Most banks let you open an account with zero dollars, but the rules vary by bank and account type

You can open a checking or savings account at most major banks without putting money in on day one. Banks do not legally require an opening deposit—that is a business choice each bank makes. However, some banks set a minimum opening deposit (often $25 to $100), some waive it entirely, and some waive it only for certain account types or if you meet other conditions like setting up direct deposit.

The account itself opens the same way whether you bring $1,000 or $0. You provide identification, your Social Security number, and proof of address. The bank verifies your identity and runs a background check through ChexSystems (a banking history database). If you pass, the account is active immediately. You can start using it to receive deposits, set up bill pay, or link it to other services right away—you just cannot withdraw money you have not deposited yet.

The real difference is what happens after you open the account. Some banks charge a monthly maintenance fee if your balance stays below a certain threshold (often $500 to $1,500). Others waive fees for accounts with no minimum balance. A few banks close accounts that stay empty for too long—usually 90 to 180 days—though this is less common than it used to be.

Key Takeaways

  • No federal law requires an opening deposit; banks set their own rules, and many waive the requirement entirely.
  • You can open an account with $0 and start receiving deposits or setting up bill pay the same day.
  • Check whether the bank charges a monthly fee if your balance stays low, because that cost adds up even on a small account.
  • Some banks close accounts that remain empty for 90 to 180 days, so deposit something or make a transaction within that window if you are not using the account right away.
  • Online banks and credit unions are more likely to waive opening deposits than large national banks, though exceptions exist at both.

Which banks waive the opening deposit

Online banks almost always waive opening deposits because they have lower overhead costs. Ally Bank, Charles Schwab Bank, and Discover Bank let you open checking or savings accounts with $0. Capital One 360, Axos Bank, and LendingClub also waive the requirement. These banks make their money on interest spreads and fees for overdrafts or other services, not on opening deposits.

Credit unions vary widely. Many credit unions waive opening deposits entirely, especially if you are a member of the organization they serve (teachers, military families, employees of a specific company). Some require $25 to $50. Call your local credit union or check their website under "account requirements" or "new member information" to find out what they charge.

Large national banks—Chase, Bank of America, Wells Fargo, Citibank—typically require opening deposits for their standard checking accounts, usually $25 to $100. However, they often waive the requirement if you set up direct deposit or maintain a linked savings account. Some offer student or teen accounts with no opening deposit. Check the specific account type you want, because the rules differ between a basic checking account and a premium account at the same bank.

What happens to your account if you never deposit money

An empty account sits dormant but active. You can receive money into it—direct deposits from an employer, transfers from another account, or checks you deposit. You can also set up bill pay and have money leave the account. The account does not disappear just because it starts at zero.

The risk is inactivity fees and account closure. If you open an account and never use it—no deposits, no withdrawals, no transfers—some banks charge a monthly maintenance fee ($5 to $15 per month is common). After 90 to 180 days of no activity, some banks close the account and send any remaining balance to your address on file. This is rare at online banks but more common at regional banks and credit unions.

To keep an account open without using it, make at least one transaction every 90 days. This can be a small transfer from another account, a deposit of any amount, or even a bill payment. You do not need to maintain a balance—just show the bank the account is not abandoned.

Opening an account online versus in person with no deposit

Online banks almost always let you open an account entirely through their website or app with no deposit required. You upload your ID, provide your Social Security number and address, and the account opens within minutes to a few hours. You can start using it immediately to receive deposits or set up transfers.

In-person accounts at a branch sometimes require a deposit because the banker wants to process it on the spot and confirm your identity with cash. However, many branches now waive this if you have a government ID and can verify your information through their system. Call ahead or ask when you arrive—do not assume you need cash just because you are going to a branch.

The advantage of opening online is speed and certainty: you know the bank's deposit policy before you start, and you do not have to travel. The advantage of opening in person is that a banker can answer questions about fees and account features on the spot, and you can deposit money immediately if you want to.

