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 institutions let you open an account with zero dollars, then deposit money whenever you want. The account sits empty and ready until you fund it.
That said, some banks do require an opening deposit, and some accounts have monthly fees unless you keep a certain balance. The amount varies widely — from $25 to $500 depending on the bank and the account type. Online banks tend to have lower or no minimums. Traditional brick-and-mortar banks are more likely to require something upfront.
The real cost is not the opening deposit. It is the monthly maintenance fee if you do not meet the balance requirement. A $10 monthly fee costs you $120 a year, which adds up faster than a one-time deposit.
Key Takeaways
- Most banks let you open a checking or savings account with no money down, though some require $25 to $500 at opening.
- Monthly maintenance fees ($5 to $15) are the bigger cost — they charge you every month unless you keep a minimum balance or meet other conditions.
- Online banks typically have no opening deposit and no monthly fees, making them cheaper than traditional banks if you have little money to start with.
- Credit unions often have lower minimums and fees than banks, and some waive both for members who set up direct deposit.
- Ask the bank directly about their lowest-cost account before you go in — the account they advertise may not be the cheapest one they offer.
Opening deposit versus monthly fees — which one actually costs you
An opening deposit is a one-time amount you bring in when you start the account. Once it is in the account, it is your money — you can spend it or leave it there. The bank is not keeping it.
A monthly maintenance fee is different. It charges you money every single month just for having the account open, whether you use it or not. If you have $50 in the account and the fee is $10, you lose 20 percent of your balance that month. After five months, the fee alone has eaten $50.
Some banks waive the monthly fee if you keep a minimum balance — often $500 to $1,500 — or if you set up direct deposit of your paycheck. If you cannot meet those conditions, the monthly fee will cost you more than an opening deposit ever would.
What different account types cost to open
| Account Type | Typical Opening Deposit | Typical Monthly Fee | How to Avoid the Fee |
|---|---|---|---|
| Basic checking (traditional bank) | $0 to $100 | $5 to $12 | Keep $500–$1,500 balance or set up direct deposit |
| Savings account (traditional bank) | $0 to $100 | $3 to $10 | Keep $300–$1,000 balance |
| Checking (online bank) | $0 | $0 | No conditions |
| Savings (online bank) | $0 | $0 | No conditions |
| Credit union checking | $0 to $50 | $0 to $5 | Often waived with direct deposit or membership dues |
Online banks almost never charge monthly fees or require opening deposits. They make money through interest on loans, not through account fees. If you have very little money to start with, an online bank is usually the cheapest option.
Credit unions often charge less than traditional banks and may waive fees entirely if you set up direct deposit or pay a small annual membership fee (usually $5 to $25). If you are a member of a credit union through your employer or a community organization, check what they offer before opening a bank account elsewhere.
What you actually need to bring to open an account
The bank will ask for identification and proof of address, not money. Bring a government-issued ID (driver's license, passport, or state ID card) and something showing your current address — a utility bill, lease, or recent bank statement from another institution.
If you do not have a current address, some banks will accept a letter from a shelter, a social services agency, or a trusted person who can vouch for where you live. Call the bank ahead of time and ask what they will take. Rules vary by location and by bank.
You will also need a Social Security number or an Individual Taxpayer Identification Number (ITIN). The bank uses this to check your banking history and report interest you earn to the IRS.
If you want to bring an opening deposit, bring cash or a check. If you have nothing to deposit, that is fine — most banks will let you leave with an empty account and fund it later online or in person.
How to find the cheapest account for your situation
Call or visit the bank's website and ask specifically: "What is your lowest-cost checking account?" and "What are the conditions to avoid the monthly fee?" Do not assume the account they advertise is the cheapest one.
Many banks have multiple checking accounts at different price points. A "basic" or "student" account often has lower fees than a "premium" account, even though they do the same thing. The bank wants you to upgrade later, so they price the basic account low.
If you plan to receive paychecks by direct deposit, mention that when you ask. Many banks waive fees entirely for accounts with direct deposit, which can save you $60 to $150 a year.
Compare at least two or three banks or credit unions before you decide. The difference between a $10 monthly fee and no fee is $120 a year — money that stays in your account instead of going to the bank.
Opening an account with no money and no credit history
Banks do not check your credit score to open a checking or savings account. They check your banking history through ChexSystems, a database that tracks bounced checks, overdrafts, and fraud. If you have never had a bank account, you have no history to check, and that is not a problem.
Some banks do refuse to open accounts for people with recent fraud or multiple bounced checks on record. If you have been denied before, ask the bank what is on your ChexSystems report. You can request a free copy at www.chexsystems.com. If there is an error, you can dispute it.
If you have been denied at multiple banks, a credit union or a second-chance banking program may work with you. These programs are designed for people rebuilding their banking relationship. Fees are usually higher, but you will get an account open.
Frequently Asked Questions
Can I open a bank account with no money at all?
Yes. Most banks and all major online banks let you open a checking or savings account with zero dollars. You can fund it later online, by mail, or in person. Some banks require an opening deposit of $25 to $500, but that is less common.
What happens if I cannot meet the minimum balance to avoid the monthly fee?
The bank charges you the monthly fee. It comes out of your account automatically, usually on the same day each month. If your balance is low, the fee can push you into overdraft. Switch to an online bank with no monthly fee, or ask your current bank if they have a lower-cost account option.
Do I need a job or proof of income to open an account?
No. Banks do not ask about your income or employment. They ask for ID and proof of address. You can open an account whether you are employed, retired, unemployed, or a student.
What if I do not have a permanent address?
Some banks will accept a letter from a shelter, transitional housing program, or social services agency as proof of address. Call ahead and ask what they will take. Online banks may be more flexible because they do not require in-person visits.
Is there a difference between opening a checking account and a savings account cost-wise?
Savings accounts usually have lower monthly fees than checking accounts, but also lower opening deposits. If you only need one account, a checking account gives you a debit card and check-writing ability. If you want to save money separately, open both — most banks let you link them.