Minimum deposit requirements vary by bank, from zero to several thousand dollars

Most banks do not require you to deposit any money to open a checking account. Chase, Bank of America, Wells Fargo, and many regional banks let you open an account with a zero initial deposit — you just need to bring identification and complete the paperwork. Some banks waive the requirement entirely; others ask for a deposit but do not enforce it if you cannot pay it that day.

A few banks do require an opening deposit, typically between $25 and $500. Credit unions often ask for a small deposit to establish membership, usually $5 to $25. Online banks like Ally, Charles Schwab, and Discover generally have no minimum deposit requirement because they operate without physical branches.

The confusion comes from two separate things: the opening deposit (what you put in on day one) and the minimum balance requirement (what you must keep in the account to avoid monthly fees). Banks often bundle these, but they are different rules. You might open with zero dollars but face a $500 monthly fee if your balance drops below $1,500.

Key Takeaways

  • Most major banks require zero dollars to open a checking account, though some credit unions ask for $5 to $25.
  • Opening deposit and minimum balance requirement are separate — you can open with nothing but still owe fees if your balance falls below a threshold.
  • Online banks typically have no opening deposit and no monthly maintenance fees, making them the lowest-cost option if you have internet access.
  • If you cannot meet a bank's minimum balance, look for accounts labeled "no-fee" or "basic" checking, which usually have no balance requirement.
  • Bring a government ID and Social Security number to open an account; some banks accept an ITIN if you do not have a Social Security number.

Opening deposit versus monthly minimum balance

The opening deposit is money you hand over on the day you open the account. This is often zero. The monthly minimum balance is the lowest amount you must keep in the account at all times to avoid a monthly fee — typically $300 to $1,500 depending on the bank and account type.

A bank might say "no opening deposit required" but charge you $12 a month if your balance falls below $500. If you deposit $100 on day one and never add more, you will owe that monthly fee. Conversely, some banks require $500 to open but have no minimum balance afterward — once the account is open, you can spend down to zero without penalty.

Read the account terms carefully. The bank's website usually lists both figures under "account requirements" or "fees and minimums." If you cannot find it, call the bank directly and ask: "What is the opening deposit?" and "What is the monthly minimum balance to avoid fees?"

Banks with no opening deposit and no monthly fees

If you want to avoid both an opening deposit and ongoing balance requirements, online banks are the most straightforward choice. Ally Bank, Charles Schwab Bank, Discover Bank, and Chime all offer checking accounts with zero opening deposit and zero monthly maintenance fees. You can open these accounts entirely online using your Social Security number and a government ID.

Some brick-and-mortar banks also offer no-fee checking. Bank of America's SafePass account and Wells Fargo's Way2Save both have zero opening deposit and no monthly fee if you meet one small condition — usually setting up direct deposit or maintaining a low balance. Chase's basic checking account has no opening deposit and no monthly fee, period.

The trade-off with online banks is that you cannot walk into a branch to deposit cash or speak to someone in person. If you need to deposit cash regularly, a regional bank or credit union with physical locations may be worth the opening deposit or balance requirement.

What happens if you cannot meet the opening deposit

If a bank requires an opening deposit and you do not have the money that day, you have a few options. First, ask the bank if they will waive the requirement. Many banks do this for customers who have a hardship or who plan to set up direct deposit. It costs them nothing to say yes, and some loan officers have discretion to waive it.

Second, open an account at a bank with no opening deposit requirement instead. You lose nothing by choosing a different bank, and you can always move money between banks later. Third, if you have a family member or friend who can lend you the deposit amount temporarily, you can return it once the account is open — though this only works if the bank does not require you to keep the deposit in the account for a set period.

Credit unions sometimes offer the most flexibility here. Many will open an account for $5 or $10 and let you pay it over time if you explain your situation. Call ahead and ask whether they can work with you.

Opening a checking account without a Social Security number

If you do not have a Social Security number, you can still open a checking account using an Individual Taxpayer Identification Number (ITIN). Most major banks accept an ITIN in place of a Social Security number. Bring your ITIN documentation, a government-issued ID (passport, state ID, or driver's license), and proof of address (a utility bill or lease).

Some banks require additional documentation if you do not have a Social Security number — they may ask for a second form of ID or proof of employment. Call the bank before you go in and ask what they need. Online banks sometimes have stricter rules about ITINs; if one declines you, try a different bank or a local credit union, which often have more flexible policies.

A few banks still refuse to open accounts for people without a Social Security number. If you encounter this, move to the next bank on your list. You have options.

What to bring when you open an account

Bring a government-issued photo ID (driver's license, state ID, or passport) and your Social Security number or ITIN. If you are opening the account online, you will upload a photo of your ID and enter your Social Security number into the bank's website. If you are opening in person at a branch, bring the physical ID and be ready to provide your number verbally.

Some banks ask for proof of address — a recent utility bill, lease, or bank statement showing your name and current address. This is less common for checking accounts than for savings accounts, but it happens. If the bank asks and you do not have one, a government ID with your current address usually works.

If you are opening an account for a child under 18, bring the child's ID (or birth certificate) and your ID as the parent or guardian. Some banks require both of you to be present; others let you open it online with just your information.

Fees that can add up after you open

The opening deposit is just the beginning. Once the account is open, watch for overdraft fees, monthly maintenance fees, ATM fees, and minimum balance fees. An overdraft fee (charged when you spend more than you have) can run $25 to $35 per transaction. A monthly maintenance fee is typically $5 to $15. ATM fees outside your bank's network are usually $2 to $3.

Many banks waive the monthly maintenance fee if you meet one condition: direct deposit, a minimum balance, or a certain number of debit card transactions per month. Read the fee schedule before you open, and ask the bank representative which fees apply to your specific account type. If the fees seem high, compare them to other banks — a $10 monthly fee adds up to $120 a year.

Online banks typically have lower fees overall because they have no branch costs to pass on to you. If you are sensitive to fees, an online bank with no monthly maintenance fee and no overdraft fees (or overdraft protection) is often the cheapest option.

Frequently Asked Questions

Can I open a checking account with no money at all?

Yes. Most major banks and all major online banks let you open a checking account with zero dollars. You just need a government ID and Social Security number. Some credit unions ask for $5 to $25, but many waive this if you ask.

What is the difference between opening deposit and minimum balance?

Opening deposit is money you put in on day one; minimum balance is the lowest amount you must keep in the account to avoid monthly fees. A bank might require $500 to open but have no minimum balance afterward, or vice versa. Check both before you open.

Do I have to keep the opening deposit in the account forever?

No. Once the account is open, the opening deposit is your money. You can spend it, transfer it out, or leave it there. The opening deposit and the minimum balance requirement are separate rules.

What if I do not have a government ID?

Most banks require a government-issued photo ID to open an account. If you do not have one, get a state ID from your local DMV or a passport from your state department. Some banks may accept alternative documents if you call ahead and explain your situation.

Can I open multiple checking accounts at the same bank?

Yes. Most banks let you open multiple accounts. Some charge a monthly fee for each account, while others waive fees on secondary accounts. Ask the bank about their policy before you open the second account.