How to Get an Online Checking Account With No Opening Deposit

There are several banks and financial institutions that offer checking and savings accounts with no minimum balance and no opening deposit requirements. 

Some traditional and online banks and several fintech companies offer accounts for people who may have a limited amount of money – or no money at all – to deposit upfront. These accounts also cater to those who prefer not to maintain a minimum balance.

There are several reasons you might want to open a checking account with no deposit requirements:

• A no-minimum balance account can be helpful if you’re trying to stick to a strict budget.
• A checking account without a minimum balance is useful as a secondary account to send and receive money occasionally.
• This kind of account means you don’t have to worry about minimum balance fees if you have a rough month where you run low on funds

However, not all places offer these types of bank accounts. Some traditional banks require a minimum opening deposit — often $25 to $100 — and may deny your application if you can’t meet it.¹

But there are plenty of other options that let you open an account and fund it later.

You can easily open a checking or savings account online for free with no deposit from the comfort of your home. Here’s a general overview of the steps involved in creating a bank account online:

1. Choose a bank: Many financial institutions offer free online accounts. Start by asking friends and family for recommendations or searching online.
2. Select an account type: Most banks, credit unions, and financial institutions offer a range of account types, such as checking, savings, and money market accounts (deposit accounts that often provide higher interest rates but may require a higher balance). Choose an account that doesn’t charge account maintenance fees or a minimum deposit.
3. Complete the application: Fill out the online application form with your personal information and account details. Typically, you’ll need to provide your name, date of birth, Social Security number or Individual Taxpayer Identification Number (ITIN), and contact information to open an account.²
4. Verify your identity: To open a bank account online, you’ll need to verify your identity.² This may involve uploading a photo of your ID or answering security questions.
5. Start using your account: Once verified, you can start using your account. For example, you can deposit money into it, transfer funds from an existing account, set up direct deposit, or use a mobile deposit feature. If you’re not ready to deposit funds, there’s no rush.
6. Get your debit card: In some cases, you’ll receive a virtual debit card once your account is active and a physical debit card in the mail a couple of weeks later. You can use the virtual card to start making purchases online right away, as long as you have funded the account with cash. Be careful not to overdraw your account, as that could lead to fees.

Once you’ve found some financial institutions that allow you to open a checking or savings account without a minimum deposit, you’ll need to whittle down that list to the right bank or credit union for you. Here are some factors to help guide your decision.

Interest rates

Some checking accounts offer interest, but where you could really stand to make some money is a savings account. By choosing a high-yield savings account, you can earn a good deal of interest just for keeping cash in the account. While you may be initially opening the account with no money, think ahead to when you will have more money in the account. Choosing a high-yield account now can pay off down the road.

Monthly maintenance charges

Many banks and credit unions charge a monthly fee for their services. Sometimes, you can waive the fees by meeting certain requirements, like setting up direct deposit. However, there are plenty of options that don’t charge monthly fees in the first place. Restricting your search to such financial institutions can save you money without having to worry each month about how you’ll waive the fees.

Automatic savings features

If you open online checking and savings accounts, look for a financial institution with automatic savings features. These can help you establish and grow your savings every time you receive a direct deposit or use your debit card to make a purchase.

ATM availability

Many online banks offer wide networks of fee-free ATMs. Choose an institution with a broad network and several ATMs near you. Find out if the bank offers any reimbursement for out-of-network ATM fees, too. 

Overdraft fees

Overdraft fees happen if you spend more than you have in your account. Choose an institution that will either decline a purchase if you have insufficient funds (and won’t charge you for it) or one that will spot you the cash with fee-free overdraft.

Mobile banking features

There’s an app for everything – including banking. Make sure the bank you select has a highly-rated mobile banking app that makes it easy to monitor and manage your money. Security features, like real-time transaction alerts and in-app debit card freezes, are especially helpful.

Customer service hours

Sometimes, even with a straightforward mobile app, you may need help with your online bank account. Check the customer service hours for both phone and chat for each place you’re considering – and choose one with wide customer service availability.

When you want to open an account without depositing cash, traditional banks with physical branches might not be the best fit. Brick-and-mortar banks and credit unions often have higher overhead costs, which is why they usually require an initial deposit and a minimum balance to keep the account in good standing. You could face fees if your balance drops too low, and some accounts even have monthly maintenance fees just for being open.

Online banks and financial tech companies, on the other hand, generally have lower overhead costs. This allows them to offer checking and savings accounts with fewer fees, no minimum balance requirements, and no initial deposit. 

While you’ll need to weigh the pros and cons of online banking, an online account is often the better path if you’re looking for a no-deposit option. For example, financial tech companies offer online checking and savings accounts with no minimum balance or initial deposit requirements through FDIC-insured banking partners.³

A “minimum balance requirement” is the smallest amount of money you must have in your bank account to avoid fees or other penalties. The requirements vary depending on the type of bank and account, ranging from less than a hundred dollars to several thousand.

Banks have these requirements for a couple of reasons. First, they use the money in customer accounts to lend to other customers or make investments. Requiring a minimum balance helps ensure they have enough funds available for these activities. 

Second, minimum balance requirements can encourage customers to keep more money in the bank and discourage frequent withdrawals and account closures.

Opening a bank account with no opening deposit – and no need to maintain a balance – is possible. Compare options based on your financial goals, how you plan to use the account, and any applicable fees. Then choose the institution that offers the features and flexibility you need.

To compare top options side by side, check out our picks for best online banking with checking accounts.