Yes, you can open a bank account with zero dollars

Most banks and credit unions will let you open a checking or savings account without putting any money in on the day you open it. You do not need an opening deposit. What you do need is a valid ID, proof of your address, and sometimes a Social Security number or Individual Taxpayer Identification Number (ITIN) — the documents vary slightly by bank, but the money does not have to be there.

The catch is not whether you can open the account. It is what happens after. Some banks charge a monthly fee if your balance stays below a certain amount, or they close accounts that sit unused for a long time. Others have no minimum balance and no monthly fee at all. Knowing which type of bank you are walking into makes the difference between an account that costs you money and one that does not.

Key Takeaways

  • You can open a bank account with zero dollars in most banks and credit unions — no opening deposit is required.
  • Some banks charge monthly fees if your balance drops below a set amount, while others have no minimum balance requirement at all.
  • Credit unions and online banks are more likely to have no monthly fees than large national banks.
  • Your account can be closed if it stays inactive for several months, so deposit something small within a few weeks of opening.
  • You will need a valid ID and proof of address to open an account, whether or not you have money to deposit.

Banks that do not charge monthly fees on basic accounts

Credit unions are often the easiest choice if you have no opening deposit. Most credit unions have no monthly maintenance fee on checking accounts, no minimum balance requirement, and no opening deposit. You do need to become a member first, which usually means living or working in a certain area or belonging to a certain group — but membership is almost always free. Ask the credit union what makes you may be able to access before you visit.

Online banks (banks that operate only through a website or app, with no physical branches) almost never charge monthly fees. They can afford to because they have no building costs. Examples include Ally, Charles Schwab, and Discover Bank. You can open these accounts entirely online, though you will still need to verify your identity and address.

Some large national banks offer no-fee checking accounts, but you usually have to meet a condition — direct deposit of your paycheck, a minimum balance, or a certain number of debit card transactions per month. Chase, Bank of America, and Wells Fargo all have versions of this. Read the fine print before you open, because the fee kicks in automatically if you do not meet the condition.

What happens if you open an account and never use it

Banks can close accounts that show no activity for a long time — usually six months to a year, depending on the bank's policy. When they close an account, they send any remaining balance to you by check or transfer, but the account is gone. If you are opening an account now but will not deposit money for a while, put in something small — even five or ten dollars — within the first month. This counts as activity and keeps the account open.

Once you have made that first deposit, you do not have to keep a large balance. You can let it sit at five dollars for months. The point is just to show the bank the account is not abandoned.

Documents you will need to bring

Every bank requires a valid photo ID — a driver's license, passport, or state ID card. They also need proof that you live at the address you give them. Proof of address can be a utility bill, lease agreement, government mail, or bank statement in your name. Some banks accept these documents in person; others let you upload photos through their website or app.

You will also need either a Social Security number or an ITIN. If you do not have a Social Security number, you can still open an account with an ITIN, which is issued by the IRS to people who do not may have access to for a Social Security number but need a tax ID. Not every bank accepts ITINs, so call ahead if this applies to you.

Opening an account online versus in person

Online banks let you open an account from home in about 10 minutes. You upload photos of your ID and proof of address, answer questions about yourself, and you are done. The account is usually ready to use within a day or two. This works well if you are comfortable with technology and do not need to speak to someone in person.

If you want to talk to a person, go to a local bank or credit union branch. Bring your ID and proof of address, and tell them you want to open a checking or savings account. They will ask you questions, fill out a form, and the account opens on the spot. You can ask questions as you go, and they can explain the fees and rules specific to that bank. This takes about 20 to 30 minutes.

What to ask before you open

Before you commit to a bank, ask these three questions: Does this account have a monthly fee? If yes, what do I have to do to avoid it? And how long can the account sit inactive before you close it?

If the bank says there is a monthly fee and you cannot meet the condition to waive it, walk out and try the next bank. There are enough banks with no monthly fees that you do not have to pay for the privilege of having an account. If the bank says they close accounts after six months of no activity, make a note to yourself to deposit something small within five months, even if it is just a dollar.

Why you might want a savings account instead of checking

A checking account is meant for money you use regularly — you get a debit card and can write checks. A savings account is meant for money you are setting aside. Savings accounts usually have no monthly fee and no minimum balance, and some pay a tiny amount of interest (money the bank pays you for letting them use your money). If you are opening an account with no money and do not plan to use it much right away, a savings account might be simpler.

You can always open both — many banks let you open a checking and savings account at the same time. Start with whichever one matches what you plan to do with the account first.

Frequently Asked Questions

Will opening an account with no money hurt my credit?

No. Banks do not report checking or savings accounts to credit bureaus. Opening an account does not affect your credit score at all. Credit scores only track borrowed money — loans, credit cards, and payment history.

Can I open an account if I have been banned from another bank?

It depends on why you were banned. If you owe the bank money or closed an account with a negative balance, that bank may report you to ChexSystems, a system banks use to check account history. Other banks can see this report and may refuse to open an account for you. Some banks are more lenient than others — credit unions and online banks sometimes work with people who have ChexSystems records. Call ahead and ask.

Do I need a job to open a bank account?

No. Banks do not ask whether you work. They ask for ID and proof of address. You can open an account whether you are employed, retired, unemployed, or a student.

What if I do not have a permanent address?

Most banks require proof of address, which is hard to provide if you are unhoused or moving frequently. Some credit unions and online banks will accept a shelter address, a PO box, or mail sent to a friend's address if you can show you receive mail there. Call the bank and explain your situation — they may have options that are not listed on their website.

Can someone else open an account for me?

No. You have to be present and show your own ID. A parent or guardian can open a joint account with you, or a custodial account if you are under 18, but you cannot have someone else open an account in your name alone.