Minimum deposit requirements vary widely by bank and account type
Most banks do not require any money to open a checking account. You can walk in with zero dollars, sign the paperwork, and leave with an account number. However, some banks and credit unions do set a minimum opening deposit — typically between $25 and $500 — that you must put in on day one.
The amount depends on which institution you choose and which specific account you pick. A large national bank like Chase or Bank of America may have no minimum for a basic checking account but require $500 for a premium account. A local credit union might ask for $50 to open any account. Online banks almost never require a minimum opening deposit because they have lower overhead costs.
Even if a bank does require a minimum, that money is yours — it sits in your account and you can spend it immediately. It is not a fee. The confusion comes from the fact that some banks also charge monthly maintenance fees, which are separate from the opening deposit.
Key Takeaways
- Most major banks and online banks have no minimum opening deposit for basic checking accounts.
- Some banks and credit unions require $25 to $500 deposited on the day you open the account, but this money belongs to you and can be withdrawn.
- Premium or rewards checking accounts typically have higher minimums than standard accounts at the same bank.
- Monthly maintenance fees are separate from opening deposits and vary from $0 to $15 depending on the bank and account type.
- If you have no money to deposit, online banks and many credit unions will let you open an account with $0.
Banks with no opening deposit requirement
Most online banks have eliminated opening deposit minimums entirely. Institutions like Ally Bank, Charles Schwab, and Discover Bank let you open a checking account with $0. This is their standard practice across all account types.
Many large national banks also have no minimum for their basic checking accounts. Chase's basic checking, Bank of America's Core Checking, and Wells Fargo's Way2Go Card all allow you to open with $0. However, these same banks may require a minimum for premium accounts — Chase's Sapphire Checking, for example, requires a $500 opening deposit.
Credit unions vary more. Some have no minimum; others require $25 or $50. The best way to find out is to call or visit the credit union's website directly, since policies differ by institution and sometimes by branch.
Banks that do require an opening deposit
Certain banks and credit unions set minimums to discourage low-activity accounts. A $100 opening deposit at a regional bank like PNC or U.S. Bank is common. Some credit unions require $50 to $100 as a membership fee that doubles as your opening deposit.
Premium or rewards accounts almost always have higher minimums. If a bank offers a checking account with cash-back rewards or higher interest rates, expect a $500 to $2,500 opening deposit. These accounts are designed for people who maintain larger balances.
A few banks still require $300 to $500 even for basic accounts, though this is becoming less common. If you encounter this, it is usually worth shopping around — you can almost certainly find a bank with no minimum.
What happens if you cannot meet the minimum
If a bank requires a minimum deposit and you do not have it, you have three options: find a different bank with no minimum, save up the amount, or ask a family member to deposit money on your behalf (which you can then withdraw).
Some credit unions offer second-chance checking or basic savings accounts with no opening deposit as an entry point. You can open the savings account first, deposit money into it over time, and then open a checking account once you meet the minimum.
Online banks remain the easiest path if you have no opening deposit. You can open an account in minutes with $0, and if you later want to switch to a bank with physical branches, you can do that without penalty.
Monthly fees versus opening deposits
Opening deposits and monthly maintenance fees are two separate costs. A bank might have no opening deposit but charge $12 per month to keep the account open. Another bank might require $500 to open but charge $0 per month.
Some banks waive monthly fees if you meet certain conditions — direct deposit of at least $500 per month, maintaining a minimum balance of $1,500, or setting up automatic bill pay. Read the account terms carefully to understand which fees apply to you and how to avoid them.
When comparing banks, add up the total cost over a year: opening deposit (if any) plus monthly fees (if any, minus any waivers you may have access to for). A bank with a $100 opening deposit and $0 monthly fees costs less over time than a bank with $0 opening deposit and $12 monthly fees.
How to find the opening deposit requirement for a specific bank
The fastest way is to visit the bank's website and look for the account terms or disclosures document. This is usually labeled "Account Agreement," "Terms and Conditions," or "Fee Schedule." The opening deposit requirement will be listed there.
If you cannot find it online, call the bank's customer service line or visit a branch in person. Be specific: ask for the opening deposit requirement for the exact account type you want (basic checking, student checking, premium checking, etc.). Requirements can differ by account.
When you call, also ask about monthly maintenance fees, how to waive them, and whether there are any promotional offers (some banks waive fees for the first few months). Write down the answers so you have them in writing.
Frequently Asked Questions
Can I open a checking account with $0 at a big bank?
Yes. Chase, Bank of America, Wells Fargo, and most other national banks allow you to open a basic checking account with no opening deposit. Premium accounts at these banks may require $500 or more, but the standard account has no minimum.
Do I have to keep the opening deposit in the account?
No. The opening deposit is your money. You can withdraw it immediately after opening the account. It is not held or locked in. Some banks do require you to maintain a minimum balance to avoid monthly fees, but that is a separate rule from the opening deposit.
What if the bank closes my account because I do not meet a minimum balance?
Banks can close accounts for inactivity or failure to maintain a required balance, but they must notify you first. If this happens, ask the bank to waive the closure or transfer your money to a different account type. If they refuse, move to a bank with no minimum balance requirement.
Is the opening deposit the same as a membership fee?
At credit unions, sometimes yes. A credit union might charge a $50 membership fee that also counts as your opening deposit into a savings account. You own that $50 and can withdraw it, but some credit unions require you to keep at least $1 in the savings account to maintain membership.
Do online banks really have no opening deposit?
Almost all of them do. Ally, Charles Schwab, Discover, and most other online-only banks have no opening deposit requirement for any account type. This is one of their main advantages over brick-and-mortar banks.