Yes, you can open most bank accounts with zero dollars
Most banks and credit unions will let you open a checking or savings account without depositing money first. The account opens empty, and you fund it later when you're ready—by direct deposit, transfer, or in-person deposit. No minimum opening balance is required at the vast majority of institutions.
What matters instead is what happens after you open it. Some accounts charge monthly fees if your balance stays below a certain threshold, usually $100 to $500. Others waive fees entirely. A few institutions do require an opening deposit, but these are uncommon and usually only at smaller regional banks or credit unions with strict membership rules.
The real decision is whether the account you choose will cost you money while it sits empty, and how long you can realistically leave it that way before you need to fund it or close it.
Key Takeaways
- Most national banks and credit unions let you open an account with $0, but some charge monthly maintenance fees if your balance stays below a set amount.
- Fee-free checking accounts exist at many institutions and do not require a minimum balance to open or maintain.
- You will need a government ID, Social Security number, and proof of address to open any account, whether or not you bring money with you.
- If you cannot meet a minimum balance requirement, look for accounts specifically labeled "no minimum balance" or call ahead to confirm the fee structure before you visit.
Banks and credit unions that do not charge monthly fees
Several large national banks offer checking accounts with no monthly maintenance fee and no minimum balance requirement. Ally Bank, Charles Schwab Bank, and Discover Bank all offer fee-free checking with zero opening deposit. Many regional banks and most credit unions also have no-fee options, though the specific account names and features vary by location.
The catch is that these accounts may still charge fees for other things—overdrafts, out-of-network ATM use, wire transfers, or paper statements. But the monthly account maintenance fee itself is waived. If you keep the account open and empty for months, you will not be charged just for having it.
Credit unions often have the most lenient policies because they are member-owned and do not operate on the same fee-based model as commercial banks. If you have access to a credit union through your employer, school, or community membership, that is often your cheapest route to a zero-balance account.
What banks still require an opening deposit
Some smaller regional banks and a few credit unions do require you to deposit money when you open an account. The amount varies widely—anywhere from $25 to $500. This is less common than it used to be, but it still happens, particularly at institutions focused on business accounts or high-net-worth customers.
If a bank requires an opening deposit, that money is yours to use when ready. You are not locked into keeping it there. You can deposit $100, then withdraw $95 the next day if you want. The deposit is just a threshold you have to cross to open the account in the first place.
The best way to know whether a specific bank requires an opening deposit is to call their customer service line or check their website. Many banks list this clearly in their account terms. If you cannot find it online, a five-minute phone call will give you a definitive answer.
Documents you need to bring, with or without money
Whether you open an account with $0 or $500, you will need the same paperwork. Bring a government-issued photo ID (driver's license, passport, or state ID card), your Social Security number, and proof of your current address. Proof of address can be a utility bill, lease agreement, or recent bank statement—something dated within the last 60 days that shows your name and street address.
If you do not have a Social Security number, some banks and credit unions will open accounts using an Individual Taxpayer Identification Number (ITIN) instead, though this is less common. Call ahead to confirm if this applies to you.
Some banks now let you open accounts entirely online, which means you can upload photos of your documents and fund the account from home. Others still require you to visit a branch in person. Check the bank's website or call to find out which process they use.
How long you can leave an account empty
There is no legal time limit on how long you can keep an account open with zero balance. You can open it today and not deposit anything for six months if you want. The bank will not close it on you for inactivity unless you have not used it for an extremely long time—usually two to three years with no deposits, withdrawals, or customer contact.
However, if the account charges a monthly fee and you do not fund it, those fees will accumulate and eventually put your account into negative balance. Once that happens, the bank may close the account and send your negative balance to collections. So the real question is not whether you can leave it empty, but whether you can afford the fees while you do.
If you open a fee-free account and leave it empty, there is no cost to you. You can open it, forget about it for months, and come back when you are ready to use it. The account will still be there.
Why you might want to open an account with zero balance
People open empty accounts for several reasons. You might want to set up direct deposit before your first paycheck arrives. You might be planning to transfer money from another bank but want the new account open and ready. You might be building credit or establishing a banking relationship before you have savings to deposit. Or you might straightforward want to lock in an account while you still have access to a branch or while you remember to do it.
Opening early also gives you time to test the account—make sure the app works, confirm the debit card arrives, verify that transfers process correctly—before you actually need to rely on it for bills or paychecks.
What to do if you cannot meet a minimum balance
If you find that every bank in your area requires a minimum opening deposit and you do not have that money, you have a few options. First, call the bank directly and ask whether the minimum can be waived in your situation. Some banks have discretion to waive requirements for customers facing hardship, though this is not may provide.
Second, look for credit unions specifically. Credit unions are more likely to have no-minimum accounts and are often more flexible about their policies. You can search for credit unions in your area using the CO-OP network locator or the Allpoint network.
Third, consider online-only banks. Because they have no physical branches, their overhead is lower and they can afford to offer accounts with no minimum balance and no monthly fees. Ally, Discover, and Charles Schwab are examples, but there are others. These accounts are fully functional—you get a debit card, online banking, and mobile app access—but you cannot walk into a branch.
Frequently Asked Questions
Will opening an account with zero balance hurt my credit?
No. Opening a bank account does not appear on your credit report and does not affect your credit score. Banks check your banking history (through ChexSystems or Early Warning Services) but not your credit. An empty account will not hurt you.
Can I open an account online if I have no money to deposit?
Yes. Most online banks let you open an account with zero balance entirely through their website or app. You upload your ID and proof of address, verify your identity, and the account opens when ready. You can fund it later by transfer or direct deposit.
What happens if I open an account and never use it?
If the account charges no monthly fee, nothing happens—it just sits there. If it charges a monthly fee and you do not fund it, the fees will accumulate, your balance will go negative, and the bank may eventually close the account and report the negative balance to collections.
Do I have to use direct deposit to fund an account I opened empty?
No. You can fund it any way the bank allows: transfer from another bank, in-person deposit at a branch or ATM, mobile check deposit, or wire transfer. Direct deposit is one option, not a requirement.
Can I open multiple accounts with zero balance at the same bank?
Yes. Most banks let you open multiple checking and savings accounts. There is no limit, though some banks may charge monthly fees on each account if you do not meet minimum balance requirements on each one separately.