Most online banks let you open a checking account with zero dollars down
You can open a checking account online at most banks and credit unions without putting money in first. The account opens empty, and you fund it later through direct deposit, transfers, or cash deposits at ATMs or partner locations. No minimum balance is required to start the account itself — though some banks charge monthly fees if you don't meet a spending or deposit threshold after opening.
The process takes 10 to 20 minutes and happens entirely on your phone or computer. You'll need a Social Security number, a government ID, your address, and a way to verify your identity (usually a phone number or email). Some banks verify you instantly; others send a confirmation code or call you within a day.
This matters for direct deposit because you need an active checking account number and routing number before your employer or benefits program can send money there. Opening online means you can have those numbers ready before your first paycheck or benefit payment arrives.
Key Takeaways
- Online banks and credit unions typically open checking accounts with no deposit required, and the account number is ready to use immediately or within one business day.
- You will need a Social Security number, government-issued ID, current address, and a phone number or email for identity verification.
- Some banks charge monthly maintenance fees ($5 to $15) if you don't meet minimum balance or deposit requirements, so read the fee schedule before opening.
- Once your account is open, you can give your employer or benefits program your routing number and account number to set up direct deposit.
- If you have a history of overdrafts or unpaid fees at other banks, some institutions may still deny you, so check your ChexSystems report first.
What you need before you start
Gather these documents and information before opening an account online. You'll enter most of it during the application, and the bank will ask you to verify it.
Social Security number: Required by all banks for tax reporting and fraud prevention. If you don't have one, you cannot open a standard checking account online; you would need to visit a physical branch with an ID and apply in person.
Government-issued ID: A driver's license, passport, or state ID. The bank scans or photographs it during the verification step. Some banks accept tribal IDs; others do not. If your ID is expired, call the bank's customer service line before applying — policies vary.
Current address: The address where you receive mail. If you're homeless or living in a shelter, some banks have programs for this; call ahead to ask. Others require a physical address and will not open accounts for people without one.
Phone number and email: The bank uses these to send verification codes, confirm your identity, and contact you if there are problems with your application.
Banks and credit unions that open accounts with no deposit
Most online-only banks have no minimum deposit requirement. Chime, Varo, LendingClub, Ally, and Charles Schwab all open checking accounts with $0 down. Credit unions often do the same, though it depends on the union — some require a small savings account deposit ($5 to $25) but waive it for direct deposit customers.
Traditional banks (Chase, Bank of America, Wells Fargo) typically require a minimum opening deposit of $25 to $100 for checking accounts opened online. If you open in a physical branch, some waive the deposit. Call your local branch to ask before applying online.
The trade-off: online-only banks have no branch locations and no ATM networks of their own, though many partner with ATM networks or reimburse out-of-network fees. Traditional banks have branches and ATMs but charge higher fees and require deposits. Choose based on whether you need in-person access or prefer lower fees and faster online service.
The online application process, step by step
The application is straightforward and takes about 15 minutes. Here's what happens:
- Go to the bank's website or app. Look for a button that says "Open an Account" or "Sign Up." Do not use a third-party comparison site; go directly to the bank's own site.
- Enter your personal information. Name, date of birth, Social Security number, address, phone number, and email. Double-check spelling — mismatches can delay verification.
- Verify your identity. The bank sends a code to your phone or email, or asks you to photograph your ID with your phone camera. Some banks use a video call with a representative. This step usually takes seconds to a few minutes.
- Choose your account type and settings. Select checking (not savings). Decide whether you want overdraft protection (usually costs $35 per overdraft). Choose your debit card design if the bank offers options.
- Review and sign. Read the account agreement and fee schedule. Sign electronically (usually by typing your name or clicking "I agree"). Do not skip this step — it's a legal document.
- Receive your account number. The bank displays your routing number and account number on screen immediately, or emails them within one business day. Write these down or screenshot them.
If the bank cannot verify you instantly, they may mail a confirmation code to your address or call you within 24 hours. Until verification is complete, you cannot use the account, but this rarely takes more than one business day.
What happens if the bank rejects your application
Banks check your history through ChexSystems, a database of closed accounts and unpaid fees. If you owe money from a previous account, have multiple overdrafts on record, or closed an account with a negative balance, you may be denied.
Before applying, you can request your ChexSystems report for free at www.chexsystems.com. If there are errors, dispute them in writing. If the information is correct, wait 6 to 12 months before applying again, or look for banks that specialize in second-chance accounts (Chime and Varo are known for this).
If you're denied, do not apply to multiple banks in quick succession — each application shows up on your report and can lower your chances. Wait at least a week between applications, and call the bank's customer service line to ask what specifically disqualified you before trying again.
Monthly fees and how to avoid them
Most online banks charge no monthly fee. Traditional banks charge $5 to $15 per month unless you meet one of these conditions: maintain a minimum balance (usually $500 to $1,500), receive direct deposit, or make a certain number of debit card purchases per month.
Read the fee schedule before opening. If you plan to use direct deposit, confirm that direct deposit waives the monthly fee — it usually does, but not always. If the bank charges a fee even with direct deposit, choose a different bank.
Some banks charge fees for things you might not expect: overdrafts ($35 each), out-of-network ATM use ($2 to $3 per transaction), paper statements, or inactivity (if you don't use the account for 12 months). These are listed in the fee schedule, which the bank must show you before you open the account.
Setting up direct deposit once your account is open
Once your account is open and verified, you have a routing number and account number. Give these to your employer's payroll department or to the benefits program sending you money (Social Security, unemployment, tax refunds, etc.).
Direct deposit usually takes one to two pay cycles to start. Your first payment may arrive as a check or take longer than usual while the system processes the new account information. After the first deposit posts, subsequent deposits arrive on the same day each pay period.
If you need to change your direct deposit information later, log into your bank account online and update it yourself, or call customer service. Changes usually take effect within one to two business days.
Frequently Asked Questions
Can I open a checking account online if I don't have a government ID?
No. All banks require government-issued ID for verification and fraud prevention. If you don't have a driver's license or passport, you can get a state ID from your local DMV. Some states issue free IDs to people without a driver's license. You may be able to open an account in person at a physical branch with alternative ID, but call first to ask what they accept.
How long does it take to get my account number after I apply?
Most online banks display your routing number and account number on screen immediately after verification is complete. If verification takes longer, the bank emails the numbers within one business day. You can start using the account as soon as you have the numbers, even if your debit card hasn't arrived yet.
What if I don't have a permanent address?
Most banks require a physical mailing address. If you're staying at a shelter, use the shelter's address. If you're unsure whether the shelter allows this, ask the staff. Some banks have programs for people experiencing homelessness; call customer service and ask whether they can open an account without a permanent address.
Do I have to keep a minimum balance to avoid fees?
It depends on the bank. Online-only banks usually charge no monthly fee regardless of balance. Traditional banks often waive fees if you maintain a minimum balance ($500 to $1,500) or receive direct deposit. Check the fee schedule for the specific bank before opening.
Can I open more than one checking account at the same bank?
Yes, but there's usually no reason to. Most people need one checking account. If you want separate accounts for different purposes (bills, savings, etc.), open them at different banks or open a savings account at the same bank instead. Multiple checking accounts at one bank can complicate direct deposit setup.