Minimum deposit requirements vary by bank, from zero to several thousand dollars
Most banks do not require you to deposit any money to open a checking account. Many large banks—Chase, Bank of America, Wells Fargo, Citibank—let you open an account with zero dollars and start using it immediately. Some banks ask for a minimum opening deposit of $25 to $100. A smaller number of banks, usually those offering premium accounts or targeting high-net-worth customers, require $1,000 to $25,000 to open.
The minimum deposit requirement is separate from the minimum balance you must keep in the account after opening. Some banks have no minimum balance at all. Others require you to maintain $500 or $1,500 at all times, or they charge a monthly fee. A few banks waive the balance requirement if you set up direct deposit or maintain a linked savings account.
Credit unions often have lower or no opening deposit requirements, though you may need to pay a one-time membership fee of $5 to $25 to join. Online banks almost never require an opening deposit because they have lower overhead costs than brick-and-mortar branches.
Key Takeaways
- Most major banks allow you to open a checking account with $0, though some require $25 to $100 at opening.
- The opening deposit is different from the minimum balance requirement, which kicks in after the account is open and may trigger monthly fees if not met.
- Online banks and credit unions typically have no opening deposit requirement and lower or no monthly fees.
- If you cannot meet a bank's opening deposit, you can open an account at a different bank or credit union with zero dollars required.
- Some banks waive minimum balance fees if you set up direct deposit of your paycheck or keep a linked savings account open.
Where the opening deposit goes
When a bank asks for an opening deposit, that money goes directly into your new checking account. It is not a separate fee. You own that money immediately and can spend it, transfer it, or withdraw it whenever you want. The bank is not holding it as collateral or charging you for the privilege of opening the account.
If a bank requires $100 to open and you deposit $100, your account balance is $100. You can write a check for $50 the next day, leaving $50 in the account. The opening deposit is simply the first deposit you make, treated like any other deposit.
Banks with zero opening deposit requirements
Chase, Bank of America, Wells Fargo, Citibank, and most regional banks let you open a checking account online or in person with no money required. You can open the account, receive your debit card, and start using it before you deposit anything. Some of these banks do charge a monthly maintenance fee ($12 to $15) unless you meet certain conditions—direct deposit, a minimum balance, or a linked savings account.
Online banks including Ally, Charles Schwab, Discover, and Chime have zero opening deposit requirements and typically charge no monthly fees at all. These accounts are fully functional: you get a debit card, online bill pay, and access to ATM networks. The trade-off is that you cannot walk into a physical branch, though customer service is available by phone and chat.
Credit unions in your area may also have zero opening deposit requirements. You can search for credit unions near you at CO-OP.org or Alliant.org, which maintain directories of credit union ATM networks. Some credit unions charge a one-time membership fee of $5 to $25, which is separate from any opening deposit.
Banks that require an opening deposit
Some banks ask for $25 to $100 to open a checking account. This is common at regional banks and some credit unions. The requirement is usually low enough that most people can meet it, but it does create a barrier if you have no cash on hand.
Premium checking accounts—those offering higher interest rates, cashback rewards, or concierge services—often require $1,000 to $10,000 to open. These accounts are designed for people who maintain larger balances and want additional perks. If you are looking for a basic checking account, you do not need to consider these.
A very small number of private banks and wealth management firms require $25,000 or more to open any account. These are not relevant for most people opening a first checking account.
Minimum balance requirements after opening
After you open the account, some banks require you to keep a minimum balance—often $500 or $1,500—or they charge a monthly fee of $10 to $15. This is different from the opening deposit. You might open with $0, but then the bank requires you to maintain $500 or face a fee.
Large banks like Chase and Bank of America waive the minimum balance fee if you set up direct deposit, maintain a linked savings account with a certain balance, or keep your account in good standing (no overdrafts or returned checks). Online banks and many credit unions have no minimum balance requirement at all, which means you can keep $1 in the account indefinitely without paying a fee.
Before opening an account, ask the bank or credit union about both the opening deposit requirement and the minimum balance requirement. These are two separate things, and knowing both helps you avoid surprise fees.
How to open an account if you have no money
If you cannot meet an opening deposit requirement, your options are to open at a different bank or credit union with zero requirements, or to borrow the money temporarily. Many people in this situation open an account at an online bank or credit union, which typically have no opening deposit and no monthly fees.
If you need a checking account urgently and have no cash, you can ask a friend or family member to lend you the opening deposit amount. Once the account is open and you receive your first paycheck or income, you can repay the loan and the account is yours to keep.
Some nonprofits and community organizations offer financial counseling and can point you toward banks or credit unions in your area with the lowest barriers to opening an account. You can search for these through 211.org by entering your zip code.
What happens if you cannot maintain the minimum balance
If your bank requires a $500 minimum balance and your account drops below that, the bank charges a monthly fee—usually $10 to $15. This fee is deducted from your account automatically, which can push your balance even lower. If you fall below the minimum repeatedly, some banks may close the account.
To avoid this, open an account at a bank with no minimum balance requirement, or make sure the bank waives the fee if you set up direct deposit. Most employers can set up direct deposit at no cost, and it usually takes one pay period to activate. Once direct deposit is active, the minimum balance fee disappears.
If you already have an account with a minimum balance fee and you are struggling to maintain it, contact the bank and ask whether they can waive the fee or move you to an account type with no minimum. Many banks will do this rather than lose a customer.
Frequently Asked Questions
Can I open a checking account with just $1?
Yes, at banks with no opening deposit requirement. You can open the account with $1, $0, or any amount. However, if the bank has a minimum balance requirement after opening (like $500), you will need to deposit enough to meet that threshold or pay a monthly fee. Check both the opening deposit and minimum balance requirements before opening.
Do I have to use my opening deposit right away?
No. Your opening deposit sits in the account like any other money. You can leave it there, spend it gradually, or transfer it out. It is your money from the moment you deposit it. Some people deposit the minimum required amount and then add more money from their paycheck later.
What if the bank closes my account because I did not maintain the minimum balance?
Contact the bank immediately and ask them to reopen it or explain why it was closed. If the account was closed due to low balance, many banks will reopen it if you deposit enough to meet the minimum. If it was closed for other reasons (fraud, repeated overdrafts), the bank may refuse to reopen it, but you can open an account at a different bank.
Is there a difference between opening deposit and overdraft protection?
Yes. An opening deposit is money you put in when you create the account. Overdraft protection is a separate service that lets you spend more than your balance without the transaction being rejected. Overdraft protection usually costs money and can lead to fees, so many people decline it when opening an account.
Can I open a checking account if I have been banned from banking before?
It depends on why you were banned. If you were reported to ChexSystems (a banking history database) for fraud or unpaid overdrafts, some banks will refuse to open an account. However, second-chance banking programs and some credit unions will work with people with banking history issues. You can check your ChexSystems report for free at ChexSystems.com and dispute errors.