You can open an account at most banks and credit unions without putting money in first

The short answer: nearly every major bank and most credit unions will let you open a checking or savings account with zero dollars. The catch is not whether they will let you open it—they will—but what happens after. Some charge monthly fees if you do not maintain a minimum balance. Others waive fees entirely. Some require a small deposit within a set window after opening. Knowing which banks have no ongoing requirements is what separates an account that costs you nothing from one that slowly drains your balance.

The banks most likely to have no minimum balance and no monthly maintenance fees are online-only banks, regional credit unions, and a handful of national banks that compete for customers with low barriers to entry. In-person banks at shopping centers and downtown branches tend to have higher minimums and steeper fees because they maintain physical locations.

Key Takeaways

  • Most banks will open a checking account with no money down, but many charge a monthly fee unless you keep a minimum balance or meet other conditions.
  • Online banks and credit unions are most likely to have no monthly fees and no minimum balance requirements.
  • Some banks waive fees if you set up direct deposit or keep a linked savings account open.
  • You will need a government ID, Social Security number, and proof of address to open any account, whether you have money or not.
  • If a bank denies you, ChexSystems or a prior banking problem may be the reason—you can request your report and dispute errors.

Banks with no monthly fees and no minimum balance

Chime, Varo, and LendingClub are online banks that charge no monthly maintenance fees and have no minimum balance requirement. They open accounts when ready or within one business day. Because they have no physical branches, they keep costs low and pass that savings to customers. You can deposit checks by taking a photo with your phone, and you get a debit card in the mail within days.

Charles Schwab Bank and Ally Bank also have no monthly fees and no minimums. Charles Schwab reimburses ATM fees worldwide, which is useful if you travel or live far from their ATMs. Ally has a savings account with a higher interest rate than most checking accounts, so if you have even a small amount to deposit later, that account grows faster.

Credit unions often have the lowest fees of all. If you work for a large employer, are a member of a union, or live in a specific county or city, you may be able to join a credit union. Credit union accounts usually have no monthly fees and no minimums. The downside is that credit unions have fewer ATMs and branches than national banks, so access depends on where you live and work.

Banks that charge fees but waive them under certain conditions

Chase, Bank of America, and Wells Fargo all charge monthly fees on their basic checking accounts—usually $12 to $15 per month—but they waive the fee if you meet one of several conditions. The most common waiver is setting up direct deposit of your paycheck. Others waive the fee if you maintain a minimum balance (often $500 to $1,500) or keep a linked savings account open.

If you have a job and your employer offers direct deposit, these banks become free to use. If you do not have direct deposit, the minimum balance requirement means you need to keep money in the account at all times, which defeats the purpose of opening with no money. In that case, an online bank with no fees and no minimums is the better choice.

What you need to open an account with no deposit

Every bank requires the same documents, whether you have money to deposit or not. You will need a government-issued ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address. Proof of address can be a utility bill, lease, or recent mail from a government agency. Some banks accept a phone bill or bank statement as well.

Online banks can verify all of this in minutes through their app or website. In-person banks will ask you to come to a branch with your ID and documents. If you do not have a Social Security number, some banks will open an account with an ITIN (Individual Taxpayer Identification Number), but you will need to call ahead and confirm—not all branches handle this.

What happens if a bank rejects you

If a bank denies your account, the reason is usually ChexSystems, a banking history report that tracks closed accounts, overdrafts, and fraud. ChexSystems is not a credit report—it only covers banking behavior. If you had an account closed due to overdrafts or unpaid fees, or if someone reported fraud on an old account, ChexSystems will flag you.

You have the right to request your ChexSystems report for free. Visit chexsystems.com or call 1-800-428-9623. If there is an error—a closed account you did not open, or an overdraft that was not your fault—you can dispute it in writing. ChexSystems has 30 days to investigate. Once the error is removed, you can reapply at banks that rejected you before.

If your report is accurate, some banks specialize in second-chance accounts. Chime, Varo, and LendingClub do not use ChexSystems, so they may open an account even if you have banking history. Some credit unions also skip ChexSystems. Call ahead and ask whether they check ChexSystems before you explore.

Online banks versus in-person banks for starting with no money

Online banks are faster and cheaper if you have no money to start. You can open an account in 10 minutes from your phone, with no fees and no minimums. You never need to visit a branch. The trade-off is that you cannot deposit cash directly—you have to transfer it from another account, use mobile check deposit, or find an ATM that accepts deposits (many do).

In-person banks let you walk in and deposit cash when ready, which is useful if you are paid in cash or receive money from family. But they charge monthly fees unless you meet their conditions, and those conditions usually require either a minimum balance or direct deposit. If you have neither, an in-person bank will cost you money each month.

How to avoid fees after you open

Once your account is open, the easiest way to avoid fees is to set up direct deposit if your employer offers it. This waives fees at most major banks and costs you nothing. If you do not have direct deposit, keep your balance above the minimum (if there is one) or switch to a bank with no minimum and no fees.

Watch for hidden fees beyond the monthly maintenance fee. Some banks charge for paper statements, overdrafts, or transfers between accounts. Online banks rarely charge these fees. Read the fee schedule before you open—it is usually on the bank's website under "Pricing" or "Fees and Charges." If the fee schedule is hard to find or unclear, that is a sign the bank is hiding something.

Frequently Asked Questions

Can I open a bank account with no ID?

No. Every bank requires a government-issued ID and Social Security number to open an account. This is a federal requirement, not a bank choice. If you do not have an ID, you can get a state ID from your DMV without a driver's license. If you do not have a Social Security number, some banks accept an ITIN, but you must call ahead.

Will opening an account with no money hurt my credit?

No. Banks do not report checking or savings accounts to credit bureaus. Opening an account does not affect your credit score. However, if you overdraw the account and do not pay it back, the bank may report it to ChexSystems, which will make it harder to open accounts at other banks in the future.

How long does it take to open an account online with no deposit?

Most online banks open accounts in 10 to 30 minutes. You will have a temporary debit card number you can use when ready, and a physical card arrives in 5 to 10 business days. In-person banks usually take 15 to 30 minutes if you visit a branch with your ID and documents.

What if I need to deposit cash but the bank has no branches near me?

Many online banks partner with retail locations like Walmart, CVS, or Walgreens where you can deposit cash for free. Ally Bank and Chime both offer this. You can also transfer money from another account, use a mobile check deposit, or find an ATM that accepts cash deposits—most do, even if they are not your bank's ATM.

Can I open multiple accounts at different banks with no money?

Yes. There is no law against opening accounts at multiple banks. Some people do this to keep money separate for different purposes, or to take advantage of different features at different banks. Just make sure you can track all the accounts and pay any fees that explore.