Most banks have no minimum deposit requirement to open an account
You can open a checking account at most major banks and credit unions with zero dollars. Banks stopped requiring opening deposits years ago, and today the standard is to let you open the account empty and deposit money later. Some banks will waive monthly fees if you maintain a minimum balance—often $500 to $1,500—but that is different from an opening requirement.
The confusion comes from old banking rules that no longer apply. If you are looking at a bank's website and see language about a "minimum opening deposit," read the fine print: it usually means the minimum balance needed to avoid a monthly maintenance fee, not money you must have before the account exists.
Key Takeaways
- You can open a checking account with $0 at most banks and credit unions, and deposit money whenever you are ready.
- Some banks charge a monthly fee if your balance drops below a certain amount—typically $500 to $1,500—but this is not an opening requirement.
- Online banks and credit unions are more likely to have no monthly fees at all, regardless of balance.
- If a bank requires a minimum balance to avoid fees, that cost compounds over time and matters more than an opening deposit.
When banks do charge monthly fees and how to avoid them
The real cost of a checking account is not the opening deposit—it is the monthly maintenance fee. Banks charge this fee when your balance falls below a threshold, and the fee ranges from $5 to $15 per month depending on the bank. Chase, Bank of America, and Wells Fargo all charge monthly fees on standard checking accounts unless you meet one of their conditions.
To avoid the fee, you usually have three options: keep a minimum balance (often $500 to $1,500), set up direct deposit of your paycheck, or maintain a certain number of debit card transactions per month. Credit unions almost never charge monthly fees, and online banks like Ally, Charles Schwab, and Discover typically have no monthly fees and no minimum balance requirement at all.
Opening deposit versus minimum balance: what the difference means for you
An opening deposit is money you put in when you create the account. A minimum balance is money you must keep in the account to avoid a monthly fee. Banks rarely require an opening deposit anymore, but many do require a minimum balance to waive fees.
If a bank requires a $1,000 minimum balance to avoid a $10 monthly fee, you are paying $120 per year to keep that money locked in an account that earns little or no interest. Over five years, that is $600 in fees on money that could have been earning interest elsewhere or used for something else. This is why the minimum balance requirement matters more than whether you can open with $0.
Where to find accounts with no fees and no minimum balance
Credit unions are the most straightforward option. Most credit unions have no monthly fees and no minimum balance, and you can open an account with $0. You do need to be a member of the credit union, which usually means living or working in a certain area, belonging to a particular employer, or being related to someone who already belongs. You can search for credit unions near you at CO-OP.org or Shared Branch Locator.
Online banks have no physical branches, which lets them keep costs low. Ally, Charles Schwab, Discover, and Fidelity all offer checking accounts with no monthly fees, no minimum balance, and no opening deposit. The trade-off is that you cannot deposit cash in person—you deposit by mail, mobile app, or transfer from another bank. If you need to deposit cash regularly, a local credit union or a bank with branches is more practical.
What happens if you open an account and never deposit money
If you open a checking account with $0 and do not deposit anything, the account remains open and empty. The bank will not charge you a monthly fee because there is no balance to fall below a minimum. However, some banks will close inactive accounts after a period of time—usually six months to a year of no deposits or withdrawals. When a bank closes an account, it sends any remaining balance (if there is one) to your address on file.
If you are opening an account and plan to deposit money later, tell the bank when you expect to make that first deposit. This helps the bank understand the account is intentional and not abandoned. Most banks will not close an account in the first few months even if it is empty.
Special accounts that do require an opening deposit
Savings accounts and money market accounts sometimes require an opening deposit, typically $25 to $100. This is less common than it used to be, but some banks still use it as a barrier to low-balance accounts. Certificates of deposit (CDs) almost always require a minimum deposit—usually $500 to $2,500—because the bank is lending your money out and needs a certain amount to make it worthwhile.
Checking accounts, by contrast, rarely have opening deposit requirements. If you see one listed, it is almost certainly a minimum balance requirement to avoid fees, not money you must have to open the account.
How to compare checking accounts by total cost, not just opening requirements
When you are comparing banks, ignore the opening deposit question and focus on three things: monthly maintenance fees, minimum balance requirements, and how to waive the fee. Create a simple table for yourself with the banks you are considering.
| Bank | Monthly Fee | Minimum Balance to Waive | Other Ways to Waive |
|---|---|---|---|
| Chase Total Checking | $12 | $500 | Direct deposit, or $500+ balance |
| Bank of America Checking | $12 | $1,500 | Direct deposit, or $1,500+ balance |
| Ally Checking | $0 | None | No fees, no minimums |
| Local Credit Union | $0 | None | No fees, no minimums |
If you have direct deposit set up through your employer, many banks will waive the monthly fee even with a $0 balance. If you do not have direct deposit, a credit union or online bank saves you money over time.
Frequently Asked Questions
Can I open a checking account with no money at all?
Yes. Most banks and all credit unions let you open a checking account with $0. You can deposit money whenever you are ready. The bank will not charge you a monthly fee for having an empty account, though some banks will close very old inactive accounts after six months to a year.
What is the difference between an opening deposit and a minimum balance?
An opening deposit is money you put in when you create the account. A minimum balance is money you must keep in the account to avoid a monthly fee. Banks rarely require an opening deposit anymore, but many charge a monthly fee if your balance drops below a certain amount—usually $500 to $1,500.
Do I have to keep money in the account to avoid fees?
It depends on the bank. Some banks waive monthly fees if you set up direct deposit, make a certain number of debit card transactions, or maintain a minimum balance. Credit unions and online banks typically have no monthly fees at all, regardless of balance or activity.
What happens if I open an account and never use it?
The account stays open and empty. You will not be charged a monthly fee. However, some banks close inactive accounts after six months to a year of no deposits or withdrawals. When that happens, the bank sends any remaining balance to your address on file.
Which banks have no monthly fees and no minimum balance?
Most credit unions have no monthly fees and no minimum balance. Online banks like Ally, Charles Schwab, Discover, and Fidelity also offer checking accounts with no fees and no minimums. The trade-off with online banks is that you cannot deposit cash in person—you deposit by mail, app, or transfer from another bank.