Minimum deposit requirements vary by bank, from zero to several thousand dollars
Most banks and credit unions let you open a checking account with no money down. You can walk in with a zero balance, complete the paperwork, get your debit card, and start using the account. Some banks waive the minimum entirely; others require $25 to $100 to activate the account but let you deposit it after you open it.
A smaller number of banks—usually those targeting higher-income customers or offering premium features—ask for $500 to $2,500 before they'll open your account. Online banks often have no minimum at all, since they have lower overhead costs. Credit unions typically have no minimum deposit requirement, though you may need to buy a share (usually $5 to $25) to become a member.
The minimum deposit is separate from the money you need to keep in the account to avoid monthly fees. Many banks charge a monthly maintenance fee unless you maintain a certain balance—often $500 to $1,500—or set up direct deposit. If you can't meet that balance requirement, you'll pay $5 to $15 per month even if you opened the account with no deposit.
Key Takeaways
- Most banks and credit unions have zero minimum deposit to open a checking account, though some require $25 to $500 upfront.
- The opening deposit is different from the balance requirement needed to avoid monthly fees, which can range from $500 to $1,500 depending on the bank.
- Online banks typically have no minimum deposit and no balance requirement, making them the lowest-barrier option.
- Credit unions usually have no deposit minimum but may require a small membership share purchase of $5 to $25.
- If you can't meet a bank's balance requirement, you'll pay a monthly fee even if you opened with no money.
Banks with no minimum deposit requirement
Most national banks—Chase, Bank of America, Wells Fargo, Citibank—have checking accounts with zero minimum deposit. You can open online or in person with just your ID and Social Security number. The catch is that many of these accounts charge a monthly fee ($12 to $15) unless you maintain a balance of $500 to $1,500 or set up direct deposit of at least $500 per month.
Online banks like Ally, Charles Schwab, Discover, and Chime have no minimum deposit and no monthly fee at all. They make money from overdraft fees and other services, not from account maintenance charges. If you have no money to deposit right now, an online bank is the fastest way to get an account open and usable.
Some banks offer a "basic" or "student" checking account with no minimum deposit and no monthly fee, but with limited features—fewer free transfers, no checks, or limited ATM access. These accounts are designed for people who don't need a full-featured account or who are building credit history.
Banks that require a deposit to open
Regional and community banks often ask for $25 to $100 to open a checking account. This is not a fee; it's money that goes into your account and belongs to you. You can withdraw it immediately after opening if you want, though some banks ask you to keep a small balance to keep the account active.
Premium or high-yield checking accounts—usually offered by larger banks or investment firms—may require $500 to $2,500 upfront. These accounts offer higher interest rates on your balance, unlimited transfers, or waived fees on other services. They're designed for people who have money to deposit and want to earn interest on it.
If a bank requires a deposit you don't have, you can ask whether they'll let you deposit it after opening the account. Some banks will open the account with zero and give you a few days to deposit the minimum. Call ahead or ask in person before you go in to apply.
Credit unions and membership requirements
Credit unions almost never require a minimum deposit to open a checking account. Instead, they require you to buy a share—a small ownership stake in the credit union—which typically costs $5 to $25. This share is yours to keep; you own it as long as you have the account. When you close the account, the credit union returns the share value to you.
Some credit unions waive even the share requirement if you open an account with direct deposit or if you're a student or member of a specific employer or organization. Check with your local credit union about their specific requirements before you visit.
Credit unions are often the best option if you have no money to deposit, because they combine zero deposit minimums with no monthly fees and no balance requirements. The trade-off is that credit unions have fewer branches and ATMs than large banks, though many participate in shared branching networks that let you use other credit unions' ATMs for free.
Monthly fees and balance requirements
Even if you open an account with no deposit, you may face a monthly maintenance fee if you don't keep a certain balance. A typical requirement is $500 to $1,500. If your balance drops below that, the bank charges $10 to $15 per month until you bring it back up.
You can usually waive the monthly fee by setting up direct deposit—having your paycheck or benefits deposited automatically into the account. Many banks waive the fee if direct deposit is at least $500 per month. Some banks also waive the fee if you maintain a linked savings account with a certain balance, or if you use your debit card a certain number of times per month.
Read the account terms carefully before you open. The monthly fee can add up fast if you're not meeting the balance or direct deposit requirement. If you can't meet the requirement, choose a bank with no monthly fee instead.
How to open an account with little or no money
Start by deciding whether you want to bank in person or online. If you need to deposit cash, you'll need a bank with physical branches or ATMs near you. If you can use direct deposit or transfer money from another account, an online bank works fine.
Call or visit the bank's website to confirm the minimum deposit and monthly fee structure. Ask specifically: "What is the minimum deposit to open this account?" and "What do I need to do to avoid the monthly fee?" Write down the answers so you know what to expect.
Bring your ID and Social Security number. If you're opening in person, bring any initial deposit you have. If you're opening online, you'll upload photos of your ID and may need to verify your identity by answering security questions or confirming a small deposit the bank makes to another account you own.
Once the account is open, set up direct deposit as soon as you can. This usually waives the monthly fee and gets you access to your paycheck faster than waiting for a paper check to clear.
Frequently Asked Questions
Can I open a checking account with no money at all?
Yes. Most banks and credit unions have zero minimum deposit. Online banks like Ally and Chime have no deposit requirement and no monthly fee. You can open the account immediately and start using it, even if you deposit money later.
What's the difference between the opening deposit and the balance requirement?
The opening deposit is money you give the bank when you open the account—it can be zero or several hundred dollars depending on the bank. The balance requirement is the amount you must keep in the account to avoid a monthly fee. You can open with zero but still owe a monthly fee if you don't maintain the required balance.
Do I have to keep the opening deposit in the account?
No. If the bank requires a deposit to open, that money is yours. You can withdraw it immediately after the account opens. However, check whether the bank has a separate balance requirement to avoid monthly fees—you may need to keep some money in the account even if you withdraw the opening deposit.
Which banks have no monthly fees and no balance requirement?
Most online banks—Ally, Charles Schwab, Discover, Chime—have no monthly fee and no balance requirement. Many credit unions also have no fee and no balance requirement. Some regional banks offer basic checking with no fee, though features may be limited.
What if I can't meet the balance requirement?
Switch to a bank with no balance requirement or no monthly fee. Online banks and credit unions are your best options. If you have direct deposit coming in, set it up—most banks waive the monthly fee if direct deposit is at least $500 per month, even if your balance is lower.