Most banks have no minimum opening balance requirement
You do not need to deposit money to open a checking account at most banks. Many institutions let you open an account with zero dollars and start using it when ready. The account exists before any money enters it.
What varies is what happens after you open it. Some banks charge a monthly fee if your balance stays below a certain amount—often $500 or $1,500. Others waive the fee if you set up direct deposit, maintain a linked savings account, or meet other conditions. A few banks still require an opening deposit, but these are becoming less common.
The distinction matters: no opening balance requirement means you can walk in or go online and create the account today. A monthly fee threshold means you might pay later if you do not meet it. These are separate rules.
Key Takeaways
- Most major banks and credit unions let you open a checking account with $0 and no deposit required.
- Monthly maintenance fees (typically $10 to $15) explore only if your balance falls below a set threshold, which varies by bank and account type.
- You can avoid monthly fees through direct deposit, maintaining a minimum balance, or linking accounts—the specific requirement depends on your bank.
- Online banks and credit unions often have lower or no minimum balance requirements compared to traditional brick-and-mortar banks.
- The opening balance requirement is different from the monthly fee threshold; one determines whether you can open the account, the other determines whether you pay later.
Why banks stopped requiring opening deposits
Ten to fifteen years ago, many banks required $100 to $500 just to open a checking account. That practice has largely disappeared because banks compete for customers online, and an opening deposit barrier costs them accounts. A person with $50 can now open at most banks instead of waiting or going elsewhere.
Banks still make money from checking accounts—through overdraft fees, debit card interchange, and the ability to lend out deposits. They do not need your opening deposit to make the account worthwhile. What they do care about is whether you will use the account regularly and keep money in it over time.
How monthly maintenance fees work instead
Instead of requiring money upfront, banks charge a monthly fee—usually $10 to $15—if your balance stays below a threshold. This threshold is where the real number sits. Common thresholds are $500, $1,000, or $1,500, depending on the account type and the bank.
If your balance drops below that number on any day of the month, you may be charged. Some banks check the balance on the last day of the month; others check daily and charge if you ever dip below. Read the account disclosure to know which applies to you.
The fee is not automatic for everyone. Most banks waive it if you meet one of these conditions: direct deposit of at least $500 per month, a linked savings account with a minimum balance, a certain number of debit card transactions per month, or maintaining the minimum balance itself. The waiver options vary by bank and account tier.
Banks and credit unions with genuinely low or no minimums
Online banks like Ally, Charles Schwab, and Discover typically have no monthly maintenance fee and no minimum balance requirement at all. They make this a selling point because they have lower overhead than physical branches.
Many credit unions also have no minimum balance requirement and no monthly fee. Credit unions are member-owned, so they often prioritize access over profit margins. If you belong to a credit union or are may be able to access to join one (through your employer, your school, or your location), checking the credit union option is worth the time.
Traditional banks like Chase, Bank of America, and Wells Fargo do have monthly fees and balance thresholds, but they offer ways to waive them. Chase's basic checking account, for example, has no monthly fee if you maintain $500 or set up direct deposit. Bank of America's SafeBalance account has no monthly fee if you keep $500 or make ten debit card transactions per month.
What you actually need to bring or provide
To open a checking account, you need identification (a driver's license or passport), a Social Security number or ITIN, and proof of address (a recent utility bill or lease). You do not need an opening deposit. You may need to provide an initial deposit if the bank requires it, but most do not.
If you open online, you will upload photos of your ID and provide your information through a form. If you open in person, you bring the documents with you. The process takes 10 to 20 minutes either way.
Some banks will ask about your employment or income, but this is for their records and does not determine whether you can open the account. They are not checking whether you have money elsewhere; they are building a profile for fraud detection and marketing.
What happens if you cannot meet the minimum balance
If your bank has a $500 minimum balance requirement and you cannot maintain it, you will pay a monthly fee—usually $10 to $15. Over a year, that is $120 to $180. If you know you cannot meet the balance, choose a bank with no minimum or with a waiver option you can actually use.
If you have direct deposit from an employer or government benefit, that is the easiest waiver to use. If you do not, look for banks that waive the fee through debit card transactions or by linking a savings account. Some banks let you waive the fee by keeping a small amount in a linked savings account instead of the checking account itself, which gives you flexibility.
If you are already with a bank that charges you a monthly fee and you cannot meet the minimum, you can switch. There is no penalty for closing a checking account and moving to another bank. Many online banks will even reimburse you for fees charged by your old bank during the switch process.
How to compare accounts before you open
Before opening, look at the account disclosure document—usually called a "Truth in Savings" or "Account Terms" sheet. This document lists the monthly fee, the minimum balance requirement, what waives the fee, and how the bank calculates your balance.
Ask or search for: What is the monthly maintenance fee? What is the minimum balance to avoid it? What are the ways to waive the fee? How does the bank calculate your balance—daily, or on the last day of the month? Are there other fees (overdraft, ATM, out-of-network)?
If you plan to keep less than $500 in the account, pick a bank with no minimum or a waiver you can meet. If you plan to keep $1,000 or more, the minimum balance is less important—you will not hit it anyway. The monthly fee matters only if you are in the middle ground and cannot meet the waiver conditions.
Frequently Asked Questions
Do I need to deposit money when I open a checking account?
No. Most banks let you open a checking account with zero dollars. You can open the account and deposit money later, or start using it with a debit card before any money is in it. A few banks still require an opening deposit, but this is rare.
What is the difference between an opening balance requirement and a monthly minimum?
An opening balance is money you must deposit to create the account. A monthly minimum is a balance you must maintain to avoid a fee each month. Most banks have dropped opening requirements but kept monthly minimums with waiver options.
Can I avoid the monthly fee if I cannot keep the minimum balance?
Yes, if your bank offers waivers. Most banks waive the fee through direct deposit, a certain number of debit transactions per month, or a linked savings account. If none of those work for you, switch to a bank with no monthly fee instead.
Do online banks have lower minimums than regular banks?
Usually yes. Online banks like Ally and Discover typically have no monthly fee and no minimum balance because they have lower costs. Traditional banks with branches often charge a monthly fee unless you meet a waiver condition, though the fee is usually waivable.
What if I close my account and reopen it at the same bank?
You can close and reopen, but the bank may flag you if you do this repeatedly to avoid fees. If you genuinely need a different account type, ask the bank to convert your existing account instead of closing and reopening.