Most banks require $0 to $300 to open an account, but many have no minimum at all

The amount of money you need to open a bank account depends entirely on the bank you choose. Some banks—particularly online banks and credit unions—let you open an account with no deposit required. Others ask for a minimum opening deposit of $25, $100, or occasionally $300. A few still-common banks like Chase and Bank of America have eliminated their minimums in recent years, though they may require a minimum balance to avoid monthly fees later.

The opening deposit is separate from the monthly fee question. You might open an account with $0 and then face a $12 monthly maintenance charge if you don't keep a certain balance. Or you might deposit $100 to open and pay nothing monthly. The two rules work independently, so you need to check both before choosing a bank.

Key Takeaways

  • Most major banks and online banks now have $0 opening deposit requirements, though some regional or specialty banks still ask for $25 to $300.
  • Opening deposit and minimum balance to avoid fees are two separate requirements—a bank might ask for one, both, or neither.
  • Credit unions often have the lowest or no opening deposit, but you must be a member of the union to open an account.
  • If you have very little money to start, online banks and credit unions are your most realistic options.
  • The opening deposit goes into your account immediately and counts toward any minimum balance requirement.

Where the opening deposit goes

When you open an account, the money you deposit becomes part of your account balance right away. If you deposit $100 to open a checking account, that $100 sits in your account and you can spend it. It is not a separate fee or a hold—it is your money, and you own it from the moment the deposit clears.

This matters because some banks require a minimum balance to avoid monthly fees. If a bank says "maintain $500 to avoid the $15 monthly fee," and you opened with a $100 deposit, you would need to add $400 more to hit that threshold. The opening deposit counts toward the total.

Banks with no opening deposit requirement

Chase, Bank of America, Wells Fargo, Ally Bank, Charles Schwab Bank, and most online-only banks (Chime, Revolut, SoFi) now allow you to open a checking or savings account with $0. You can walk in, go online, or call and start an account without putting any money down. The account opens empty, and you fund it later by direct deposit, transfer, or cash deposit at a branch or ATM.

The catch is the monthly fee structure. Chase's basic checking account has no monthly fee if you maintain a $500 balance or set up direct deposit. Bank of America's basic checking has no fee if you maintain $500 or link a savings account. If you cannot meet those conditions, you may pay $12 to $15 per month. Read the fee schedule before opening.

Banks that still ask for an opening deposit

Some regional banks, community banks, and a few national banks still require an opening deposit. PNC Bank asks for $25 to open some checking accounts. Truist asks for $100 on certain products. Local credit unions vary widely—some ask for $25, others for $100, and some for nothing.

These minimums are usually lower than they were ten years ago, and they often apply only to certain account types. A bank might ask for $100 to open a premium checking account but $0 for a basic one. Always ask which account type has the lowest opening requirement if you are shopping around.

Credit unions and membership requirements

Credit unions often have the lowest opening deposits—many ask for $25 or less, and some ask for nothing. However, you must be a member of the credit union to open an account, and membership sometimes requires a small deposit into a share savings account (usually $5 to $25). This share account is separate from your checking account and is technically your ownership stake in the credit union, though you can withdraw it later.

To join a credit union, you typically need to live or work in a certain area, belong to a particular employer or organization, or be related to someone who already belongs. Some credit unions have opened their membership to anyone in the United States. Check the credit union's website or call to confirm you are may be able to access before you visit.

What happens if you cannot meet the opening deposit

If you have very little money, your best options are online banks (Chime, Revolut, SoFi, Ally) or credit unions that ask for nothing. You can also look for banks that waive the opening deposit if you set up direct deposit—some regional banks offer this trade-off. Call the bank directly and ask whether they will waive the deposit if your paycheck goes straight into the account.

Another option is to ask a family member or friend to help you meet the opening deposit, then repay them once you have the account open. The deposit is your money, so you can withdraw it and give it back to them immediately after the account is active.

Minimum balance requirements after opening

After you open the account, the bank may require you to keep a certain balance to avoid monthly fees. This is different from the opening deposit. A bank might ask for $0 to open but $500 to avoid fees. If your balance drops below that threshold, you pay the monthly charge—usually $10 to $15—until you bring the balance back up.

Some banks waive the minimum balance if you set up direct deposit, use the debit card a certain number of times per month, or maintain a linked savings account. Read the fee schedule carefully, because these waivers can make a big difference if you do not have much money to keep in the account.

Frequently Asked Questions

Can I open a bank account with $1?

Yes, if you choose a bank with no opening deposit requirement. Online banks like Ally and Chime let you open with $0, so you could technically open with $1 and have $1 in the account. However, you would still need to meet any minimum balance requirement to avoid monthly fees, which might be $500 or more.

Do I need to bring cash to open an account in person?

No. You can open an account in person without any money and fund it later by transfer or direct deposit. If the bank asks for an opening deposit, you can usually provide it by check, transfer, or debit card instead of cash.

What if I open an account and then withdraw the opening deposit?

You can withdraw it. The opening deposit is your money. However, if the bank requires a minimum balance to avoid fees, withdrawing the deposit might drop you below that threshold and trigger a monthly charge.

Do online banks charge less because they have no opening deposit?

Not necessarily. Online banks often have lower fees overall because they have fewer physical branches, but some still charge monthly maintenance fees if you do not meet balance or activity requirements. Compare the full fee schedule, not just the opening deposit.

Can I open multiple accounts at the same bank with no opening deposit?

Yes. If a bank allows $0 opening deposits, you can usually open a checking account, a savings account, and other products all with no money down. Each account is separate, and you can fund them at different times.