Can You Open a Bank Account With No Money?

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Can you open a bank account with no money? This might sound like a bizarre question, considering that bank accounts are usually opened to store money and keep it safe. However, there are many situations when a customer might need to open a bank account without any money. For example, when a teenager gets their first job, they may need to open a bank account before they receive their first paycheck to set up direct deposit. 

While opening a bank account with no money is possible, only some businesses allow customers to do so. Read on to learn more about the requirements to open a bank account and how to get started opening an account without an initial deposit. 

How To Open a Bank Account With No Money

It is possible to open a bank account without cash in hand. While most customers prefer to deposit a few dollars into their bank to begin earning interest, there is no law that says a checking account needs to have a base balance. However, not every bank allows customers to open an account without making a deposit first. Here’s how to find a bank that allows customers to create an account without a deposit. 

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Which Banks Let You Open an Account for Free?

The list of banks that provide users with account access without an initial deposit is constantly changing. Some examples of banks currently allowing users to open an account without first making a deposit include:

Keep in mind that some banks may only allow users to open select types of accounts with no minimum balance while reserving higher-value accounts — like those with higher interest rates — for customers with a larger base balance. Consult each bank to learn more about account options without a required initial deposit.

What Is Required To Open a Bank Account?

Before customers can open a bank account, they must provide personal documentation, including the following.

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After submitting personal information, a bank associate will open the account and provide all account holders with debit cards and details for online banking. Customers opening a bank account with an online bank may need to wait a few days before receiving their cards in the mail. 

Final Thoughts 

Even when account holders don’t have a balance to deposit into a bank account, they can still enjoy the safety and security of a bank account. A bank account provides a safe place to store future funds. New account holders must check on overdraft fees when choosing where to open an account. 


  • How much money do you need to open a bank account?
    • The specific amount of money that you will need to open a bank account will vary depending on the bank where the client is opening an account. While some banks require $0 minimum deposits, many will require that new account holders deposit at least a few dollars when starting the account.
  • Which bank is the easiest to open an account with?
    • Some of the easiest banks to open an account with include TD Bank, Capital One, Chase Bank and Synchrony. These banks are easiest to open an account with because they require new users to submit less information to finalize their account creation and require lower minimum initial deposits.
  • Do you need cash to open a bank account?
    • Customers may need cash when opening a bank account in person or when opening their first account. Account holders who already have some type of checking or savings account open may be able to meet the initial deposit requirement using a wire or standard ACH transfer from an established account.

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Data is accurate as of Dec. 1, 2022, and is subject to change.