The minimum to open a checking account varies by bank, but most require an initial deposit, a government ID, and a Social Security number or tax ID
There is no single federal minimum. Each bank sets its own rules. Some accounts open with $0 down; others require $25, $100, or more. What matters is finding a bank whose minimum matches what you have right now, because the wrong choice wastes time and money.
The documents you will need are consistent across nearly all banks: a valid government-issued ID (driver's license, passport, or state ID card), proof of your Social Security number or Individual Taxpayer Identification Number (ITIN), and your current address. Some banks also ask for a second form of ID or a utility bill to confirm where you live. Online banks often skip the address verification if you provide it during signup.
Key Takeaways
- Initial deposit requirements range from $0 to $500 depending on the bank and account type; check the specific bank's website before you visit or call.
- You will need a government ID, your Social Security number or ITIN, and proof of your current address for nearly every account.
- Online banks often have lower or no minimum deposits than brick-and-mortar branches, but they cannot accept cash deposits.
- Some banks waive monthly fees if you maintain a minimum balance or set up direct deposit, so the opening deposit is not always the only cost to consider.
- If you do not have a Social Security number, you can open an account with an ITIN, though some banks restrict this option.
What counts as an acceptable initial deposit
The initial deposit is the money you put in when you open the account. It does not have to come from your paycheck or savings—it can be cash, a check, or a transfer from another account you already own. Some banks let you deposit money in the branch; others require you to mail a check or transfer funds electronically before the account is active.
If a bank has a $0 minimum, you can open the account and deposit money later. If it requires $25 or $100, you must have that amount ready before you walk in or submit your process online. A few banks—usually those targeting customers with higher balances—require $500 or more, but these are less common for basic checking accounts.
Government ID and address requirements
Your government ID must be current and show your photograph. A driver's license or state ID card is standard. A passport works if that is what you have. Some banks will not accept an expired ID, even if it is only expired by a few months, so check the expiration date before you go.
For your address, banks typically accept a utility bill, lease, mortgage statement, or government mail dated within the last 60 to 90 days. If you are homeless or living with someone else and do not have a bill in your name, ask the bank what they will accept—some allow a letter from a shelter, a social services agency, or a trusted person who can vouch for your address. Online banks often skip this step if you provide your address during the process and it matches public records.
Social Security number versus ITIN
Most banks require a Social Security number (SSN) to open a checking account. If you do not have one, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead, but your options are more limited. ITINs are issued by the IRS to people who are not may be able to access for a Social Security number but need to file taxes or conduct financial business in the United States.
Not all banks accept ITINs. Credit unions and community banks are more likely to than large national chains. If you have an ITIN, call ahead or check the bank's website before you visit. You will still need to provide the same ID and address documentation as anyone else.
Minimum balance requirements versus opening deposits
Do not confuse the opening deposit with the minimum balance requirement. The opening deposit is what you put in to start the account. The minimum balance is the amount you must keep in the account to avoid a monthly fee.
A bank might have a $0 opening deposit but require you to keep $500 in the account at all times to avoid a $12 monthly fee. Another might require $100 to open but have no minimum balance at all. Read the fee schedule carefully, because the cheapest account to open is not always the cheapest to keep.
Online banks versus in-person banks
| Feature | Online Banks | In-Person Banks |
|---|---|---|
| Typical opening deposit | $0 to $25 | $25 to $100 |
| How you deposit cash | Cannot deposit cash directly; must transfer from another account or use ATM network | Can deposit cash at the branch |
| Documents needed | ID, SSN/ITIN, address (often verified electronically) | ID, SSN/ITIN, address (may require physical proof) |
| Time to open | Minutes to hours online | 15 to 30 minutes in branch |
Online banks typically have lower opening deposits because they have fewer physical locations to maintain. In-person banks may charge more upfront but let you deposit cash when ready. If you do not have cash to deposit and can transfer money electronically, an online bank is usually faster and cheaper. If you need to deposit cash right away, you will need a branch.
What happens if you do not meet the minimum
If you do not have the opening deposit a bank requires, you have three options: find a different bank with a lower minimum, wait until you have the money, or ask whether the bank will waive the requirement. Some banks, especially credit unions, will occasionally waive minimums for customers who have a hardship or who are opening an account for the first time.
Many online banks and some community banks have $0 minimums, so if you have no money to deposit, these are your best options. You can deposit money as soon as you have it. The account will be open and ready to use—you just will not have a balance until you add funds.
Frequently Asked Questions
Can I open a checking account without a Social Security number?
Yes, if you have an ITIN. Not all banks accept ITINs, so you will need to call or check the website first. Credit unions and community banks are more likely to offer this option than large national chains.
Do I have to deposit money in person, or can I do it online?
It depends on the bank. Online banks let you transfer money electronically or mail a check. In-person banks let you hand cash or a check to a teller. Some banks require the opening deposit to be made in a specific way—check before you open the account.
What if my ID is expired?
Most banks will not accept an expired ID, even if it expired recently. Renew it first through your state's DMV or passport office. This usually takes one to two weeks, so plan ahead if your ID is close to expiring.
Can I open an account with someone else's money?
Yes. The opening deposit can come from anyone. It does not have to be your own money. The person depositing it does not need to be present or have any claim to the account—once the money is in, it is yours.
What is the difference between a checking account minimum and a savings account minimum?
Checking accounts typically have lower opening deposits and minimum balances than savings accounts. A checking account might open with $0 and have no minimum balance, while a savings account at the same bank might require $100 to open and $500 to keep. Ask the bank about both if you are interested in either type.