is that savings accounts don't give you much, by "not much" I mean, less than a percent a year! A CD account will give less than 5%, and those usually need a minimum of $1000.

So, if you're worried you don't have enough to open a savings account, you probably won't get much out of an account anyway!

Secondly, there's definitely no reason to have a savings account if you're going to pay even a penny of a fee. To have such an account is to save your money, not spend it. So anybody who charges you to hold  your money is ripping you off.

Therefore, I suggest you simply ask for a FREE CHECKING account, and save up with it. It won't give you anything, but you don't pay anything either. It has the convenience of accessing your money, and you don't have to use it.

AGAIN, do NOT pay anything to open any kind of bank account, unless they pay good (by good I mean at least 10% a year).