Most banks require $0 to $25 to open an account, but some have no minimum at all

The amount you need to open a bank account depends on the bank and the type of account. Many banks—including large national ones like Chase, Bank of America, and Wells Fargo—let you open a checking or savings account with no money down. Others require a minimum deposit of $25, $100, or occasionally more. A few banks still ask for $500 or $1,000 to open certain premium accounts, but these are less common for basic checking.

The minimum deposit is separate from the minimum balance you must keep in the account after opening. Some banks require you to maintain a certain balance each month to avoid fees; others have no balance requirement at all. You need to know both numbers before you choose a bank, because a $0 opening deposit doesn't help if you can't afford the $500 minimum balance they demand later.

Key Takeaways

  • Most major banks allow you to open a checking account with $0 down, though some require $25 to $100 at the time you open it.
  • The opening deposit is different from the minimum balance requirement—you may need to keep money in the account each month to avoid monthly fees.
  • Online banks and credit unions often have lower or no opening deposits and no minimum balance requirements.
  • If you cannot meet a bank's minimum balance, you will pay a monthly maintenance fee, usually $5 to $15, which can add up quickly.
  • Ask the bank directly about both the opening deposit and the monthly minimum balance before you commit.

Opening deposit vs. minimum balance requirement

The opening deposit is the money you put in when you first create the account. The minimum balance requirement is the amount you must keep in the account each month to avoid fees. A bank might say "open with $0" but then charge you $12 a month if your balance drops below $500. That fee adds up to $144 a year—far more than if you had paid a $100 opening deposit upfront.

Read the account agreement carefully. It will list both numbers separately. If the bank's website does not make this clear, call and ask: "What is the opening deposit, and what is the minimum balance I need to keep each month to avoid fees?" Write down the answer. Some banks waive the minimum balance if you set up direct deposit of your paycheck, so ask about that too.

Where to find accounts with no opening deposit

National banks like Chase, Bank of America, Citibank, and Wells Fargo typically allow you to open a checking account with $0 down. However, they often require a minimum balance of $500 to $1,500 to avoid a monthly fee. If you cannot maintain that balance, you will pay $10 to $15 each month.

Online banks—such as Ally, Charles Schwab, Discover, and Capital One 360—usually have no opening deposit and no minimum balance requirement. They make money from interest on loans, not from account fees, so they can afford to be more flexible. Credit unions also tend to have low or no opening deposits and lower minimum balances than big banks. If you are a member of a credit union, check with them first.

Accounts that do require an opening deposit

Some banks still ask for money upfront. Smaller regional banks, certain savings-focused accounts, and premium checking products may require $25 to $500 to open. Money market accounts and certificates of deposit (CDs) often have higher opening deposits—sometimes $1,000 or more—because they are designed for people who already have money to save.

If a bank requires an opening deposit you cannot afford, move on. Plenty of banks will take you with $0 down. Do not borrow money or drain another account just to meet an opening deposit. That defeats the purpose of opening a bank account in the first place.

How opening deposits work in practice

When you open an account, you provide the opening deposit in one of three ways: you transfer money from another bank account, you bring cash to a branch, or you mail a check. If you are opening an account online, you will usually link an existing bank account and transfer the money electronically. The deposit hits your new account within one to three business days.

Once the deposit clears, it becomes part of your account balance. You can spend it, transfer it out, or leave it there. There is nothing special about opening deposit money—it is your money, and you own it from the moment it arrives.

Monthly fees if you do not meet the minimum balance

If your bank requires a minimum balance and you fall below it, you will typically pay a monthly maintenance fee of $5 to $15. Some banks charge this fee every month you are below the minimum; others charge it only once per statement period. Over a year, a $10 monthly fee costs $120—more than many people realize.

Ways to avoid this fee: keep the minimum balance, set up direct deposit (many banks waive the fee if your paycheck goes straight in), switch to an online bank with no minimum, or move to a credit union. If you are already paying the fee, call your bank and ask if they will waive it or lower the minimum. Banks sometimes will, especially if you have been a customer for a while.

What to bring when you open an account

You will need a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days). Some banks also ask for a phone number and email address. Bring your opening deposit in cash, check, or be ready to transfer it from another account.

If you do not have a photo ID or Social Security number, some banks and credit unions have accounts for people without these documents. Call ahead and ask what they need. Do not assume you cannot open an account—many banks have options for people in different situations.

Frequently Asked Questions

Can I open a bank account with no money at all?

Yes. Many banks, including Chase, Bank of America, and most online banks, allow you to open a checking account with $0 down. However, check whether they require a minimum balance each month to avoid fees. If they do and you cannot meet it, you will pay a monthly charge.

What happens if I cannot afford the opening deposit?

Choose a bank with no opening deposit requirement. Online banks and credit unions almost always have $0 opening deposits. If you need a bank account urgently and have no money, start with an online bank or credit union that charges no fees and has no minimum balance.

Do I get my opening deposit back?

Your opening deposit is your money. You can withdraw it, transfer it, or spend it anytime. It is not a fee—it simply becomes part of your account balance. The bank does not keep it.

What if my bank charges a monthly fee I did not know about?

Call the bank and ask them to explain the fee. If you fell below the minimum balance, ask if they will waive the fee this time. If the fee is not listed in the account agreement you signed, ask them to remove it. If the bank refuses and you are unhappy, you can close the account and move to another bank.

Is there a difference between opening a checking account and a savings account?

Checking accounts usually have no opening deposit or a low one ($0 to $100). Savings accounts vary more—some have no opening deposit, others ask for $25 to $100. Money market accounts and CDs typically require higher opening deposits ($500 to $1,000 or more) because they are meant for saving larger amounts.