Most banks require nothing upfront, but some ask for a minimum deposit

You do not need money to open a checking account at most banks. Many large banks—Chase, Bank of America, Wells Fargo, Citibank—let you open an account with zero dollars and start using it when ready. You can deposit money later, even days or weeks later. A few banks do ask for a minimum opening deposit, usually between $25 and $100, but this is less common than it was ten years ago.

The real costs come after the account is open: monthly maintenance fees, overdraft fees, and fees for using another bank's ATM. These vary wildly depending on which bank you choose and what you do with the account. A checking account that costs nothing to open can cost $15 a month to keep if you do not meet the bank's conditions.

Key Takeaways

  • Most major banks charge nothing to open a checking account and require no minimum deposit to start.
  • Some regional banks and credit unions ask for a $25 to $100 opening deposit, but this money is yours to use or withdraw.
  • Monthly maintenance fees ($5 to $15) are more common than opening fees and depend on your balance or direct deposit activity.
  • Online banks typically have no monthly fees and no minimum balance, making them the lowest-cost option if you do not need a physical branch.

Banks that charge nothing to open and nothing to maintain

Chase, Bank of America, Wells Fargo, and Citibank all offer checking accounts with no opening deposit required. You walk in, provide an ID and Social Security number, and leave with a debit card and account number. You can start using the account when ready through their app or website, even if you have not deposited anything yet.

The catch is the monthly fee. Chase's basic checking account has a $12 monthly maintenance fee unless you keep a $500 minimum balance or set up a direct deposit. Bank of America charges $12 per month unless you maintain $1,500 or have a direct deposit. Wells Fargo charges $10 monthly unless you meet similar conditions. If you do meet the condition—usually a direct deposit of any amount—the fee disappears.

Credit unions often have lower or no monthly fees. If you are a member of a credit union, ask whether they charge a monthly maintenance fee. Many do not, or waive it if you maintain a small balance like $100.

Banks that ask for money upfront

Some regional banks and online banks ask for a minimum opening deposit of $25 to $100. This is not a fee—it is your money. You can withdraw it the next day if you want. The bank is straightforward requiring you to fund the account at the moment you open it rather than leaving it empty.

Online banks like Ally, Charles Schwab, and Discover often ask for a $0 minimum but may require you to fund the account within a certain number of days. Check the specific bank's requirements before you open the account, because the rules change and vary by state.

Monthly fees and what triggers them

After the account is open, the main cost is the monthly maintenance fee. This fee exists at most large banks and ranges from $5 to $15 per month. Banks waive it if you meet one of these conditions: maintain a minimum balance (usually $500 to $1,500), set up a direct deposit, or keep a linked savings account with a minimum balance.

Online banks almost never charge a monthly maintenance fee. Ally, Charles Schwab, Discover, and Chime all offer checking accounts with no monthly fee, no minimum balance, and no direct deposit requirement. The trade-off is that you cannot walk into a physical branch—everything happens through the app or website.

If you do not meet the bank's conditions and do not pay the monthly fee, the bank will deduct it from your account each month. If your balance is low, this can push you into overdraft.

Overdraft fees and other hidden costs

The most expensive mistake is overdrawing your account. If you spend more than you have, the bank charges an overdraft fee—typically $25 to $35 per transaction. If you overdraw multiple times in one day, you can be charged multiple fees, sometimes totaling $100 or more.

ATM fees are another cost. If you use an ATM that does not belong to your bank's network, you pay a fee—usually $2 to $3 per withdrawal. Some banks charge you; some charge the ATM owner; some charge both. Online banks often reimburse ATM fees or partner with networks like Allpoint or MoneyPass to offer free ATMs nationwide.

Wire transfer fees, check printing fees, and fees for closing an account early are less common but possible. Read the fee schedule before you open the account.

How to find the lowest-cost account for your situation

If you receive a direct deposit from an employer or government benefit, choose a bank that waives the monthly fee for direct deposit. This is the easiest condition to meet and costs you nothing. Chase, Bank of America, and most credit unions will waive their fee for any direct deposit, even $1.

If you do not have a direct deposit, an online bank is usually cheaper. Ally, Charles Schwab, Discover, and Chime charge no monthly fee, no minimum balance, and no opening deposit. You lose the ability to deposit cash in person, but you can deposit checks through the app.

If you need to deposit cash regularly and do not have direct deposit, a credit union is often your best option. Many credit unions have no monthly fee and allow you to deposit cash at any branch, even if you are not a member of that specific branch. Ask your credit union about their fee structure before you open the account.

What documents you need to bring

To open a checking account in person, bring a government-issued photo ID (driver's license, passport, or state ID) and your Social Security number. Some banks also ask for a second form of ID or proof of address, like a utility bill or lease.

If you open the account online, you will upload a photo of your ID and provide your Social Security number through the bank's app. The process takes 10 to 15 minutes. Some banks verify your identity when ready; others take 24 to 48 hours.

Frequently Asked Questions

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

Yes, at most major banks. Chase, Bank of America, Wells Fargo, and Citibank all allow you to open with zero dollars. You can deposit money later. Some smaller banks and credit unions ask for a $25 to $100 opening deposit, but this is your money and you can withdraw it anytime.

What is the difference between a minimum opening deposit and a monthly fee?

A minimum opening deposit is money you put in when you open the account—it is yours to use or withdraw. A monthly maintenance fee is charged by the bank each month to keep the account open. You can avoid the monthly fee by meeting a condition like direct deposit or maintaining a balance.

Do online banks really have no fees?

Most online banks charge no monthly maintenance fee, no minimum balance, and no opening deposit. They do charge overdraft fees and may charge fees for wire transfers or other services. Read the fee schedule on their website before you open the account.

What happens if I cannot meet the minimum balance requirement?

The bank charges you the monthly maintenance fee, usually $5 to $15. This fee is deducted from your account each month. If your balance is very low, the fee can push you into overdraft, which triggers an additional overdraft fee.

Can I avoid all checking account fees?

Yes. Open an account at an online bank like Ally or Charles Schwab, which charge no monthly fee, no minimum balance, and no opening deposit. You can also avoid fees at a traditional bank by setting up direct deposit, which waives the monthly maintenance fee at most banks.