Minimum deposit amounts vary by bank and account type, but many banks let you open with zero dollars
You do not need to deposit money to open most checking or savings accounts. Many banks—including Chase, Bank of America, Wells Fargo, and most credit unions—allow you to open an account with a zero initial deposit. You can walk in or go online, complete the paperwork or application, and start using the account immediately without putting any money in first.
Some banks do require a minimum opening deposit, usually between $25 and $100. A few high-yield savings accounts or money market accounts may ask for $500 or more. The bank will tell you the requirement before you finish opening the account, so you will not be surprised at the end.
The real cost to watch is the monthly maintenance fee. Many banks charge $10 to $15 per month if your balance falls below a certain threshold—often $500 to $1,500—or if you do not meet other requirements like setting up direct deposit. Some banks waive the fee entirely if you maintain a minimum balance or have your paycheck deposited automatically.
Key Takeaways
- Most major banks and credit unions allow you to open a checking or savings account with zero dollars down.
- Some banks require a minimum opening deposit of $25 to $100, and specialty accounts may ask for $500 or more.
- Monthly maintenance fees ($10 to $15) are often waived if you keep a minimum balance or set up direct deposit.
- Online banks typically have lower or no minimum deposits and lower or no monthly fees than brick-and-mortar banks.
- Credit unions often have no minimum deposit requirement and lower fees than traditional banks.
Where the minimum deposit requirement comes from
Banks use minimum deposits to reduce risk and cover the cost of maintaining your account. When you open an account, the bank sets up a file, assigns you an account number, and prepares to process your transactions. If you never deposit money and the account sits empty, the bank has spent resources on something that generates no revenue.
A minimum opening deposit is the bank's way of confirming you are serious about using the account. It also gives the bank a small pool of money to work with—banks lend out customer deposits and earn interest on those loans, so even a small deposit has value to them.
The requirement is not the same everywhere. Large national banks are more likely to waive it than smaller regional banks. Online-only banks almost never require a minimum opening deposit because their overhead is lower—they have no branches to staff or maintain.
Monthly fees and how to avoid them
The monthly maintenance fee is where most people encounter a cost. This fee is charged by the bank each month your account is open, regardless of whether you use it. Typical fees range from $10 to $15, though some banks charge as little as $5 or as much as $25.
Most banks waive the monthly fee if you meet one of these conditions: maintain a minimum balance (often $500 to $1,500), set up direct deposit of your paycheck, make a certain number of debit card transactions per month, or maintain a linked savings account. Some banks waive the fee for customers under 18 or over 65.
If you cannot meet the balance requirement, direct deposit is usually the easiest waiver to get. Even a small paycheck counts—some banks only require one direct deposit per month, regardless of the amount. If you do not have an employer, you may be able to set up direct deposit from Social Security, unemployment benefits, or a gig-work payment app.
Differences between bank types
| Bank Type | Typical Minimum Deposit | Typical Monthly Fee | Best For |
|---|---|---|---|
| National chain bank (Chase, Bank of America, Wells Fargo) | $0 to $100 | $10 to $15, often waived with direct deposit | People who want branch access and ATM networks |
| Online bank (Ally, Charles Schwab, Discover) | $0 | $0 | People comfortable banking online with no branch visits |
| Credit union | $0 to $25 | $0 to $10, often waived easily | People who want lower fees and personalized service |
| Community bank | $25 to $500 | $10 to $20, varies by account type | People who want local service and relationship banking |
Online banks versus traditional banks
Online banks almost never require a minimum opening deposit and almost never charge monthly maintenance fees. They make money through interest on loans and investments, not through account fees. Examples include Ally Bank, Charles Schwab Bank, Discover Bank, and LendingClub. The trade-off is that you cannot walk into a branch—everything happens online or by phone.
If you need to deposit cash, some online banks partner with retail locations like CVS or Walgreens where you can make deposits. Others let you deposit checks by taking a photo with your phone. A few online banks have no way to deposit cash at all, which matters only if you receive cash regularly.
Traditional banks with physical branches usually require a minimum opening deposit ($0 to $100) and charge monthly fees ($10 to $15), but the fees are often waived if you set up direct deposit or maintain a balance. You can walk in to deposit cash, speak to a person, and access your money at thousands of ATMs.
Credit unions and their requirements
Credit unions are member-owned financial institutions that typically have lower fees and more flexible requirements than banks. Most credit unions have no minimum opening deposit or a very small one ($5 to $25). Monthly maintenance fees are rare, and when they exist, they are usually waived if you maintain a small balance or set up direct deposit.
To open an account at a credit union, you must become a member. Membership usually requires living or working in a specific area, belonging to a certain employer, or being part of a may have access to organization. Some credit unions have opened membership to anyone, so it is worth checking your local credit union's rules.
If you do not have a local credit union, you can search for one at CO-OP or Alliant Credit Union's website. Many credit unions participate in shared branching networks, which means you can conduct transactions at other credit unions' branches even if you do not bank there.
What happens if you cannot meet the minimum
If a bank requires a minimum opening deposit and you do not have the money, you have three options: choose a different bank with no minimum, wait until you have saved the amount, or ask the bank if they will waive it.
Some banks will waive a minimum deposit requirement if you explain your situation, especially if you are opening an account for the first time or if you are a young person. It never hurts to ask. The worst they can say is no, and you can move to a different bank.
Online banks and credit unions are your best bet if you have no money to deposit. Both typically have zero minimum opening deposits and zero monthly fees, so you can open an account and start using it without spending anything upfront.
Frequently Asked Questions
Can I open a bank account with no money at all?
Yes. Most banks, credit unions, and online banks allow you to open a checking or savings account with zero dollars. You can complete the process online or in person and start using the account immediately. You only need to deposit money when you are ready.
What if I do not have direct deposit—how do I avoid the monthly fee?
Maintain the minimum balance the bank requires, usually $500 to $1,500. Some banks also waive fees if you make a certain number of debit card transactions per month (often 10 or more) or if you link a savings account. Ask your bank which waiver options are available for your account type.
Is an online bank safe if I need to deposit cash?
Online banks are safe, but cash deposits can be tricky. Some online banks partner with retail locations for cash deposits, and others let you deposit checks by photo. A few have no cash deposit option. Check the bank's deposit methods before you open an account if you receive cash regularly.
Do I need a minimum balance to keep my account open?
No. You can keep an account open with zero dollars in it. The minimum balance requirement only applies to waiving the monthly maintenance fee. If you do not meet the balance requirement, you will be charged a monthly fee, but the account stays open and usable.
What is the difference between a checking account and a savings account minimum?
Checking accounts typically have lower or no minimum opening deposits and lower monthly fees. Savings accounts often have higher minimums ($100 to $500) and higher fees, especially if they are high-yield accounts. Ask the bank about both before you decide which type to open.