You do not need money to open a bank account
Most banks and credit unions will let you open a checking or savings account with zero dollars. You walk in, fill out paperwork, show an ID, and leave with an account number — no deposit required. Some banks ask for a small opening deposit (typically $25 to $100), but many do not. The account sits empty and ready to use until you put money in.
This matters because people often assume they need cash on hand before they can start banking. That is not how it works. You can open the account first, then deposit money when you have it.
Key Takeaways
- Most banks let you open a checking or savings account with no money down, though some require a small opening deposit of $25 to $100.
- Online banks and credit unions are more likely to have zero minimum opening deposits than large national banks.
- You will need a government-issued ID and proof of address to open any account, whether or not there is a deposit requirement.
- Some accounts charge monthly fees if you do not keep a minimum balance, so read the fee schedule before you choose.
- An empty account costs you nothing — you can open it and leave it dormant until you are ready to use it.
Which banks do not require an opening deposit
Online banks almost never require an opening deposit. Banks like Ally, Charles Schwab, and Discover have zero minimum deposit requirements for both checking and savings accounts. Credit unions also tend to be more flexible — many will open an account for you with no money down, though some require a small membership fee (usually $5 to $25) that you pay once.
Large national banks like Chase, Bank of America, and Wells Fargo vary by account type. Some of their basic checking accounts have no opening deposit requirement, while their premium accounts or savings products do. The only way to know is to ask or check their website for the specific account you want.
Local and regional banks fall somewhere in the middle. Some require nothing; others ask for $25 or $50. Call ahead or visit in person to ask about their minimum deposit policy before you go through the application process.
What you actually need to bring
Whether or not there is a deposit requirement, you will need to prove who you are and where you live. Bring a government-issued photo ID — a driver's license, passport, or state ID card. The bank will scan or photocopy it.
You will also need proof of your current address. A utility bill, lease agreement, or recent bank statement with your name and address works. If you do not have one of those, some banks accept a government letter (like a tax document or benefit notice) or a piece of mail from a government agency. Ask the bank what they accept before you come in.
If you are opening an account in person, bring these documents with you. If you are opening online, you will upload photos or scans of them. Either way, the bank will not let you finish without them.
Monthly fees when you have no balance
An empty account is free to keep open, but some accounts charge a monthly maintenance fee whether or not you have money in them. This fee is usually $5 to $15 per month. If you open an account with no deposit and then do not use it, you could end up owing the bank money.
Before you open an account, look at the fee schedule. Search for "monthly maintenance fee" or "inactivity fee" on the bank's website. Many banks waive the monthly fee if you keep a minimum balance (often $500 to $1,500), set up direct deposit, or make a certain number of debit card transactions per month. Others have no monthly fee at all.
If you are opening an account because you need to receive a paycheck or government benefit, ask whether direct deposit waives the fee. That is often the easiest way to avoid charges on an account you are just starting to use.
Opening an account online versus in person
Online accounts are faster and often have lower minimums. You can open one in 10 to 15 minutes from your phone or computer. The bank will ask for your Social Security number, address, and ID information, then ask you to upload photos of your ID and proof of address. You get an account number immediately and can start using it the same day.
In-person accounts take longer but let you ask questions and handle any complications on the spot. You go to a branch, meet with a banker, and walk out with a debit card and account information. If something is unclear about the fee structure or account features, you can ask right then.
Both routes are legitimate. Choose based on what is easier for you — if you are comfortable with online forms and have a camera or scanner, online is faster. If you prefer talking to a person or do not have reliable internet, go to a branch.
What happens after you open the account
Once your account is open, you can deposit money in several ways. You can go to a branch and hand cash or a check to a teller. You can use the bank's ATM to deposit cash or checks (if the ATM has a deposit slot). You can mail a check to the address on your account statement. Or, if someone is sending you money, you can give them your account number and routing number so they can transfer it directly.
If you are receiving a paycheck or government benefit, you can set up direct deposit. This means the money goes straight into your account without you having to do anything. You give your employer or the benefit office your account number and routing number, and they handle the rest.
Until you deposit money, your account balance is zero. You cannot spend money you do not have, and the bank will not let you overdraw (go negative) unless you have overdraft protection set up — which you would have to request separately.
Why banks let you open accounts with no money
Banks want customers. An empty account today might become a full account tomorrow. They make money from the fees you pay, the interest they earn on deposits, and the loans they give out. A customer with no balance now is still a potential customer for a loan, a credit card, or other services later.
Credit unions have a different incentive — they are member-owned, so they benefit when more people join. They are often willing to open accounts with no deposit because membership itself is the goal.
Online banks have lower overhead costs than branches, so they can afford to waive opening deposits and monthly fees. They make their money on volume and on the interest they earn from lending out customer deposits.
Frequently Asked Questions
Can I open a bank account if I do not have a Social Security number?
It depends on the bank. Most require a Social Security number or Individual Taxpayer Identification Number (ITIN). Some banks will open an account with a passport number instead if you are not a U.S. citizen. Call the bank directly and ask what they accept — policies vary.
What if I do not have a permanent address?
Some banks accept a shelter address, a PO box, or a care-of address (like a friend's house where mail reaches you). Call ahead and explain your situation. Credit unions and online banks are sometimes more flexible than large national banks on this point.
If I open an account with no money, will it hurt my credit?
No. Opening a bank account does not affect your credit score. Banks do a soft check of your background (using ChexSystems or Early Warning Services) to see if you have had problems with accounts in the past, but this does not show up on your credit report and does not lower your score.
Can I open multiple accounts at the same bank with no deposit?
Yes, you can open both a checking and a savings account with no deposit. Some people do this to keep spending money separate from savings. Each account has its own number and can be managed separately, even though they are at the same bank.
What if the bank closes my account because it stays empty?
Banks can close inactive accounts, but they usually give you notice first. If your account has been dormant for a year or more with no deposits or withdrawals, the bank may close it and send any remaining balance to your state's unclaimed property program. To avoid this, make at least one transaction (a deposit, withdrawal, or transfer) every few months, or set up direct deposit so money flows in regularly.