Most banks charge nothing to open an account, but some require a minimum deposit

You will not pay a fee to open a checking or savings account at most major banks. Wells Fargo, Chase, Bank of America, and most regional banks let you open an account for zero dollars. The catch is that some banks require you to deposit money on the day you open the account — not as a fee, but as your starting balance.

The minimum deposit varies. Some banks have no minimum at all. Others require $25, $100, or $500 before they will set up your account. A few require $1,000 or more. This is money that goes into your account and belongs to you — it is not a charge — but you do need to have it available when you walk in or click "open account" online.

Online banks and credit unions often have lower or no minimums. Chime, Ally, and Charles Schwab have no minimum deposit requirement. Many credit unions also waive the minimum if you set up direct deposit. The trade-off is that online banks have no physical branch, so you cannot deposit cash in person.

Key Takeaways

  • Opening an account itself costs nothing at most banks, but some require a minimum deposit to set up it, which ranges from zero to $1,000 depending on the bank.
  • The minimum deposit is your own money that sits in the account — it is not a fee — but you must have it available on the day you open the account.
  • Online banks and credit unions typically have lower or no minimum deposit requirements than large national banks.
  • Monthly maintenance fees are separate from the opening cost and vary by account type; many banks waive them if you meet conditions like direct deposit or a minimum balance.
  • If you have no money to deposit, look for banks with zero minimum or credit unions that waive the minimum for direct deposit.

Where the actual costs come in: monthly fees and balance requirements

The opening deposit is not the only money you might need to spend. Many banks charge a monthly maintenance fee — usually $5 to $15 — just to keep the account open. This is a real fee that comes out of your balance each month.

You can often avoid this fee by meeting one of the bank's conditions. Common ways to waive the monthly fee include setting up direct deposit, keeping a minimum balance (often $500 to $1,500), or maintaining a certain number of debit card transactions per month. Chase, for example, waives the monthly fee on many checking accounts if you have a direct deposit of at least $500 per month.

Some banks charge no monthly fee at all, regardless of your balance or activity. Ally Bank, Chime, and many credit unions fall into this category. If you are opening an account with very little money, a no-fee account is worth seeking out, because you will not lose money just for having the account open.

Overdraft fees and other charges that happen after you open

Once your account is open, other fees can appear. An overdraft fee — charged when you spend more than you have — typically costs $25 to $35 per transaction. Some banks charge multiple overdraft fees in a single day. This is not a cost of opening the account, but it is a cost you should know about before you start using it.

ATM fees are another common charge. If you use an ATM that does not belong to your bank, you may pay $2 to $3 per withdrawal. Some banks reimburse out-of-network ATM fees; others do not. If you do not have a branch near you, this matters.

Wire transfer fees, foreign transaction fees, and paper statement fees are less common but still appear at some banks. Read the fee schedule before you open the account so you know what you are signing up for.

How opening deposits work in practice

If a bank requires a minimum deposit, you provide it on the day you open the account. At a physical branch, you hand over cash or a check. Online, you link a bank account or provide a debit card number and the bank pulls the money from that account. The deposit hits your new account when ready (or within one business day for online transfers).

That money is now yours. You can spend it, leave it there, or move it to another account. It is not held or locked up. The bank straightforward will not let you open the account without it.

If you are opening multiple accounts at the same bank — say, a checking and a savings account — you may be able to use the same deposit for both, or you may need separate deposits. Ask the bank before you open the accounts.

Banks with no minimum deposit and no monthly fees

If you have little or no money to deposit, these options let you open an account for zero dollars with no monthly charge:

  • Chime — online checking and savings, no minimum, no monthly fee, no overdraft fees.
  • Ally Bank — online checking and savings, no minimum, no monthly fee.
  • Charles Schwab Bank — online checking, no minimum, no monthly fee, reimburses all ATM fees.
  • Many credit unions — local or membership-based, often no minimum, no monthly fee, especially if you set up direct deposit.
  • Some regional banks — check your local bank's website; many have eliminated minimums in recent years.

The trade-off with online banks is that you cannot deposit cash in person. If you need to deposit cash regularly, a credit union or regional bank with a physical branch may be a better fit, even if it has a small minimum.

What to bring or have ready when you open an account

You will need a government-issued ID (driver's license, passport, or state ID) and a Social Security number or ITIN. Some banks also ask for a phone number and email address. If you are opening in person, bring the ID and be ready to provide the number. If you are opening online, you will type this information into the form.

Have your opening deposit ready — cash, a check, or access to another bank account to transfer from. If the bank requires a minimum and you do not have it, you cannot complete the opening that day.

If you are opening a joint account (with a spouse or family member, for example), both people usually need to be present in person or both need to verify their identity online. Ask the bank about their process before you start.

Frequently Asked Questions

Do I have to deposit money to open a bank account?

Not always. Many banks have no minimum deposit requirement. But some do require a deposit ranging from $25 to $1,000 before they will set up your account. Check the bank's website or call before you go in.

Is the minimum deposit a fee I lose?

No. The minimum deposit is your own money that goes into your account. You can spend it, move it, or leave it there. It is not a charge or a fee.

What happens if I cannot meet the minimum deposit?

Open an account at a bank with no minimum instead. Chime, Ally, Charles Schwab, and many credit unions have zero minimum. You can open an account with whatever money you have or even no money at all.

Will I be charged every month just for having the account?

Many banks charge a monthly maintenance fee of $5 to $15, but you can usually waive it by setting up direct deposit, keeping a minimum balance, or making a certain number of debit card transactions. Some banks charge no monthly fee at all, regardless of your balance.

What is an overdraft fee and when do I pay it?

An overdraft fee is charged when you spend more money than you have in your account. It typically costs $25 to $35 per transaction. Some banks let you opt out of overdraft protection so you cannot overspend; others charge the fee automatically.