Most banks require $0 to $25 to open an account, but some have no minimum at all

The amount you need to deposit when you open a bank account varies by bank and account type. Many banks—including Chase, Bank of America, Wells Fargo, and most credit unions—let you open a checking or savings account with no money down. Others ask for a minimum opening deposit of $25, $100, or occasionally $500. A few banks still require $1,000 or more, but these are becoming less common.

The opening deposit is separate from the monthly balance requirement. Some accounts have no balance requirement at all. Others require you to keep a certain amount in the account at all times—typically $500 to $2,500—or you'll face a monthly fee. If you fall below that threshold, the bank charges you $10 to $15 per month until your balance climbs back up.

The real cost of opening an account is not the initial deposit—it's whether you can meet the ongoing balance requirement without paying fees. If a bank requires $1,500 in your account at all times and you only have $800, you'll pay $12 to $15 every month just to keep the account open.

Key Takeaways

  • Most major banks and credit unions allow you to open a checking or savings account with $0 down, though some ask for $25 to $100 at opening.
  • The opening deposit is not the same as the monthly balance requirement—you may need to keep a separate minimum balance to avoid monthly fees.
  • Online banks typically have lower or no minimum balance requirements because they have fewer physical branches to maintain.
  • If you cannot meet a bank's balance requirement, the monthly fees will cost you far more than the opening deposit ever would.
  • Credit unions often have lower minimums and fees than traditional banks, especially if you live in the area they serve.

Opening deposit versus monthly balance requirement

Banks distinguish between two different minimums, and confusing them can cost you money. The opening deposit is the money you put in when you first create the account—this is often $0 or $25. The monthly balance requirement is the amount you must keep in the account at all times to avoid a fee.

A bank might say "no minimum to open" but still charge you $12 per month if your balance drops below $500. You can open the account with $1, but if you don't maintain $500, you pay the fee every month. Read the account terms carefully to find both numbers before you open.

Some accounts have no balance requirement at all—you can keep $10 in the account indefinitely and pay no fee. These are usually checking accounts at online banks or credit unions. Traditional banks with physical branches are more likely to charge a fee if you don't maintain a balance.

Where to find accounts with no opening deposit and no monthly fees

Online banks almost always have $0 opening deposits and $0 monthly fees because they don't pay for buildings, tellers, or ATM networks. Ally Bank, Charles Schwab Bank, and Discover Bank are examples. You fund the account by transferring money from another bank, and you manage everything online or by phone.

Credit unions often have lower minimums than traditional banks. If you work in a certain industry, live in a certain county, or belong to a union or professional group, you may be able to join a credit union. Once you're a member, opening a checking account usually costs $0 and has no monthly fee. The downside is that credit unions have fewer ATMs and branches than national banks, so you'll rely more on online banking and transfers.

Traditional banks like Chase and Bank of America offer checking accounts with $0 opening deposit at many branches, but they may charge a monthly fee ($12 to $15) if you don't maintain a balance or set up direct deposit. If you can meet one of those conditions—keeping $500 in the account or having your paycheck deposited automatically—the account is free.

What happens if you cannot meet the minimum balance

If a bank requires $500 in your account and you only have $300, you'll be charged a monthly maintenance fee, usually $10 to $15. This fee is deducted from your balance, which makes it even harder to reach the minimum next month. Over a year, these fees add up to $120 to $180—far more than any opening deposit.

Some banks waive the monthly fee if you set up direct deposit of your paycheck, even if your balance stays low. Others waive it if you maintain a certain number of debit card transactions per month, or if you have a linked savings account. Before you open an account, ask the bank what conditions waive the fee.

If you consistently cannot meet the balance requirement, close the account and move to a bank with no balance requirement. Online banks and credit unions are your best options. Staying in an account that charges you $12 every month is more expensive than any opening deposit.

Savings accounts versus checking accounts: different minimums

Savings accounts and checking accounts often have different opening deposits and balance requirements. A bank might let you open a checking account with $0 but require $25 to open a savings account. Or it might charge a monthly fee on the checking account but not the savings account.

Savings accounts at online banks typically have $0 opening deposit and $0 monthly fees. Traditional banks sometimes charge a monthly fee on savings accounts if your balance drops below $300 to $500. If you're opening both accounts at the same bank, ask about the requirements for each one separately.

How to compare banks before you open

Before you open an account, write down three numbers: the opening deposit, the monthly balance requirement, and the monthly fee if you fall below that balance. Call the bank or check their website for the account terms. The terms are usually in a document called "Account Disclosures" or "Pricing Information."

Compare these numbers across at least three banks. A bank with a $0 opening deposit but a $15 monthly fee is more expensive than a bank with a $100 opening deposit and $0 monthly fees—if you plan to keep the account open for more than a few months.

If you have a very small balance and cannot meet any bank's minimum, an online bank or credit union is your best choice. If you need a physical branch for deposits or withdrawals, ask whether the bank waives the fee for direct deposit or a certain number of debit card transactions.

Special accounts for people with low balances

Some banks offer accounts specifically designed for people who cannot maintain a high balance. These accounts have $0 opening deposit, $0 monthly fee, and no balance requirement. They may have limits on the number of withdrawals per month or charge a small fee per transaction, but they cost nothing to open and nothing to keep open.

Credit unions often call these "basic" or "share draft" accounts. Some traditional banks offer them under names like "Second Chance Checking" or "Fresh Start Checking." These accounts may not come with a debit card or online banking, but they let you deposit and withdraw money without paying a monthly fee.

If you've been denied a bank account in the past or have a history of overdrafts, ask the bank whether they offer a second-chance account. You may need to bring an ID and proof of address, but the opening deposit is usually $0.

Frequently Asked Questions

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

Yes. Many banks and credit unions let you open a checking or savings account with $0 down. You can fund the account later by transferring money from another bank, depositing a check, or making a cash deposit at a branch. Online banks require you to transfer money from another account to fund it, so you'll need access to another bank account first.

What if I don't have an ID or proof of address?

You'll need at least one form of ID to open any bank account—usually a driver's license, passport, or state ID. Some banks also ask for proof of address, such as a utility bill or lease. If you don't have these documents, call the bank and ask what alternatives they accept. Some banks will take a letter from a shelter or social services agency instead.

Do I have to keep money in the account after I open it?

That depends on the bank's balance requirement. If the bank has no balance requirement, you can keep $0 in the account and pay no fee. If it requires $500, you must keep at least $500 or pay a monthly fee. Check the account terms before you open to know what you're committing to.

What's the difference between a bank and a credit union?

Credit unions are nonprofit organizations owned by their members. Banks are for-profit businesses. Credit unions often have lower fees and lower minimum balances, but they have fewer branches and ATMs. Both are insured by the federal government up to $250,000 per account, so your money is equally safe at either one.

Can I open an account online, or do I have to go to a branch?

Online banks let you open an account entirely online with an ID and a computer or phone. Traditional banks usually let you open online too, though some still require you to visit a branch in person. Credit unions vary—some let you open online if you live in their service area, others require a branch visit. Check the bank's website to see whether you can open online.