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Key takeaways
You can open a bank account online with no money through many online banks, credit unions, and financial technology companies.
To open an account online, you usually provide your name, birth date, address, Social Security number or ITIN, and a photo ID.
When comparing accounts, look for low or no monthly fees, broad ATM access, and strong mobile banking features.
Online banks often charge fewer fees and skip minimum deposit requirements compared to traditional brick-and-mortar banks.
If you're new to banking, you might wonder whether you can open a bank account with no money to start. The good news is that many online banks, credit unions, and financial technology companies offer checking and savings accounts with no minimum opening deposit or monthly fees. This guide walks you through how these accounts work, what you need, how to open one, and what features to look for.
Can you open a bank account online with no money?
Yes, you can open a bank account with no money. Many online banks, credit unions, and financial technology companies offer checking and savings accounts with no minimum opening deposit and no minimum balance requirement.
To find one, look for accounts described as having no opening deposit, no monthly maintenance fee, and no minimum balance. These accounts serve people who have a limited amount of money – or no money at all – to deposit upfront, and those who prefer not to keep a set balance.
There are several reasons you might want to open a checking account with no deposit requirements:
A no-minimum-balance account can help if you're trying to stick to a strict budget.
An account without a minimum balance works well 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 during a rough month when you run low on funds.
Not all places offer these types of bank accounts, though. Some traditional banks still require a minimum opening deposit and may deny your application if you can't meet it, while many others have dropped this requirement altogether. Plenty of options let you open an account and fund it later.
What you need to open a bank account online
Before you apply, gather a few basics so the process goes smoothly. Most financial institutions ask for the same core information whether or not you deposit money upfront. (see disclosure 1) Here's what you need to open an account:
Government-issued photo ID: A driver's license, passport, or state ID lets the institution verify your identity.
Social Security number or ITIN: You'll share your Social Security number or an Individual Taxpayer Identification Number, known as an ITIN.
Proof of address: A recent utility bill or lease shows where statements and alerts should go.
Contact details: You'll share your phone number and email to set up alerts and online access.
Opening a joint account means each person supplies the same details. Applicants under 18 usually need a parent or guardian as a co-owner.
6 steps to open an online bank account with no deposit
You can open a checking or savings account online with no deposit from the comfort of your home. Here's a general overview of the steps involved:
Choose a financial institution: Many institutions offer online accounts with no fees. Start by asking friends and family for recommendations or searching online.
Select an account type: Institutions offer checking, savings, and money market accounts, and a money market account often pays higher interest but may want a higher balance. Choose one with no maintenance fees or minimum deposit.
Complete the application: Fill out the online form with your personal information. You'll typically provide your name, date of birth, Social Security number or ITIN, and contact information.
Verify your identity: You'll confirm who you are, often by uploading a photo of your ID or answering security questions.1
Start using your account: Once verified, you can deposit money, transfer funds from another account, set up direct deposit, or use mobile deposit. If you're not ready to add funds, there's no rush.
Get your debit card: You'll often get a virtual debit card once your account is active, then a physical card in the mail a couple of weeks later. Try not to overdraw your balance, since that can lead to fees.
What to look for in a no-deposit bank account
Once you've found some institutions that let you open an account without a minimum deposit, you'll want to narrow the list to the right fit. Here are some factors to guide your decision.
Interest rates
Some checking accounts pay interest, but a savings account is usually where you can grow your money. A high-yield savings account lets you earn more interest just for keeping cash in the account. You may open the account with no money now, but choosing a high-yield option can pay off once your balance grows.
Monthly maintenance charges
Many banks and credit unions charge a monthly fee for their services. Sometimes you can waive it by meeting certain requirements, like setting up direct deposit. Plenty of options skip these fees entirely, which saves you money without the effort of qualifying for a waiver.
Automatic savings features
If you open online checking and savings accounts, look for automatic savings features. These can help you set aside money every time you get a direct deposit or use your debit card.
ATM availability
Many online banks offer wide networks of fee-free ATMs.CA 1 Choose one with broad coverage and machines near you. Check whether it reimburses out-of-network ATM fees, too.
Overdraft fees
Overdraft fees happen when you spend more than you have in your account. Choose an institution that either declines a purchase when funds are short, without charging you, or one that offers fee-free overdraft coverage.
Mobile banking features
There's an app for everything, including banking. Make sure the institution you pick has a highly rated mobile 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
You may sometimes need help with your account, even with a straightforward app. Check the phone and chat hours for each institution, and pick one with wide customer service availability.
Traditional vs. online banks: Which is better for no-deposit checking accounts?
Traditional banks with physical branches might not be the right fit when you want to open an account without depositing cash. Brick-and-mortar banks and credit unions often carry higher overhead costs, which is why they usually ask for an initial deposit and a minimum balance. You could face fees if your balance drops too low, and some accounts add monthly maintenance fees just for staying open.
Online banks and financial technology companies generally have lower overhead costs. That lets them offer checking and savings accounts with fewer fees, no minimum balance requirements, and no initial deposit.
You'll want to weigh the pros and cons of online banking, but an online account is often the better path for a no-deposit option. Financial technology companies, for example, offer online checking and savings accounts with no minimum balance or initial deposit through their partner banks.
Why do banks have minimum balance requirements?
A minimum balance requirement is the smallest amount you must keep in your account to avoid fees or other penalties. The requirement varies by the type of bank and account, ranging from less than a hundred dollars to several thousand.
Banks set these requirements for a couple of reasons. First, they use the money in customer accounts to lend to others or make investments, so a minimum balance helps ensure they have enough funds available. Second, a minimum balance can encourage customers to keep more money in the account and discourage frequent withdrawals and closures.
Online banking on your terms
Opening a bank account with no deposit, and no need to keep a balance, is possible. Compare options based on your financial goals, how you plan to use the account, and any fees that apply. Then choose the institution that offers the features and flexibility you need.
Chime® is one financial technology company that works with partner banks to offer online checking and savings accounts.
You can also compare online checking accounts side by side to see which features matter most to you.