Most banks require nothing to open a checking account, though some ask for a small deposit
You do not need money to open a checking account at most banks. Chase, Bank of America, Wells Fargo, and most regional banks let you open an account with zero dollars and start using it when ready. The deposit requirement — if one exists — is typically $25 to $100, and that money is yours to keep or withdraw. It is not a fee.
The catch is that different banks have different rules. Some have no minimum at all. Others require a deposit only if you want a debit card when ready, or only for certain account types. A few still maintain a minimum balance requirement, meaning you have to keep a certain amount in the account at all times or pay a monthly fee. These are less common now, but they exist.
The real cost of a checking account is not the opening deposit — it is the monthly maintenance fee, if your bank charges one. That fee ranges from $0 to $15 per month depending on the bank and account type. Some banks waive it if you maintain a minimum balance, set up direct deposit, or keep a linked savings account open.
Key Takeaways
- Most major banks require no deposit to open a checking account, and any deposit you make is your own money, not a fee.
- A few banks still ask for a $25 to $100 opening deposit, but this varies by bank and account type.
- Monthly maintenance fees ($0 to $15) are the real cost to watch, and many banks waive them if you meet straightforward conditions like setting up direct deposit.
- Online banks and credit unions often have lower or zero monthly fees and no deposit requirements.
- You will need an ID and Social Security number to open any account, but no minimum money.
What banks actually ask for when you walk in
When you open an account in person or online, the bank will ask for your government-issued ID (driver's license, passport, or state ID card) and your Social Security number. They will also ask for your address, phone number, and sometimes your employment information. This is standard Know Your Customer verification — the bank is required by law to confirm who you are.
You do not need to bring a deposit. If the bank requires one, they will tell you the amount before you sign anything. You can pay it with a debit card, credit card, or cash. Some banks let you fund the account online before you ever visit a branch.
If you are opening an account online, you will upload a photo of your ID and answer security questions. The process usually takes 10 to 15 minutes. Some banks approve you when ready; others take a few hours or a business day.
Banks with no deposit requirement and no monthly fee
Online banks almost never charge monthly fees or require opening deposits. Ally Bank, Charles Schwab, and Discover Bank all offer checking accounts with zero deposit, zero monthly fee, and no minimum balance. The trade-off is that you cannot walk into a physical branch — you manage everything online or by phone.
Credit unions often have the same deal. If you are a member of a credit union, you can open a checking account with no deposit and no monthly fee. Credit unions are member-owned, so they tend to have lower fees overall. You may need to join the credit union first (which sometimes requires a small membership fee of $5 to $25), but after that, the checking account itself costs nothing.
Local and regional banks vary widely. Some have no fees or deposits; others charge $5 to $10 per month. Call or visit the bank's website to check their specific account terms before you go in.
When banks do charge an opening deposit
If a bank requires a deposit, it is usually $25 to $100. This happens most often with traditional brick-and-mortar banks that also charge monthly maintenance fees. The deposit is not a fee — it becomes your account balance. If you deposit $50 and then withdraw $50, you have $0 in the account, and the bank cannot charge you for opening it.
Some banks waive the deposit if you set up direct deposit (paycheck or government benefits) before you open the account. Others waive it if you open a linked savings account at the same time. A few waive it only for certain account types — for example, a basic checking account might have no deposit requirement, but a premium account might require $100.
The bank will always tell you the deposit requirement upfront. If they do not mention it, there is no requirement.
Monthly fees and how to avoid them
Monthly maintenance fees range from $0 to $15 depending on the bank. Chase charges $12 per month on some accounts but waives it if you maintain a $500 minimum balance or set up direct deposit. Bank of America charges $12 per month but waives it for students, seniors, or if you keep $1,500 in the account. Wells Fargo charges $10 per month but waives it if you have a linked savings account or direct deposit.
Online banks and credit unions typically charge $0 per month with no conditions. This is why they are worth considering if you do not need a physical branch.
The easiest way to avoid monthly fees is to set up direct deposit. Most banks waive the fee automatically once your paycheck or benefits start hitting the account. If you do not have direct deposit, ask the bank what the other waiver options are — many will waive the fee if you maintain a balance of $500 to $1,500, which is realistic for most people.
Overdraft fees and other costs to know about
The opening deposit and monthly fee are not the only costs. Banks also charge overdraft fees when you spend more money than you have in the account. These fees range from $25 to $35 per overdraft and can add up quickly if you overdraw multiple times in one day.
Some banks charge fees for using an out-of-network ATM (usually $2 to $3). Others charge fees for paper statements, wire transfers, or cashier's checks. These are not costs you will face on day one, but they are worth knowing about when you choose a bank.
Read the bank's fee schedule before you open the account. Most banks publish this online or will give you a copy in the branch. It lists every fee the bank charges and under what conditions.
Comparing accounts side by side
| Bank Type | Opening Deposit | Monthly Fee | How to Waive Monthly Fee |
|---|---|---|---|
| Online banks (Ally, Discover, Charles Schwab) | $0 | $0 | No conditions |
| Credit unions | $0 to $25 (membership) | $0 to $5 | Usually no conditions |
| Large banks (Chase, Bank of America, Wells Fargo) | $0 to $100 | $10 to $15 | Direct deposit, minimum balance, or linked account |
| Local/regional banks | $0 to $50 | $0 to $10 | Varies by bank |
Frequently Asked Questions
Do I need a job or income to open a checking account?
No. Banks do not ask whether you are employed. They ask for your Social Security number and ID so they can verify who you are. You can open an account whether you work, receive benefits, or have no income at all.
What if I do not have a Social Security number?
Most banks require a Social Security number for Know Your Customer verification. Some banks and credit unions will open an account using an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to ask whether the bank accepts ITINs.
Can I open a checking account if I have been denied before?
Banks check ChexSystems, a database of banking history. If you closed an account with an unpaid overdraft or fraud claim, you may be denied. Some banks are more lenient than others. Credit unions and online banks sometimes have lower barriers. You can request your ChexSystems report to see what is on file.
Is there a difference between opening an account online versus in a branch?
The account itself is the same, but the process is different. Online takes 10 to 15 minutes and you get when ready or next-day approval. In-branch takes longer but you can ask questions and get help on the spot. Some banks let you do both — start online and finish in the branch.
What happens if I never use the account after I open it?
Most banks will not close your account for inactivity, but some will charge a monthly fee even if you do not use it. Check the bank's policy. If the account has a monthly fee and you do not use it, you will lose money over time. If it has no monthly fee, you can leave it open indefinitely.