You can open most bank accounts with zero dollars
No. Most banks and credit unions will let you open a checking or savings account without depositing money first. You can walk in, complete the paperwork, and leave with an account number and debit card on the way. The account sits empty until you put money in it.
Some banks do require an opening deposit — usually $25 to $100 — but these are the exception, not the rule. Online banks almost never require one. If a bank tells you that you must deposit money to open an account, you can find another bank that does not.
The real barrier is not money. It is proof of identity and proof of address. You will need a government-issued ID (driver's license, passport, or state ID card) and something showing where you live — a utility bill, lease, or recent mail from a government agency. If you do not have a current address, some banks will accept a shelter address or a mailing address you control.
Key Takeaways
- Most banks let you open an account with zero dollars; opening deposits are optional at the vast majority of institutions.
- You will need a government-issued ID and proof of address (utility bill, lease, or official mail) to open any account.
- Online banks and credit unions are more likely to have no opening deposit requirement than large national banks.
- If you lack a permanent address, some banks accept shelter addresses or mail held at a community center or post office.
- Once your account is open, you can fund it by direct deposit, transfer from another bank, cash deposit, or check deposit.
Banks that do not require an opening deposit
Online banks almost universally skip the opening deposit. Institutions like Ally, Charles Schwab, and Discover have no minimum to open a checking or savings account. You can fund the account when ready after opening it, or wait days or weeks — the account remains open and active either way.
Credit unions also tend to have no opening deposit requirement. You will need to join the credit union first (which may require a small membership fee, usually $5 to $25, but this is separate from an opening deposit), and then you can open accounts with zero dollars. If you are not sure whether you are may be able to access to join a particular credit union, call them and ask — may be able to access rules vary widely.
Many regional and community banks have no opening deposit either. Chase, Bank of America, and Wells Fargo do require opening deposits on some account types, but smaller local banks often do not. The only way to know is to ask or check the bank's website.
What happens if you cannot provide proof of address
If you are unhoused or do not have mail in your name, you have options. Some banks will accept a shelter address as your address of record. Others will let you use a mailing address — a PO box, a community center, or a friend's address where you receive mail — as long as you can show mail delivered there.
A few banks will open an account with only an ID and no address verification, though this is becoming rarer due to federal anti-money-laundering rules. Call ahead and explain your situation. Banks that work with unhoused populations or run financial inclusion programs are more likely to have flexible policies.
If you have a state ID but no current address on it, bring the ID anyway along with whatever proof of address you do have. Many banks will update your address in their system after you open the account, so you do not need perfect documentation on day one.
Banks that do require an opening deposit
Large national banks often require opening deposits. Chase typically requires $25 for a checking account. Bank of America requires $100 for some checking accounts and $25 for others, depending on the account type. Wells Fargo requires $25 for most accounts.
These minimums are low enough that many people can meet them, but they do create a barrier if you have no cash on hand. If you are in this situation, an online bank or credit union is a better choice — you will not face this hurdle, and the account will be just as functional.
How to fund your account once it is open
Once your account exists, you can add money in several ways. Direct deposit is the fastest and most common — your employer or a government program (like unemployment or Social Security) sends money straight to your account, usually within one to two business days. Transfers from another bank take one to three business days. Cash deposits at a branch or ATM are when ready. Check deposits through mobile deposit or at a branch take one to three business days.
If you are opening an account specifically to receive direct deposit (for a paycheck, benefits, or a tax refund), you do not need to deposit anything first. The account can sit empty until the direct deposit arrives.
What to bring when you open an account
Bring your government-issued ID and proof of address. A driver's license or state ID card works best for the ID requirement. For proof of address, bring a recent utility bill, lease, mortgage statement, or mail from a government agency (like a tax document or benefits letter). The document should show your name and current address.
Bring your Social Security number or ITIN (Individual Taxpayer Identification Number). The bank will ask for this to verify your identity and report interest earned on your account to the IRS. If you do not have a Social Security number, some banks will open an account with an ITIN instead.
If you are opening an account to receive direct deposit, bring the information about where the money is coming from — your employer's name and routing number, or the benefits program's details. You do not need this to open the account, but having it ready speeds up the process of setting up direct deposit.
Frequently Asked Questions
Can I open a bank account online without depositing money?
Yes. Online banks do not require opening deposits, and you can complete the entire process on your computer or phone. You will still need to provide a government ID and proof of address, usually by uploading photos or answering verification questions. The account opens within hours or days.
What if I do not have a Social Security number?
You can open an account with an ITIN (Individual Taxpayer Identification Number) instead. Not all banks accept ITINs, so call ahead and ask. Credit unions and community banks are more likely to work with you than large national banks. You will still need a government ID and proof of address.
Can someone else open an account for me?
No. You must be present and provide your own ID. Banks are required by federal law to verify the identity of the person opening the account. A parent or guardian can open a joint account with a minor, but an adult cannot open an account in someone else's name alone.
Do I have to keep a minimum balance once the account is open?
It depends on the account type and the bank. Many checking and savings accounts have no minimum balance requirement. Some accounts waive monthly fees if you keep a certain balance or set up direct deposit. Read the account agreement or ask the bank before you open the account.
What if the bank asks for more documents than I can provide?
Ask what specific documents they need and why. If you cannot provide them, ask whether alternatives exist — for example, a shelter letter instead of a utility bill, or a second form of ID instead of proof of address. If the bank will not work with you, try a different bank or credit union. Some institutions have programs specifically for people with limited documentation.