Yes, you can open a bank account without depositing money right away
Most banks and credit unions will let you open a checking or savings account without putting any money in on the day you open it. You do not need an initial deposit to start the account itself. What you do need is a valid ID, proof of your address, and sometimes a Social Security number or tax ID — the paperwork, not the cash.
However, some banks do require a minimum opening deposit, and others charge a monthly fee if your balance stays below a certain amount. These policies vary by institution. A few banks have no minimum deposit and no monthly maintenance fee at all, which means you can open the account and leave it empty indefinitely if you choose to.
The real question is not whether you can open the account, but what happens after you do. If you open an account with no money and never deposit anything, the bank will not close it on you — but if the account has a monthly fee and you do not maintain a minimum balance, those fees will pile up and your account could go negative.
Key Takeaways
- You can open a bank account without an initial deposit at many banks and credit unions, using only your ID and proof of address.
- Some banks charge a monthly maintenance fee if your balance falls below a set amount, so check the fee schedule before you open.
- Online banks and some credit unions often have no minimum deposit and no monthly fees, making them the cheapest option if you are starting with zero dollars.
- Once your account is open, you can deposit money whenever you are ready — by direct deposit, cash, check, or transfer from another account.
- If you open an account with a monthly fee and never deposit money, the fee will be charged anyway and your account balance will go negative.
Banks that have no minimum deposit requirement
Online banks are the most likely to have zero minimum deposit and zero monthly fees. Banks like Ally, Charles Schwab, and Discover have no opening deposit requirement and no maintenance fee, which means you can open an account and leave it empty without penalty.
Many credit unions also have no minimum deposit. Credit unions are member-owned, not shareholder-owned, and they often have simpler fee structures than large national banks. You will need to join the credit union first — which usually means living in a certain area or working in a certain industry — but membership is often free or costs a few dollars.
Some traditional brick-and-mortar banks have accounts with no minimum deposit, but you have to look for them. Chase, Bank of America, and Wells Fargo all have accounts that require a minimum opening deposit, but smaller regional banks may not. Call ahead or check the bank's website before you go in.
What happens if your bank does require a minimum deposit
If a bank requires a minimum opening deposit, the amount is usually between $25 and $100. This is not a fee — it is actual money that goes into your account and belongs to you. You can withdraw it immediately after opening the account if you want to, though some banks ask you to wait a day or two for the account to fully activate.
The minimum opening deposit is different from the minimum balance requirement, which is the amount you have to keep in the account to avoid a monthly fee. A bank might require $50 to open but charge you a $12 monthly fee if your balance drops below $500. If you cannot meet the balance requirement, you will pay the fee every month until your balance goes back up.
If you do not have the opening deposit amount, ask the bank if you can deposit it later that same day. Some banks will let you open the account and make the deposit within a few hours. Others will not — in that case, you will need to find a bank with no opening deposit requirement.
How to open an account with no money on hand
Choose a bank or credit union with no minimum deposit and no monthly fees. Online banks make this easiest because you can open the account from home in about 10 minutes. You will need a valid government-issued ID (driver's license, passport, or state ID card), proof of your current address (a utility bill, lease, or bank statement), and your Social Security number.
If you are opening in person at a branch, bring the same documents plus your phone number and email address. The banker will verify your identity, run a background check through ChexSystems (a banking history database), and set up your account. You will leave with a debit card and online login information, and your account will be ready to use immediately.
If you are opening online, you will upload photos of your ID and address proof, answer security questions, and create a username and password. The bank will send you a debit card in the mail within 5 to 10 business days. Until it arrives, you can still deposit money through the mobile app or website.
Ways to deposit money once your account is open
Once your account exists, you have several ways to put money in without going to a branch. Direct deposit is the fastest and most common way — your employer or a government agency sends your paycheck straight to your account, usually within one business day of payday. You give your employer your account number and routing number, which you will find on the bank's website or in your online banking portal.
You can also deposit cash or checks through the mobile app if your bank offers mobile check deposit. You take a photo of the front and back of the check, and the bank processes it within one to three business days. Some banks let you deposit cash at ATMs or at partner retailers like Walmart or CVS.
If you have money in another bank account, you can transfer it to your new account using the other bank's website or app. This usually takes one to three business days. Some banks offer same-day transfers if both accounts are at institutions that participate in the RTP (Real-Time Payments) network.
What to watch out for when opening with no initial deposit
Read the fee schedule before you open. Banks sometimes advertise "no monthly fee" but charge fees for other things — overdrafts, ATM withdrawals outside their network, paper statements, or inactivity. An inactivity fee is charged if you do not make a deposit or withdrawal for a set period, usually six months to a year. This is rare at consumer banks but common at some credit unions.
Check whether the account has a minimum balance requirement to avoid fees. If it does, make sure you understand the exact amount and whether it is an average balance over the month or a balance on a specific day. Some banks are stricter than others about how they calculate it.
If you are opening at a branch, ask whether the account will be closed if it stays empty for too long. Most banks will not close an account just because it has zero dollars, but a few will close it after 12 months of no activity. This is rare, but it is worth asking.
Opening a joint account with no money
If you are opening a joint account with another person, both of you will need to be present (in person or online, depending on the bank) and both will need to provide ID and proof of address. The bank will run a background check on both account holders. Everything else works the same way — you can open with no deposit if the bank allows it.
Decide ahead of time how you want the account set up. On a joint account with "and" ownership, both people can withdraw all the money without permission from the other. On a joint account with "or" ownership, either person can withdraw, but the bank may require both signatures for large withdrawals. Ask the banker which option the bank offers and which one makes sense for your situation.
Frequently Asked Questions
Do I need a Social Security number to open a bank account?
Most banks require a Social Security number or an Individual Taxpayer Identification Number (ITIN) if you do not have a Social Security number. Some banks will open an account without one, but you may face limits on deposits or transfers. Call the bank ahead of time if you do not have a Social Security number and want to know whether they can work with you.
What if I have bad credit or a negative ChexSystems record?
Banks check ChexSystems, which tracks banking history, not credit. A negative ChexSystems record means you have had overdrafts, bounced checks, or fraud issues at another bank. Some banks will still open an account for you, but others will deny you. Second-chance banking programs and credit unions are more likely to work with people who have ChexSystems issues.
Can I open an account online if I do not have a computer?
Yes. You can open an account on a smartphone using the bank's mobile app. You will need a camera to take photos of your ID and address proof. If you do not have a smartphone, go to a branch in person with your documents.
How long does it take to open an account?
Online accounts take 10 to 15 minutes to open. In-person accounts take 20 to 30 minutes. Your debit card will arrive in the mail within 5 to 10 business days, but you can use your account immediately through the app or website.
What if I want to close the account after opening it with no money?
You can close an account at any time by calling the bank, visiting a branch, or using the mobile app. If your account has a zero balance, there is nothing to withdraw. If you owe fees, the bank will deduct them from any money you have in other accounts with them, or they may send you a bill.