Most banks require an initial deposit to open a teen checking account, but the amount varies widely—from zero to several hundred dollars depending on the bank and account type.
The initial deposit requirement is not standard across the banking industry. Some banks waive it entirely for minors, while others require $25, $100, or more. The requirement often depends on whether the account is a basic teen checking account or a premium version with added features like debit card rewards or overdraft protection.
What matters more than the deposit itself is understanding which banks have no requirement at all, which ones have low minimums you can meet when ready, and which ones tie the minimum to ongoing balance rules that could cost you money later.
Key Takeaways
- Some major banks like Ally, Charles Schwab, and Fidelity have zero initial deposit requirements for teen accounts, while others like Chase and Bank of America require $25 to $100.
- An initial deposit is different from a minimum balance requirement—you may need to deposit money to open the account but then be allowed to spend it down to zero.
- Credit unions often have lower or no initial deposit requirements, and some waive them for minors opening their first account.
- Online-only banks are more likely to have no initial deposit requirement than traditional brick-and-mortar banks.
- The deposit you make counts as your first transaction and can be transferred out when ready at many banks, so it does not lock up money long-term.
Banks with no initial deposit requirement
Ally Bank does not require an initial deposit to open a teen checking account. You can open the account online, and the account becomes active without funding it first. This is one of the clearest zero-requirement options available.
Charles Schwab offers a teen checking account with no initial deposit requirement and no monthly fees. The account includes a debit card and ATM access. Fidelity similarly has no initial deposit requirement for its teen account.
Many credit unions have no initial deposit requirement for minors, particularly for first-time account holders. The requirement varies by individual credit union, so you will need to check with your local branch or the credit union's website directly.
Banks that require an initial deposit
Chase requires a $25 initial deposit to open most teen checking accounts. Bank of America requires $100 for its teen account. Wells Fargo requires $25. These are among the largest banks in the country, so many families encounter these requirements first.
The deposit amount is usually small enough that most families can meet it when ready, but it is worth knowing the requirement before you visit a branch or start the online process. Some banks allow you to make the deposit during account opening, while others require you to have the funds available before you begin.
Regional and smaller national banks vary widely. Some require $50, others $25, and some none at all. If you are opening an account at a bank your family already uses, ask the banker directly about the teen account minimum before you sit down.
Initial deposit versus minimum balance requirement
These are two different things, and the distinction matters. An initial deposit is money you put in to open the account. A minimum balance requirement is the lowest amount you must keep in the account at all times to avoid a monthly fee.
Some banks require an initial deposit but have no minimum balance requirement afterward. This means you can deposit $25 to open the account and then spend it all down to zero without penalty. Other banks require both—you deposit $100 to open, and you must keep at least $100 in the account at all times or pay a $5 or $10 monthly fee.
Before you open an account, ask the bank two separate questions: "What is the initial deposit requirement?" and "What is the minimum balance I must keep in the account?" The answers determine whether the deposit is a one-time hurdle or an ongoing cost.
Online banks versus traditional banks
Online-only banks are significantly more likely to have zero initial deposit requirements. They have lower overhead costs than brick-and-mortar banks, so they can afford to waive the deposit. Ally, Charles Schwab, and Fidelity are all online-first or online-only, and none require an initial deposit.
Traditional banks with physical branches—Chase, Bank of America, Wells Fargo, Citibank—typically do require an initial deposit, though the amount is usually modest. The trade-off is that you can walk into a branch if you have a problem, whereas online banks handle everything by phone, email, or chat.
If your family values in-person service and does not mind a small initial deposit, a traditional bank may be the right choice. If you want to avoid the deposit requirement and are comfortable managing the account online, an online bank is usually the faster path.
What happens to the initial deposit
The money you deposit to open the account is yours when ready. You can spend it, transfer it out, or leave it in the account. There is no lock-up period. Many people deposit the minimum, the account opens, and they transfer the money back out to their own account within a day or two.
The only reason to keep the initial deposit in the account is if you want the teen to have a starting balance to learn with. Some parents deposit $25 or $50 and let the teen use it as their first spending money. Others deposit the minimum and move it out right away, leaving the teen with a zero balance to start fresh.
How to find the requirement before you explore
The initial deposit requirement is usually listed on the bank's website under "Teen Checking" or "Minor Account" details. Look for a section labeled "Account Requirements," "Fees," or "How to Open." If it is not listed, call the bank's customer service line or visit a branch and ask directly.
When you call or visit, have the account name ready—some banks offer multiple teen accounts with different requirements. For example, a basic teen checking account might have a $25 requirement while a premium version with rewards has a $100 requirement.
If you are opening the account online, the requirement will usually appear during the account-opening flow before you are asked to fund it. Read that section carefully so you know what to expect.
Frequently Asked Questions
Can I open a teen checking account with no money at all?
Yes, if you choose a bank with no initial deposit requirement like Ally, Charles Schwab, or Fidelity. You can open the account online and fund it later, or not at all. Some credit unions also have no requirement for minors.
If I deposit $25 to open the account, do I have to keep it there?
No. The initial deposit is yours to use or move. You can transfer it out when ready after the account opens. The only exception is if the bank also has a minimum balance requirement—in that case, you must keep a certain amount in the account at all times or pay a fee.
What if my bank requires a deposit but I do not have the money right now?
Ask a parent or guardian to make the deposit on your behalf. They can fund the account during opening, and the account will be in your name. Once it is open, you control it. Some banks also allow you to set up the account and fund it within a few days, though this varies by bank.
Do online banks take longer to open because there is no deposit requirement?
No. Online banks often open accounts faster than traditional banks because everything is digital. You can open an Ally or Charles Schwab teen account in 10 to 15 minutes. Traditional banks may take longer even with a deposit requirement because they may need to verify information or have a parent sign documents in person.
Will the initial deposit affect my credit score?
No. Opening a checking account and making an initial deposit does not affect your credit score. Credit scores are based on borrowing and repayment history, not on checking accounts. A teen checking account is purely a transaction account with no credit component.