Most banks have no minimum opening deposit, but some require $25 to $100
Whether you need money to open an account depends on the bank and the account type. Many banks—including most large national chains—let you open a checking or savings account with zero dollars. Others require a small opening deposit, typically between $25 and $100. A few banks that market themselves to wealthier customers may ask for $500 or more, but these are not common for basic accounts.
The opening deposit is separate from the minimum balance you must keep in the account afterward. Some banks require you to maintain a certain balance to avoid monthly fees or to earn interest. Others have no balance requirement at all. You need to know both numbers before you open the account, because they affect what you actually pay.
Online banks and credit unions often have lower or no opening deposit requirements than brick-and-mortar banks. If you are opening an account with limited funds, starting with an online bank or a credit union may be your most practical option.
Key Takeaways
- Many major banks allow you to open a checking or savings account with $0, while others require $25 to $100 at opening.
- The opening deposit is different from the minimum balance requirement—you may need to keep money in the account to avoid monthly fees.
- Online banks and credit unions typically have lower opening deposit requirements than traditional banks.
- You can call the bank directly or check their website to find the exact opening deposit and minimum balance for the account type you want.
- If you cannot meet a bank's opening deposit, you can open an account elsewhere and transfer money in later.
Where the opening deposit requirement comes from
Banks set opening deposit requirements as a way to reduce risk and cover administrative costs. A bank that requires $50 to open an account is betting that you will keep some money there long-term. If you close the account when ready, the bank loses money on the paperwork and verification. The opening deposit is their insurance against that loss.
Larger banks with many branches and more overhead tend to have higher opening deposit requirements. Smaller banks and credit unions, which have lower operating costs, often waive the requirement entirely. Online banks have the lowest overhead of all, so most of them ask for nothing upfront.
The opening deposit requirement also varies by account type. A money market account, which typically pays higher interest, may require $500 or more. A basic checking account at the same bank might require nothing. The bank is protecting itself against the cost of managing accounts that earn them less money.
Opening deposit versus minimum balance requirement
These two numbers are straightforward to confuse, but they work differently. The opening deposit is what you put in when you first create the account. The minimum balance requirement is what you must keep in the account going forward to avoid fees.
A bank might say: "Open with $0, but maintain a $500 minimum balance." This means you can start the account with no money, but if your balance drops below $500, you will pay a monthly fee—usually $10 to $15. Another bank might say: "Open with $100, no minimum balance." You pay $100 upfront, but after that you can let the balance drop to $1 without penalty.
Some accounts have neither requirement. Others have both. Before you open an account, ask the bank for both numbers in writing, or check their website. The fee schedule should list what happens if you fall below the minimum balance.
How to find banks with low or no opening deposit requirements
Call the bank's customer service line and ask directly: "What is the opening deposit requirement for a checking account?" Do not assume based on the bank's reputation or size. Large banks sometimes have no requirement, and small banks sometimes do.
Check the bank's website under "Checking Accounts" or "Account Fees." Most banks publish this information in a document called the fee schedule or account terms. If you cannot find it online, call and ask them to email or mail you the fee schedule before you visit a branch.
Online banks typically list opening deposit requirements on their homepage. Credit unions vary by location and membership rules, so you will need to contact the specific credit union you want to join. If you are a member of a workplace credit union or a community credit union, call them first—they often have no opening deposit requirement at all.
What happens if you cannot meet the opening deposit
If a bank requires $100 to open an account and you have $50, you have three options. First, you can wait until you have the full amount and open the account then. Second, you can open an account at a different bank that has no opening deposit requirement, deposit your $50, and transfer more money in later when you have it. Third, you can ask the bank whether they will waive the opening deposit requirement—some banks do this for customers who have other accounts with them or who meet certain conditions.
The second option is usually the fastest. You can open an account at an online bank or credit union with zero dollars, start using it when ready, and move to a different bank later if you want. There is no penalty for opening multiple accounts or closing one and moving to another.
Do not let an opening deposit requirement stop you from opening an account. If one bank will not work with you, another one will.
Opening deposit requirements at major bank types
| Bank Type | Typical Opening Deposit | Notes |
|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo) | $0 to $100 | Varies by account type and location. Call to confirm. |
| Online banks (Ally, Charles Schwab, Discover) | $0 | Most have no opening deposit. Some require $25 for certain account types. |
| Credit unions | $0 to $50 | Depends on the specific credit union. Membership requirements may explore. |
| Community banks | $0 to $250 | Highly variable. Ask the specific bank. |
| High-yield savings or money market accounts | $500 to $2,500 | Higher opening deposits for accounts that pay interest. Check the bank's website. |
What you actually need to bring to open an account
The opening deposit is money, but you will also need documents. Bring a government-issued photo ID (driver's license, passport, or state ID card) and proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days). Some banks also ask for your Social Security number or tax ID number.
If you are opening the account online, you will upload these documents or answer questions to verify your identity. If you are opening it in a branch, bring the physical documents with you. The bank will make copies.
If you do not have a photo ID, call the bank and ask what alternatives they accept. Some banks will work with you using a combination of other documents, though the process takes longer.
Frequently Asked Questions
Can I open a bank account with no money at all?
Yes. Many banks, especially online banks and credit unions, allow you to open a checking or savings account with a $0 opening deposit. You can then deposit money whenever you are ready. Call or check the bank's website to confirm they have no opening deposit requirement.
What if the bank requires a minimum balance and I cannot keep that much in the account?
Choose a different account type or a different bank. Many banks offer accounts with no minimum balance requirement. If you find a bank you like but their main checking account has a high minimum, ask whether they offer a basic or student checking account with lower requirements.
Do I lose the opening deposit if I close the account?
No. The opening deposit is your money. When you close the account, the bank returns it to you along with any other balance in the account. You do not forfeit it.
Is the opening deposit the same as an overdraft fee or account fee?
No. The opening deposit is money you put in to start the account. Overdraft fees and account fees are charges the bank takes from your account if you break the rules (like spending more than you have) or fail to meet balance requirements. These are separate from the opening deposit.
Can I open an account with someone else's money?
Yes, but the account will be in your name. If someone gives you money to open an account, that money becomes part of your account balance. The bank does not care where the money came from. However, if you are under 18, you may need a parent or guardian to co-sign the account.