Most banks require $0 to $25 to open an account, but some require nothing
The amount of money you need to open a bank account depends on the bank and the type of account. Many banks—including Chase, Bank of America, Wells Fargo, and most credit unions—let you open a checking or savings account with no minimum deposit. Others require a small opening deposit, usually between $1 and $25. A few banks still require $100 or more, but these are less common.
The opening deposit is separate from the minimum balance you must keep in the account after it is open. Some accounts have no minimum balance requirement at all. Others require you to maintain $500, $1,000, or more to avoid monthly fees. Read the account terms before you open—the opening deposit and the ongoing minimum are two different rules.
Key Takeaways
- Most major banks and credit unions allow you to open a checking or savings account with $0 down, though some charge a small opening deposit of $1 to $25.
- The opening deposit is not the same as the minimum balance requirement—you may need to keep money in the account each month to avoid fees, even if the opening deposit was free.
- Online banks typically have lower or no opening deposit requirements and lower minimum balances than brick-and-mortar banks.
- If you have a poor banking history or no credit history, some banks may require a higher opening deposit or deny you outright; credit unions and second-chance banks are more flexible.
- You will need a government-issued ID, proof of address, and a Social Security number or ITIN to open any account, regardless of the deposit amount.
Where the opening deposit requirement varies most
Online banks almost always have zero opening deposit requirements. Banks like Ally, Charles Schwab, and Discover have no minimum to start. They also tend to have no monthly minimum balance requirement, which makes them cheaper to maintain if you do not keep much money in the account.
Traditional brick-and-mortar banks vary. Chase and Bank of America have no opening deposit for most checking accounts, but some of their premium or money market accounts require $25 or more. Wells Fargo requires $0 for most accounts. Credit unions typically have no opening deposit, though you may need to buy a share (usually $5 to $25) to become a member—this is technically a membership fee, not a deposit, but it serves the same purpose.
Regional and community banks are less predictable. Some require nothing; others require $50 to $100. Always call or check the bank's website before you go in, because requirements change and vary by branch.
Minimum balance requirements after you open
The opening deposit is what you put in on day one. The minimum balance is what you must keep in the account each month to avoid fees. These are separate, and the second one matters more to your wallet.
Many no-fee checking accounts have no minimum balance at all. If you open an account with $0 and never deposit another dollar, you will not be charged. However, accounts that offer higher interest rates or come with perks (like ATM fee reimbursement) often require you to maintain $500, $1,000, or $2,500 each month. If your balance drops below that threshold, you may be charged a monthly maintenance fee of $5 to $15.
Read the account disclosure document before you open. It will list both the opening deposit requirement and the ongoing minimum balance requirement. If you cannot maintain the minimum, choose a different account or bank.
What happens if you cannot meet the opening deposit
If you have no money to deposit and cannot find a bank with a zero opening deposit requirement, a credit union is usually your best option. Credit unions are nonprofit and tend to be more flexible. Many have no opening deposit and no minimum balance. Some credit unions also offer second-chance accounts if you have been denied by banks in the past.
Second-chance banks and online banks designed for people rebuilding credit also exist, though they may charge higher fees than traditional banks. These accounts often have no opening deposit but may require a small monthly fee ($5 to $10) instead. Compare the total cost—a $10 monthly fee adds up to $120 a year, so it may be worth saving up for a $25 opening deposit at a traditional bank if you plan to keep the account open long-term.
If you are under 18, some banks offer youth accounts with no opening deposit and no minimum balance. Ask your bank whether they have an account for minors.
Documents and information you will need regardless of deposit amount
Whether the opening deposit is $0 or $100, you will need the same paperwork. Bring a government-issued photo ID (driver's license, passport, or state ID card). You will also need proof of your current address—a utility bill, lease, or recent bank statement dated within the last 60 days usually works. Some banks accept a government notice or tax return instead.
You will need your Social Security number or Individual Taxpayer Identification Number (ITIN). The bank is required by federal law to collect this for tax reporting and fraud prevention. If you do not have a Social Security number, you can still open an account with an ITIN, which is issued by the IRS to people who are not may be able to access for a Social Security number but need to file taxes or conduct business in the United States.
If you are opening an account online, you may be able to upload photos of your documents instead of going to a branch. Some banks will verify your identity through a video call. Call the bank first to confirm what they accept.
Opening deposit versus initial deposit: what is the difference
The opening deposit is the money you put in when you first create the account. The initial deposit is sometimes used to mean the same thing, but some banks use it to mean the first deposit after the account is open—which could be days or weeks later.
To avoid confusion, ask the bank directly: "Do I need to bring money with me to open the account, or can I open it empty and deposit money later?" The answer will be clear. If they say you need to bring money, ask how much. If they say you can open it empty, confirm that in writing or take note of the date and time you were told this, in case there is a dispute later.
How to find banks with no opening deposit requirement
Start with online banks. Ally, Charles Schwab, Discover, and Marcus by Goldman Sachs all have zero opening deposit for checking and savings accounts. Search "[bank name] opening deposit requirement" to confirm before you apply.
For brick-and-mortar banks, call your local branch or check their website. Most major banks list this information on the account details page. If you cannot find it online, call and ask directly. Write down the name of the person who tells you and the date, so you have a record if the requirement changes or if there is a dispute later.
Credit unions are another route. Use the CO-OP Network locator or Credit Union Locator to find one near you, then call and ask about opening deposit requirements and membership fees. Many credit unions serve people in a specific geographic area or profession, so you may need to confirm you are may be able to access to join.
Frequently Asked Questions
Can I open a bank account with no money at all?
Yes. Many banks, credit unions, and online banks allow you to open a checking or savings account with zero dollars. You can deposit money later, either in person, by mail, or through a mobile app. Confirm with the bank that they have no opening deposit requirement before you go in.
What if I have been denied a bank account before?
Banks check ChexSystems, a banking history database, when you apply. If you have unpaid overdrafts, fraud, or other issues on your record, you may be denied. Credit unions and second-chance banks are more lenient. Some will open an account for you even with a poor history, though they may charge higher fees or require a larger opening deposit.
Do I have to keep the opening deposit in the account forever?
No. The opening deposit is just money you put in to start the account. You can withdraw it immediately if you want. However, if the account has a minimum balance requirement, you must keep that amount in the account each month or you will be charged a fee. Make sure you understand the difference before you open.
Can I open an account with someone else's money?
Yes, but the account will be in your name, and you will be responsible for it. If someone gives you money to open an account, that money becomes yours once it is deposited. The person who gave it to you has no claim to it unless the account is set up as a joint account with both names on it.
What if the bank says I need a minimum deposit but I cannot afford it?
Ask whether they have a different account with no opening deposit requirement. If not, try a credit union, an online bank, or a second-chance bank. Do not let one bank's requirement stop you from opening an account elsewhere—there are always options.