Can I Open a Bank Account With No Deposit?

Is having a bank account with no money is possible? Absolutely! Some traditional and online banks and several fintech companies offer accounts for people who may have a limited amount of money to deposit upfront. These accounts also cater to those who prefer not to maintain a minimum balance.

There are many reasons why you might want to open a bank account with no deposit requirements:

• A no-minimum balance account can be useful if you’re trying to stick to a strict budget.
• This type of account is useful as a secondary account to use to send and receive money occasionally.
• It’s also handy if you prefer the peace of mind of not worrying about minimum balance fees or deposit requirements.

But not all banks offer these types of 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.

With so many options available, do your research and find an option that offers the right features for your needs. You can search online for terms like “open bank account no deposit” or “create a bank account online free” to see what options pop up. Of course, that’s probably how you got here in the first place, right?

Some banks may allow you to open a checking account with no deposit, while others may require a small initial deposit.

Even if there are no minimum deposit or balance requirements, there may be fees associated with the account. Read the fine print carefully and find out about any fees or charges before signing up.

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.

Traditional banks probably won’t cut it if you want to open a bank account without depositing cash. Brick-and-mortar banks 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. In fact, online-only banks often don’t have account opening deposit requirements or minimum balance requirements, which is a dream come true for many.

Chime is an excellent example of a no-nonsense, no-minimum-balance, and no-initial-deposit account you’ll love. See how Chime compares to other options below.

A minimum balance requirement is the smallest amount of money you must have in your bank account to avoid fees or other penalties. There are different minimum balance requirements depending on the type of bank and account. The requirements vary from a few hundred dollars to several thousand.

There are a few reasons why banks have these requirements in the first place. First, banks use the money in your account to lend to customers or invest in other ventures. Therefore, they require a minimum balance to ensure enough funds are available for these purposes. Secondly, banks use minimum balance requirements to encourage customers to keep their money in the bank and discourage frequent withdrawals.

Keeping track of your minimum balance requirements and ensuring you have enough money in your account to avoid any fees or penalties is essential.

For example, the Truist One Checking account typically charges a $12 monthly maintenance fee. However, this fee can be waived if the account maintains a minimum daily balance of $500 aggregated across all their deposit accounts.⁷ On the other hand, Citi’s Simple Checking account has a monthly fee of $12, which is waived if you maintain a minimum monthly balance of at least $1,500 in either your checking or savings account or a combination of both.⁸

These fees and requirements are one reason why online banking can be a more practical choice. Opting for online-only banks will let you enjoy the many benefits discussed above and guarantee that no hidden fees will rattle your finances.

Opening a bank account online for free can be easily done at 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. Some popular options include Chime, Ally Bank, and Capital One.
2. Gather your personal information: You’ll need to provide your name, date of birth, social security number, and contact information to open an account.
3. Choose an account type: Most banks offer a range of account types, such as checking, savings, and money market accounts. Choose the type of account that doesn’t charge account maintenance fees or a minimum deposit.
4. Complete the application: Fill out the online application form with your personal information and account details.
5. 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.
6. 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.
7. 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.

Chime doesn’t make money from monthly service fees. Chime makes money from merchant fees when you swipe your Chime Visa® Debit Card.

With Chime, you can enjoy:

• No opening balance requirement
• No minimum balance requirements
• No monthly maintenance fees
• No overdraft fees

Chime is a smart solution for those who do not have a regular income or are looking to avoid hidden fees.

Opening a bank account with no opening deposit, and with no need to maintain a balance, is possible. Think carefully about which bank 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.