Minimum deposits range from zero to $500, depending on the bank and account type
Many banks no longer require a minimum deposit to open a checking account. Large national banks like Chase, Bank of America, and Wells Fargo let you open accounts with $0 down. Credit unions and online banks typically have no minimum either. Some banks do charge a minimum — usually $25 to $500 — but these are becoming less common as competition for customers increases.
The amount you need depends on three things: which bank you choose, what type of account you want, and whether you may have access to for any waivers. A basic checking account at a major bank often has no minimum, but a premium account with higher interest or more features might require $500 or more. Some banks waive the minimum if you set up direct deposit or keep a linked savings account open.
If you have no money to deposit right now, you can still open an account at most banks and add money later. The bank will not close the account for staying at zero. However, some banks charge monthly fees if your balance drops below a certain level — that is different from a minimum deposit requirement, and you can avoid those fees by maintaining the balance they ask for or by meeting other conditions like direct deposit.
Key Takeaways
- Most major banks and online banks have zero minimum deposit requirements, so you can open an account without any money upfront.
- Credit unions typically have no minimum deposit, though some may require a small membership fee ($5 to $25) to join.
- Premium or high-yield checking accounts sometimes require $500 to $1,000 minimum, but basic accounts at the same bank usually do not.
- Monthly maintenance fees are separate from minimum deposit requirements — you can avoid them through direct deposit, keeping a minimum balance, or meeting other conditions the bank sets.
- If a bank does require a minimum deposit, you can usually meet it with your first transfer or paycheck deposit after opening the account.
Where to find banks with no minimum deposit
Online banks almost never require a minimum deposit. Banks like Ally, Charles Schwab, Discover, and Chime let you open accounts with $0. They can afford to do this because they have lower overhead costs than brick-and-mortar banks.
Major national banks have dropped minimum requirements in recent years. Chase, Bank of America, Wells Fargo, and Citibank all offer checking accounts with no minimum deposit on their basic products. You can walk into a branch or open online — either way, you start with zero.
Credit unions often have no minimum either, though some charge a one-time membership fee ($5 to $25) to join. That fee is not the same as a deposit requirement. Once you pay it, you can open an account with any amount of money. To find a credit union near you, search the CO-OP network or your state's credit union league.
Banks that still require a minimum deposit
Smaller regional banks and some community banks still ask for $25 to $100 to open a checking account. These are less common than they used to be, but they exist. Before you open an account, the bank's website or a phone call to a branch will tell you the exact amount.
Premium checking accounts — ones that offer higher interest rates, cashback, or extra perks — often require $500 to $2,500 minimum. These are not the accounts most people use. If you are looking for a basic checking account to receive paychecks and pay bills, you will not run into these requirements.
Some banks require a minimum only if you want certain features. For example, a bank might let you open a basic checking account with $0 but require $500 if you want to link a savings account or get a debit card with rewards. Read the fine print on the bank's website to see what applies to the specific account you want.
How minimum deposits work when you open the account
If a bank requires a minimum deposit, you can usually meet it in one of three ways: transfer money from another bank account, deposit a check, or bring cash to a branch. Most banks let you do this on the same day you open the account, either online or in person.
You do not have to keep that money in the account forever. Once the account is open and the minimum deposit has cleared, you can withdraw it if you want. The minimum deposit is just a one-time requirement to open the door — it is not a balance you have to maintain.
If you are opening an account online and do not have the minimum deposit yet, some banks will let you open the account anyway and deposit the money within a few days. Others require the deposit before they activate the account. Check the bank's website or call to ask what their policy is.
Monthly maintenance fees versus minimum balance requirements
Do not confuse a minimum deposit (what you need to open the account) with a minimum balance requirement (what you need to keep in the account to avoid monthly fees). These are different things.
A minimum deposit is a one-time thing. A minimum balance is ongoing. For example, a bank might have zero minimum deposit but charge you $12 per month if your balance drops below $500. To avoid that fee, you would need to keep $500 in the account at all times, or meet an alternative condition like setting up direct deposit.
Most banks let you waive the monthly fee by doing one of these things: setting up direct deposit, making a certain number of debit card purchases per month, maintaining a linked savings account, or keeping a minimum balance. Read your account agreement to see which options your bank offers. If you cannot meet any of them, look for a bank that has no monthly fee at all — many do.
What happens if you cannot meet the minimum deposit right now
If you need a checking account but do not have the minimum deposit amount, you have options. First, look for a bank with zero minimum — this solves the problem immediately. Second, ask the bank whether you can deposit the minimum after opening the account. Some will say yes; some will not. Third, if you have a friend or family member who can lend you the money temporarily, you can deposit it, let the account open, and then withdraw it once the account is active.
Online banks are your fastest route if you are in a hurry. You can open an account in minutes with no money down, and start using it as soon as the account number is issued — sometimes the same day.
If you have had trouble with banks in the past (overdrafts, collections, or fraud), some banks may refuse to open an account for you regardless of the minimum deposit. In that case, look for a second-chance checking account, which is designed for people with banking history issues. These accounts often have no minimum deposit and lower fees than standard accounts.
Frequently Asked Questions
Can I open a checking account with $0 at a major bank?
Yes. Chase, Bank of America, Wells Fargo, and Citibank all offer checking accounts with no minimum deposit. You can open online or at a branch. The account will be active and ready to use even if you have not deposited any money yet.
Do I have to keep the minimum deposit in the account forever?
No. The minimum deposit is only required to open the account. Once the account is open and the deposit has cleared, you can withdraw that money. The bank will not close your account or charge you for having a zero balance afterward — though some banks do charge monthly fees if you do not meet other conditions like direct deposit.
What is the difference between a minimum deposit and a monthly fee?
A minimum deposit is a one-time amount you need to open the account. A monthly fee is charged if your balance falls below a certain level or if you do not meet other requirements like direct deposit. You can avoid monthly fees by keeping the minimum balance, setting up direct deposit, or switching to a bank that has no monthly fee.
Can I open a checking account online with no minimum?
Yes. Most online banks have no minimum deposit and let you open an account in minutes from your phone or computer. You can start using the account as soon as it is set up, though transfers from other banks may take a few business days to clear.
What if a bank rejected me before — can I open a checking account somewhere?
Yes. If you were denied by one bank, try another bank or a credit union — they have different approval standards. Second-chance checking accounts are also designed for people with past banking problems. These accounts often have no minimum deposit and may have lower fees than standard accounts.