Minimum opening deposits vary by bank, from zero to several thousand dollars
Most banks require between $0 and $500 to open a checking account, but the exact amount depends on which bank you choose and what type of account you want. Some banks have no minimum at all. Others require $25, $100, $300, or more. A few banks aimed at wealthier customers ask for $2,500 or $10,000 to start.
The minimum opening deposit is separate from the minimum balance you must keep in the account after it opens. You might need $100 to open an account but be required to hold $500 in it at all times, or you might face a monthly fee if the balance drops below that threshold.
If you do not have the opening deposit amount right now, you have real options: online banks with no minimum, credit unions that may waive minimums for members, and second-chance checking accounts designed for people rebuilding their banking history.
Key Takeaways
- Most traditional banks require $25 to $300 to open a checking account, though some require nothing and others require $1,000 or more.
- The opening deposit is not the same as the minimum balance requirement—you may need to keep more money in the account each month to avoid fees.
- Online banks typically have lower or no opening deposit requirements than brick-and-mortar banks.
- Credit unions often waive opening deposit requirements for members, and some offer second-chance accounts if you have banking problems in your history.
- If you cannot meet a bank's opening deposit, switching to a different bank is faster than saving up to meet that requirement.
What major banks charge to open a checking account
Large national banks vary widely. Chase requires $0 to open most of its checking accounts but charges a $12 monthly fee unless you meet conditions like direct deposit or a minimum balance. Bank of America requires $0 to open but charges $12 per month unless you maintain a $1,500 minimum balance or set up direct deposit. Wells Fargo requires $0 but charges $10 monthly unless you meet similar conditions.
Regional banks are less consistent. Some require $25 to $100 to open; others require nothing. Credit unions typically require $0 to $25 to open, though they may ask you to buy a share of the credit union itself, which can cost $5 to $25 and is technically an investment, not a deposit.
The pattern is clear: large banks have moved toward zero opening deposits but charge monthly fees unless you meet balance or deposit requirements. Smaller banks and credit unions often charge small opening deposits but lower or no monthly fees.
Online banks usually have no opening deposit requirement
Online-only banks like Ally, Charles Schwab, Chime, and Discover typically require $0 to open a checking account. You can fund the account after it opens by transferring money from another bank, depositing a check by phone camera, or having your paycheck deposited directly.
The trade-off is that online banks have no physical branches. If you need to deposit cash or speak to someone in person, you will have to use ATMs or partner banks. Some online banks reimburse ATM fees; others do not. Check the specific bank's policy before opening.
Online banks also tend to have lower or no monthly maintenance fees, which makes them cheaper overall even if you keep a small balance. If you have very little money to start with, an online bank is often the least expensive choice.
Minimum balance requirements after you open the account
Many banks charge a monthly fee if your balance falls below a certain amount. This is different from the opening deposit. You might open with $100, but the bank requires you to keep $500 in the account or pay $10 to $15 per month.
Some banks waive the monthly fee if you set up direct deposit, maintain a certain balance, or keep a linked savings account open. Others charge the fee no matter what. Read the account agreement carefully—it will list the exact conditions under which fees apply.
If you cannot maintain the minimum balance, the monthly fee will drain your account over time. In that case, switching to a bank with no minimum balance requirement or a lower fee is worth doing immediately.
Second-chance checking accounts for people with banking problems
If you have been denied a checking account because of past overdrafts, fraud, or problems reported to ChexSystems (a banking history database), a second-chance checking account may be available. These accounts are designed for people rebuilding their banking relationship and typically have no opening deposit requirement or a very small one ($25 or less).
Second-chance accounts often come with higher monthly fees, lower ATM access, and stricter overdraft rules. But they let you build a clean banking record. After 12 to 24 months of good standing, you can usually move to a standard account with better terms.
Credit unions are often more willing to open second-chance accounts than large banks. Ask your local credit union whether they offer this option, or search for "second-chance checking" plus your state name to find banks in your area that do.
How to compare opening costs across banks
When comparing banks, look at three numbers: the opening deposit, the monthly maintenance fee, and the minimum balance required to waive that fee. A bank with a $300 opening deposit but no monthly fee might cost less over a year than a bank with $0 opening deposit but a $12 monthly fee.
Also check whether the bank reimburses ATM fees, whether direct deposit is required to waive fees, and whether you can meet the minimum balance requirement realistically. If you typically keep $200 in checking, a bank requiring $1,000 to avoid fees will cost you money every month.
Use the bank's website fee schedule or call and ask directly. Most banks publish this information clearly, and customer service can answer questions about whether specific conditions apply to you.
What happens if you cannot meet the opening deposit right now
If you do not have the opening deposit amount, your fastest option is to choose a bank with no opening deposit requirement. Online banks, many credit unions, and some regional banks will let you open an account with $0 and fund it later.
If you want to use a specific bank that requires a deposit you do not have, you can ask whether they will waive the requirement. Some banks will, especially if you have an existing relationship with them or if you set up direct deposit. It never hurts to ask.
Another option is to open a savings account first if the bank requires a lower deposit for savings than for checking. Then transfer money between accounts once you have saved enough. This is slower but works if you are committed to using that specific bank.
Frequently Asked Questions
Can I open a checking account with no money at all?
Yes. Many online banks and credit unions allow you to open a checking account with $0 and fund it after opening. You can transfer money from another bank, deposit a check remotely, or set up direct deposit. You do not need to have money in the account on the day you open it.
What is the difference between opening deposit and minimum balance?
The opening deposit is what you put in when you create the account. The minimum balance is what you must keep in the account afterward to avoid monthly fees. You might open with $100 but need to maintain $500. If your balance drops below the minimum, the bank charges a fee, usually $10 to $15 per month.
Do I get the opening deposit back?
Yes. The opening deposit is your money. It stays in the account and counts toward your balance. You can withdraw it anytime, though if you do, you may fall below the minimum balance requirement and trigger a monthly fee.
Which banks have the lowest opening deposits?
Most online banks (Ally, Chime, Charles Schwab, Discover) require $0. Many credit unions require $0 to $25. Large national banks like Chase, Bank of America, and Wells Fargo require $0 but charge monthly fees unless you meet balance or deposit conditions. Check your local credit union first—they often have the lowest overall costs.
What if I have been denied a checking account before?
Ask the bank why you were denied—it may be because of ChexSystems, a banking history database. If so, look for a second-chance checking account, which is designed for people with past banking problems. Credit unions are often more willing to open these accounts than large banks.