Most banks no longer require a deposit to open a checking or savings account, but the terms vary widely
You can open a bank account with zero dollars in most places. The major national banks—Chase, Bank of America, Wells Fargo, Citibank—all offer checking accounts with no minimum deposit required to start. Credit unions often do the same. The catch is not whether you can open the account; it is what happens after: some accounts charge monthly fees if you do not maintain a balance, others waive fees only if you set up direct deposit, and a few charge fees no matter what.
The account itself opens free. The cost comes from how you use it. Before you open anything, you need to know what fees explore to your specific situation—whether you will have direct deposit, how much you typically keep in the account, and whether you plan to use the bank's branches or only online banking.
Key Takeaways
- National banks and most credit unions let you open checking or savings accounts with no deposit required, but monthly maintenance fees vary by account type and how you use it.
- Some accounts waive monthly fees only if you receive direct deposit, while others charge fees regardless of your balance or deposit method.
- Online-only banks typically have lower or no monthly fees because they have fewer physical branches to maintain.
- You will need a government-issued ID, proof of address (usually a utility bill or lease), and a Social Security number or ITIN to open any account.
- If you have a history of overdrafts or closed accounts, some banks will deny you; ChexSystems and Early Warning Services track this, and you can request your report for free.
Checking accounts with no deposit and no monthly fees
Online-only banks are your best option if you want to avoid fees entirely. Ally Bank, Charles Schwab Bank, and Discover Bank all offer checking accounts with zero deposit required and zero monthly maintenance fees. You cannot walk into a branch, but you get access to ATMs nationwide and can deposit checks by phone camera. These accounts typically have no minimum balance requirement either.
Some regional banks also offer no-fee checking with no deposit. Credit unions often do this as well, especially if you are a member of a workplace or community group. Call your local credit union and ask directly: "Do you have a checking account with no deposit required and no monthly fee?" The answer is usually yes, and the terms are often simpler than at large banks.
If you want a physical branch nearby, check whether your local bank or credit union has a basic checking product. Many do, and they will tell you the fee structure upfront. The fee is usually waived if you maintain a small balance—often $500 or less—or if you receive direct deposit.
Accounts that waive fees only with direct deposit
Chase, Bank of America, and Wells Fargo all have checking accounts with no deposit required, but most of them charge a monthly fee ($12 to $15) unless you meet certain conditions. The most common condition is direct deposit—having your paycheck or benefits deposited electronically into the account. If you receive direct deposit, the monthly fee disappears.
This matters if you are employed or receive regular income like Social Security, unemployment, or a pension. If you do not have direct deposit and cannot maintain a minimum balance (usually $1,500 to $2,500), you will pay the monthly fee. Over a year, that adds up to $144 to $180 in charges for doing nothing wrong.
Before opening one of these accounts, confirm the exact fee waiver rules. Log into the bank's website or call and ask: "What are all the ways I can avoid the monthly maintenance fee on this account?" Write down the answer. Banks sometimes change these terms, and you want to know what you agreed to.
Savings accounts with no deposit
Most banks offer savings accounts with no deposit required. The difference from checking is that you cannot write checks or use a debit card; you transfer money out when you need it. Monthly fees on savings accounts are less common than on checking, but they do exist at some banks.
Online banks like Ally, Marcus, and Discover offer high-yield savings accounts with no deposit, no monthly fees, and interest rates that change with the market. Traditional banks like Chase and Bank of America also have savings accounts with no deposit and no fee, though the interest rate is usually much lower (often under 0.01%).
If you are saving money, the interest rate matters more than the fee. A high-yield savings account at an online bank will earn you money; a savings account at a traditional bank will earn you almost nothing. The tradeoff is that you cannot walk into a branch, but you can transfer money online in one to three business days.
What you need to bring to open an account
You will need three things: a government-issued photo ID (driver's license, passport, or state ID), proof of your current address, and your Social Security number or ITIN. Proof of address is usually a utility bill, lease, or bank statement dated within the last 60 days. If you do not have a current address, some banks will accept a shelter address or a PO box, but call first to confirm.
If you are opening the account online, you will upload photos of your ID and address proof, or answer security questions to verify your identity. If you are opening it in person, bring the documents with you. The process takes 10 to 20 minutes.
Some banks use ChexSystems or Early Warning Services, which are databases that track banking history. If you have closed accounts due to overdrafts, fraud, or other issues, the bank may deny you. You can request your ChexSystems report for free at chexsystems.com and your Early Warning Services report at earlywarning.com. If there is an error, you can dispute it.
If you have been denied a bank account before
If a bank has turned you down, it is usually because of your ChexSystems or Early Warning Services report. The first step is to get a copy of your report and see what is on it. Errors happen—accounts listed twice, old accounts that should have been removed, or fraud you did not commit. You can dispute these for free.
If the information is accurate, you have options. Some banks specialize in second-chance checking and will open an account for people with banking history issues. Chime, LendingClub, and some credit unions offer these. They may charge higher fees or require a small deposit, but they exist specifically for this situation. Call ahead and ask: "Do you open accounts for people with ChexSystems records?"
Another route is to use a prepaid card or a money market account at a bank that does not use ChexSystems. Not all banks report to ChexSystems, so you may find one that will work with you. Ask the bank directly whether they use ChexSystems before you explore.
Comparing your options: a quick reference
| Account Type | No Deposit Required | Monthly Fee | Best For |
|---|---|---|---|
| Online checking (Ally, Charles Schwab, Discover) | Yes | No | People who do not need a physical branch and want to avoid all fees |
| Traditional bank checking (Chase, Bank of America, Wells Fargo) | Yes | $12–$15, waived with direct deposit or minimum balance | People with direct deposit or who want a nearby branch |
| Credit union checking | Usually yes | Usually no | People who are members of a workplace or community credit union |
| Online savings (Ally, Marcus, Discover) | Yes | No | People saving money and wanting the highest interest rate |
| Traditional bank savings (Chase, Bank of America) | Yes | Usually no | People who want a savings account with minimal fees; interest rate is very low |
Frequently Asked Questions
Can I open a bank account with no ID?
No. Every bank is required by federal law to verify your identity. You need a government-issued photo ID. If you do not have a driver's license or passport, you can get a state ID card from your DMV. Some banks will accept a tribal ID or passport card as well.
What happens if I do not make a deposit right after opening the account?
Nothing. The account stays open and active. You can use it to receive direct deposit or transfers from another account. Some banks will close an account if it sits completely unused for a long time (usually six months to a year), but straightforward not depositing money does not trigger closure.
Do I have to use direct deposit to avoid monthly fees?
It depends on the bank. Online banks and credit unions usually have no monthly fees regardless of direct deposit. Traditional banks like Chase and Bank of America often waive fees for direct deposit, but some also waive them if you maintain a minimum balance. Read the account terms before you open it, or call and ask what your options are.
Can I open multiple accounts at the same bank with no deposit?
Yes. You can open a checking account and a savings account at the same bank, both with no deposit. Some people do this to separate spending money from savings. There is no limit on how many accounts you can have at one bank, though each account may have its own monthly fee.
What if I have a bad credit score?
Bank accounts do not require a credit check. Your credit score does not matter. Banks look at your banking history (through ChexSystems or Early Warning Services) and your identity, not your credit. You can open a bank account even if you have bad credit, as long as you have not had serious banking problems like fraud or unpaid overdrafts.