Yes, you can open a bank account without depositing money upfront
Most banks and credit unions will let you open a checking or savings account without an initial deposit. You walk in, provide identification and proof of address, sign the paperwork, and leave with an account number—no money required. The account sits empty until you deposit your first dollar.
The catch is that some banks charge monthly maintenance fees even on empty accounts, and those fees can add up quickly. A few banks waive fees if you meet certain conditions—like setting up direct deposit or keeping a minimum balance—but if you can't meet those conditions, you'll lose money every month just for having the account open. Knowing which banks charge and which don't is the difference between a free account and one that costs you $10 to $15 monthly.
Key Takeaways
- Most banks allow you to open an account with zero dollars, but some charge monthly fees that apply even to empty accounts.
- Credit unions typically have lower or no monthly fees and often waive them for accounts with no balance.
- Online banks almost never charge monthly maintenance fees, making them the cheapest option if you have internet access.
- You will need a government-issued ID and proof of your current address, whether you deposit money or not.
- Some banks require a minimum opening deposit, so calling ahead or checking their website saves a wasted trip.
Banks that don't charge monthly fees on empty accounts
Online banks are your safest bet. Institutions like Ally Bank, Charles Schwab Bank, and Discover Bank do not charge monthly maintenance fees on checking or savings accounts, regardless of your balance. Since they have no physical branches, they keep costs low and pass that savings to you. You open the account online in about 10 minutes, and you can start using it immediately even if you never deposit anything.
Some traditional banks also waive fees on accounts with zero balance, but you have to ask. Call your local branch or check their website under "account fees" or "pricing" before you go in. Look for language like "no monthly service charge" or "fee waived with direct deposit"—if direct deposit is the only way to waive the fee, and you don't have a job yet, that account will cost you money.
Credit unions are another option. Many credit unions charge no monthly fees at all, even on accounts with no balance. If you belong to a credit union through your employer, school, or family member, start there. If not, you can search for a credit union you're may be able to access to join using the CO-OP Network locator or Alliant Credit Union's finder tool.
Banks that charge fees even on empty accounts
Large national banks like Chase, Bank of America, and Wells Fargo charge monthly maintenance fees on most checking accounts—typically $10 to $15 per month. These fees apply whether your account has $1,000 or $0. Some of these banks waive the fee if you maintain a minimum balance (often $500 to $1,500), set up direct deposit, or use their debit card a certain number of times per month. If you can't meet any of those conditions, the account will drain itself.
Regional banks vary widely. Some charge fees; some don't. The only way to know is to call or visit their website and look for the fee schedule. Don't assume a smaller bank is cheaper—some regional banks charge the same fees as the big chains.
What you need to bring to open an account
You will need a government-issued photo ID (driver's license, passport, or state ID) and proof of your current address. Proof of address can be a utility bill, lease agreement, or bank statement with your name and address on it. The document usually needs to be dated within the last 60 days, though this varies by bank.
If you don't have a current address—for example, if you're unhoused or living temporarily—some banks and credit unions will accept a letter from a shelter, social services agency, or trusted person confirming where you receive mail. Call ahead to ask what they accept. Online banks typically require the same documents but you upload them during the application process.
You do not need a Social Security number to open an account, though most banks will ask for one. If you don't have one, you can use an Individual Taxpayer Identification Number (ITIN) instead. Tell the bank upfront if you don't have a Social Security number so they know to ask for the alternative.
How long it takes to open an account with no deposit
In-person at a bank or credit union, opening takes 15 to 30 minutes. You fill out the application, show your ID and address proof, sign the paperwork, and you're done. Your account number is active immediately, though it may take a day or two for the account to appear in their online system.
Online, the process takes 10 to 20 minutes. You enter your information, upload photos of your ID and address proof, answer security questions, and submit. Most online banks activate your account within 24 hours. Some require you to verify your identity by answering questions about your credit history or past addresses, which adds a few minutes but happens automatically.
What happens if you open an account and never use it
If your account has no activity and no balance, most banks will close it after 90 to 180 days of inactivity. You won't lose money—the account simply closes. If you had a negative balance (meaning you owed the bank money from fees), they may send that debt to a collection agency, but this is rare on accounts that started with zero dollars.
Some banks send a notice before closing an inactive account. Others close it silently. If you want to keep the account open, make a small deposit or withdrawal every few months, or set up a recurring transfer of even $1 per month. This counts as activity and keeps the account alive.
Opening an account without a Social Security number
You can open a bank account with an ITIN if you don't have a Social Security number. An ITIN is a nine-digit tax identification number issued by the IRS to people who file taxes but don't have a Social Security number. Most banks accept ITINs, but not all. Call ahead and ask whether they accept ITIN instead of SSN.
Some banks require additional documentation if you use an ITIN—for example, a copy of your ITIN letter from the IRS or a passport. Online banks vary in their policies. If you're having trouble finding a bank that accepts ITIN, credit unions are often more flexible. The National Credit Union Administration does not prohibit credit unions from accepting ITIN, so many do.
Frequently Asked Questions
Do I need money to open a bank account?
No. Most banks and credit unions let you open an account with zero dollars. However, some banks charge monthly fees even on empty accounts, so you may lose money over time if you don't deposit anything. Online banks and many credit unions charge no monthly fees, so an empty account costs you nothing.
What's the cheapest way to open an account with no money?
Open an account at an online bank like Ally, Charles Schwab, or Discover. They charge no monthly fees regardless of balance. If you prefer a physical location, find a credit union in your area—most charge no monthly fees either. Avoid large national banks unless you can meet their fee-waiver conditions.
Can I open an account if I don't have a permanent address?
Yes. Some banks accept a letter from a shelter, social services agency, or trusted person confirming where you receive mail. Call the bank or credit union first and ask what proof of address they accept for people without a permanent residence. Online banks may have different rules, so ask during the application process.
How long does an empty account stay open?
Most banks close accounts after 90 to 180 days with no activity. To keep it open, make a deposit, withdrawal, or transfer at least once every few months. Even a $1 transfer counts as activity.
Can I open an account online if I have no money?
Yes. Online banks open accounts in 10 to 20 minutes with no deposit required. You upload your ID and address proof, and the account is usually active within 24 hours. You can start using it immediately, even with a zero balance.