Most banks require nothing upfront to open a checking or savings account

You do not need to deposit money to open an account at most banks and credit unions. The account itself is free to create. What you will need instead is a valid government ID, proof of your current address, and your Social Security number or tax ID — not cash.

Some banks do ask for an opening deposit, but this is not a fee you lose. It becomes part of your account balance. If a bank requires a $25 opening deposit, that $25 sits in your account and you can withdraw it whenever you want. A few banks ask for $100 or $500, but these are the exception, not the rule.

Online banks almost never require an opening deposit. Traditional banks and credit unions vary by location and by the type of account. A savings account often has no opening deposit requirement, while a checking account might. The best way to know is to call the bank directly or check their website before you go in.

Key Takeaways

  • Opening a bank account costs nothing at most institutions — you need an ID and proof of address, not money.
  • If a bank asks for an opening deposit, that money is yours to keep in the account and withdraw later, not a fee.
  • Online banks typically have zero opening deposit requirements, while some brick-and-mortar banks may ask for $25 to $500.
  • Monthly maintenance fees vary widely and depend on the account type and bank, so compare before you choose.
  • If you have no ID or proof of address, some banks and credit unions offer second-chance accounts with different requirements.

What happens after you open the account

Once your account is open, you may face monthly fees depending on the bank and account type. A basic checking account at a large bank might charge $12 to $15 per month, though many banks waive this fee if you keep a minimum balance (often $500 to $1,500) or set up direct deposit. Online banks and credit unions often charge nothing at all.

Overdraft fees are separate from monthly maintenance fees. If you spend more than you have in your account, the bank may charge $25 to $35 per overdraft, and some banks charge multiple times per day. Not all banks offer overdraft protection, and some let you turn it off so transactions simply decline instead.

ATM fees also add up if you use machines outside your bank's network. Your own bank's ATM is free, but using another bank's machine might cost $2 to $3 per withdrawal. Credit unions often belong to shared branching networks, which means you can use ATMs at other credit unions for free.

Banks that require no opening deposit

Most online banks have zero opening deposit requirements. Ally Bank, Charles Schwab, and Discover Bank do not ask for money upfront. You can open an account on your phone or computer in about 10 minutes, and the account is active the same day or the next business day.

Many credit unions also have no opening deposit. Credit unions are member-owned, not-for-profit institutions, and they often have lower fees than traditional banks. To join a credit union, you usually need to live or work in a certain area or belong to a specific group, but membership is often free or costs $1 to $5 one time.

Local and regional banks vary. Some community banks have no opening deposit requirement, while others ask for $50 or $100. The only way to know is to ask the bank directly or look at their account terms online.

Banks that do ask for an opening deposit

Large national banks like Chase, Bank of America, and Wells Fargo sometimes require an opening deposit for checking accounts, though not always. Chase's basic checking account has no opening deposit requirement, but some of their premium accounts do. Bank of America's basic checking account requires no opening deposit, but their interest-bearing checking account might.

The amount varies. When a bank does ask, it is usually $25 to $100 for a checking account. Savings accounts typically have lower or no opening deposit requirements. The deposit sits in your account as your starting balance — you can withdraw it immediately if you want, though doing so may close the account if the bank requires a minimum balance to keep it open.

Always read the account terms before you open. The bank's website or a printed disclosure will list the opening deposit requirement, monthly fees, minimum balance requirements, and overdraft policies. If you cannot find this information online, call the bank and ask.

If you do not have an ID or proof of address

Most banks require a government-issued ID (driver's license, passport, or state ID) and proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days). If you do not have these, some banks and credit unions offer second-chance accounts designed for people without traditional documentation.

These accounts may have higher fees, lower ATM access, or restrictions on how much you can deposit or withdraw. Some require an opening deposit of $25 to $100. You may also need to bring additional documents, such as a letter from a shelter, employer, or social service agency confirming your identity and address.

Credit unions are often more flexible than banks. Call your local credit union and ask whether they offer accounts for people without a standard ID. Some will accept a passport card, tribal ID, or other forms of identification that banks might not.

What to bring when you open an account in person

Bring your government-issued ID (driver's license, passport, or state ID card). Bring proof of your current address — a utility bill, lease agreement, mortgage statement, or recent bank statement. The document must show your name and current address and be dated within the last 60 days. A cell phone bill usually works. A mail piece from a government agency works. A credit card statement does not.

Bring your Social Security number or Individual Taxpayer Identification Number (ITIN). You will need to provide this verbally or write it on a form. The bank will verify it before the account opens. If you do not have a Social Security number, ask whether the bank accepts an ITIN instead.

Bring a small amount of money if the bank requires an opening deposit. If you are opening the account online, you can fund it by transferring money from another bank account or by providing a debit card number. The transfer usually takes one to three business days.

Opening an account online versus in person

Online accounts open faster and usually have no opening deposit requirement. You can complete the entire process on your phone in 10 to 15 minutes. The bank will verify your identity using information from credit bureaus or by asking security questions only you should know the answer to. Your account is usually active the same day or the next business day.

In-person accounts take longer but give you a chance to ask questions and get help. You will meet with a banker who can explain the account terms, show you how to use the app, and answer questions about fees. If you have no ID or proof of address, you must open in person because the bank needs to see the documents.

Some people open online first, then visit a branch later to deposit cash or ask questions. This works fine — the account is fully functional online before you ever step into a branch.

Frequently Asked Questions

Do I have to keep a minimum balance to avoid fees?

It depends on the bank and account type. Many banks waive monthly fees if you keep a minimum balance, often $500 to $1,500. Some banks waive fees if you set up direct deposit instead. Online banks and credit unions often have no minimum balance requirement at all. Check the account terms before you open.

What if I cannot afford an opening deposit?

Most banks have accounts with no opening deposit requirement, especially online banks and credit unions. If a specific bank asks for a deposit you cannot afford, choose a different bank. There is no reason to pay money upfront when many institutions offer free accounts.

Can I open an account if I have been denied before?

Yes. Banks use ChexSystems, a checking account history system, to screen applicants. If you were denied or closed an account due to overdrafts or fraud, you may appear on ChexSystems for five years. Some banks and credit unions offer second-chance accounts for people with ChexSystems records. Ask your local credit union first.

How long does it take to use my debit card after I open?

If you open online, your account is usually active the same day, but your debit card arrives by mail in 7 to 10 business days. Some banks let you use a temporary digital card in your phone app immediately. If you open in person, the bank may give you a temporary card on the spot or issue one by mail.

Do I need to open a checking account, or can I just open savings?

You can open only a savings account if that is what you need. Savings accounts typically have no opening deposit requirement and lower or no monthly fees. However, savings accounts limit how many withdrawals you can make per month, so they are not ideal for everyday spending. Most people open both a checking account for daily use and a savings account for money they want to keep.