You can open a checking account with zero dollars in most cases

Most banks and credit unions will let you open a checking account without depositing any money upfront. You can walk in, complete the paperwork, and leave with an account number and debit card on the way — all without putting a cent in. The catch is that some banks charge a monthly fee if you don't keep a minimum balance, and a few still require an opening deposit, though these are becoming rarer.

The real question is not whether you can open an account, but whether you can afford to keep it open. A $12 monthly fee adds up to $144 a year. If you plan to use the account regularly, you'll want to know upfront what that bank charges and what you need to do to avoid the fee.

Key Takeaways

  • Most banks let you open a checking account with no opening deposit required, though you should confirm this before you go in.
  • Monthly maintenance fees range from $0 to $15 depending on the bank, and many banks waive the fee if you keep a minimum balance or set up direct deposit.
  • Online banks and credit unions are more likely to have no monthly fee at all, with no minimum balance requirement.
  • You will need a government-issued ID, proof of address, and a Social Security number or ITIN to open any account, regardless of deposit amount.
  • If you cannot meet a bank's minimum balance requirement, switching to a bank with no fee or a lower threshold will save you money over time.

Banks that charge no monthly fee and no opening deposit

Online banks almost always have zero monthly fees and zero opening deposit requirements. Banks like Ally, Charles Schwab, and Discover have no maintenance fee, no minimum balance, and no opening deposit. You open the account online in about 10 minutes, link a funding source (another bank account, debit card, or transfer), and start using it.

Many credit unions also charge no monthly fee and require no opening deposit. Credit unions are member-owned, not shareholder-owned, and they often price their accounts lower than traditional banks. You do need to join the credit union first, which usually means living or working in a certain area or belonging to a certain group, but membership is often free or costs $1 to $5 one time.

If you have a very low income or no income, some nonprofits and community banks offer "second chance" checking accounts with no fee and no opening deposit. These accounts are designed for people who have been denied by mainstream banks. The National Foundation for Credit Counseling can refer you to one in your area.

Banks that require a minimum balance to avoid fees

Traditional banks like Bank of America, Wells Fargo, and Chase typically charge a monthly fee ($12 to $15) unless you keep a minimum balance in the account. The minimum is usually $500 to $1,500, depending on the account type and the bank. If you can't keep that balance, you'll pay the fee every month.

Some of these banks waive the fee if you set up direct deposit of your paycheck, even if your balance drops below the minimum afterward. Others waive it if you maintain a certain balance in a linked savings account. Before you open an account, ask the bank exactly what will waive the fee — the answer changes by location and account type.

If you're opening an account specifically to receive a paycheck or government payment, direct deposit is often the easiest way to avoid a fee. You won't have to worry about keeping a balance; the bank will waive the fee as long as your employer or the government agency deposits money into the account on schedule.

Banks that still require an opening deposit

A small number of banks and credit unions still require you to deposit money when you open an account. The amount varies widely — some ask for $25, others for $100 or more. These are less common than they used to be, but they do exist, especially at smaller regional banks and some credit unions.

If a bank requires an opening deposit, that money is yours — it goes into your account and you can spend it or leave it there. It's not a fee. But if you're opening an account because you don't have money right now, this requirement will block you from that particular bank. Call ahead or check the bank's website before you go in.

What you need to bring, regardless of deposit amount

Whether you're opening an account with $0 or $1,000, you'll need to provide the same documents. Bring a government-issued photo ID (driver's license, passport, or state ID card), proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number or ITIN.

Some banks also ask for a phone number and email address, and they may run a soft credit check or check ChexSystems (a banking history report). A soft check doesn't affect your credit score. If you've had problems with a bank account in the past — overdrafts you didn't pay back, fraud, or account closure — ChexSystems may flag you, and some banks will deny you. But many banks don't use ChexSystems, so you have options even if you're flagged.

How to compare accounts before you open one

Before you walk into a bank or open an account online, spend 10 minutes checking three things: the monthly fee, what waives the fee, and the minimum balance required. Write them down for two or three banks so you can compare.

Call the bank's customer service line or visit the website and look for the account terms or fee schedule. If you can't find it online, call and ask directly. A good question is: "What is the monthly maintenance fee, and what do I need to do to avoid it?" The answer will tell you whether that bank is worth your time.

If you're planning to receive a paycheck or government payment (tax refund, stimulus, unemployment, Social Security), ask whether direct deposit waives the fee. If it does, that's often the simplest path — you won't have to think about your balance.

What happens if you can't open an account anywhere

If you've been denied by multiple banks — usually because of ChexSystems or a history of overdrafts — you have two paths. First, look for a "second chance" checking account at a community bank or credit union. These are designed for people in your situation and have no opening deposit and low or no fees.

Second, consider a prepaid debit card or a money services account at a retailer like Walmart or Target. These are not checking accounts, but they let you load money, spend it, and receive direct deposits. They cost less than a checking account with monthly fees, though they usually charge per transaction. They're a bridge while you rebuild your banking history.

Frequently Asked Questions

Can I open a checking account with no money and no ID?

No. Every bank requires a government-issued photo ID and your Social Security number or ITIN. You can open an account with zero dollars, but you cannot open one without proof of who you are. If you don't have an ID, contact your state's DMV about getting a state ID card — many states offer free or low-cost IDs for people without a driver's license.

If I open an account with no money, when do I have to make my first deposit?

You don't have to make a deposit at all. You can open an account and leave it empty. However, if the bank charges a monthly fee and you don't meet the waiver conditions (like direct deposit or a minimum balance), you'll be charged even if the account is empty. The fee will overdraft the account into negative territory, and you may owe the bank money.

Do online banks really have no fees and no minimum balance?

Most do, but not all. Check the fee schedule on the bank's website before you open an account. Some online banks charge a fee if you fall below a certain balance or if you make too many transfers. The big online banks like Ally and Charles Schwab have no monthly fee and no minimum, but smaller ones may vary.

What's the difference between a checking account and a savings account for opening purposes?

Both usually require no opening deposit at most banks. Checking accounts are for frequent spending and come with a debit card and checks. Savings accounts are for storing money and typically limit how many times you can withdraw per month. If you need to receive a paycheck or make regular purchases, open a checking account.

Can I open a joint checking account with no money?

Yes. Both account holders will need to bring ID and proof of address, but the opening deposit requirement (or lack thereof) is the same. If the bank requires an opening deposit, you'll both need to be present, or one person can open it and add the other as an authorized user later.