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 will let you walk in, fill out paperwork, and leave with an account number and a debit card on the same day — with a zero balance.

Some banks do ask for an opening deposit, but it is usually small: $25 to $100. A few online banks ask for nothing. The real cost of opening an account is not the deposit — it is the monthly fees you might pay if you do not meet their conditions, like keeping a minimum balance or setting up direct deposit.

Key Takeaways

  • Most brick-and-mortar banks and credit unions let you open a checking account with zero dollars and start using it when ready.
  • Some banks require an opening deposit of $25 to $100, but many waive this if you set up direct deposit or keep a small balance.
  • Monthly maintenance fees ($5 to $15) are the real cost — they kick in only if you fall below a minimum balance or miss other requirements.
  • Online banks often have no opening deposit and no monthly fees, but you cannot deposit cash in person.
  • Credit unions typically have lower fees and minimum balances than traditional banks, and membership is often free or costs $5 to $25 one time.

Opening deposits: what banks actually require

Banks fall into three groups. The first group — most national banks and many regional ones — has no opening deposit requirement. Chase, Bank of America, Wells Fargo, and Citibank all let you open a checking account with $0. You can deposit money later, even weeks later, and the account stays open.

The second group requires a small opening deposit, usually $25 to $100. Some community banks and smaller regional banks work this way. They are not trying to lock your money in; they want to confirm you are serious and have access to funds. If you do not have that amount right now, ask whether they waive it for direct deposit — many do.

The third group is online banks, which almost never require an opening deposit. Banks like Ally, Charles Schwab, and Discover have no minimum to start. Since they have no physical branches, they save money on buildings and staff, and they pass that savings to you.

Minimum balance requirements and monthly fees

The opening deposit is separate from the minimum balance requirement — the amount you must keep in the account to avoid a monthly fee. A bank might let you open with $0 but charge you $10 a month if your balance drops below $500.

These minimums vary widely. Some accounts have no minimum at all. Others require $500, $1,000, or even $2,500. The fee for falling short is usually $5 to $15 per month, which adds up fast if you are living paycheck to paycheck.

The way to avoid this fee is to either keep the minimum balance or meet an alternative condition. Common alternatives are: setting up direct deposit (your paycheck goes straight in), making a certain number of debit card purchases per month, or maintaining a linked savings account with a small balance. Ask the bank which conditions waive the fee before you open the account.

Credit unions often have lower barriers

Credit unions are member-owned banks that typically charge less than traditional banks. Many have no opening deposit requirement and no monthly maintenance fee at all. Some charge a one-time membership fee of $5 to $25, which you pay once and never again.

To join a credit union, you usually need to meet one of their membership requirements — working for a certain employer, living in a certain area, or belonging to a certain organization. You can search for credit unions you are may be able to access to join at CO-OP.org or MyCreditUnion.gov. Once you join, opening an account works the same way as at a bank.

What happens if you cannot meet the minimum balance

If you know you cannot keep a minimum balance, look for accounts with no minimum requirement. Many banks offer a basic checking account specifically for this reason, sometimes called a "no-frills" or "second chance" account. These accounts may have fewer features — fewer free ATM withdrawals, for example — but they have no balance requirement and no monthly fee.

Online banks are often your best bet here. Ally Checking, for example, has no minimum balance, no monthly fee, and no opening deposit. Charles Schwab's checking account works the same way. If you have a smartphone and can receive mail, you can open one of these accounts in 10 minutes.

How to compare accounts before you open one

Before you walk into a bank or click "open account" online, write down three things: the opening deposit (if any), the minimum balance requirement, and the monthly fee. Then write down what waives the fee — direct deposit, a certain number of debit purchases, a linked savings account, or nothing.

Call the bank or visit their website and ask these questions directly. Do not assume. A teller or customer service representative can tell you in two minutes whether an account is right for your situation. If the bank makes it hard to find this information, that is a sign they are counting on you to miss the fee.

Many banks also offer a grace period — usually 30 to 60 days — before they charge the first monthly fee. This gives you time to set up direct deposit or deposit your first paycheck without being penalized.

What to bring when you open an account

You will need a government-issued ID (driver's license, passport, or state ID) and proof of address. Proof of address can be a utility bill, lease, or bank statement with your name and current address on it — something dated within the last 60 days. Some banks also ask for your Social Security number.

If you are opening the account in person, bring these documents with you. If you are opening online, you will upload photos of them or answer questions to verify your identity. The process usually takes 10 to 15 minutes either way.

Frequently Asked Questions

Do I have to deposit money on the day I open the account?

No. Most banks let you open with zero dollars. If the bank requires an opening deposit, you can ask if they waive it for direct deposit or if you can deposit money within a few days. Some banks give you 30 days to make the first deposit.

What if I do not have an opening deposit right now?

Choose a bank with no opening deposit requirement — most major banks and all online banks fall into this category. If you prefer a local bank that requires a deposit, ask whether they waive it. If not, wait until you have the amount and open then; there is no penalty for opening later.

Can I avoid monthly fees without keeping a large balance?

Yes. Most banks waive the monthly fee if you set up direct deposit, make a certain number of debit card purchases per month, or maintain a linked savings account. Ask the bank which option is easiest for you before you open the account.

Is it better to open at a bank or a credit union?

Credit unions usually have lower fees and no minimum balance requirements. Banks have more branches and ATMs. If you need to deposit cash in person regularly, a bank or credit union with physical locations near you is more convenient. If you mostly use your phone and ATM, an online bank is usually cheapest.

What if I have had banking problems before?

Look for a "second chance" or "basic" checking account, which has no minimum balance and no monthly fee. Credit unions are also more likely to work with you if you have had overdrafts or closed accounts in the past. Call ahead and ask whether they offer accounts for people rebuilding their banking history.