You can open a checking or savings account at most banks and credit unions without putting money in first
The requirement to deposit money before opening an account is not standard practice. Most banks and credit unions let you open an account with a zero balance, then add money when you are ready. Some accounts have a minimum opening deposit — often $25 to $100 — but many do not.
The catch is not whether you can open the account. It is what happens after: some banks charge monthly fees if your balance stays below a certain level, or if you do not meet other conditions like setting up direct deposit. Others waive fees entirely. Knowing which banks charge what, and under what conditions, determines whether an account with no initial money actually costs you nothing.
Key Takeaways
- Most major banks (Chase, Bank of America, Wells Fargo, Citibank) allow you to open a checking account with zero dollars, though some charge monthly maintenance fees unless you meet balance or deposit requirements.
- Credit unions typically have lower or no monthly fees and often let you open an account with no deposit, but you may need to join the credit union first, which sometimes requires a small membership fee or deposit.
- Online banks (Ally, Charles Schwab, Discover) generally have no monthly fees and no minimum opening deposit, making them the lowest-cost option if you can manage your account online.
- Some accounts waive monthly fees if you set up direct deposit, maintain a minimum balance, or meet other conditions — read the fee schedule before opening to avoid surprise charges.
- You will need a government-issued ID and proof of address (utility bill, lease, or mail from a government agency) to open any account, whether in person or online.
Major banks that accept zero opening deposits
Chase, Bank of America, Wells Fargo, and Citibank all let you open a checking account without an opening deposit. However, each charges a monthly maintenance fee unless you meet certain conditions.
Chase charges $12 per month on its basic checking account (Chase Total Checking) unless you maintain a $500 minimum balance, set up direct deposit, or link a Chase savings account. If you do none of these, the fee applies every month.
Bank of America charges $12 monthly on its basic account (BankAmericard Checking) unless you maintain a $1,500 minimum balance, set up direct deposit of at least $250 per month, or maintain a linked savings account with $500. Again, if you meet none of these, you pay the fee.
Wells Fargo charges $10 monthly on its basic account (Wells Fargo Checking) unless you maintain a $500 minimum balance or set up direct deposit. Citibank charges $10 monthly on its basic account (Citibank Basic Checking) unless you maintain a $1,500 balance or set up direct deposit of at least $500 per month.
The pattern is clear: you can open with no money, but you will pay a monthly fee unless you either keep a balance, receive direct deposits, or link other accounts. If you have no income yet and cannot maintain a balance, these accounts will cost you money each month.
Credit unions and no-fee options
Credit unions often have lower fees than major banks and frequently waive monthly charges entirely. However, you must be a member of the credit union to open an account, and membership sometimes requires a small deposit or fee.
Navy Federal Credit Union (open to military members, veterans, and their families) offers a basic checking account with no monthly fee and no minimum opening deposit. Membership itself is free.
Alliant Credit Union (open to anyone) offers a checking account with no monthly fee, no minimum opening deposit, and no minimum balance. You can join online in minutes. Some credit unions charge a one-time membership fee of $5 to $25, but Alliant does not.
Pentagon Federal Credit Union (open to military, veterans, and their families) has no monthly fees on checking and no opening deposit requirement.
To find a credit union you can join, search the CO-OP Network or Shared Branch locator online. Many credit unions have reciprocal agreements, meaning you can use branches and ATMs of other credit unions nationwide without fees, even if you do not bank with them directly.
Online banks with no opening deposit and no monthly fees
Online banks typically have the lowest fees because they do not operate physical branches. Most charge no monthly maintenance fee and accept zero opening deposits.
Ally Bank offers a checking account with no monthly fee, no minimum opening deposit, and no minimum balance. It also reimburses ATM fees charged by other banks, up to $10 per month. You manage everything online or through the mobile app.
Charles Schwab Bank (part of the investment firm) offers a checking account with no monthly fee, no minimum opening deposit, and no minimum balance. It also reimburses all ATM fees worldwide, which is useful if you travel or live far from ATMs.
