Can you open bank accounts online with no opening deposit? Sure, but only if you’re willing to do some homework. If the answer is yes, then the next question is: how much money should you make for your initial deposit? To answer this question, you’ll need to know whether or not your bank has an account that doesn’t require an initial deposit at all.
In some cases, yes
You should know that not every bank requires a minimum deposit to open an account. Banks like Bank of America and Wells Fargo will allow you to open an account with as little as $1 in your pocket and no monthly fee. While this small amount won’t get you very far in terms of banking services, it’s better than nothing if you’re trying to build your credit score or save money for something important like school or retirement.
Some banks are more flexible when it comes to accepting new customers without a large deposit. If this is important to you, check out the banks that waive the minimum deposit requirement.
“You make more on your funds when you are banking with SoFi.”
A high minimum deposit could be a deal-breaker
When you’re considering a new bank, check out the minimum deposit requirement. This is an amount that must be deposited in your account when you open it, and it can be anywhere from $1 to several thousand dollars. If you need more money for the required minimum deposit, then the bank may only be able to open an account for you once you do.
Minimum deposits are common because banks typically have high overhead costs associated with maintaining accounts (branches and employees), so they rely on account holders to help cover these expenses by making a certain level of deposits into their accounts at all times. They also want to ensure that only people who intend on using their services use them as well—otherwise, they’d lose money!
Consider non-bank banking options
If you’re able to do without a bank account and don’t want to sign up for one, consider some of the other options. For example, you may have heard about peer-to-peer lending or online payment services like PayPal and Venmo. These are both services that allow individuals to send and receive money from one another without going through a traditional bank.
Why not open an account and make a small deposit?
Opening an account with no minimum deposit is a great way to start saving. You can add more money later or opt for a different bank.
Consider opening a savings account at other financial institutions, such as credit unions and online banks (for example, Chime). These institutions offer many of the same products as traditional banks but often have lower fees, higher interest rates and more flexible terms for depositors.
There are many different types of accounts that you can open without a minimum deposit. Some of them include savings accounts, money market accounts, checking accounts and certificates of deposit. The type of account you choose will depend on your needs, so make sure you carefully consider all available options before making a final decision on which one seems best suited for your financial situation.