Most banks now let you open an account online with zero dollars down, but the account type and verification process vary

You can open a checking or savings account online without making a deposit at most major banks and many regional ones. The bank does not hold your money hostage—it straightforward does not require you to fund the account on day one. What changes is how the bank verifies your identity and what features the account includes while it sits empty.

The process itself takes 10 to 20 minutes. You will need a valid government ID, a Social Security number, and either a phone number or email address the bank can reach you at. Some banks ask for a second form of ID or proof of address. A few still require a small deposit, so if that matters to your situation, you will want to call ahead or check the bank's website before you start.

Key Takeaways

  • Most online banks and major national banks allow you to open a checking or savings account with no deposit required at account opening.
  • You will need a valid government ID, Social Security number, and a way for the bank to contact you to verify your identity.
  • Some banks verify you when ready through their app or website; others send a code to your phone or email and ask you to confirm it.
  • An empty account is fully functional—you can receive direct deposits, set up transfers, and use a debit card once it arrives.
  • A few banks still require a minimum deposit, so read the account terms or call customer service before you begin if you want to be certain.

What happens during the online signup process

You start by entering your name, date of birth, address, phone number, and Social Security number into the bank's website or app. The bank runs this information against databases to confirm you are who you say you are. This step usually takes a few seconds to a few minutes.

Next, the bank asks you to verify your identity a second way. The most common methods are: a code sent to your phone via text, a code sent to your email, or a video call with a bank representative who asks you to show your ID to a camera. Some banks use a combination—they text you a code, you enter it, and then they ask a few security questions based on your credit history.

Once verification is complete, you choose your account type (checking, savings, or both), set a PIN or password, and agree to the account terms. The bank then assigns you an account number and routing number. You do not need to deposit money to finish. Your account is open and ready to use when ready, even if the balance is zero.

Which banks let you open with no deposit

Online-only banks almost always allow zero-deposit accounts. Chime, Ally Bank, Charles Schwab, and Discover Bank all open checking accounts with no deposit required. So do most credit unions if you join their membership first (membership is usually free or costs $1 to $25 one time).

Major national banks vary. Chase, Bank of America, Wells Fargo, and Citibank all allow you to open checking accounts online with no deposit. Capital One 360 and Ally are known for this specifically. However, some regional banks and smaller institutions still require a minimum deposit—usually $25 to $100. If you have a preference for a specific bank, their website will state the deposit requirement clearly, or you can call their customer service line to ask.

Credit unions often have lower barriers. If you work in a certain industry, live in a certain county, or have a family member who belongs to a credit union, you may be able to join. Many credit unions open accounts with no deposit and no monthly fees.

What you need before you start

Have your government-issued ID ready—a driver's license, state ID, or passport. The bank will ask for the number and expiration date. If you do not have a government ID, some banks will accept a passport card or tribal ID, but this varies. Call the bank first if you are unsure.

You will also need your Social Security number. If you do not have one, you cannot open a bank account online—you will need to visit a branch in person and bring original documents proving your identity and address.

Have your current address available. The bank will ask for it and may send mail to confirm it. If you are homeless or do not have a permanent address, some banks allow you to use a shelter address, a trusted friend's address, or a mail forwarding service. Call ahead to ask what the bank accepts.

Finally, have a phone number or email address the bank can use to reach you. This is how they send verification codes and account information. If you do not have either, you will need to set one up before you begin—a free email account takes two minutes to create.

How long it takes from start to usable account

The online signup itself takes 10 to 20 minutes. Your account number and routing number are usually available when ready after you finish. This means you can give these numbers to an employer for direct deposit or to another bank to set up a transfer the same day you open the account.

A physical debit card takes longer. Most banks mail it within 5 to 10 business days. Some online banks offer a temporary digital card you can use in the app right away while you wait for the physical card to arrive. If you need to withdraw cash before the card arrives, you can visit an ATM that your bank partners with, or you can transfer money to another account you already have.

If the bank needs to verify your address by mail, that adds 1 to 2 weeks. They send a letter with a code; you enter the code on their website to confirm you received it. This is less common now, but some banks still do it.

What you can and cannot do with an empty account

An account with a zero balance is fully functional. You can receive direct deposits, set up automatic transfers from another bank, receive wire transfers, and use your debit card once it arrives. You can also write checks if the account includes a checkbook, though this is rare for online banks.

What you cannot do is withdraw money you do not have. If you try to spend more than your balance, the transaction will be declined or you will overdraft. Most banks charge an overdraft fee ($25 to $35 per transaction) if you go negative. Some online banks do not charge overdraft fees at all, which is worth checking if you are worried about this.

You also cannot use the account to take out a loan or access credit. A bank account is a place to store and move money, not a source of credit. If you need a loan, you will need to explore separately.

What to do if a bank requires a deposit and you cannot make one

If the bank you want to use requires a minimum deposit and you do not have the money, you have a few options. First, ask the bank if they have a different account type with no deposit requirement. Some banks offer a basic savings account with no deposit but a checking account that requires $25. You can open the savings account first, then transfer money into it later and upgrade to checking.

Second, look for a credit union. Many credit unions have no deposit requirement and lower fees than banks. You can search for credit unions you are may be able to access to join at CO-OP.org or Alliant.org.

Third, ask a trusted friend or family member if they can lend you the deposit amount temporarily. Once your account is open and you have received a paycheck or transfer, you can pay them back. Some people do this specifically to get past the deposit barrier.

Finally, if you have a job, ask your employer if they can direct deposit your paycheck into a new account. Many banks will waive the deposit requirement if you set up direct deposit, even if you have not funded the account yet. This is worth asking about.

Frequently Asked Questions

Can I open a bank account online if I do not have a Social Security number?

No. Banks are required by federal law to collect your Social Security number as part of account opening. If you do not have one, you will need to visit a branch in person with original identity documents. Some banks may ask for an Individual Taxpayer Identification Number (ITIN) instead if you are not a U.S. citizen, but this varies by bank.

What if the bank declines me during the verification step?

This usually means the bank could not verify your identity using the information you provided. Common reasons include a mismatch between the name you entered and what appears in their database, an address that does not match your ID, or a Social Security number that does not match your name. Call the bank's customer service line and ask why you were declined. They can often fix it over the phone or direct you to a branch where you can open an account in person.

Do I have to keep money in the account once I open it?

No. You can open the account, leave it empty, and close it later if you change your mind. However, if you do not use the account for a long time (usually 12 months or more), the bank may close it for inactivity. Some banks charge an inactivity fee. Read the account terms to see what the bank's policy is.

Can I open multiple accounts at the same bank online?

Yes. Once your first account is open, you can usually open a second checking or savings account through the same bank's app or website without going through the full verification process again. This is useful if you want to separate spending money from savings, or if you want both a checking and savings account.

What if I do not have a permanent address?

Some banks allow you to use a shelter address, a trusted friend's address, or a mail forwarding service address. Others require a permanent residential address. Call the bank before you start and explain your situation. They can tell you what addresses they accept. If the bank will not work with you, try a credit union or an online bank that may have more flexible policies.