Most banks require $0 to $300 to open an account, but many have no minimum at all
The amount of money you need to open a bank account depends on the bank and the type of account. Many banks—including large national chains and online banks—let you open a checking or savings account with no deposit required. Others ask for a minimum opening deposit of $25, $100, or $300. A few still-common banks require $500 or more, but these are becoming rarer.
The opening deposit is separate from the money you need to keep in the account afterward. Some banks charge a monthly fee if your balance falls below a certain amount; others do not charge fees at all. Knowing both numbers—what you need to open the account and what you need to avoid monthly charges—matters when you are choosing where to bank.
Key Takeaways
- Most banks and credit unions let you open a checking account with $0 to $100, and many have no minimum opening deposit at all.
- Online banks typically have lower or no opening deposit requirements than brick-and-mortar banks.
- The opening deposit is different from the minimum balance needed to avoid monthly fees—check both before you choose a bank.
- If you have no money to deposit right now, look for banks that advertise "no minimum opening deposit" or "free checking".
- Credit unions often have lower opening deposit requirements than traditional banks and may waive fees for members with low balances.
Opening deposit requirements by bank type
National banks (Chase, Bank of America, Wells Fargo, Citibank) typically ask for $25 to $300 to open a checking account. Chase and Bank of America often require $100 minimum; Wells Fargo and Citibank vary by account type. Savings accounts at these banks usually have lower minimums or none at all.
Online banks (Ally, Charles Schwab, Discover, Marcus) almost always have $0 opening deposit requirements. Because they have no physical branches, they can afford to waive the deposit and still make money on the interest they earn from lending out customer deposits.
Credit unions vary widely. Many require $0 to $50 to open an account, though some ask for $100 or $200. Credit unions are member-owned, so opening an account sometimes means buying a share (usually $1 to $25) that counts toward your opening deposit. Ask your specific credit union before you visit.
Community banks and smaller regional banks often have no opening deposit requirement or ask for $50 to $100. These banks compete with larger chains by offering lower fees and more personal service, so they tend to be flexible on opening deposits.
Minimum balance requirements are different from opening deposits
After you open the account, some banks charge a monthly fee if your balance drops below a certain level. This is called a minimum balance requirement, and it is separate from the opening deposit. You might open an account with $0, but then face a $12 monthly fee if you do not keep $500 in the account at all times.
Banks that charge monthly fees often waive them if you meet one of these conditions: direct deposit of your paycheck, a certain number of debit card transactions per month, or maintaining a minimum balance. Online banks and many credit unions charge no monthly fees regardless of balance, which is why they are often the cheapest option if you have little money to keep in savings.
Before you open an account, ask the bank or check their website for both numbers: the opening deposit and the monthly fee (if any). A bank with $0 opening deposit but a $15 monthly fee costs you more than a bank with a $100 opening deposit and no fees, if you plan to keep the account open for more than a few months.
What happens if you do not have the opening deposit right now
If you have no money to deposit, your options are to find a bank with $0 opening deposit or to wait until you can save the amount the bank requires. Most online banks and many credit unions fall into the first category—they let you open an account and deposit money later, even if it takes a few days or weeks.
Some banks let you open an account online with $0 and then make your first deposit by transfer, direct deposit, or mobile check deposit within a certain window (often 30 days). Read the terms carefully, because a few banks will close the account if no deposit arrives within that time.
If you are in a situation where you cannot deposit money immediately, call or visit the bank and ask directly. Many banks have discretion to waive opening deposits for customers in hardship, and some have special accounts designed for people with no money to deposit upfront.
How to compare opening deposits across banks
Start by listing the banks you are considering—your employer's bank, a bank near your home or work, and one or two online banks. Then check each bank's website for the specific account type you want (checking, savings, or both). The opening deposit requirement is usually listed on the account details page or in the terms and conditions.
Write down three numbers for each bank: the opening deposit, the monthly fee (if any), and the minimum balance needed to avoid the fee. Then calculate the true cost. A bank with a $100 opening deposit and no fees is cheaper than a bank with $0 opening deposit and a $15 monthly fee if you plan to keep less than $500 in the account.
Call the bank if the website is unclear. Customer service can tell you whether the opening deposit is waivable, whether it counts toward your first deposit, and whether you can open the account online or need to visit in person.
Opening a joint account or account for someone else
If you are opening an account for a child or as a joint account with another adult, the opening deposit requirement is usually the same as for a single account. However, some banks have special rules: a parent opening a custodial account for a minor might face different requirements than an adult opening a personal account.
Joint accounts typically require both account holders to be present (in person or online) to verify their identity. Some banks let one person open the account and add the second person later, which can be useful if the other person cannot visit the bank right away.
Frequently Asked Questions
Can I open a bank account with $0?
Yes. Many online banks (Ally, Charles Schwab, Discover) and some credit unions and community banks have no opening deposit requirement. You can open the account online and deposit money later by transfer or direct deposit.
Does the opening deposit count as my first deposit?
Usually yes, but not always. Some banks let you open with $0 and then deposit money separately. Others require the opening deposit to be your first deposit. Check the bank's terms or ask customer service to be sure.
What if I cannot afford the opening deposit?
Look for banks with $0 opening deposit requirements, or call the bank you prefer and ask if they can waive the deposit. Some banks have discretion to waive fees for customers in hardship. You can also wait until you have saved the amount and then open the account.
Do I have to keep the opening deposit in the account forever?
No. The opening deposit is just money you put in to open the account. You can withdraw it immediately after the account is open, as long as you meet any minimum balance requirement to avoid monthly fees.
Is there a difference between opening deposit and minimum balance?
Yes. Opening deposit is what you need to open the account. Minimum balance is what you need to keep in the account to avoid monthly fees. A bank might have $0 opening deposit but require $500 minimum balance to waive fees.