Most banks have no minimum deposit requirement to open an account
You can walk into most banks and open a checking or savings account with zero dollars. The account opens empty. You then deposit money when you have it — whether that is the same day or weeks later. No bank will turn you away because your opening deposit is too small.
What varies is what happens after you open the account. Some banks charge a monthly fee if your balance stays below a certain amount. Others waive fees regardless of balance. A few banks do require you to deposit money upfront, but these are the exception, not the rule.
The real cost of opening a bank account is not the opening deposit — it is the monthly maintenance fee, if one exists, and whether you can avoid it.
Key Takeaways
- Most banks let you open a checking or savings account with no money down, and you deposit funds later.
- Monthly maintenance fees range from zero to $15 per month depending on the bank and account type, and many banks waive them if you meet straightforward conditions.
- Some banks charge fees only if your balance falls below a threshold — commonly $500 to $2,500 — while others charge fees regardless of balance.
- Online banks typically have no monthly fees and no minimum balance requirements, making them the lowest-cost option if you have internet access.
- The bank's fee structure matters far more than the opening deposit, because fees compound over months and years.
Monthly maintenance fees and balance minimums
A monthly maintenance fee is a charge the bank takes from your account each month straightforward for holding the account open. This fee is separate from overdraft fees, ATM fees, or other transaction charges. Monthly maintenance fees typically range from $5 to $15, though some accounts charge nothing.
Many banks waive the monthly fee if you meet one of these conditions: keep a minimum balance (often $500 to $2,500), set up direct deposit, maintain a certain number of debit card transactions per month, or link a savings account to your checking account. The specific conditions depend on the bank and the account type.
Some banks charge the fee no matter what. Others charge it only if your balance drops below a threshold. A few charge nothing at all. Before opening an account, ask the bank directly: "Is there a monthly fee, and if so, what do I need to do to avoid it?" The answer determines whether the account costs you money over time.
Checking accounts versus savings accounts
Checking accounts and savings accounts have different fee structures. A checking account is designed for frequent deposits and withdrawals — you write checks, use a debit card, and move money in and out regularly. A savings account is designed to hold money longer and earn interest, with fewer withdrawals expected.
Checking accounts are more likely to have monthly maintenance fees, often $10 to $15. Savings accounts sometimes have lower fees or no fees at all, though they may limit how many times per month you can withdraw money without penalty. Interest rates on savings accounts vary widely — from nearly zero at large banks to 4% or higher at online banks, depending on current market conditions.
If you are opening your first account and are unsure which type you need, ask yourself: will I be using this account to pay bills and buy things regularly (checking), or will I mostly be saving money and leaving it alone (savings)? Most people benefit from having both.
Online banks versus brick-and-mortar banks
Online banks — institutions that operate only through websites and apps, with no physical branches — typically have no monthly maintenance fees and no minimum balance requirements. They can afford to do this because they have lower overhead costs than banks with buildings and staff in every neighborhood.
In exchange, you cannot walk into a branch to deposit cash or speak to someone in person. You deposit money by transferring it from another bank account, mailing a check, or using mobile check deposit (taking a photo of the check with your phone). If you need to withdraw cash, you use ATMs, and some online banks reimburse ATM fees charged by other banks.
Brick-and-mortar banks — traditional banks with physical locations — often charge monthly fees but offer in-person service and the ability to deposit cash directly at a teller window. The trade-off is convenience for cost. If you rarely need to deposit cash and are comfortable with digital banking, an online bank usually costs less over time.
What happens if you cannot maintain a minimum balance
If your bank requires a minimum balance to avoid monthly fees, and your balance falls below that threshold, the bank charges you the fee. The fee comes out of your account, which can push your balance even lower. Some banks charge the fee once per month; others charge it every day the balance is below the minimum.
If your balance goes negative — meaning you owe the bank money — the bank may close your account and report you to ChexSystems, a banking history database. Future banks may refuse to open accounts for you if you appear in ChexSystems. This is why it matters to choose a bank whose minimum balance requirement you can actually meet, or to choose a bank with no minimum at all.
If you are living paycheck to paycheck and cannot reliably keep $500 or $1,000 in the account, an online bank with no minimum balance is a better choice than a traditional bank with a $1,000 minimum. The cost difference over a year is significant.
Special accounts with higher opening deposits
Most checking and savings accounts require no opening deposit. However, some specialty accounts do. A money market account — a hybrid between checking and savings that often pays higher interest — may require an opening deposit of $2,500 to $10,000. A certificate of deposit (CD) — an account where you lock money away for a set period in exchange for a may provide interest rate — requires you to deposit the full amount you want to lock away, which can be $500 to $100,000 depending on the bank and the CD term.
These accounts are not for someone opening their first bank account. They are for people who already have money saved and want to earn more interest on it. If you are asking how much you need to open a basic checking or savings account, the answer remains: zero dollars.
How to compare banks before opening
Before you open an account anywhere, gather this information from at least two banks: What is the monthly maintenance fee, if any? What do you need to do to waive it? What is the minimum balance requirement, if any? What is the interest rate on savings accounts? Are there fees for overdrafts, ATM use, or transfers? Can you open the account online, or do you need to visit a branch?
Write down the answers and compare them side by side. The bank with the lowest total cost over a year is usually the best choice, not the bank with the biggest sign or the one closest to your house. Many banks let you open an account online in 10 minutes, so geography matters less than it once did.
If you do not have a computer or smartphone, or if you need to deposit cash regularly, a brick-and-mortar bank near your home or workplace may be worth the monthly fee. If you have internet access and rarely need to deposit cash, an online bank with no fees is almost always cheaper.
Frequently Asked Questions
Can I open a bank account with no money at all?
Yes. Most banks let you open a checking or savings account with a zero-dollar opening deposit. You deposit money later, whenever you have it. The account sits empty until you fund it.
What is the cheapest way to open a bank account?
An online bank with no monthly fees and no minimum balance is almost always the cheapest option. You pay nothing to open the account and nothing to keep it open, regardless of how much money is in it. The trade-off is that you cannot deposit cash in person.
Do I have to keep a certain amount of money in my account at all times?
It depends on the bank. Some banks require a minimum balance to avoid monthly fees — commonly $500 to $2,500. Others have no minimum. If your balance falls below the minimum, the bank charges a fee. Choose a bank whose minimum you can meet, or choose one with no minimum.
What happens if I cannot afford to keep the minimum balance?
The bank charges you a monthly fee, usually $10 to $15. The fee comes out of your account, making your balance even lower. If your balance goes negative, the bank may close your account and report you to ChexSystems, which can make it harder to open accounts at other banks later.
Is there a difference between opening a checking account and a savings account?
Both typically require no opening deposit. Checking accounts are for frequent use and often have higher monthly fees. Savings accounts are for holding money longer and may have lower fees or higher interest rates. Most people benefit from having both.