You can open most bank accounts without depositing anything upfront
Most banks and credit unions will let you open a checking or savings account with a zero balance. You do not need to bring money on the day you open the account. What you need instead is a valid government ID, proof of your address, and a Social Security number or ITIN — the same documents required whether you deposit $1 or $1,000.
The catch is that some accounts have a minimum balance requirement to avoid monthly fees. If you fall below that threshold — often $25 to $500 depending on the bank — you will pay a maintenance fee each month. Other accounts have no minimum at all. The difference matters if you plan to keep a low balance for a while.
A few banks do require an opening deposit, usually $25 to $100. These are less common now, but they exist. If you are opening an account at a specific bank, call ahead or check their website to confirm whether they require money on day one.
Key Takeaways
- Most banks let you open a checking or savings account with zero dollars, using only your ID, address proof, and Social Security number.
- Some accounts charge a monthly fee if your balance drops below a minimum — typically $25 to $500 — so choose an account with no minimum if you will carry a low balance.
- A few banks still require an opening deposit of $25 to $100, so confirm this before you go in.
- Online banks and credit unions are more likely to have no minimum balance requirement than large national banks.
- You can deposit money after opening the account, either in person, by transfer, or by direct deposit once you have the account number.
Accounts with no minimum balance requirement
Credit unions typically have the lowest barriers to opening an account. Many credit unions have no minimum balance requirement and no monthly maintenance fee, even if you never deposit a dollar. You do need to become a member first, which usually means opening a savings account, but that account can stay at $0. Some credit unions also waive the membership fee itself if you open the account with no money.
Online banks — including Ally, Charles Schwab, and others — generally have no minimum balance and no monthly fees. They do not have physical branches, so you open the account entirely online using your ID and a video call or photo upload. Money moves in and out through transfers or direct deposit, not over a counter. If you have no money to deposit yet, this is often the fastest route because you can open the account in 10 minutes and start using it as soon as it is active.
Some large national banks offer accounts with no minimum, though you may have to search for them. Bank of America, Chase, and Wells Fargo all have checking accounts that do not require a minimum balance, but they also offer accounts that do. Read the account details carefully before you go in, because the account with the lowest fees may not be the one the teller mentions first.
What happens if you open an account and never deposit money
If your account has no minimum balance requirement and no monthly fee, nothing happens. Your account sits open and empty. You can use it to receive direct deposits, transfers from other people, or paychecks. You can also use it to pay bills online or set up automatic payments, even if the balance is zero at that moment — the payment will go through once money arrives.
If your account has a minimum balance requirement and you do not meet it, the bank will charge you a monthly maintenance fee, usually $5 to $15. This fee comes out of your account, so if you have $0, your balance will go negative. Once your balance is negative, the bank may freeze the account or close it. Some banks will also report the negative balance to ChexSystems, a checking account history system that other banks check before opening new accounts for you.
The best way to avoid this is to open an account with no minimum balance requirement from the start. If you already have an account with a minimum and cannot meet it, call the bank and ask whether they can move you to a different account type with no minimum. Many will do this over the phone.
How to open an account with no money in person
Bring your government ID (driver's license, passport, or state ID), proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number or ITIN. If you do not have proof of address, some banks will accept a second ID instead, such as a passport or military ID.
Tell the teller you want to open a checking or savings account and ask specifically whether the account has a minimum balance requirement. If it does, ask whether they have another account type with no minimum. Do not assume the teller will mention this — many banks make more money from maintenance fees, so they may not volunteer the information.
You will sign paperwork and receive an account number. The account is open when ready, even with a zero balance. You can start using it right away for transfers and direct deposit. A debit card usually arrives in 7 to 10 business days.
How to open an account with no money online
Go to the bank's website and click "Open an Account" or "Sign Up". You will need to enter your name, address, date of birth, Social Security number, and email. The bank will ask you to verify your identity, usually by uploading a photo of your ID or by answering security questions based on your credit history.
Some online banks require a video call with a representative, which takes about 5 minutes. You will hold your ID up to your camera and answer a few questions to confirm you are who you say you are. Others use only the photo upload and security questions, with no call required.
Once your identity is verified, the account opens. You will receive an account number when ready and can set up transfers or direct deposit the same day. A debit card arrives by mail in 7 to 10 business days. If you need to withdraw cash before the card arrives, you can visit an ATM that your bank partners with, or you can transfer money to another account you already have.
Opening a savings account versus a checking account with no money
A savings account is designed to hold money you are not spending regularly. A checking account is designed for everyday transactions — paying bills, receiving paychecks, making purchases. Both can be opened with zero balance, and both can have no minimum balance requirement.
If you are opening an account to receive your first paycheck or to have a place to keep money safe, either works. If you plan to use the account to pay bills or buy things regularly, a checking account is more practical because it comes with a debit card and online bill pay. If you just want a safe place to put money when you have it, a savings account is fine.
Some banks require you to open a savings account first before you can open a checking account. Credit unions often do this. If that is the case, open the savings account with no money, then open the checking account once the savings account is active. Both accounts can stay at zero balance if they have no minimum requirement.
What to do if a bank requires an opening deposit
If you find a bank that requires an opening deposit and you have no money, you have a few options. First, ask whether the deposit can be very small — some banks say they require a deposit but will accept $1 or $5. Second, ask whether you can deposit money later that day after opening the account. Some banks will let you open the account on paper and deposit money within a few hours.
Third, borrow the deposit from someone temporarily. If a friend or family member can lend you $25 or $50, you can deposit it, then withdraw it once the account is open. The account stays open even after you withdraw the opening deposit.
Fourth, choose a different bank. Credit unions and online banks almost never require an opening deposit, so if the bank you chose does, you have other options that do not.
Frequently Asked Questions
Can I open a bank account if I have no ID?
Most banks require a government-issued ID. If you do not have one, you can get a state ID from your local DMV. Some banks will accept a passport, military ID, or tribal ID instead of a driver's license. Call the bank first to ask what they accept.
What if I do not have a Social Security number?
You can use an ITIN (Individual Taxpayer Identification Number) instead. You explore for an ITIN through the IRS. Some banks also accept a passport number or other government ID number. Call ahead to confirm what the bank accepts.
Will opening an account with no money hurt my credit?
No. Opening a bank account does not affect your credit score. Banks check ChexSystems, a checking account history system, not your credit report. Having a zero balance will not hurt you in either system.
Can I use a bank account with no money to receive direct deposit?
Yes. You can set up direct deposit as soon as the account is open, even if the balance is zero. The money will deposit into the account when your employer sends it. You do not need to have money in the account first.
What happens if my account goes negative?
If you spend more than you have and your account goes negative, the bank will charge you an overdraft fee, usually $25 to $35 per transaction. If your account stays negative for 30 to 60 days, the bank may close it and report it to ChexSystems, which can make it harder to open accounts at other banks.