What you need to open a bank account varies by bank and account type

Most banks do not require you to deposit money before opening a checking or savings account. Many will let you open an account with zero dollars and fund it later—either in person, by transfer, or by direct deposit. However, some banks set a minimum opening deposit, and others charge monthly fees unless you maintain a minimum balance. These are two separate things, and the difference matters for your wallet.

The minimum opening deposit is what you must put in on day one. The minimum balance is what you must keep in the account to avoid fees each month. A bank might require $25 to open but charge you $12 a month if your balance drops below $500. Another might have no opening deposit but no balance requirement either. You need to know both numbers before you choose.

Key Takeaways

  • Many banks let you open a checking or savings account with $0, though some require $25 to $100 on the first day.
  • Minimum balance requirements are separate from opening deposits—you may owe a monthly fee if your balance falls below a set amount, even if you opened with nothing.
  • Online banks typically have lower or no opening deposits and no balance requirements, while brick-and-mortar banks are more likely to charge both.
  • If you cannot meet a minimum balance, look for accounts with no balance requirement or waived fees for direct deposit or account activity.
  • The account type matters: money market accounts and certificates of deposit usually require higher minimums than checking or basic savings accounts.

Opening deposits: what banks actually require

Large national banks like Chase, Bank of America, and Wells Fargo typically require $25 to $100 to open a checking account, though some have waived this requirement in recent years. Regional banks vary widely—some ask for nothing, others for $500 or more. Credit unions often have no opening deposit but may require you to join the credit union first, which sometimes costs $5 to $25 as a membership fee.

Online banks—Ally, Charles Schwab, Discover, and others—almost always let you open with $0. They have lower overhead than physical branches, so they can afford to skip the opening deposit. If you are starting with very little money or want to test an account before committing funds, an online bank is usually the easiest route.

Some banks waive the opening deposit if you set up direct deposit or maintain a certain balance for 30 days. Ask the bank directly before you visit or apply online—the requirement may not be listed on their website, or it may have changed recently.

Minimum balance requirements and monthly fees

A minimum balance requirement means you must keep at least a certain amount in the account at all times, or you pay a monthly maintenance fee. This fee is usually $5 to $15 but can be higher. The balance is checked on a specific day each month—often the last day of the statement period—so you need to know when the bank looks.

If your account has a $500 minimum balance requirement and your balance drops to $499 on the day the bank checks, you will owe the fee that month. Some banks average your balance over the month instead of checking one day, which gives you more flexibility. Others waive the fee if you receive direct deposit, make a certain number of debit card purchases, or maintain a linked savings account with a minimum balance.

Online banks and some credit unions have no minimum balance requirement at all. If you know you cannot keep a large balance, this is a major advantage. You pay nothing extra for having $10 in the account instead of $1,000.

Differences by account type

Checking and basic savings accounts have the lowest minimums—often $0 to $100 to open and $0 to $500 to avoid fees. Money market accounts usually require $2,500 to $10,000 to open because they offer higher interest rates and check-writing privileges. Certificates of deposit (CDs) often require $500 to $2,500 minimums, depending on the term and the bank.

If you are just starting out or have limited funds, stick with a basic checking or savings account. You can move to a money market account or CD later when you have built up your balance. There is no penalty for waiting.

How to find an account that fits your budget

Start by listing what you have: your opening deposit amount and what you expect your balance to be most months. Then search for accounts that match. Use the bank's website to filter by opening deposit and minimum balance, or call and ask directly. Many banks have a "basic" or "student" checking account with lower or no minimums—these are designed for people in your exact situation.

Compare at least three banks: one large national bank, one online bank, and one local credit union or regional bank. Write down the opening deposit, monthly fee, minimum balance requirement, and any waivers (direct deposit, account activity, linked accounts). The cheapest option is not always the best—if the bank has no branches near you and you need to deposit cash, an online bank may cost you more in time and travel than a local branch would.

Once you open an account, you can close it and move to another bank if the fees or minimums become a problem. There is no long-term lock-in. If a bank starts charging you fees you did not expect, you have the right to leave.

What happens if you cannot meet the minimum

If you open an account with a minimum balance requirement and your balance falls below it, the bank will charge you a fee. This fee comes out of your account, which makes your balance even lower. If you have overdraft protection, the bank may cover the fee by transferring money from another account or charging you an overdraft fee instead—which is often worse.

If you realize you cannot maintain the minimum, contact the bank and ask about waiving the fee or switching to an account with no minimum. Many banks will waive one or two fees if you ask, especially if you are a new customer. If they will not, close the account and move your money elsewhere. Do not let fees drain your account while you figure out what to do.

Frequently Asked Questions

Can I open a bank account with no money at all?

Yes, many banks let you open with $0. Online banks almost always do. Some brick-and-mortar banks require $25 to $100 on day one, but you can call ahead and ask if they will waive it or if they have an account with no opening deposit. Credit unions may also waive the deposit if you pay a membership fee instead.

What is the difference between an opening deposit and a minimum balance?

An opening deposit is money you put in when you first open the account. A minimum balance is the amount you must keep in the account each month to avoid fees. You might open with $50 but need to maintain $500 to avoid a $10 monthly fee. These are separate requirements.

Do online banks really have no fees?

Most online banks have no monthly maintenance fees and no minimum balance requirements. However, they may charge fees for things like overdrafts, wire transfers, or expedited shipping of a debit card. Read the fee schedule before you open. The lack of a physical branch is how they keep costs down.

What if my balance drops below the minimum by accident?

The bank will charge you a monthly fee, usually $5 to $15. Some banks waive the fee once if you ask. If it happens repeatedly, contact the bank and ask about switching to an account with no minimum balance requirement or waiving the fee through direct deposit or account activity.

Can I open multiple accounts to avoid minimum balance fees?

Technically yes, but it is not a good strategy. Opening multiple accounts costs you time and makes it harder to track your money. Instead, find one account with no minimum balance requirement or one that waives the fee through direct deposit. This is simpler and cheaper than juggling multiple accounts.