Low minimum deposit options are typically offered by a variety of financial institutions including online banks, credit unions, and certain traditional banks. Online banks tend to offer more competitive interest rates and lower fees, making them a popular choice for individuals looking for low minimum deposit options. Credit unions, on the other hand, are nonprofit financial institutions that are owned and controlled by their members. These institutions often offer low minimum deposit options as well as more personalized service and lower fees compared to traditional banks. Certain traditional banks may also offer low minimum deposit options, especially for savings or checking accounts, although their interest rates and fees may be higher compared to online banks or credit unions. Ultimately, the type of financial institution that offers low minimum deposit options will depend on the individual's specific financial needs and goals.

Financial institutions that typically offer low minimum deposit options include online banks, credit unions, and certain traditional banks with basic accounts. Online banks, such as Chime and Ally Bank, often have no or very low minimum deposit requirements because they operate digitally, reducing overhead costs. Credit unions, which are member-owned and not-for-profit, frequently provide affordable checking and savings accounts with low opening deposits, sometimes as little as $5 or $ 25. Some traditional banks also offer "second-chance" or student accounts designed for those with limited funds, requiring minimal deposits to start. These institutions aim to make banking accessible to a wider range of customers, including students, low-income individuals, and those rebuilding their financial standing. Choosing the right option depends on fees, services, and convenience.