Most banks have no minimum deposit to open an account, but some require $25 to $100
Whether you need money in the account before you open it depends on the bank. Many banks—including most large national ones and online banks—let you open a checking or savings account with zero dollars. You fund it later, on your own schedule. Other banks, particularly regional or community banks, require an opening deposit of $25, $50, or $100. A few require more.
The opening deposit is different from a minimum balance requirement, which is the amount you must keep in the account afterward to avoid monthly fees. Some accounts have both: you might need $100 to open it, then keep $500 in it every month. Others have neither. The bank's website or a phone call to their customer service line will tell you what applies to the specific account you're considering.
Key Takeaways
- Many banks charge nothing to open an account, while others ask for $25 to $100 upfront; check the specific bank's terms before you visit.
- An opening deposit is separate from a minimum balance requirement—you might need one, both, or neither depending on the account type.
- Online banks tend to have lower or no opening deposits, while some brick-and-mortar banks charge more.
- If you cannot meet a bank's opening deposit, other banks in your area or online will have accounts with no deposit required.
Where opening deposits vary the most
National banks like Chase, Bank of America, and Wells Fargo typically have no opening deposit for basic checking accounts, though some of their premium accounts do. Credit unions often require $25 to $100 to open membership and an account. Online banks—Ally, Charles Schwab, Discover—almost never require an opening deposit. Community banks and regional banks vary widely; some ask for nothing, others for $100 or more.
The opening deposit amount can also depend on the account type. A basic savings account might have no opening deposit while a money market account at the same bank requires $2,500. Always confirm the exact amount for the specific account you want, not just the bank's name.
How opening deposits work in practice
When you open an account in person, you bring cash or a check and hand it to the banker. They deposit it into your new account when ready. If you open online, you typically transfer money from another bank account you already have, or you wait for the bank to send you instructions on how to fund it. Some online banks let you fund the account after opening, with no important date.
The opening deposit sits in your account like any other deposit. It is your money. You can withdraw it anytime unless the account has a minimum balance requirement that would be violated by the withdrawal. If the account has no minimum balance requirement, you can take the money out the next day if you want.
Minimum balance requirements and monthly fees
This is where the real cost can hide. An account with no opening deposit might require you to keep $500 in it at all times, or you pay a $12 monthly fee. An account with a $100 opening deposit might have no minimum balance at all. The monthly fee is what matters to your wallet over time.
Many banks waive the monthly fee if you meet one of these conditions: keep a minimum balance, set up direct deposit, maintain a certain number of debit card transactions per month, or link a savings account. Read the fee schedule carefully. A $0 opening deposit account with a $15 monthly fee costs you $180 a year if you cannot meet the waiver conditions. A $100 opening deposit account with no monthly fee costs you nothing after that first $100.
Banks with no opening deposit and no monthly fees
These accounts exist and are worth considering if you are starting from zero dollars. Online banks like Ally, Charles Schwab, and Discover offer checking and savings accounts with no opening deposit and no monthly maintenance fee, period. Some credit unions also offer no-fee accounts with no opening deposit if you meet their membership requirements (which are often geographic or employer-based, but sometimes anyone can join).
The tradeoff is usually that these accounts pay very little interest on savings, offer limited branch access, or require you to be comfortable banking online and by phone. For a checking account, that is usually fine. For a savings account where you want to build interest, you may want to compare rates across several banks even if they all have no opening deposit.
What to do if you cannot meet the opening deposit
If a bank requires $100 to open an account and you do not have it, do not explore there. Instead, search for banks in your area or online that have zero opening deposit. You will find them. Call the bank's customer service line or visit their website and search for "opening deposit" or "minimum to open." The answer will be there.
If you are looking for a specific bank for a reason—your employer uses it, your family banks there—ask a representative whether they have any accounts with no opening deposit. Large banks often have multiple account tiers. The basic checking account might have no opening deposit even if the premium one does.
Second bank accounts and transfers
If you already have a bank account and want to open a second one elsewhere, the opening deposit is usually easier to cover because you can transfer money from your existing account. Many people open a second account specifically to separate spending from savings, or to take advantage of a higher interest rate on savings. The opening deposit becomes a one-time transfer rather than a barrier.
Some banks offer sign-up bonuses—$50 to $300 if you open an account and meet certain conditions like setting up direct deposit or making a certain number of transactions. These bonuses can cover the opening deposit and more, though they come with conditions you need to read carefully.
Frequently Asked Questions
Do I have to bring cash to open a bank account?
No. You can bring a check, transfer money from another bank account, or in some cases open the account first and fund it later. Ask the bank what methods they accept before you visit.
What happens if I withdraw the opening deposit right after opening the account?
You can withdraw it unless the account has a minimum balance requirement. If it does, withdrawing below that minimum usually triggers a monthly fee. Check the account terms first.
Are opening deposits refundable if I close the account?
Yes. The opening deposit is your money. When you close the account, the bank returns it to you along with any other balance in the account, minus any outstanding fees.
Can I open a bank account with no money at all?
Yes, at banks with no opening deposit requirement. Many online banks and some credit unions let you open an account with zero dollars and fund it whenever you are ready.
Do all accounts at the same bank have the same opening deposit?
No. One bank might have a checking account with no opening deposit and a savings account that requires $100. Check the terms for the specific account type you want.