Most banks require $0 to $300 to open a checking account, but many have no minimum at all

The amount of money a bank asks you to deposit when you open a checking account varies widely. Some banks have no opening deposit requirement. Others ask for $25, $100, $300, or more. A few banks waive the minimum if you set up direct deposit or keep a linked savings account open. The requirement depends entirely on which bank you choose and what type of account you open.

The opening deposit is separate from the money you need to keep in the account afterward. Some banks require a minimum balance — a floor below which your account may be closed or you may be charged a fee each month. Others have no minimum balance at all. You should know both numbers before you open the account, because they affect whether the account will cost you money to maintain.

Key Takeaways

  • Many banks and credit unions have no opening deposit requirement, so you can open an account with $0.
  • Banks that do charge an opening deposit typically ask for $25 to $300, depending on the account type and the bank.
  • Opening deposit and minimum balance are two different things — you may need money upfront but no money to keep in the account, or vice versa.
  • Online banks and credit unions are more likely to have no opening deposit than large national banks.
  • If a bank waives the opening deposit for direct deposit customers, you do not need to have direct deposit set up before you open the account — you can set it up after.

Banks with no opening deposit requirement

Many banks and credit unions will open a checking account for you with $0. This includes some large national banks, most online banks, and most credit unions. Examples include Ally Bank, Charles Schwab Bank, Discover Bank, many local credit unions, and some branches of larger banks like Chase and Bank of America (though requirements vary by location and account type).

If you have no money to deposit right now, calling or visiting a bank's website to ask about their current opening deposit requirement is the fastest way to find out. Banks change their policies, and requirements can differ between branches or between online and in-person accounts. A phone call to the bank's customer service line takes five minutes and gives you a definitive answer.

Banks that charge an opening deposit

Banks that do require an opening deposit typically ask for $25, $50, $100, or $300. Some regional banks and credit unions fall into this category. The amount often depends on the account type — a basic checking account might have a lower opening deposit than a premium account with extra features.

If a bank requires an opening deposit, that money goes into your new account. It is yours to use. You are not giving it to the bank; you are funding the account. After you open the account, you can withdraw that money if you want, though doing so might trigger a minimum balance fee if the bank has one.

Opening deposit versus minimum balance

These are two separate requirements, and it is important to understand the difference. An opening deposit is money you must have when you first open the account. A minimum balance is the lowest amount of money the bank requires you to keep in the account at all times after that.

A bank might have no opening deposit but require a $500 minimum balance. Another might ask for a $100 opening deposit but have no minimum balance afterward. A third might have both, or neither. Before you open an account, ask the bank about both numbers so you know what you are signing up for.

If you fall below the minimum balance, the bank will usually charge you a monthly fee — often $5 to $15 — until you bring the balance back up. Some banks will close the account if the balance stays too low for too long.

How to find banks with low or no opening deposits

Online banks are the most likely to have no opening deposit requirement, because they have lower overhead costs than banks with physical branches. Credit unions also tend to have lower or no opening deposit requirements. If you are looking for a bank with a physical branch location near you, call ahead or check their website before you visit.

When you are comparing banks, write down the opening deposit requirement and the minimum balance requirement for each one. Also note whether the bank charges monthly maintenance fees and what those fees are. A bank with no opening deposit but a $15 monthly fee might cost you more over time than a bank that asks for $100 upfront but has no fees.

What happens if you cannot meet the opening deposit

If you do not have the opening deposit amount right now, you have several options. First, look for a bank with no opening deposit requirement — there are many. Second, ask the bank whether they waive the opening deposit for customers who set up direct deposit. Some banks will open the account with $0 if you agree to have your paycheck or benefits deposited directly.

You do not need to have direct deposit already set up to open the account. You can open the account first, then set up direct deposit afterward. The bank will tell you what information you need to provide to set up direct deposit — usually your employer's name and your account number.

A third option is to wait until you have the opening deposit amount. This is not ideal if you need a checking account right now, but it is an option if you are in no rush.

Opening a checking account with very little money

If you have $1 to $25 but a bank requires $100 or more, you have a few paths forward. You can look for a different bank with a lower requirement or no requirement. You can ask whether the bank will waive the requirement if you set up direct deposit. Or you can deposit what you have and ask whether the bank will let you meet the opening deposit requirement over time — some will, though this is less common.

Credit unions are often more flexible than banks on this point. If you are a member of a credit union or can join one (membership requirements vary), call and ask whether they will work with you on the opening deposit.

Frequently Asked Questions

Can I open a checking account online with no money?

Yes, many online banks have no opening deposit requirement. You can open the account through their website with $0. You will need to provide your Social Security number, address, and other identifying information, but you do not need to deposit money.

Do I have to keep the opening deposit in the account forever?

No. The opening deposit is money that goes into your account. You can withdraw it anytime. However, if the bank has a minimum balance requirement and you withdraw the opening deposit, you might fall below that minimum and be charged a fee.

What if the bank closes my account because my balance is too low?

If a bank closes your account due to a low balance, you will receive notice in the mail. Any money left in the account will be sent to you, usually by check. You can then open an account at a different bank that has no minimum balance requirement or a lower one.

Does setting up direct deposit cost anything?

No. Setting up direct deposit is free. You provide your employer or benefits administrator with your account number and routing number, and they deposit your money directly into your account. There are no fees for this service.

Can I open a checking account at a bank branch without an opening deposit if their website says they require one?

Sometimes. Bank policies can vary between branches and between online and in-person accounts. If a bank's website says they require an opening deposit, call the branch near you and ask whether they will waive it. Some branches have more flexibility than others.