Monthly fees and minimum balance requirements when you start with zero

A bank account opened with $0 may still charge you a monthly fee if your balance stays below a certain level. This is called a maintenance fee or monthly service fee. Common thresholds are $500, $1,000, or $1,500. If your balance drops below that, you pay $5 to $15 per month.

However, many banks waive the fee if you meet one of these conditions: direct deposit of any amount hits the account each month, you maintain a linked savings account with a minimum balance, you use the debit card a certain number of times per month, or you keep a minimum balance in any account at that bank. Read the fee schedule before you open the account—it is usually on the bank's website under "Pricing" or "Fees and Charges."

Online banks and many credit unions have no monthly maintenance fee at all, regardless of balance. If you are opening an account with zero dollars and do not plan to deposit much right away, choose a bank with no monthly fee. This way you avoid surprise charges while you are building up your balance.

How to open an account with zero dollars step by step

First, decide whether you want to open online or in person, and choose a bank that waives the opening deposit. Check their website or call to confirm the policy for the specific account type you want (checking, savings, money market).

Second, gather what you need: a government-issued ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address (a recent utility bill, lease, or bank statement). If you are opening online, you may need to photograph or upload these documents.

Third, start the application. Online, this takes 10 to 20 minutes. In person, bring your documents to a branch and tell the banker you want to open an account with no deposit. They will verify your identity, run a ChexSystems check, and open the account on the spot.

Fourth, confirm the account is open and active. You should receive a confirmation email or number, and your debit card will arrive in the mail within 7 to 10 business days. You can start using the account for transfers and bill pay before the card arrives.

What to do if a bank requires a deposit but you cannot afford it

If the bank you want to use requires an opening deposit and you do not have the money, you have a few options. First, ask whether the bank waives the deposit for specific account types—many do for student accounts, teen accounts, or basic savings accounts even if they require it for premium checking.

Second, borrow the deposit from someone you trust with the understanding that you will return it once the account opens. Some people deposit $25 to $50 from a friend or family member, then transfer it back out once the account is active. This is not ideal, but it works if you need access to that specific bank.

Third, open an account at a bank that waives the deposit (an online bank or credit union), then switch to your preferred bank later once you have built up some savings. You can transfer money between accounts once you have both open.

Fourth, look for a second-chance banking program. Some banks and credit unions offer accounts designed for people with poor banking history or no history at all. These accounts may have higher fees or lower limits, but they often waive opening deposits and do not require a ChexSystems check.

Frequently Asked Questions

Can I open a bank account with $0 if I have bad credit?

Yes. Banks do not check your credit score to open a checking or savings account. They check ChexSystems, which is a banking history database that tracks overdrafts, bounced checks, and fraud—not credit. If you have never had a bank account or had problems years ago, you can still open a new account. Some banks may decline you if ChexSystems shows recent fraud or unpaid overdrafts, but most will not.

Do I have to use direct deposit to avoid monthly fees?

Not always. Many banks waive monthly fees if you maintain a minimum balance, use your debit card a certain number of times per month, or keep a linked savings account with money in it. Check the fee schedule for the specific account you want. If direct deposit is the only way to waive fees and you do not have an employer, choose a bank with no monthly fee instead.

What if I open an account and never use it?

The account stays open but may be closed after 90 to 180 days of no activity at some banks. To prevent this, make at least one transaction every few months—a small transfer, a deposit, or a bill payment. If the account is closed, any remaining balance is sent to your address on file. Online banks rarely close inactive accounts, but it is safer to use the account occasionally.

Can I open multiple bank accounts with no deposit?

Yes. There is no law limiting how many accounts you can open. However, each bank may have its own policy on how many accounts one person can hold. Some banks let you open as many as you want; others limit you to one or two. If you want multiple accounts, open them at different banks to avoid hitting any limits.

How long does it take to open an account online with no deposit?

Most online banks open your account within minutes to a few hours. You get a confirmation email right away and can start using the account for transfers and bill pay immediately. Your debit card arrives in the mail within 7 to 10 business days. In-person accounts open on the spot, but you may have to wait in line.