Discover Bank offers a checking account with no monthly fee, no minimum opening deposit, and no minimum balance. It also reimburses ATM fees.
Chime is a fintech company (not a traditional bank, but FDIC-insured through partner banks) that offers a checking account with no monthly fee, no opening deposit, and no minimum balance. Chime is known for fast direct deposit — it can deposit paychecks up to two days early.
The trade-off with online banks is that you cannot walk into a branch. If you need to deposit cash, you will have to use an ATM, mail a check, or transfer money from another account. Some online banks partner with retail chains (Walmart, CVS) to let you deposit cash at the register.
What you need to open an account with no money
Whether you go to a major bank, credit union, or online bank, you will need the same documents. Have these ready before you apply:
- A government-issued photo ID (driver's license, passport, state ID card, or tribal ID)
- Proof of your current address (utility bill, lease agreement, mortgage statement, or mail from a government agency dated within the last 60 days)
- Your Social Security number
- A phone number and email address
If you are opening an account online, you will upload photos of your ID and address proof. If you are opening in person at a branch, bring the originals. Some banks will accept a second form of ID instead of a proof-of-address document, but most require both.
If you do not have a government-issued ID, you may still be able to open an account using an ITIN (Individual Taxpayer Identification Number) instead of a Social Security number. Call the bank or credit union directly to ask whether they accept ITINs, because policies vary.
Avoiding fees after you open
Opening with no money is free, but staying fee-free requires knowing the rules. Read the fee schedule before you commit.
If you choose a major bank account that charges monthly fees, you have three ways to avoid them: maintain the minimum balance (usually $500 to $1,500), set up direct deposit (usually $250 to $500 per month), or link a savings account. If none of these is realistic for you right now, choose an online bank or credit union instead.
If you do open an account with a monthly fee and then cannot meet the conditions, call the bank and ask whether they can waive the fee or switch you to a different account type. Banks sometimes waive fees for customers who are new or facing hardship, especially if you ask before the fee posts.
Watch for other hidden fees: overdraft fees (charged when you spend more than your balance), out-of-network ATM fees, wire transfer fees, and paper statement fees. Online banks and credit unions tend to have lower or no fees for these services. Read the full fee schedule, not just the monthly maintenance fee.
Frequently Asked Questions
Can I open a bank account online with no money if I do not have an address?
Most banks require a current address to open an account, even online. If you are homeless or living temporarily, use a shelter address, a trusted friend's address, or a mail forwarding service address. Call the bank first to confirm they will accept it. Some banks are more flexible than others.
What happens if I open an account and never deposit anything?
If you open an account with no money and never add funds, the account remains open with a zero balance. If the account has a monthly fee and you do not meet the conditions to waive it, the bank will charge the fee each month, which will put your account into negative balance. Eventually, the bank may close the account if it stays negative. With no-fee accounts (online banks and most credit unions), nothing happens — the account simply sits empty until you use it.
Do I need direct deposit to avoid monthly fees?
Not always. Many accounts waive fees if you maintain a minimum balance instead, or if you link another account. Online banks and credit unions typically have no monthly fees regardless of balance or direct deposit. If you do not have direct deposit income, choose an account that waives fees based on balance alone, or pick a bank with no monthly fee at all.
Can I open multiple accounts at different banks with no money?
Yes. There is no law against opening accounts at multiple banks. Some people do this to avoid fees (one account for checking, one for savings) or to keep money separate for different purposes. Each account is separate, so fees apply to each one independently. If you open multiple accounts with monthly fees and do not meet the conditions on any of them, you will pay multiple fees.
What if I get rejected when I try to open an account?
Banks check ChexSystems, a database of banking history. If you have unpaid overdrafts, fraud, or other serious issues at a previous bank, you may be rejected. If this happens, ask the bank why you were denied. You can also request your ChexSystems report and dispute errors. Some banks and credit unions are more lenient with people who have banking problems in their past — call ahead and ask.