You can open most bank accounts with zero dollars
No. Most banks and credit unions will let you open a checking or savings account without depositing money first. You walk in (or go online), provide identification and a Social Security number, sign the account agreement, and leave with an account number — whether you fund it that day or three months later.
The confusion comes from the fact that some accounts do have a minimum opening deposit, and a few banks require you to maintain a minimum balance once the account is open. These are different rules, and they vary by bank and account type. Knowing which banks have no opening deposit requirement saves you from being turned away or charged fees you did not expect.
Key Takeaways
- Most major banks (Chase, Bank of America, Wells Fargo, Citibank) allow you to open checking and savings accounts with no opening deposit.
- Credit unions and online banks almost always have zero opening deposit requirements, and many have no monthly balance minimums either.
- Some premium or high-yield accounts may require $100 to $500 to open, so read the account terms before you commit.
- Monthly maintenance fees exist even with zero opening deposit, so confirm the bank waives or avoids them before you open.
Banks that require no opening deposit
Chase, Bank of America, Wells Fargo, Citibank, and most regional banks will open a basic checking account with $0. You provide your ID, Social Security number, and initial contact information. The account opens immediately (or within one business day online), and you can start using it as soon as you fund it — or wait weeks if you want.
Online banks like Ally, Charles Schwab, and Discover have no opening deposit requirement and often have no monthly maintenance fees at all. Credit unions typically have the same policy: you can open an account with no money down. The tradeoff is that some of these accounts pay little to no interest on savings, and checking accounts may not earn interest at all.
If you are opening an account to receive direct deposit (paychecks, benefits, tax refunds), you do not need to deposit money first. The direct deposit itself becomes your first deposit. This is a common path for people who are unbanked or switching banks.
Accounts that do require an opening deposit
High-yield savings accounts, money market accounts, and premium checking accounts sometimes require $100 to $500 to open. These are not the basic accounts most people use for everyday spending. If you are looking for a simple checking account to receive paychecks, you will not run into this barrier.
Some banks offer tiered accounts: a basic checking account with no opening deposit, and a "premium" or "elite" version that requires a deposit and offers higher interest rates or fee waivers. Read the account terms carefully before you commit, because the difference between the two is usually spelled out in small print on the bank's website.
Monthly fees even with zero opening deposit
Opening an account with no money is free, but keeping it open may not be. Many banks charge a monthly maintenance fee ($5 to $15) unless you meet certain conditions: maintaining a minimum balance, setting up direct deposit, or keeping a linked savings account open.
Online banks and credit unions are more likely to waive monthly fees entirely, regardless of your balance. If you are opening an account and money is tight, prioritize banks that have no monthly maintenance fee at all, rather than banks that waive the fee only if you jump through hoops.
Ask the bank directly: "Does this account have a monthly maintenance fee, and if so, what do I need to do to avoid it?" Write down the answer. If the bank cannot give you a clear yes or no, that is a sign to look elsewhere.
What you do need to bring
You will need a government-issued photo ID (driver's license, passport, or state ID) and your Social Security number. Some banks also ask for a second form of ID or proof of address, though this is less common for basic accounts opened in person.
If you are opening an account online, you may be asked to verify your identity by uploading a photo of your ID or answering security questions. The process usually takes a few minutes, and the account opens the same day or the next business day.
You do not need a deposit, a minimum balance, or a job offer. You do not need a credit card or a credit history. If you have a Social Security number and a valid ID, you can open a bank account.
Opening an account without a Social Security number
If you do not have a Social Security number, some banks will open an account using an Individual Taxpayer Identification Number (ITIN) instead. This is less common, and availability varies by bank and by state. Credit unions are sometimes more flexible than large banks on this point.
Call the bank or credit union directly and ask: "Can I open an account with an ITIN instead of a Social Security number?" Do not assume the answer is no based on their website. Some banks have this option but do not advertise it prominently.
Frequently Asked Questions
Can I open a bank account with no money and no job?
Yes. Banks do not verify employment before opening an account. You need a valid ID and a Social Security number. Employment is not part of the account opening process.
What happens if I open an account and never deposit anything?
The account stays open and inactive. You will still owe any monthly maintenance fees unless the bank waives them. After a long period of inactivity (usually one to three years, depending on the bank), the account may be closed and any remaining balance sent to your state's unclaimed property program.
Do I need to open a savings account at the same time as a checking account?
No. You can open just a checking account. Some banks offer incentives (like waived fees) if you open both, but it is not required. Open only what you need.
Can I open an account online with no opening deposit?
Yes. Online banks almost always allow zero opening deposits, and the process is faster than going to a branch. You upload your ID, provide your Social Security number, and the account opens within hours or one business day.
What if the bank asks for an opening deposit and I do not have one?
Ask if they have a different account type with no opening deposit requirement. If not, try another bank. Thousands of banks and credit unions have no opening deposit requirement, so you have options.