Most banks charge nothing to open a checking account, but some require a minimum deposit
Opening a checking account is free at most banks and credit unions. You walk in or go online, provide your ID and Social Security number, and the account opens that day or within 24 hours. No fee appears on your first statement.
The catch is not the opening fee—it is the minimum deposit requirement. Some banks ask you to deposit $25 or $100 on the day you open the account. Others have no minimum at all. A few banks require $500 or more, though these are less common for basic checking.
After the account is open, you may face monthly maintenance fees if you do not meet certain conditions. These typically range from $5 to $15 per month, but you can usually avoid them by keeping a minimum balance, setting up direct deposit, or maintaining a linked savings account.
Key Takeaways
- Opening a checking account itself costs nothing at most banks and credit unions, but some require you to deposit money on the day you open it.
- Minimum deposit requirements vary widely—from zero dollars to $500—and depend on the bank and the type of account.
- Monthly maintenance fees ($5 to $15) can be waived by direct deposit, maintaining a minimum balance, or linking a savings account.
- Online banks and credit unions often have lower or no minimum deposits compared to large national banks.
- You can compare requirements before opening by calling the bank or checking their website.
Minimum deposit requirements by bank type
Large national banks like Bank of America, Wells Fargo, and Chase typically require $25 to $100 to open a basic checking account. Some offer accounts with no minimum, but those may have higher monthly fees or require direct deposit to waive the fee.
Online banks such as Ally, Charles Schwab, and Discover usually have zero minimum deposit requirements. Because they have no physical branches, they can afford to waive this step. They also tend to have no monthly maintenance fees.
Credit unions vary by institution. Many require a small deposit ($5 to $25) to open a savings account first, then let you open checking for free. Some have no minimum at all. You must be a member of the credit union to open an account, which may require living or working in a certain area or joining an organization.
Regional and community banks fall somewhere in the middle. Minimum deposits often range from $0 to $100, and monthly fees are less common than at large national banks.
Monthly maintenance fees and how to avoid them
Even if you open an account with no minimum deposit, you may see a monthly fee ($5 to $15) on your statement if you do not meet the bank's conditions. The most common ways to waive this fee are setting up direct deposit (your paycheck or benefits payment going straight to the account), maintaining a minimum balance (often $500 to $1,500), or keeping a linked savings account with the bank.
Some banks waive the fee if you maintain a certain number of debit card transactions per month, or if you keep the account open without overdrawing it. Read the account terms before opening to know what the bank expects.
Online banks almost never charge monthly maintenance fees, which is one reason they attract customers who want to avoid these charges entirely.
What happens if you cannot meet the minimum deposit
If a bank requires a minimum deposit and you do not have it on the day you open the account, you have a few options. You can ask the bank if you can deposit the minimum over a few days instead of all at once—some will allow this. You can also choose a different bank with no minimum requirement.
Online banks and many credit unions are your best bet if you have limited cash on hand. You can open the account immediately and deposit money later when you have it, without penalty.
Do not let a minimum deposit requirement stop you from opening an account. The goal is to find a bank that matches your situation, not to pay money you do not have to spend.
Comparing costs across different account types
| Bank Type | Typical Minimum Deposit | Monthly Fee (if applicable) | How to Waive the Fee |
|---|---|---|---|
| Large national bank | $25–$100 | $5–$15 | Direct deposit, minimum balance, or linked savings |
| Online bank | $0 | $0 | No fee to waive |
| Credit union | $0–$25 | $0–$5 | Varies; check with your credit union |
| Regional bank | $0–$100 | $5–$12 | Direct deposit or minimum balance |
Hidden costs to watch for
Beyond the opening deposit and monthly fee, checking accounts can carry other charges. Overdraft fees (charged when you spend more than your balance) typically run $25 to $35 per transaction. ATM fees appear if you use an out-of-network machine, usually $2 to $3 per withdrawal. Some banks charge for paper statements, wire transfers, or cashier's checks.
When you are comparing banks, ask about these fees or read the fee schedule on their website. Many online banks have no overdraft fees or offer overdraft protection that links to a savings account instead of charging you.
Frequently Asked Questions
Do I have to deposit money the same day I open the account?
Most banks that require a minimum deposit expect it on the day you open the account, either in person or online. Some allow you to deposit it within a few days. Call the bank before you go in to ask if they will hold the account open while you gather the money.
Can I open a checking account with no money at all?
Yes, at online banks and many credit unions. You can open the account and deposit money later. Large national banks usually require at least a small deposit ($25 to $100) on opening day, so if you have no cash, an online bank is your faster option.
What if I close the account right after opening it?
You can close the account whenever you want, and the bank will return your deposit. However, some banks charge a fee ($10 to $25) if you close within a certain period, usually 90 days to six months. Check the terms before opening.
Does the minimum deposit count as my first deposit, or is it separate?
The minimum deposit is your first deposit. It sits in the account and counts toward your balance. You can withdraw it anytime, though doing so may trigger a monthly fee if the bank requires you to maintain the minimum.
Are there checking accounts with no fees at all?
Yes. Most online banks offer checking accounts with no opening fee, no minimum deposit, and no monthly maintenance fee. Some credit unions and regional banks do as well. Compare a few options on their websites to find one that fits your needs.