Yes, you can open a bank account with no money right now
Most banks and credit unions let you open a checking or savings account without making an initial deposit. You walk in (or go online), provide identification and proof of address, and the account opens empty. You then deposit money on your own schedule—the next day, next week, or whenever you have funds to add.
The catch is not whether you can open it, but what happens after. Some banks charge a monthly maintenance fee even if your balance is zero. Others waive fees only if you meet conditions: setting up direct deposit, maintaining a minimum balance, or keeping a certain number of debit card transactions per month. A few accounts have no fees at all, regardless of balance.
The real question is whether the account you want to open charges you money for sitting empty, and for how long you can afford to let it sit before you add funds.
Key Takeaways
- Most banks allow you to open an account with zero dollars, but some charge monthly fees that apply even when your balance is empty.
- Credit unions and online banks are more likely to offer no-fee accounts than large national banks.
- You will need a government-issued ID and proof of your current address to open any account.
- If you cannot meet a bank's fee-waiver conditions (like direct deposit or minimum balance), choose an account with no monthly maintenance fee instead.
Which banks charge fees on empty accounts
Large national banks—Chase, Bank of America, Wells Fargo, Citibank—typically charge a monthly maintenance fee on checking accounts, usually $10 to $15 per month. This fee applies whether your balance is $0 or $5,000. They offer ways to waive it: setting up direct deposit, maintaining a minimum balance (often $500 to $1,500), or making a certain number of debit card transactions each month.
If you cannot meet those conditions, the fee will drain your account. A $12 monthly fee on a zero balance means you owe the bank money after one month. After three months, you could be $36 in the red.
Regional banks and credit unions are more likely to offer checking accounts with no monthly fee, period. You do not have to jump through hoops or maintain a balance. The tradeoff is usually fewer branch locations or fewer ATMs, but if you use online banking and do not need to visit a physical location often, this matters less.
Online banks and no-fee options
Online-only banks (Ally, Charles Schwab, Discover, Chime) almost never charge monthly maintenance fees. They make money from interest on loans and investments, not from account fees. You can open an account with zero dollars and keep it that way for months without paying anything.
The tradeoff is that you cannot walk into a branch. All deposits happen online, by mail, or through ATM networks. If you need to deposit cash, you will need access to an ATM that accepts deposits—not all do. Some online banks partner with ATM networks (Ally uses Allpoint; Chime uses Visa ATMs), which expands your options but does not may provide a machine near you.
Credit unions also tend to have low or zero monthly fees. You must be a member to open an account, but membership is often free or costs $1 to $5 one time. Credit unions are smaller than national banks, so branch and ATM access depends on which one you join, but many participate in shared branching networks that let you use other credit unions' branches.
What you need to open an account with no money
Every bank requires two things: a government-issued photo ID and proof of your current address. A driver's license or passport covers the ID. For address proof, bring a recent utility bill, lease, mortgage statement, or bank statement in your name. Some banks accept a government benefits letter or tax return dated within the last 60 days.
If you do not have a photo ID, some credit unions and community banks will open an account using an ITIN (Individual Taxpayer Identification Number) instead, though this is less common. Call ahead to ask before you go in.
You will also need to provide a Social Security number or ITIN so the bank can report interest earned and comply with federal banking rules. If you do not have either, ask whether the bank can open an account without one—some will, but it is rare and usually comes with restrictions.
How long you can keep an account empty
Banks can close an account for inactivity, but the timeline varies. Most banks close accounts after 12 months with no deposits, withdrawals, or transfers. Some wait longer; a few close after 6 months. A few never close for inactivity alone.
When a bank closes an account for inactivity, they send any remaining balance (even if it is negative) to the state unclaimed property program. If your balance is zero, nothing happens to you—the account simply closes. If you owed fees and your balance is negative, the bank may send that debt to a collection agency, though this is less common for small amounts.
To keep an account open, make at least one transaction every 12 months: a deposit, a withdrawal, a transfer, or even a balance inquiry. If you are not using the account, set a phone reminder to log in once a year.
Opening an account online versus in person
Online accounts open faster—often in 10 to 15 minutes—and you can do it from home. You upload a photo of your ID and proof of address, answer security questions, and the account is ready. Some banks fund it immediately; others wait 1 to 3 business days.
In-person accounts take longer (30 minutes to an hour) but give you a chance to ask questions and understand the account rules before you sign. If you are unsure about fees or conditions, going in person is worth the time.
Both routes work with zero dollars. The bank does not require you to deposit anything on the spot, whether you open online or at a branch.
What to watch for when comparing accounts
Before you open an account, check three things: the monthly maintenance fee, the conditions to waive it, and the minimum balance requirement (if any). Write them down side by side so you can see which account costs you nothing.
Also ask about overdraft fees. If you accidentally spend more than you have, the bank will charge you $30 to $35 per overdraft. Some banks let you opt out of overdraft protection, which means transactions will simply decline instead of charging you a fee. This is worth doing if you are worried about overspending.
Finally, check whether the bank reports to credit bureaus. Most do not—they report to ChexSystems, a banking history database, not to credit agencies. This means opening an account will not help or hurt your credit score. But if you have been reported to ChexSystems for unpaid fees or fraud, some banks will deny you. Ask whether the bank you want checks ChexSystems before you apply.
Frequently Asked Questions
Do I have to make a deposit on the day I open the account?
No. You can open an account and leave it empty. The bank will not require you to deposit money immediately. However, if the account has a monthly maintenance fee and you do not meet the fee-waiver conditions, you will start owing money after the first month.
What happens if my account balance goes negative?
If you overdraw your account (spend more than you have), the bank charges an overdraft fee, usually $30 to $35. Your balance becomes negative by that amount. You owe the bank money. If you do not pay it back, the bank may close the account and report you to ChexSystems, which can make it harder to open accounts elsewhere.
Can I open an account if I have been denied before?
It depends on why you were denied. If you were denied because of ChexSystems (unpaid fees or fraud at another bank), some banks will still open an account for you—credit unions and online banks are more forgiving than national banks. If you were denied for not having an ID or proof of address, get those documents and try again.
Is there a difference between a checking account and a savings account when I have no money?
Not much. Both can open with zero dollars. Checking accounts are for frequent transactions; savings accounts earn interest (though rates are very low). If you have no money, the interest is zero anyway. Choose based on how you plan to use the account, not on your current balance.
How do I deposit money into an account I opened online?
Online banks let you deposit by mailing a check, transferring from another bank account, or using an ATM that accepts deposits. Some also offer mobile check deposit through their app. Cash deposits are harder with online banks—you usually have to find a partner ATM or mail a money order.