Yes, you can open a bank account with zero dollars in it

Most banks and credit unions do not require you to deposit money to open an account. You can walk in or apply online with $0 and complete the process. The account sits empty until you add funds—there is no minimum opening deposit at the vast majority of institutions.

What banks do require is proof of identity, proof of address, and a Social Security number or ITIN (Individual Taxpayer Identification Number). Some banks ask for a second form of ID. That is the barrier, not money.

The confusion comes from minimum balance requirements, which are different. Some accounts charge a monthly fee if your balance drops below a certain amount—often $100 to $500—but you can still open the account with nothing. The fee kicks in only if you stay below that threshold after opening.

Key Takeaways

  • You do not need an opening deposit to open a checking or savings account at most banks and credit unions.
  • Banks require a government-issued ID, proof of address, and a Social Security number or ITIN—not money.
  • Minimum balance requirements apply after you open the account, not before; many accounts have no minimum at all.
  • Online banks and credit unions are more likely to have zero minimum balance requirements than large national banks.
  • If you cannot provide a Social Security number, some banks and credit unions accept an ITIN or may offer second-chance accounts.

What you actually need to bring or provide

Banks ask for three things: proof of who you are, proof of where you live, and a tax ID number. A government-issued photo ID—driver's license, passport, state ID card—covers the first. A utility bill, lease, or recent bank statement with your name and address covers the second. Your Social Security number covers the third.

Some banks ask for a second form of ID or a second proof of address. A few ask for a phone number and will call to verify. Online banks skip the in-person step but still ask for the same documents, usually uploaded as photos or PDFs.

If you do not have a Social Security number, you can use an ITIN. If you have neither, some credit unions and a handful of banks offer accounts without either—often called second-chance or basic accounts—but the options are narrower and you may face higher fees or lower limits on transfers.

Minimum balance requirements: when they matter

A minimum balance requirement is a rule that says "if your balance falls below $X, we charge you a monthly fee." It does not stop you from opening the account. It means that if you open with $0 and leave it at $0 for a month, you might be charged $5 to $15 in fees.

Many checking accounts have no minimum balance at all. Savings accounts often do not either. But some accounts—particularly at large national banks—require you to keep $100, $300, or $500 in the account to avoid a monthly maintenance fee.

Before you open, ask the bank or check their website for the minimum balance requirement for the specific account type you want. If there is one and you cannot meet it, choose a different account or a different bank. Accounts with zero minimum balance are common enough that you do not have to pay fees just to have a place to put money.

Where to open an account with no money and no minimum balance

Online banks almost never charge monthly fees or require a minimum balance. Institutions like Ally, Charles Schwab, and Discover have checking and savings accounts with no opening deposit, no monthly fee, and no minimum balance. You open entirely online and can fund the account later by transferring money from another bank or by direct deposit.

Credit unions typically have lower or no minimum balance requirements than national banks. If you are a member or can join—many credit unions let you join based on where you live or work—you can open an account with $0. Some credit unions charge a small membership fee ($5 to $25) but waive monthly account fees.

Local and regional banks vary widely. Some have no minimum; others require $25 or $100. Call or check their website before you go in. National banks like Chase, Bank of America, and Wells Fargo generally do require a minimum balance on their main checking accounts, though they may offer student or basic accounts with lower minimums.

What happens after you open with zero dollars

Once the account is open, you can deposit money whenever you are ready. You can set up direct deposit from an employer or government benefit. You can transfer money from another bank account. You can deposit cash at a branch or ATM if the bank has physical locations. You can have someone send you money via peer transfer apps like Venmo or PayPal and then move it to your bank account.

Until you deposit something, the account simply exists and costs you nothing. There is no pressure to fund it immediately. If you open on a Monday and do not deposit until the following month, that is fine.

If the account has a minimum balance requirement and you do not meet it, fees start accruing after the first month or after a grace period. Read the account agreement to see when the bank starts charging. Most give you at least 30 days before the first fee hits.

Second-chance accounts if you have banking history problems

If you have been denied a regular account because of a prior banking issue—overdrafts you did not pay back, accounts closed for fraud, or a record in ChexSystems (a banking history database)—some banks offer second-chance accounts. These accounts often have higher fees, lower transfer limits, and stricter rules, but they let you open with no money and rebuild your banking history.

Chime, LendingClub, and some credit unions specifically market second-chance accounts. You still need ID and a Social Security number or ITIN. The account works like any other, but the bank monitors it more closely and may close it if you overdraft or violate the terms.

Before opening a second-chance account, check whether the bank reports to ChexSystems. If it does, responsible use—no overdrafts, no fraud—will improve your record over time and make it easier to open a standard account elsewhere later.

Frequently Asked Questions

Do I need a job or income to open a bank account?

No. Banks do not ask about employment or income when you open an account. They ask for ID, address, and a tax ID number. You can open an account whether you are employed, unemployed, retired, or a student.

What if I do not have a permanent address?

Most banks require a mailing address. If you are unhoused, some banks accept a shelter address, a PO box, or the address of a trusted friend or family member. Call ahead and ask; policies vary. Credit unions are sometimes more flexible on this than national banks.

Can I open an account online if I have no money?

Yes. Online banks do not require an opening deposit. You upload your ID and proof of address, provide your Social Security number, and the account opens. You can fund it later by transfer or direct deposit.

Will opening an account with no money hurt my credit?

No. Opening a bank account does not affect your credit score. Banks check ChexSystems (a banking history database), not your credit report. Having a bank account actually helps your credit over time because it shows financial stability to lenders.

What if the bank closes my account because I never funded it?

Banks rarely close accounts for inactivity if there is no fraud or rule violation. However, if you open an account and never use it for years, the bank may close it and send any remaining balance to your state's unclaimed property program. To keep an account active, use it at least once every 12 months—a small deposit or transfer counts.