Do I need money to open a bank account?
Short answer
You don't always need money to open a bank account. Some accounts have no minimum opening deposit, such as Huntington checking, and Bank On certified accounts ask for $25 or less. Other banks require a minimum initial deposit when you apply. Also check the monthly fee and how to waive it.
By Alex Thomas · Founder of ITIN Club
Updated
How much each kind of account asks
The opening deposit is money that goes into your own account. You don't pay it to the bank. What varies is how much the bank wants before it opens the account.
| Account | Opening deposit | Good to know |
|---|---|---|
| Huntington checking | No minimum | You still add a funding source: a transfer, debit card or mobile check deposit |
| Bank On certified accounts | $25 or less | No overdraft fees and no low-balance fees. Offered by more than 500 banks and credit unions |
| Many other accounts | A minimum set by the bank | Chase notes you may have to pay it at the time you apply |
To find a low-cost account near you, search the Bank On list of certified accounts. It names the account at each bank, like BMO Smart Money Checking or Chase Secure Banking.
The money that matters after you open
A $0 opening deposit doesn't make an account free. Before you sign, ask two things:
- 1
Is there a monthly fee, and how do I avoid it?
Many accounts waive the fee with a direct deposit or a minimum balance. Some, like BMO Smart Advantage Checking, have no monthly fee and no minimum balance at all.
- 2
What happens if the balance hits zero?
BMO's checking terms say accounts with a zero balance may be closed. Put a little money in soon after opening, even if the bank didn't require it.
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