Most banks have no minimum deposit requirement to open an account

You do not need to bring money with you to open a checking or savings account at most banks. Many large banks—including Chase, Bank of America, Wells Fargo, and Citibank—let you open an account with zero dollars and fund it later. Some banks ask for an initial deposit, but it is usually small: $25 to $100. A few banks still require $500 or more, but these are less common.

What matters more than the opening deposit is what happens after. Banks charge monthly maintenance fees unless you meet certain conditions—direct deposit, a minimum balance, or a certain number of debit card transactions. These ongoing costs can add up faster than an opening deposit ever would.

Key Takeaways

  • Most major banks let you open a checking account with no money down, though some ask for $25 to $100.
  • Monthly maintenance fees ($10 to $15) are a bigger cost than opening deposits and explore even if you have no balance.
  • You can waive monthly fees by setting up direct deposit, keeping a minimum balance (usually $500 to $1,500), or meeting transaction requirements.
  • Online banks and credit unions often have lower or no monthly fees and no opening deposit.
  • The bank you choose matters more than the opening deposit—a free account you actually use beats a cheap opening deposit on an expensive account.

Opening deposits at major banks

Chase, Bank of America, Wells Fargo, and Citibank all allow you to open checking accounts with $0. Savings accounts at these banks also have no opening deposit requirement. You can walk into a branch or open online and fund the account when ready, later, or not at all.

Some regional and community banks do ask for opening deposits. These typically range from $25 to $100 for a basic checking account. A few banks—usually those targeting high-net-worth customers or offering premium accounts—may ask for $500 or $1,000. Call the bank directly or check their website to confirm the requirement before you visit a branch.

Monthly maintenance fees are the real cost

An opening deposit of $0 or $100 is a one-time event. A monthly maintenance fee of $12 costs you $144 a year. Over five years, that is $720—far more than any opening deposit.

Most banks charge $10 to $15 per month to maintain a checking account. Some charge nothing. The fee applies whether your account has $1 or $10,000 in it. Banks waive the fee if you meet one of these conditions: direct deposit of at least $500 per month, a minimum balance (usually $500 to $1,500), or a set number of debit card transactions per month (often 10 or more).

If you do not meet any of these conditions, you pay the fee every month. That is why the monthly cost structure matters more than whether the bank asks for $25 upfront.

How to find accounts with no opening deposit and no monthly fees

Online banks almost always have no opening deposit and no monthly maintenance fees. Ally, Charles Schwab, Discover, and Marcus all offer checking or savings accounts with $0 opening deposit and $0 monthly fees. The trade-off is that you cannot walk into a physical branch—all transactions happen online, by phone, or through ATM networks.

Credit unions often have similar terms. Many credit unions charge no opening deposit and no monthly fees, especially if you meet a minimum balance of $100 to $300. You must be a member of the credit union to open an account, which usually means living or working in a certain area or belonging to a particular employer or organization. Search for credit unions in your area on the CO-OP or Allpoint networks to see what is available.

If you need a physical branch, look for community banks in your area. Smaller banks often have lower monthly fees ($5 to $8) or waive them more easily than national chains.

What to bring when you open an account

You will need 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 works for the address. Some banks also ask for a Social Security number or Tax ID number to verify your identity.

If you are opening an account online, you may be able to upload photos of these documents or verify your identity through a video call. If you are opening in person at a branch, bring the originals.

You do not need to bring a deposit. If the bank asks for one and you do not have it, ask whether you can fund the account after opening or whether they can waive the requirement.

Opening a joint account or account for someone else

If you are opening an account for a minor or as a joint account with another adult, the requirements change slightly. For a minor's account, the parent or guardian must be present and provide their own ID and proof of address. The minor usually needs an ID as well, though some banks accept a school ID or birth certificate.

For a joint account, both account holders must be present (in person or online) and provide ID and proof of address. Both people are responsible for the account and can withdraw money or close it without the other person's permission, unless you set specific restrictions with the bank.

What happens if you cannot meet the minimum balance

If a bank requires a $500 minimum balance to waive the monthly fee and you cannot keep that much in the account, you have options. First, look for a bank with a lower minimum—many banks use $300 or $100 instead. Second, choose a bank with no monthly fee at all, which removes the problem entirely. Third, ask the bank whether you can waive the fee through direct deposit or transaction requirements instead of a balance requirement.

Do not open an account at a bank where you cannot meet the fee-waiver conditions unless you are willing to pay the monthly fee. Over time, that fee will cost more than the opening deposit ever would.

Frequently Asked Questions

Can I open a bank account with no money at all?

Yes. Most major banks and nearly all online banks let you open a checking or savings account with $0. You can fund it when ready, later, or never. Some smaller banks ask for $25 to $100, but this is not required at most places.

Do I have to keep a certain amount of money in the account after I open it?

Not to keep the account open, but yes to avoid monthly fees. Most banks charge $10 to $15 per month unless you maintain a minimum balance (usually $500 to $1,500), set up direct deposit, or meet a transaction requirement. If you cannot do any of these, you will pay the fee every month.

What if I do not have a government ID?

You will need some form of government-issued photo ID to open a bank account. If you do not have a driver's license or passport, you can get a state ID card from your local DMV. Some banks may accept other documents—call ahead to ask what they will take.

Can I open an account online with no deposit?

Yes. Online banks like Ally, Charles Schwab, and Discover let you open accounts with $0 and no monthly fees. You will still need to provide ID and proof of address, usually by uploading photos or verifying through a video call.

Is there a difference between opening a checking account and a savings account?

Both usually have no opening deposit requirement at major banks. Checking accounts are for regular spending and have unlimited transactions. Savings accounts are for storing money and may limit how many times you withdraw per month. Monthly fees explore to both, and both can be waived the same ways.