You do not need to deposit money to open a checking account at most banks and credit unions
Many banks and credit unions will open a checking account with a zero balance. You can walk in, complete the paperwork, and leave with an active account that you fund later—or never, if you change your mind. Some institutions do require an opening deposit, but it is usually small: $25 to $100. A few online banks have no deposit requirement at all.
The confusion comes from mixing up two different things: opening an account and maintaining a minimum balance. You may not need money to open, but some accounts do require you to keep a certain amount in the account at all times, or you face monthly fees. That is a separate rule that kicks in after the account exists.
Key Takeaways
- Most traditional banks and credit unions let you open a checking account with zero dollars, though some ask for $25 to $100 at signup.
- Online banks often have no opening deposit requirement and no monthly maintenance fees, making them the cheapest option if you have no money upfront.
- Minimum balance requirements are different from opening deposits—you may need to keep money in the account after it opens, or pay a monthly fee.
- If you have no ID or Social Security number, opening an account becomes harder but not impossible; some banks offer second-chance accounts.
Banks and credit unions that do not require an opening deposit
Most regional and national banks will open a checking account without an opening deposit. Chase, Bank of America, Wells Fargo, and Citibank all offer accounts with zero opening deposit. Credit unions typically have the same policy—you can open an account and fund it whenever you want.
The catch is the monthly maintenance fee. A bank that takes no opening deposit may still charge $10 to $15 per month unless you meet certain conditions: direct deposit, a minimum balance, or a certain number of debit card transactions. Read the fee schedule before you open, because that monthly charge adds up faster than an opening deposit would.
Online banks like Ally, Charles Schwab, and Discover have no opening deposit and no monthly fees at all. If you have internet access and can verify your identity online, these are the cheapest route. The tradeoff is no physical branch—you cannot walk in and talk to someone, and deposits work differently (mobile check deposit or transfers from another account).
Banks that do require an opening deposit
Some banks ask for $25 to $100 to open a checking account. This is less common than it used to be, but it still happens at certain regional banks and at some branches of larger institutions. The deposit is yours—it goes into the account as your first balance, and you can withdraw it anytime.
If you do not have that money, ask the bank whether they have a second-chance or basic checking product. These accounts are designed for people with no banking history or a damaged credit record, and many have no opening deposit. They may have higher fees or lower limits on transactions, but they exist for this reason.
The difference between opening deposit and minimum balance
An opening deposit is money you give the bank when you sign up. A minimum balance is money you must keep in the account after it opens, or you pay a fee. These are two separate rules, and a bank might have one, both, or neither.
For example: Bank A might ask for $100 to open but have no minimum balance requirement. Bank B might ask for nothing to open but require you to keep $500 in the account or pay $12 per month. Bank C might ask for nothing and require nothing. Check the account terms for both numbers before you decide.
If you cannot meet a minimum balance, look for accounts labeled "no minimum balance" or "free checking." These exist specifically to avoid that trap. Online banks almost never have minimum balance requirements because they have lower operating costs.
What you actually need to open an account
Money is optional, but identification is not. You will need a government-issued photo ID (driver's license, passport, or state ID card) and a Social Security number or Individual Taxpayer Identification Number (ITIN). The bank uses these to verify who you are and to report interest income to the IRS.
If you do not have a photo ID, some banks will accept other documents: a birth certificate plus a utility bill, or a letter from a government agency. Call ahead and ask what they accept. If you have no Social Security number, an ITIN works, and some banks will open accounts for people with neither—though this is rare and usually requires in-person verification.
You will also need a mailing address. If you are unhoused, some banks will accept a shelter address or a mail forwarding service address. Ask the bank directly whether they will accept it before you start the process.
How to find banks with no opening deposit in your area
Call the banks near you and ask: "Do you require an opening deposit for a checking account?" Write down the answer and the monthly fee. Most banks post their fee schedules online under "Checking Account" or "Account Pricing," so you can compare before you call.
If you want to avoid the phone call, online banks are a faster way to compare. Ally, Charles Schwab, Discover, and LendingClub all publish their terms on their websites, and you can see the opening deposit and monthly fee in seconds. If you have internet access and can verify your identity online, you can open an account in 10 to 15 minutes.
Credit unions are another option. Use the CO-OP network locator or the Allpoint network to find a credit union near you, then call and ask about opening deposits. Many credit unions have no deposit requirement and lower fees than banks.
What happens if you open an account and never use it
If you open a checking account and never deposit money or make any transactions, the bank will usually leave it alone. Some banks close inactive accounts after 12 months of no activity, but they will send you a notice first. If there is money in the account, they hold it and you can claim it later—the bank does not keep it.
If the account has a monthly fee and you never fund it, the fee cannot be charged because there is no money to take. The account straightforward sits at zero. However, if you do deposit money and then stop using the account, the monthly fee will be deducted from your balance until the account is empty or closed.
Frequently Asked Questions
Can I open a checking account with no money if I have bad credit?
Yes. Checking accounts do not use a credit check—banks use ChexSystems, which tracks banking history, not credit history. Even if you have been denied a bank account before, you can open one at a different bank or at a credit union. Ask for a second-chance or basic checking account if you have been denied elsewhere.
What if I do not have a Social Security number?
An ITIN (Individual Taxpayer Identification Number) works instead. If you have neither, some banks will still open an account, but you will need to go in person and bring additional documents. Call ahead and ask what they accept. Online banks are usually stricter about this requirement.
Do I have to keep the opening deposit in the account?
No. The opening deposit is your money. You can withdraw it the same day you open the account if you want. It is not a fee or a hold—it is just the first balance in your account.
What is the cheapest way to open a checking account with no money?
An online bank with no opening deposit and no monthly fees is the cheapest option. Ally, Charles Schwab, and Discover all meet this standard. If you need a physical branch, look for a credit union or a bank that advertises "free checking" with no minimum balance.
Can I open an account online if I have no ID?
No. Online banks require identity verification, which means a photo ID and Social Security number. You will need to go to a physical branch if you have no ID, and even then, many banks will ask for additional documents. Call ahead to find out what the bank will accept.