How to Open a Bank Account Online With No Deposit

Yes, if you know where to look. 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 never have to worry about minimum balance fees if you have a rough month where you run low on funds.

However, not all banks offer these types of bank accounts. Those that do may have certain restrictions or limitations. For example, some financial institutions may charge higher fees or limit the number of monthly transactions you can make.

However, you can find some great checking accounts without monthly fees that also have no minimum balance requirements – including the Chime checking account.

Traditional banks and credit unions with brick-and-mortar locations typically have minimum balance requirements to open an account and keep it in good standing. You might pay fees if your account balance drops below the minimum. Some of these accounts even have monthly fees simply for having the account open.

However, many online banks and credit unions offer banking with no monthly fee and no minimum balance. While you’ll need to weigh the pros and cons of online banking, an online account is typically the better path forward if you want to open a bank account but don’t have money for an initial deposit.

Once you’ve found a handful of financial institutions that allow you to open an 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:

• Options for online transfers: With an online bank, you can’t physically go to a branch to deposit money. That makes online transfers essential. Look for a financial institution that makes it easy to transfer funds from other banks and credit unions.
• 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.
• ATM availability: Many online banks offer wide networks of fee-free ATMs. Choose an institution with a broad network and several ATMs near you.
• 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 coverage.
• Monthly maintenance charges: Many banks and credit unions charge a monthly fee for their services. Sometimes, you can waive the fees by achieving certain goals, like getting a monthly direct deposit. However, there are plenty of banks that don’t charge monthly fees. Restricting your search to such financial institutions can save you money without having to worry each month about how you’ll waive fees.
• Automatic savings features: If you open an online checking and savings account, look for a bank or credit union 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.
• 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 bank you’re considering – and choose one with wider customer service availability.
• Interest rates offered: Some checking accounts may 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 bank account with no money, think ahead to when you will have more money in the bank; choosing a high-yield account now will pay off down the road.

To find a bank account with no opening deposit or minimum balance requirements, start by asking friends, family, neighbors, and coworkers for recommendations. Those in your social circle with similar financial needs may have already found an excellent checking account that will work for you.

You can also do research on your own. Search online for terms like “open bank account no deposit” or “create a bank account online free” to see what pops up. Do your due diligence: Read independent reviews of those bank accounts, and always review the fine print before opening.

For instance, even if there are no minimum deposit or balance requirements, there may be fees associated with the account.

The good news? Many banks now allow you to get a bank account online for free. This means you can open an account from the comfort of your home without setting foot in a physical branch. In most cases, you only need your ID or personal information, an internet connection, and a verifiable address.

Where to find bank accounts with no opening deposit

Traditional banks probably won’t cut it if you want to open a bank account without depositing cash. Brick-and-mortar banks and credit unions usually have high overhead and need clients to make deposits to keep the business going.

Online banks, on the other hand, operate with much lower overhead and can offer the types of accounts you need. Chime is an excellent example of a company offering a bank account that does not have minimum balance requirements or even initial deposit requirements, though you can consider several other online banks and credit unions that might be a good fit for you.

Where to find minimum balance requirements

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 your account to lend to customers or invest in other ventures; therefore, they require a minimum balance to ensure they have adequate funds for these purposes. Second, banks use minimum balance requirements to encourage customers to keep their money in the bank and discourage frequent withdrawals.

You can easily open a bank account online for free 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 banks offer free online bank accounts. Start by asking friends and family for recommendations or searching online.
2. Choose an account type: Most banks, credit unions, and financial institutions offer a range of account types, such as checking, savings, and money market accounts. 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, and contact information to open an account.
4. Verify your identity: To open a bank account online, you’ll need to verify your identity. 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. Start using your card: In some cases, you’ll receive a virtual card once your account is active and a physical 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.

Opening a bank account with no opening deposit – and no need to maintain a balance – is possible. Think carefully about which financial institution is the best for you to open an account with. Weigh your options based on your financial goals, what you’ll use your account for, and if there are any bank fees.

If you want to avoid checking account fees and other types of fees, don’t worry. You’ll find several options to create a bank account online for free. Find out more about how to avoid overdraft fees when choosing an account.