Most banks let you open an account with $0, but some require a minimum deposit
You do not need money to walk into a bank and open a checking or savings account. Many banks—including Chase, Bank of America, Wells Fargo, and most credit unions—will open an account with no deposit at all. You can fund it later, even days or weeks after opening.
However, some banks and accounts do require an opening deposit. This is not a fee; it is money that goes into your account and belongs to you. The amount varies widely: some accounts ask for $25, others for $100, $500, or more. A few specialty banks or premium accounts may require $2,500 or higher.
The key difference is between opening a bank account and maintaining one. You may need $0 to open, but some accounts charge a monthly fee unless you keep a minimum balance—often $500 to $1,500—or set up direct deposit. Read the account terms before you commit.
Key Takeaways
- Most major banks and credit unions let you open a checking or savings account with no money down, and you can deposit funds whenever you are ready.
- Some banks require an opening deposit of $25 to $500 or more, depending on the account type and the bank's policy.
- Monthly maintenance fees are separate from opening deposits and may apply unless you keep a minimum balance or receive direct deposit.
- Online banks often have lower or no minimum deposit requirements because they have fewer physical branches to operate.
- Credit unions typically have no opening deposit requirement and lower monthly fees than traditional banks.
Where opening deposits are most common
Traditional brick-and-mortar banks are more likely to require an opening deposit than online banks or credit unions. Chase, Bank of America, and Wells Fargo generally do not require one for basic checking accounts, but some of their premium or interest-bearing accounts do. Regional banks and smaller local banks vary; some ask for $50 to $100 to open.
Online banks like Ally, Charles Schwab, and Discover typically have no opening deposit requirement. Because they do not operate physical branches, their costs are lower and they can afford to waive the deposit. Credit unions almost never require an opening deposit, though you may need to pay a one-time membership fee (usually $5 to $25) to join.
High-yield savings accounts and money market accounts are more likely to have opening deposits than checking accounts. These accounts often require $500 to $2,500 to open because the bank is paying you interest and wants to ensure you maintain a meaningful balance.
The difference between opening deposits and minimum balances
An opening deposit is money you put in when you create the account. Once it is in the account, it is yours to use or leave alone. You can withdraw it immediately if you want, though some banks may ask you to keep a small amount.
A minimum balance requirement is different. This is the lowest amount the bank requires you to keep in the account at all times to avoid a monthly fee. If your balance drops below that threshold—even for one day—you may be charged $10 to $35 per month. Common minimums are $500, $1,000, or $1,500.
Some accounts have both: you need $100 to open, but you must keep $500 in the account to avoid fees. Others have neither. Before opening, ask the bank or check their website for both the opening deposit requirement and any minimum balance needed to waive monthly fees.
How to find accounts with no opening deposit
Call or visit the bank's website and search for "no minimum deposit" or "no opening deposit." Most banks list this clearly in their account terms. If you are opening online, the website will tell you the opening deposit amount before you finish signing up.
Credit unions are a reliable choice if you want to avoid opening deposits. You will need to join the credit union first (which may require living or working in a certain area, or belonging to a specific employer or organization), but membership fees are low and accounts have no opening deposit requirement.
Online banks are another straightforward option. Ally, Charles Schwab, Discover, and similar banks market themselves as having no opening deposit and no monthly fees. Read the fine print to confirm they do not charge fees for other reasons—like falling below a balance threshold or making too many transfers.
What happens if you cannot meet the opening deposit
If a bank requires an opening deposit and you do not have the money, you have several options. First, ask if the bank will waive the deposit. Some banks do this for customers who set up direct deposit or agree to maintain a certain balance.
Second, choose a different bank. There are enough banks and credit unions with no opening deposit requirement that you do not need to pay one. Online banks and credit unions are your easiest route.
Third, if you have a family member or friend willing to help, some banks allow a co-signer or joint account holder to contribute to the opening deposit. This does not obligate them to keep money in the account; they are just helping you meet the initial requirement.
What to bring when you open an account
You will need a government-issued photo ID (driver's license, passport, or state ID card) and proof of your Social Security number. Bring your Social Security card, a tax return, or a W-2 form. Some banks also ask for proof of address—a recent utility bill, lease, or bank statement with your name and address.
If you are opening an account online, you will upload photos of these documents or answer security questions to verify your identity. The process usually takes 10 to 15 minutes.
If you are opening in person, bring the originals. The bank will make copies. Have your opening deposit ready if one is required—you can bring cash, a check, or arrange a transfer from another account.
Monthly fees and how to avoid them
Even if there is no opening deposit, the bank may charge a monthly maintenance fee of $5 to $15 unless you meet certain conditions. Common ways to waive the fee are: keeping a minimum balance (often $500 to $1,500), setting up direct deposit, making a certain number of debit card purchases per month, or maintaining a linked savings account.
Online banks and credit unions typically have no monthly fees at all, which is why they are popular for people on tight budgets. If you choose a traditional bank that charges a monthly fee, calculate the annual cost: a $12 monthly fee is $144 per year, which adds up quickly if you are not using the account heavily.
Read the account disclosure document before opening. It will list every fee the bank charges and the conditions to avoid them. If the terms are confusing, ask the bank representative to explain them in writing.
Frequently Asked Questions
Can I open a bank account with no money at all?
Yes. Most banks, credit unions, and online banks let you open a checking or savings account with $0. You can deposit money later, even weeks after opening. Some accounts do require an opening deposit, but many do not—shop around before committing to a bank that charges one.
What if I do not have a Social Security number?
You can open an account with an Individual Taxpayer Identification Number (ITIN) instead. Not all banks accept ITINs, so call ahead. Credit unions and some online banks are more likely to work with you. You will still need a government-issued photo ID and proof of address.
Do I have to keep money in the account after I open it?
Not unless the bank has a minimum balance requirement to avoid fees. If there is no minimum balance requirement, you can open the account, deposit $1, and withdraw it the next day. However, if the account requires you to keep $500 to waive monthly fees, you will be charged if your balance drops below that.
Can I open a bank account online without going to a branch?
Yes. Most online banks and many traditional banks let you open an account entirely online. You will upload photos of your ID and proof of address, answer security questions, and sign electronically. The account is usually ready to use within one business day.
What is the difference between a checking account and a savings account opening deposit?
Checking accounts rarely require an opening deposit. Savings accounts and money market accounts are more likely to require one because they pay interest and the bank wants to ensure a minimum balance. High-yield savings accounts often require $500 to $2,500 to open, while basic savings accounts may have no requirement.