Most banks let you open an account with zero dollars
You do not need to deposit money to open a checking or savings account at most banks. Many institutions will let you complete the account setup with no opening deposit at all. Some banks ask for a minimum deposit—usually between $25 and $100—but this is less common than it used to be, and you can often meet it with your first paycheck or transfer after the account is open.
The real cost of opening an account is not the opening deposit. It is whether the account charges monthly fees, and whether you can avoid those fees by keeping a minimum balance or setting up direct deposit. A $0 opening deposit means nothing if the account costs $12 a month to hold.
Key Takeaways
- Most major banks and credit unions do not require an opening deposit, though some regional banks or specialty accounts may ask for $25 to $100.
- Monthly maintenance fees are more important than opening deposits—many banks waive fees if you maintain a low balance or set up direct deposit.
- Online banks almost never charge monthly fees and rarely require opening deposits, making them the cheapest option for most people.
- The bank's overdraft policy and ATM network matter more to your actual costs than the opening deposit amount.
- You will need a government ID, proof of address, and a Social Security number or ITIN to open any account, regardless of the deposit amount.
What happens if you cannot meet the opening deposit
If a bank asks for an opening deposit and you do not have it, you have three straightforward options: choose a different bank that does not require one, wait until you can deposit the amount, or ask the bank whether they will waive it. Some banks will waive a minimum deposit if you set up direct deposit from an employer or government benefit, even if you have not received the first payment yet.
Online banks are the fastest route if you need an account now with no deposit. Banks like Ally, Charles Schwab, and Discover have no monthly fees and no opening deposit requirements. You can open the account in 10 to 15 minutes on your phone or computer, and the account is usually ready to use the same day or within 24 hours.
Monthly fees matter more than opening deposits
A bank that charges no opening deposit but $15 a month in maintenance fees will cost you $180 a year. A bank that asks for a $50 opening deposit but has no monthly fees costs you $50 once. The monthly fee is the number to watch.
Most banks waive their monthly fee if you meet one of these conditions: you keep a minimum balance (often $500 to $1,500), you set up direct deposit, you make a certain number of debit card purchases per month, or you maintain a linked savings account. Online banks almost never charge monthly fees at all, which is why they are the cheapest option for people who do not want to worry about balance minimums.
Opening deposits at different types of banks
| Bank Type | Typical Opening Deposit | Monthly Fee | How to Avoid the Fee |
|---|---|---|---|
| Large national banks (Chase, Bank of America, Wells Fargo) | $0 to $25 | $12 to $15 | Direct deposit, minimum balance ($500–$1,500), or linked savings account |
| Regional banks | $25 to $100 | $5 to $12 | Minimum balance or direct deposit |
| Credit unions | $0 to $25 | $0 to $10 | Membership fee instead; some waive with direct deposit |
| Online banks | $0 | $0 | No fees to waive |
What you actually need to bring to open an account
The opening deposit is optional at many banks, but your identification is not. You will need a government-issued photo ID (driver's license, passport, or state ID card), proof of your current address (a utility bill, lease, or bank statement dated within the last 60 days), and your Social Security number or ITIN. Some banks also ask for a phone number and email address.
If you do not have a photo ID, some banks and credit unions will open an account with alternative documents—a combination of a birth certificate, utility bill, and a second form of ID like a library card. Call ahead to ask what they accept. Online banks are stricter about ID requirements because they cannot verify you in person, so they usually require a valid photo ID.
Minimum balance requirements after opening
Opening deposit and minimum balance are different things. An opening deposit is what you put in when you create the account. A minimum balance is the lowest amount the bank requires you to keep in the account at all times to avoid a monthly fee.
If a bank has a $500 minimum balance requirement and your balance drops below $500, you will be charged a monthly fee—usually $12 to $15—even if you had $500 in the account the day before. Some banks calculate the minimum based on your average balance over the month, which gives you more flexibility. Read the account terms before you open to understand whether the minimum is a daily requirement or an average.
Overdraft fees and other hidden costs
The opening deposit and monthly fee are not the only costs to watch. Overdraft fees—charged when you spend more than you have—can run $25 to $35 per transaction at large banks. Some banks charge multiple overdraft fees in a single day if you make several purchases while overdrawn. Online banks and some credit unions have lower overdraft fees or let you turn off overdraft protection so purchases straightforward decline instead of charging a fee.
ATM fees also add up if the bank's ATM network is small. If you use an out-of-network ATM, you might pay $2 to $3 per withdrawal. Large national banks have thousands of ATMs nationwide, while smaller banks and credit unions may have limited networks. Online banks often reimburse out-of-network ATM fees, which makes them cheaper if you do not live near their branches.
Frequently Asked Questions
Can I open a bank account with no money at all?
Yes. Most banks and credit unions do not require an opening deposit. You can open the account with $0 and deposit money later. Online banks almost never require an opening deposit, and many have no monthly fees either.
What if the bank requires a deposit and I do not have it?
Ask whether the bank will waive the deposit if you set up direct deposit from your employer or a government benefit. If not, choose a different bank—there are always options with no opening deposit requirement, especially online banks.
Is the opening deposit the same as the minimum balance?
No. An opening deposit is a one-time amount you put in when you create the account. A minimum balance is the lowest amount you must keep in the account to avoid monthly fees. You can open with $0 and still have a $500 minimum balance requirement.
Do credit unions charge opening deposits?
Most credit unions do not require an opening deposit, though some ask for $25 to $50. Credit unions usually charge lower monthly fees than banks and may waive fees with direct deposit. You do need to be a member, which sometimes requires a small membership fee ($5 to $25).
What costs more—opening deposit or monthly fees?
Monthly fees cost more over time. A $50 opening deposit is a one-time cost. A $12 monthly fee costs $144 a year. Choose a bank with no monthly fees or one where you can easily avoid the fee through direct deposit or a low minimum balance.