Most banks let you open an account with $0, but some require a minimum deposit

The short answer: you do not need any money to open a checking or savings account at most banks. Many large banks—Chase, Bank of America, Wells Fargo, Citibank—have accounts with no minimum opening deposit. You can walk in or go online, provide your ID and Social Security number, and leave with an account number the same day.

That said, some banks and credit unions do require an opening deposit, usually between $25 and $500. A few require higher minimums—$1,000 or more—if you want certain account features like higher interest rates or waived fees. The minimum varies by the specific account type and the bank's own rules, not by law.

The real cost to watch is what happens after you open the account. Monthly maintenance fees, overdraft fees, and minimum balance requirements can add up even if opening was free. Those matter more than the opening deposit.

Key Takeaways

  • Most major banks have checking and savings accounts with zero opening deposit required.
  • Some banks and credit unions require $25 to $500 to open, and a few require $1,000 or more for premium accounts.
  • The opening deposit is different from a minimum balance requirement—you may need to keep money in the account to avoid monthly fees.
  • Online banks typically have lower or no opening deposits and lower monthly fees than brick-and-mortar banks.
  • Credit unions often have lower opening deposits than banks but may require membership in a specific group or community.

Where the opening deposit requirement comes from

Banks use opening deposits as a way to reduce risk and cover administrative costs. A deposit shows the bank you are serious about using the account and gives them money to work with when ready. Some banks waive this requirement to attract customers, especially online banks that have lower overhead costs.

The opening deposit is not the same as a minimum balance requirement. You might open an account with $0, but the bank might require you to keep $500 in the account at all times to avoid a monthly fee. If your balance drops below that, you pay the fee—usually $5 to $15 per month. Read the account terms carefully to see both numbers.

Banks with no opening deposit

Chase, Bank of America, Wells Fargo, Citibank, and most other national banks have checking accounts you can open with $0. You will need a government-issued ID, your Social Security number, and a way to fund the account (a debit card, another bank account, or a check). You can open online in about 10 minutes or in a branch in person.

Online banks like Ally, Charles Schwab, Discover, and Chime also have $0 opening deposits. These banks often have no monthly fees and no minimum balance requirements either, which makes them cheaper to use long-term even though the opening deposit is the same as the big banks.

Credit unions vary widely. Some have no opening deposit; others require $25 to $100. Many credit unions require you to be a member of a specific group—employees of a certain company, residents of a certain county, members of a union or professional organization—before you can open an account. Check your local credit union's website or call to ask about membership and opening requirements.

Banks that do require an opening deposit

Some regional banks and credit unions require opening deposits of $25 to $500. A few banks offer premium accounts—often called "premium checking" or "wealth management" accounts—that require $1,000 to $10,000 to open. These accounts usually come with perks like higher interest rates, waived fees, or access to a financial advisor.

If you are opening an account with very little money, avoid premium accounts. They are designed for people with larger balances. Stick to a standard checking or savings account, which almost always has a $0 opening deposit.

What happens if you cannot meet the opening deposit

If a bank requires an opening deposit and you do not have it, your options are to find a bank with no opening deposit requirement or to wait until you have the money. Do not let a $25 or $50 opening deposit stop you from banking—there are always banks with $0 requirements.

If you are unbanked or underbanked and worried about fees, look for accounts specifically designed for people in that situation. Some nonprofits and community organizations offer accounts with no opening deposit, no monthly fees, and no minimum balance. The National Credit Union Administration (NCUA) has a tool to find credit unions near you; many offer low-cost accounts.

Opening deposit versus minimum balance: what you actually pay

The opening deposit is a one-time thing. Once you open the account, you can spend that money or leave it there—it does not matter. The minimum balance is different. If your account requires a $500 minimum balance and your balance drops to $400, you will pay a monthly fee until you bring it back up.

A bank might have a $0 opening deposit but a $500 minimum balance requirement. Another bank might require $100 to open but have no minimum balance. The second bank is cheaper if you cannot keep $500 in the account at all times. Always read the account disclosure document—the bank must give you this before you open the account—to see both numbers.

How to compare opening deposits across banks

Call the bank or check their website for the account terms. Look for a document called the "Account Disclosure," "Terms and Conditions," or "Fee Schedule." This document lists the opening deposit requirement, monthly fees, minimum balance requirements, and overdraft fees.

Compare at least three banks or credit unions. Write down the opening deposit, monthly fee, minimum balance, and overdraft fee for each. Then pick the one that costs the least based on how much money you plan to keep in the account. If you will keep less than $500, a bank with no minimum balance requirement is worth more than a bank with a low opening deposit.

Frequently Asked Questions

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

Yes. Most major banks have checking and savings accounts with zero opening deposit. You will need a government-issued ID and your Social Security number. You can fund the account after opening it, or you can bring a check or debit card to fund it when ready.

What if the bank requires a minimum balance and I cannot keep that much in the account?

Find a different bank. Many banks have no minimum balance requirement. Online banks especially tend to have $0 minimums and $0 monthly fees. If you are in a credit union, ask whether they have a basic account with no minimum balance.

Is the opening deposit the same as the money I have to keep in the account?

No. The opening deposit is what you put in when you open the account. The minimum balance is the lowest amount you must keep in the account to avoid fees. A bank might require $100 to open but $500 to stay fee-free. Read the account terms to see both.

Do I lose the opening deposit if I close the account?

No. The opening deposit is your money. If you close the account, the bank returns it to you, minus any fees you owe. The opening deposit is not a fee—it is money you put in, and you can take it out whenever you want.

Which banks have the lowest opening deposits and fees?

Online banks like Ally, Charles Schwab, Discover, and Chime have $0 opening deposits and $0 monthly fees. Credit unions often have low opening deposits ($25 to $100) and low monthly fees. Call your local credit union or check their website to compare.