Most banks have no minimum deposit requirement to open a checking account

You can open a checking account at most major banks and credit unions with zero dollars. Banks like Chase, Bank of America, Wells Fargo, and Citibank all offer checking accounts with no opening deposit. The same is true for most regional banks and online banks like Ally, Charles Schwab, and Discover.

What varies is what happens after you open the account. Some banks charge a monthly maintenance fee if you don't meet certain conditions—like keeping a minimum balance, setting up direct deposit, or making a certain number of debit card transactions each month. Others charge no monthly fee under any circumstance. The minimum deposit and the monthly fee are two separate things, and understanding which one applies to you matters for your actual cost.

A few banks and credit unions do require money upfront to open an account, but these are the exception. When they do, the amount is usually between $25 and $100. Some credit unions require membership shares—a one-time deposit that stays in your account and acts as your membership fee—but this is not the same as a minimum balance you have to maintain.

Key Takeaways

  • Most banks let you open a checking account with $0 down, including Chase, Bank of America, Wells Fargo, and online banks like Ally and Charles Schwab.
  • Opening deposit and monthly maintenance fee are different things; a bank with no opening deposit may still charge a monthly fee if you don't meet other conditions.
  • Monthly fees are usually waived if you keep a minimum balance (often $500 to $1,500), set up direct deposit, or make a certain number of debit card transactions per month.
  • Credit unions sometimes require a membership share deposit of $25 to $100 that stays in your account permanently and is not a balance requirement.
  • Online banks almost never charge monthly fees or require opening deposits, making them the lowest-cost option if you don't need a physical branch.

How opening deposits and monthly fees work differently

An opening deposit is money you put in when you first create the account. A monthly maintenance fee is a charge the bank takes out each month if you don't meet certain conditions. Banks often advertise "no minimum deposit" but still charge a monthly fee, which is why you need to read both parts of the account terms.

For example, Chase's basic checking account has no opening deposit requirement. But if you don't maintain a $500 minimum balance, don't set up direct deposit, and don't make 10 debit card transactions per month, Chase charges $12 a month. If you meet any one of those conditions, the fee goes away. So you could open the account with $1, but if you leave it at $1 and don't use the debit card, you'll pay $12 monthly.

Credit unions often work the opposite way. They may require $25 or $50 upfront for a membership share, but then charge no monthly fee regardless of your balance. That $25 stays in your account as long as you're a member—you can't withdraw it—but you're not paying anything monthly.

Banks with genuinely no opening deposit and no monthly fee

If you want to avoid both an opening deposit and a monthly fee, online banks are your most reliable option. Ally Bank, Charles Schwab, Discover Bank, and Chime all offer checking accounts with no opening deposit and no monthly maintenance fee, period. They don't have conditions you have to meet; there is no fee to avoid.

Some regional banks and credit unions also offer this structure. Alliant Credit Union, for example, has no opening deposit and no monthly fee. Navy Federal Credit Union (if you're military-may be able to access) has the same terms. Local community banks vary widely, so you'll need to ask directly.

The trade-off with online banks is that you have no physical branch to visit. You deposit checks by phone camera, withdraw cash at ATMs (usually free at a network of partner ATMs), and handle everything else online or by phone. If you need to walk into a building to deposit cash or talk to someone in person, you'll need a bank with branches, and those are more likely to have a monthly fee.

What happens if you can't meet the opening deposit

If a bank requires an opening deposit and you don't have it, your options are to wait until you do, or to choose a different bank. You cannot open an account with less than the stated minimum, and no bank will waive it for you.

However, the banks that require opening deposits are a small minority. If you're looking at a bank that requires $100 upfront and you can't afford it right now, switching to an online bank with no opening deposit solves the problem when ready. You can open the account today with whatever you have—even $5—and move money in later.

Some employers and government agencies can deposit money directly into a new account before you've funded it yourself. If you have direct deposit set up through your job or through a government benefit, you can sometimes open the account and have your first deposit land there within days. Check with the bank about whether they'll let you open an account with a pending direct deposit and no money of your own.

Credit union membership shares versus minimum balances

Credit unions often use the term membership share or share account instead of a checking account. When you open one, you're required to buy at least one share, which is usually $25 or $50. This is not a minimum balance you have to maintain—it's a one-time purchase that makes you a member of the credit union.

The share stays in your account forever. You cannot withdraw it as long as you're a member. But you're also not paying a monthly fee to keep it there. If you later close your account, the credit union returns your share deposit to you, minus any outstanding fees.

This structure is actually cheaper than a bank with a $500 minimum balance requirement, because you only have to tie up $25 or $50 instead of $500. But it does mean you need that money upfront, and you can't use it.

How to find the actual cost of an account before you open it

Before you open any checking account, look for the bank's fee schedule or account terms document. This is usually a PDF on the bank's website, often labeled "Pricing" or "Fees and Terms." It will tell you the opening deposit requirement, the monthly maintenance fee (if any), and the conditions that waive the fee.

Read the conditions carefully. If the bank says the fee is waived with "direct deposit," ask whether that means any direct deposit or a minimum amount. Some banks require at least $500 per month in direct deposits; others waive the fee for any amount. If the condition is "10 debit card transactions per month," that's straightforward to meet if you use the card regularly, but harder if you rarely use it.

Call the bank's customer service line if the document is unclear. Ask specifically: "What is the opening deposit requirement?" and "What is the monthly fee, and what do I have to do to avoid it?" Write down the answers. This takes five minutes and saves you from surprises later.

Frequently Asked Questions

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

Yes, at most banks and credit unions. Online banks like Ally, Charles Schwab, and Discover have no opening deposit requirement. Many traditional banks including Chase and Bank of America also allow you to open with $0. A few banks and credit unions do require an opening deposit of $25 to $100, so check the specific bank's terms.

What's the difference between an opening deposit and a minimum balance?

An opening deposit is money you put in when you create the account. A minimum balance is money you have to keep in the account at all times to avoid a monthly fee. A bank can require one, both, or neither. You might open with $0 but have to keep $500 in the account, or open with $50 and have no balance requirement.

Do I have to keep money in the account after I open it?

Only if the bank charges a monthly fee and you want to avoid it. If the fee is waived by maintaining a minimum balance, then yes—you have to keep that amount in the account. If the fee is waived by direct deposit or debit card use, then no, your balance can be zero. Read your account terms to see which conditions explore to your account.

What if my bank charges a monthly fee I didn't know about?

Contact the bank and ask them to explain which condition you didn't meet. If you meet one of the waiver conditions going forward, the fee should stop. Some banks will refund one or two months of fees if you were not clearly told about them, but this is not may provide. Switching to a bank with no monthly fee is often faster than trying to get a refund.

Are online banks safe if they have no opening deposit requirement?

Yes. Online banks are regulated by the same federal agencies as traditional banks. Your deposits are insured by the FDIC (Federal Deposit Insurance Corporation) up to $250,000, whether the bank has branches or not. The lack of an opening deposit requirement is a business choice, not a sign of instability.