Most banks require $0 to $25 to open an account, but some require nothing at all
The amount of money you need to open a bank account depends on the bank and the type of account. Many banks—including Chase, Bank of America, Wells Fargo, and most regional banks—let you open a checking or savings account with no minimum deposit. Others ask for $25, $100, or occasionally $500 to get your free guide. A few banks waive the minimum if you set up direct deposit or maintain a certain balance each month.
The minimum deposit is separate from the money you need to keep in the account after opening it. Some banks charge a monthly fee if your balance falls below a threshold (often $500 to $1,500), while others have no balance requirement at all. Online banks and credit unions tend to have lower or no minimums on both fronts.
If you cannot meet a bank's opening deposit, you have options: open an account at a bank with no minimum, use a credit union, or start with a prepaid card and move to a bank account later.
Key Takeaways
- Most major banks require $0 to $25 to open a checking or savings account, though some ask for $100 or more.
- The opening deposit is different from the minimum balance required to avoid monthly fees—check both before choosing a bank.
- Online banks and credit unions often have no opening deposit and no monthly balance requirement.
- If you cannot meet a bank's opening deposit, look for a no-minimum account or consider a prepaid card as a temporary step.
- Some banks waive opening deposits if you set up direct deposit of your paycheck or receive a government benefit payment.
Opening deposits at major banks
Chase, Bank of America, Wells Fargo, and Citibank all allow you to open a checking account with $0. Their savings accounts also typically require no opening deposit. However, these banks do charge monthly fees on some accounts if you do not maintain a minimum balance or set up direct deposit. Chase's basic checking account, for example, has no opening deposit but charges $12 per month unless you maintain $500 or receive direct deposit.
Regional and community banks vary widely. Some require $25 to $100 to open, others require nothing. Call ahead or check the bank's website before visiting, because minimums can differ by branch or by account type.
Credit unions almost always have no opening deposit requirement. You may need to pay a one-time membership fee (usually $5 to $25) to join, but that is separate from opening an account. After you join, you can open checking and savings accounts with no deposit.
Online banks and their minimums
Online banks like Ally, Charles Schwab, Discover, and Marcus typically require $0 to open a checking or savings account and charge no monthly fees regardless of balance. Because they have no physical branches, they save money on overhead and pass those savings to customers.
The trade-off is that you cannot deposit cash in person. You can deposit checks by phone camera, transfer money from another bank account, or receive direct deposit. If you need to deposit cash regularly, an online bank may not be the right fit—though some online banks partner with ATM networks or convenience stores to let you deposit cash.
What happens if you cannot meet the opening deposit
If a bank requires $25 or $100 and you do not have it, your options are to open an account at a bank with no minimum, join a credit union, or use a prepaid card temporarily. Prepaid cards (like NetSpend, Green Dot, or Chime) let you load money and use it like a debit card, though they charge monthly fees and do not build credit history the way a bank account does.
Some banks will waive their opening deposit if you sign up for direct deposit before you open the account. Ask the bank directly whether this option is available. If your employer or a government program (Social Security, unemployment, tax refund) can deposit money directly into your account, mentioning this when you apply may remove the deposit requirement.
Monthly fees and balance requirements
After you open an account, the real cost comes from monthly maintenance fees. Many banks charge $10 to $15 per month if your balance drops below a threshold—often $500 to $1,500—or if you do not receive direct deposit. Some accounts waive the fee if you maintain a certain number of debit card transactions per month instead.
Read the fee schedule before opening. A bank with a $0 opening deposit but a $12 monthly fee costs more over time than a bank that asks for $100 upfront but charges nothing monthly. Online banks and many credit unions charge no monthly fee at all, which makes them cheaper in the long run.
How to compare banks by cost
When comparing banks, write down three numbers: the opening deposit, the monthly maintenance fee, and the minimum balance needed to avoid that fee. Then calculate the real cost over a year. A bank with a $100 opening deposit and $0 monthly fees costs $100 in year one and $0 in year two. A bank with $0 opening deposit but $12 monthly fees costs $0 in year one and $144 in year two.
Also check whether the bank offers free overdraft protection, free ATM access, and free transfers to other banks. These features vary and can add up. A bank that charges $35 per overdraft but lets you link to another account for free transfers may be cheaper than one that charges nothing per overdraft but charges $3 per external transfer.
Special cases: joint accounts and student accounts
Some banks offer student checking accounts with lower or no opening deposits and no monthly fees. If you are a student, ask whether your bank has a student account option. Joint accounts (opened by two people together) usually have the same opening deposit as individual accounts, but confirm this with your bank.
Minors (under 18) typically need a parent or guardian to open an account with them. Some banks offer youth savings accounts with no opening deposit and no monthly fees, designed to teach money management. These accounts often have limits on how much you can withdraw or transfer per month.
Frequently Asked Questions
Do I need to bring cash to open an account?
No. If the bank requires an opening deposit, you can usually pay by debit card, check, or transfer from another account. Ask the bank how they accept the deposit before you visit or apply online.
What if I open an account but cannot keep the minimum balance?
The bank will charge a monthly fee (usually $10 to $15) until your balance rises above the minimum or you set up direct deposit. You can keep the account open and pay the fee, close it and move to another bank, or ask the bank whether they offer fee waivers for hardship.
Can I open a bank account with no money at all?
Yes. Many banks—including most online banks and credit unions—require no opening deposit and no minimum balance. You can open an account and deposit money whenever you are ready.
Is a prepaid card cheaper than a bank account?
Usually not. Prepaid cards charge monthly fees ($5 to $15), per-transaction fees, and ATM fees. A bank account with no monthly fee is cheaper over time, even if it requires an opening deposit.
Do I need direct deposit to avoid monthly fees?
It depends on the bank. Some banks waive monthly fees only if you receive direct deposit. Others waive fees if you maintain a balance, make a certain number of debit card purchases, or keep a linked savings account open. Check your bank's fee schedule to see which option applies to you.