Most banks have no minimum deposit to open an account
You do not need to deposit money to open a checking or savings account at most banks. The account itself is free to create. Many banks let you walk in, provide identification and a Social Security number, and leave with an open account that has a zero balance.
What varies is what happens after you open it. Some banks charge a monthly fee if your balance falls below a certain amount, or if you do not set up direct deposit. Others waive fees entirely. A few banks—usually online-only institutions—do require an opening deposit, typically between $25 and $100, but this is less common than it was ten years ago.
The real cost is not the opening deposit. It is the monthly maintenance fee, overdraft fees, or minimum balance requirements that kick in after the account exists. Those are what you need to plan for.
Key Takeaways
- Most traditional banks and credit unions let you open a checking or savings account with zero dollars, though you will need a government ID and Social Security number.
- Online banks sometimes require an opening deposit of $25 to $100, but many waive this requirement entirely.
- Monthly maintenance fees range from $0 to $15 depending on the bank and account type, and are often waived if you maintain a minimum balance or set up direct deposit.
- Overdraft fees and out-of-network ATM fees are the hidden costs that add up faster than the account opening itself.
- Credit unions typically have lower fees and no minimum balance requirements, making them a lower-cost option if you are may be able to access to join one.
Opening deposit requirements by bank type
Traditional brick-and-mortar banks (Chase, Bank of America, Wells Fargo, regional banks) almost never require an opening deposit. You can open a basic checking account with $0. However, many of these banks charge a monthly fee—typically $10 to $15—unless you maintain a minimum balance (often $500 to $1,500) or set up direct deposit of your paycheck.
Online banks (Ally, Charles Schwab, Discover, Marcus) vary more widely. Some require $0 to open. Others ask for $25 to $100 at opening. The trade-off is that online banks almost never charge monthly maintenance fees, so the opening deposit is a one-time hurdle, not an ongoing cost. Once the account is open, you can let the balance drop to $1 without penalty.
Credit unions typically require no opening deposit and charge no monthly fees. The catch is membership: you must live in a certain area, work for a specific employer, or belong to an organization the credit union serves. If you are a member, credit unions are usually the cheapest option.
Monthly fees and balance requirements
The opening deposit is often smaller than the monthly cost of keeping the account open. A bank that charges $12 per month will cost you $144 per year—far more than a $100 opening deposit.
Most banks waive their monthly fee if you meet one of these conditions: maintain a minimum balance (ranging from $300 to $2,500), set up direct deposit, or maintain a certain number of debit card transactions per month. Read the fee schedule before you open the account. If you cannot meet the balance requirement, choose a bank with no monthly fee instead of one that charges $10 to $15 monthly.
Some banks offer tiered accounts: a basic free account with limited features, and a premium account with perks (higher interest, fee waivers) that requires a higher balance. Start with the basic account if you are unsure.
Overdraft fees and other hidden costs
Overdraft fees are separate from monthly maintenance fees and can cost $25 to $35 per transaction. If your account balance drops below zero and you swipe your debit card, the bank may cover the purchase and charge you an overdraft fee. Some banks allow multiple overdrafts in a single day, stacking fees on top of each other.
You can opt out of overdraft coverage for debit card transactions at most banks, which means the transaction will simply be declined instead of triggering a fee. This is worth doing if you are living paycheck to paycheck. Out-of-network ATM fees ($2 to $3 per withdrawal) also add up if you do not have access to your bank's ATM network.
These fees are not part of the opening deposit, but they are real money that leaves your account after you open it. Budget for them when choosing a bank.
How to open an account with minimal or no money
If you have no money to deposit, start with an online bank or credit union that charges no monthly fee and requires no opening deposit. Ally Bank, Charles Schwab, and many credit unions fit this description. You can open the account online in 10 to 15 minutes using your ID and Social Security number.
If you prefer a physical branch, call ahead and ask which account requires the lowest opening deposit and has no monthly fee. Many regional banks and credit unions will have a $0 option. Bring your government-issued ID (driver's license, passport, or state ID) and your Social Security number or ITIN (Individual Taxpayer Identification Number).
Once the account is open, you can deposit money whenever you are ready—through direct deposit, ATM, mobile check deposit, or in-person at a branch. There is no deadline to make your first deposit.
Comparing accounts before you commit
| Bank Type | Opening Deposit | Monthly Fee | Fee Waiver Options |
|---|---|---|---|
| Traditional bank (Chase, BofA) | $0 | $10–$15 | Minimum balance ($500–$1,500) or direct deposit |
| Online bank (Ally, Schwab) | $0–$100 | $0 | None needed |
| Credit union | $0–$25 | $0 | None needed (membership required) |
Before opening an account, check the bank's fee schedule on their website or ask in person. Look for the monthly maintenance fee, overdraft fee, out-of-network ATM fee, and minimum balance requirement. Compare at least two banks to see which one costs less for your situation.
If you expect to keep a low balance and cannot set up direct deposit, an online bank or credit union with no monthly fee is almost always cheaper than a traditional bank with a $12 monthly charge. If you need a physical branch and can maintain a minimum balance, a traditional bank may be worth it for the convenience.
Frequently Asked Questions
Can I open a bank account with no ID?
No. All banks require a government-issued ID (driver's license, passport, or state ID) and a Social Security number or ITIN to open an account. This is a federal requirement, not a bank choice. If you do not have an ID, contact your state's DMV about getting one first.
Do I have to keep money in the account after I open it?
No. You can open an account and leave it at zero balance indefinitely, as long as the bank does not charge a monthly fee for zero-balance accounts. Check the fee schedule before opening. If the bank charges a fee for inactive or zero-balance accounts, move to a different bank that does not.
What if I cannot meet the minimum balance requirement?
Choose a bank with no monthly fee instead. Online banks and most credit unions do not charge monthly fees regardless of balance. You will save money by switching to a no-fee account than by paying $10 to $15 per month to a bank with a balance requirement you cannot meet.
Can I open multiple accounts at the same bank?
Yes. You can open a checking account and a savings account at the same bank with no additional opening deposit. Each account is separate, but they share the same login and are linked for transfers. Some banks charge a monthly fee per account, so read the terms before opening a second one.
What happens if I do not use my account?
Most banks do not close accounts for inactivity, but some charge a monthly fee if the account sits unused. Check your bank's policy. If your account is closed for inactivity, the bank will send any remaining balance to your state's unclaimed property program, and you can reclaim it later.