How to Open a Checking Account With No Deposit

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When looking into how to open a bank account with no deposit required, you'll find that you have some checking account options through online banks, traditional banks and credit unions. These usually include basic accounts that may be known as free or standard checking accounts and may come with other perks like no maintenance fee or minimum account balance. You can conveniently open a checking account online with no deposit, or you can visit a local branch offering such an account and apply in person.


Checking Accounts Without Deposit

Checking accounts requiring no deposit tend to feature fewer perks or offer a lower return than more premium options requiring a minimum deposit. However, you usually still get access to services like mobile banking, online bill pay and free ATM access at specific locations.

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Keep in mind that while some checking accounts have no initial deposit, banks may require that you do make some deposit within a set period of time, such as within 45 days of opening your account. Also, banks often require that you maintain a minimum balance or else pay a maintenance fee on your checking account. However, banks may waive the fee if you meet certain conditions like make a set number of transactions each statement cycle or have another account with them.


Banks That Require No Deposit

You can find out if your favorite bank will let you open a bank account with no deposit required by checking the services section of their website. You'll often find a list of checking account products along with any requirements and fees. Some financial institutions that offer some checking accounts with no initial deposit include:

  • Capital One: This bank lets you open a checking account online with no deposit when you opt for the 360 Checking option. It has no fees or minimum balance requirements either.
  • Fifth Third Bank: The Fifth Third Free Checking product has no requirements for minimum deposit or balance but has limited access in Illinois, Indiana and Kentucky as of publication. Note that a deposit is needed within 45 days of opening your checking account though.
  • America First Credit Union: This credit union's Regular Checking product allows you to earn 0.05 percent interest and has no requirement for a minimum opening balance, though you'll need at least $500 in the account to get any interest. Fees for a minimum account balance don't apply.
  • Ally: If you don't mind the limitations of an online-only bank, Ally's Interest Checking option gives you the benefit of no maintenance fees or minimum deposit. As of publication, you can get between 0.1 and 0.5 percent interest depending on your account balance and can do your banking through the website, mobile app or an ATM.
  • Huntington: You can open an Asterisk-Free Checking account without a deposit and won't have to worry about maintenance fees either. The bank also advertises perks like a 24-hour grace period for this account.


Checking Account Opening Process

The simplest method is to open a checking account online with no deposit, but you can also visit your local branch to start the process. In either case, you'll fill out an application with your personal information as well as complete any steps to verify your identity. During the process, your bank will likely ask for your driver's license number and Social Security number and may ask to see proof of address. The bank will also make you answer questions about your finances and other accounts and will perform a credit check.


After you submit your application, you can expect to receive some electronic or hard copy documents with your checking account's information as well as have the option to request checks. Your bank will also have you sign a signature card electronically or on paper. Once your account is ready, you'll usually receive a debit card, personal identification number and any checks ordered. You can then begin to use your checking account to make transactions.


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