Most banks let you open an account with zero dollars
You do not need to deposit money to open a checking or savings account at most banks. Many institutions will let you complete the account setup process, receive your debit card, and start using the account without an initial deposit. The account exists and is yours the moment the bank confirms your identity and approves your process.
What varies is what happens after. Some banks charge a monthly fee if you do not maintain a minimum balance. Others waive fees entirely if you set up direct deposit, keep a certain amount on hand, or meet other conditions. A few banks still require you to deposit money upfront—usually $25 to $100—before they will open the account at all, but these are becoming less common.
The real cost of opening an account is not the opening deposit. It is the monthly fee you might pay if you do not meet the bank's conditions, and the balance you may need to keep there to avoid it.
Key Takeaways
- Most banks and credit unions will open a checking or savings account with a zero initial deposit.
- Monthly maintenance fees range from $0 to $15 depending on the bank and whether you meet their conditions, such as direct deposit or minimum balance.
- Some banks waive fees if you maintain a specific balance—often $500 to $2,500—while others waive them if you receive direct deposit.
- Online banks typically charge no monthly fees and have no minimum balance requirement, making them the lowest-cost option if you have internet access.
- Credit unions often have lower or no fees and may require a small membership deposit ($5 to $25) that you own as a share, not a bank deposit.
What banks charge if you do not meet their conditions
A bank's monthly fee structure depends on the account type and the institution. A standard checking account at a large national bank might charge $12 to $15 per month if you do not maintain a minimum balance or set up direct deposit. A savings account at the same bank might charge $5 per month, or nothing at all.
The conditions that waive these fees vary. Some banks waive the fee if you keep $500 in the account at all times. Others waive it if you receive at least one direct deposit per month—a paycheck, government benefit, or transfer from another account. A few require both. Some banks waive fees for customers under 25 or over 65, or for students with a valid school ID.
Online banks—institutions with no physical branches, like Ally, Charles Schwab, or Discover—typically charge no monthly maintenance fee and have no minimum balance. This is their main competitive advantage. If you have internet access and do not need to deposit cash in person, an online bank costs nothing to maintain.
Credit unions and membership shares
A credit union may ask you to buy a membership share before opening an account. This is not a deposit. It is a small ownership stake in the credit union itself, usually $5 to $25. You own this share permanently; the credit union does not use it to pay your account fees. If you close your account and leave the credit union, they return the share value to you.
Once you own a share, you can open a checking or savings account with zero additional money. Credit unions rarely charge monthly maintenance fees, and when they do, the fee is usually lower than at a bank—$3 to $5 instead of $12 to $15. Many credit unions also waive fees if you maintain a low balance, often $100 to $300, which is less than banks require.
To join a credit union, you must meet their membership criteria. Some are open to anyone in a geographic area. Others are restricted to employees of a specific company, members of a profession, or people who live or work in a particular county. Search for credit unions in your area using the CO-OP network locator or Alliant Credit Union's branch locator to see what is available to you.
Banks that still require an opening deposit
A small number of banks and credit unions still require you to deposit money before they will open an account. When they do, the amount is usually $25 to $100 for a checking account and $25 to $50 for a savings account. This money becomes your first balance; it is not a separate fee.
Banks that enforce opening deposits tend to be smaller regional institutions or credit unions with strict underwriting. If you are opening an account at a large national bank or an online bank, you almost certainly will not encounter this requirement. If a bank's website does not mention an opening deposit, you can call their customer service line or visit a branch to confirm before you go in person.
What you need to bring, not what you need to pay
The real barrier to opening an account is not money—it is documentation. You will need a government-issued photo ID (a driver's license, passport, or state ID card) and proof of your current address (a utility bill, lease, or recent bank statement). Some banks also ask for a Social Security number or Individual Taxpayer Identification Number (ITIN).
If you do not have a photo ID, opening an account becomes harder but not impossible. Some banks will accept a combination of documents—a birth certificate plus a utility bill, for example—or will let you open an account online using your Social Security number and other personal information. Call the bank's customer service line to ask what documents they will accept in your situation.
If you have no address—you are unhoused or living temporarily—some banks will accept mail sent to a shelter, a trusted friend's address, or a PO box. Again, call ahead to ask. Credit unions are sometimes more flexible on this point than large banks.
How to find the lowest-cost account for your situation
If you receive a regular paycheck or government benefit by direct deposit, choose a bank that waives fees for direct deposit customers. You will pay nothing per month regardless of your balance. Most banks and credit unions offer this.
If you do not receive direct deposit and cannot maintain a minimum balance, an online bank is your best option. They charge no monthly fee and have no minimum balance. You can deposit checks by taking a photo with your phone, and you can withdraw cash at ATMs in the Allpoint, MoneyPass, or Surcharge-Free networks, depending on the bank.
If you need to deposit cash in person regularly, a credit union or a bank with physical branches in your area is necessary. Ask about their fee structure and minimum balance requirements before you open the account. Many credit unions waive fees for balances as low as $100 to $300, which is easier to maintain than a bank's $500 to $2,500 minimum.
What happens if you cannot maintain the minimum balance
If you open an account and later fall below the minimum balance, the bank will charge you the monthly maintenance fee. This fee comes out of your account automatically, which can push your balance even lower. Some banks charge overdraft fees on top of the maintenance fee if your balance goes negative.
You can avoid this by choosing an account with no minimum balance requirement from the start. If you already have an account with a minimum balance you cannot maintain, contact the bank and ask if they offer a different account type with lower or no fees. Many banks have a basic checking account designed for customers who cannot maintain high balances, and you can switch to it without closing your account.
Frequently Asked Questions
Can I open a bank account with no money at all?
Yes. Most banks and credit unions let you open a checking or savings account with zero dollars. You will receive your debit card and account number when ready. You only pay a monthly fee if you do not meet the bank's conditions—such as maintaining a minimum balance or receiving direct deposit—and many banks waive fees entirely if you set up direct deposit.
What is the minimum balance I need to keep in my account?
It depends on the bank. Large national banks typically require $500 to $2,500 to waive monthly fees. Credit unions usually require $100 to $300. Online banks have no minimum balance requirement. Check the bank's website or call their customer service line to find the exact amount for the specific account you want to open.
Do I have to deposit money to open an account at a credit union?
You may need to buy a membership share, which is $5 to $25, but this is not a bank deposit—it is an ownership stake you keep. After that, you can open an account with zero dollars. If you leave the credit union, they return your share value to you.
What if I do not have a photo ID?
Some banks will open an account using a combination of documents, such as a birth certificate and a utility bill, or by verifying your identity online with your Social Security number. Call the bank's customer service line and describe what documents you have. Credit unions are sometimes more flexible than large banks on this point.
Which type of account costs the least to maintain?
Online banks cost nothing—they charge no monthly fees and have no minimum balance. If you need a physical branch, a credit union usually costs less than a bank. If you receive direct deposit, most banks waive their monthly fee regardless of your balance, making them free to use.