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 depositing any money upfront. You do not need an opening deposit to create the account — you only need the documents that prove who you are and where you live. Once the account is open, you can deposit money whenever you are ready, even if that is weeks or months later.

The reason banks allow this is straightforward: they make money from fees and from lending out the money customers deposit. An empty account costs them almost nothing to maintain, so they are willing to open one for you. Some banks even prefer it — they know that once you have an account, you are more likely to use their other services like direct deposit or a debit card.

The catch is that some accounts charge monthly fees if you do not meet certain conditions. A fee might kick in if your balance stays below a certain amount, or if you do not set up direct deposit. Before you open an account, ask what happens if you leave it empty, so you know whether you will owe money each month.

Key Takeaways

  • You can open a checking or savings account at most banks and credit unions without any money, using only your ID and proof of address.
  • Some accounts charge monthly fees if your balance falls below a set amount or if you do not receive direct deposits, so ask about fee conditions before opening.
  • Online banks and credit unions often have lower or no monthly fees, making them a better choice if you plan to keep a low balance.
  • Once your account is open, you can deposit money by visiting a branch, using an ATM, or setting up a direct deposit from an employer or government program.

What documents you need to bring

You will need two things: a government-issued photo ID and proof of your current address. The photo ID is usually a driver's license, passport, or state ID card. If you do not have a photo ID, some banks will accept a combination of other documents — ask your bank what they take.

For proof of address, banks typically accept a recent utility bill, lease agreement, mortgage statement, or government mail with your name and address. The document usually needs to be from the last 30 to 60 days. If you do not have a recent bill in your name, a bank statement from another bank, a rental agreement, or even a letter from a shelter or social services agency can work — call ahead and ask what they will accept.

If you do not have a permanent address, bring whatever proof you have: a letter from a homeless services provider, mail sent to a shelter, or a statement from a relative's address where you receive mail. Banks are required to verify your identity and address, but they have flexibility in how they do it. Being honest about your situation usually works better than trying to use someone else's address.

Banks and credit unions that do not require an opening deposit

Most large banks — including Chase, Bank of America, Wells Fargo, and Citibank — will open a checking account with no deposit. However, many of these accounts charge a monthly fee if you do not meet conditions like keeping a minimum balance or setting up direct deposit. The fee is usually $10 to $15 per month.

Credit unions are often a better choice if you have little or no money to deposit. Many credit unions have no monthly fees at all, even if your balance is zero. To join a credit union, you usually need to live or work in a certain area, or belong to a specific group — but membership rules are often broad. You can search for credit unions near you at CO-OP.org or Alliant.org, which show you which credit unions will accept you.

Online banks like Ally, Charles Schwab, and Discover also offer accounts with no monthly fees and no minimum balance. These banks have no physical branches, so you deposit money by mail, ATM, or direct deposit — but they often have better customer service and lower fees than traditional banks.

How to avoid monthly fees on an empty account

The easiest way to avoid fees is to choose an account with no monthly fee at all. Credit unions and online banks are your best bet here. If you open an account at a traditional bank that does charge a monthly fee, you have a few options to waive it.

Most banks waive their monthly fee if you set up direct deposit — which means your paycheck, unemployment benefits, or Social Security payment goes straight into your account. You do not need a large deposit; even $25 per paycheck is usually enough. If you do not have direct deposit yet, ask your employer or benefits program how to set it up. Many banks will waive the fee as soon as you enroll, even if the first deposit has not arrived yet.

Some banks also waive fees if you keep a minimum balance, usually $500 to $1,500. If you cannot meet that, ask whether they have a different account type with no fee. Many banks offer a basic checking account with limited features but no monthly cost — you just have to ask for it.

What happens after you open the account

Once your account is open, the bank will give you a debit card and checks (if you requested them). Your debit card lets you withdraw cash from ATMs and pay for things in stores. You can start using it right away, even if you have not deposited any money yet — though you will not be able to spend money you do not have.

To deposit money into your new account, you have several options. You can visit a branch and hand cash or a check to a teller. You can use an ATM that belongs to your bank or credit union. You can mail a check to the address on your account statement. Or, if you have a job or receive benefits, you can set up direct deposit so the money goes in automatically.

If you are waiting for your first deposit, ask the bank whether they will freeze your account or charge fees while it sits empty. Most will not, but it is worth confirming. Once money arrives, you can use your debit card, write checks, or transfer money to another account.

Opening an account online versus in person

You can open many accounts online without visiting a branch. Online banks like Ally and Charles Schwab let you explore on their website, upload photos of your ID and proof of address, and have your account ready in a few minutes. This is faster and easier if you are comfortable with technology and do not need to speak to someone in person.

If you prefer to talk to a person, or if you do not have a scanner or camera to upload documents, visit a branch in person. Bring your ID and proof of address, and a banker will open your account on the spot. This usually takes 15 to 30 minutes. In-person opening is also a good choice if you have questions about which account type is right for you, or if your documents are unusual.

Some banks require you to open an account in person if you do not have a Social Security number or if you are opening an account for the first time. Ask your bank whether you can start online or whether you need to visit a branch.

What to do if a bank turns you down

Banks sometimes refuse to open an account if you have a history of overdrafts or unpaid fees at other banks. They check this using a system called ChexSystems, which tracks banking problems. If you are denied, ask the bank why, and ask whether you can see your ChexSystems report. You have the right to see it and to dispute errors.

If one bank turns you down, try a credit union or an online bank — they often have less strict rules. You can also look for a second-chance checking account, which is designed for people who have had banking problems. These accounts usually have higher fees, but they are easier to open. Ask your bank whether they offer one, or search online for "second-chance checking" in your area.

If you have no ID or proof of address, some community banks and credit unions will work with you to find a solution. Call ahead and explain your situation. Many have programs for people experiencing homelessness or who are new to the country. Being honest is better than trying to use false documents, which can get you in legal trouble.

Frequently Asked Questions

Do I need a Social Security number to open a bank account?

Most banks require a Social Security number, but not all. If you do not have one, ask whether the bank will accept an Individual Taxpayer Identification Number (ITIN) instead. Some banks and credit unions will also open accounts for people without either, though this is less common. Call ahead and ask.

What if I do not have a permanent address?

You can still open an account. Bring a letter from a shelter, social services agency, or trusted person confirming where you receive mail. Some banks will accept a shelter address or a relative's address where you get mail. Be honest about your situation — banks deal with this regularly and have processes in place.

Can I open an account if I have been banned from banking before?

It depends on why you were banned and how long ago. If you were banned for fraud, most banks will refuse you. If you had unpaid fees or overdrafts, you may be able to open a second-chance account or try a credit union. Check your ChexSystems report to see what is listed, and ask banks directly what they will accept.

Will the bank charge me fees if I never deposit money?

Only if your account has a monthly maintenance fee and you do not meet the conditions to waive it. If you choose a bank with no monthly fee, or if you set up direct deposit, you will not be charged. Ask the bank in writing what fees explore to an empty account before you open it.

How long does it take to open an account with no deposit?

In person, usually 15 to 30 minutes. Online, usually a few minutes to a few hours. Some banks verify your identity when ready; others take up to one business day. You can ask the bank how long it will take before you explore.