What is the minimum amount required to open a savings account?

Last Updated August 18, 2025less than a minute read

LevelUp Savings

There’s no minimum balance requirement to open your savings account or to keep it open. However, if your account remains inactive for 3 months (meaning there are no transactions that you initiate) and, during that time, your account also falls to a zero balance and remains there, Happen Bank reserves the right to either keep the account open or close the account without further notice. See the LevelUp Savings Terms & Conditions for additional details.

Certificate of Deposit

To complete the account opening process, a minimum deposit of only $500 for CDs is required.

Additional Application FAQ

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We don’t pull a credit report as part of our bank account opening process. Your credit score will not be affected.

Savings Accounts and CDs FAQ

Aug 17, 2025

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How can I open a LevelUp Savings or CD account?

A focus on how to open a LevelUp Savings account and CDs.

Savings Accounts and CDs FAQ

Aug 17, 2025

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How do I fund my savings or CD account?

To make your initial deposit, you can: Transfer money from your existing Happen Bank account or an account at another financial institution.

Savings Accounts and CDs FAQ

Aug 17, 2025

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What do I need to start a savings account application?

To open a savings or certificate of deposit (CD) account, you must be 18 or older and a citizen or resident of the United States.

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Aug 17, 2025

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Can I add a joint owner to my account?

Yes! As part of the application you will have the opportunity to add a joint account owner after you submit your personal information and receive confirmation on the details of your newly approved Happen account.

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Aug 17, 2025

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Related Glossary

Revolving Credit

{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.

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Accrued Interest

{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.

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Annual Percentage Rate (APR)

{noun} The total annual cost to borrow money, including fees, expressed as a percentage.

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Charge-Off

A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.

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Fixed Interest Rate

{noun} An interest rate that remains the same for a set time, usually for the life of the loan.

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