Most banks let you open an account with no money at all
You do not need to deposit anything to open a checking or savings account at most banks. Many banks will let you complete the paperwork, get your account number, and start using the account with a zero balance. The account exists and is yours whether it holds $0 or $500.
That said, some banks do ask for an opening deposit, and some accounts have minimum balance requirements — a rule that says you must keep a certain amount in the account or pay a monthly fee. The amount varies widely depending on the bank and the type of account you choose.
Key Takeaways
- Many banks and credit unions allow you to open a checking or savings account with zero dollars, though you will need to bring identification and proof of address.
- Some banks require an opening deposit (typically $25 to $100) before they will create your account, while others have no opening deposit but charge a monthly fee if your balance drops below a certain level.
- Online banks and credit unions often have lower or no minimum balance requirements than traditional brick-and-mortar banks.
- If a bank's minimum balance requirement is too high for your situation, you can choose a different bank — requirements are not standard across the industry.
Banks with no opening deposit or minimum balance
Many large national banks and most credit unions do not require you to put money in when you open an account. Chase, Bank of America, Wells Fargo, and Citibank all offer checking accounts with no opening deposit required. Credit unions — which are member-owned financial institutions rather than for-profit banks — typically have even lower barriers and often waive opening deposits entirely.
Online banks like Ally, Charles Schwab, and Discover frequently advertise zero opening deposits and zero minimum balances. Because they do not operate physical branches, they have lower costs and can afford to be more flexible about these requirements.
The catch with some of these accounts is that while there is no opening deposit, there may be a monthly maintenance fee if your balance falls below a certain amount — often $500 to $1,500. Read the account terms before you open to understand what happens if your balance is low.
Banks that do require an opening deposit
Some banks, particularly smaller regional banks and some credit unions, ask you to deposit money when you open the account. Opening deposits typically range from $25 to $100, though a few banks ask for more. This is not a fee you lose — it becomes part of your account balance. If you deposit $50 to open the account, that $50 is yours and stays in the account until you withdraw it.
Ask the bank directly before you go in. A phone call to the branch or a visit to their website will tell you whether they require an opening deposit and how much it is.
Minimum balance requirements and monthly fees
A minimum balance requirement is different from an opening deposit. It is an ongoing rule: you must keep at least a certain amount in the account at all times, or the bank charges you a monthly fee (usually $5 to $15). Some accounts have no minimum. Others require $500, $1,000, or even more.
If you cannot maintain the minimum, you will pay the fee every month. Over a year, that adds up. A $10 monthly fee costs $120 per year. For this reason, if you know your balance will stay low, choose an account with no minimum balance requirement rather than one that charges you for being poor.
Minimum balance requirements are most common at traditional banks with physical branches. Online banks and credit unions are more likely to offer accounts with no minimum at all.
How to find an account that fits your situation
Start by listing what you know about your finances: roughly how much money you expect to keep in the account most of the time, whether you want to visit a physical branch or are comfortable banking online, and whether you prefer a bank or a credit union.
Then call or visit the websites of three to five banks or credit unions in your area. Look for the account terms — usually labeled "Checking Account" or "Savings Account" — and note the opening deposit requirement (if any) and the minimum balance requirement (if any). Compare what you find. You will likely discover that at least one option matches your situation with no opening deposit and no minimum balance.
If you are a member of a credit union, start there. Credit unions often have the most flexible requirements and the lowest fees. If you do not belong to one, you may be able to join through your employer, your school, or a community organization.
What happens if you cannot meet the minimum balance
If you open an account with a minimum balance requirement and later find you cannot maintain it, you have options. You can close that account and open a different one at a bank with no minimum. You can also call the bank and ask if they will waive the fee for a month or two, or if they can move you to a different account type with lower requirements. Banks sometimes work with customers who are struggling, especially if you have been with them for a while.
Do not ignore the fee and hope it goes away. Monthly fees add up quickly, and a pattern of overdrafts or unpaid fees can damage your banking history and make it harder to open accounts elsewhere later.
Frequently Asked Questions
Do I need to bring money with me to open an account in person?
No. You need identification and proof of address, but you do not need to bring cash or a check. If the bank requires an opening deposit, you can ask whether you can deposit money after you open the account, though most banks will ask you to deposit it the same day.
What if I open an account online with no opening deposit and then cannot keep the minimum balance?
If the account has a monthly fee for falling below the minimum, you will be charged that fee. You can then close the account and open a different one. Most banks do not penalize you for closing an account, though some may ask you to wait a short time before reopening.
Can I open a savings account with no money?
Yes. Savings accounts follow the same rules as checking accounts — many have no opening deposit and no minimum balance. The difference is that savings accounts are meant for money you keep rather than spend, and they earn interest (a small amount of money the bank pays you for letting them use your money).
Do credit unions have different opening requirements than banks?
Often yes — credit unions tend to have lower or no opening deposits and lower minimum balances. However, requirements vary by credit union, so ask before you assume. The main advantage of a credit union is that it is member-owned, so any profits go back to members rather than shareholders.
What if a bank says I cannot open an account because of my banking history?
Some banks use a system called ChexSystems to check whether you have had problems with accounts in the past (like unpaid fees or fraud). If you are denied, ask the bank why and request a copy of your ChexSystems report. You can dispute errors on that report, and some banks are more lenient than others about past issues.